Following the approval and sanctioning of Schemes of Arrangement during January 2012, all the property-owning companies historically (prior to 2011) promoted by sharemax Investments (Pty) Ltd, were transferred to and became owned by Nova Properties.
Nova Properties was specifically created, in terms of the Schemes, for the above purpose.
In terms of the Schemes, all investors in the historical property-owning companies became debenture holders in the newly created Nova Property Group Investments Proprietary Limited, a wholy owned subsidiary of Nova PropGrow, unless debenture holders chose to exchange their debentures for shares in Nova PropGrow Group Holdings Limited.