The redemption of the debentures and the timing thereof are influenced by factors which have been communicated to debenture holders in previous communiques from the Nova board.
The fall-out from the weak political and economic climate, poor growth and credit downgrades continue with the inevitable result that the property sector is now also taking strain. Whereas it was a sellers’ market until early 2016, there was a progressive shift in the latter years which manifested in lower demand, rising stock levels combined with a decline in buyer confidence, flat price growth and deals taking longer to conclude.