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Old January 18th, 2011, 08:18 PM   #1
dysan1
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#The Villa - Mall - Pretoria

Once pegged as being the most exclusive international brand mall in SA... construction stopped in September, no one is on site and with the Sharemax scandal continuing, no end is really in sight...
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Old January 18th, 2011, 08:21 PM   #2
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This is beyond shocking! The same company, Sharemax, which is basically an illegal entity and has cost their investors millions, now wants these same investors to plough R12,000 each into the fund to keep the thing going while breaking countless laws in the process!!! Are they mad?????

Rescue plan for The Villa, Pretoria
17 Jan 2011


It will cost between R700-million and R800-million to get The Villa shopping centre property development, south-east of Pretoria back on track according to Paul Kyriacou, chief executive of Capicol.


A rescue plan has been set up for The Villa, Pretoria property development in an attempt to prevent investors from losing hundreds of millions of rands. The plan has not yet received the backing of Sharemax’s board.

His comments come amid threats from the main contractor for the project, GD Irons to liquidate Capicol in order to get payment of R150-million for work done on the project.

GD Irons holds a lien over the property.


Former Sharemax Investments managing director Willie Botha has set up a rescue plan for The Villa in an attempt to prevent investors from losing hundreds of millions of Rands. The rescue plan has not yet received the backing of Sharemax’s board.

In terms of the plan Botha proposes raising an additional R100-million from current investors in the property by asking them to inject R12k each into Sharemax. This money, says Botha, will be used to pay GD Irons and prevent the development from being liquidated.

It would also mean that The Villa could be transferred to the investor company.

Botha says that once this was done, investors could determine a way forward for The Villa, which could be sold as it stands, or raise additional funds to complete it.

However, Dawie Roodt, chairman and chief economist of Efficient Group and an independent director of The Villa says that he is opposed to the plan because companies that are under statutory management are not allowed to trade with the assets of the company without approval from the Reserve Bank.

Geoff Irons, managing director of GD Irons says he is not prepared to lift the lien until the debt is settled. He says his company owes about R100-million to sub-contractors and creditors who were now demanding payment for work done at The Villa.

Irons says that unless the R100-million is received from Capicol he will have to institute liquidation proceedings to recover what is owed.

Construction work on the R3,5-billion shopping centre ground to a halt last year when funds to the developer, Capicol dried up.


http://www.property24.com/articles/r...pretoria/12972
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Old January 19th, 2011, 05:26 AM   #3
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The website still says opening sept 2011. I'm sure they wouldn't leave a 85% complete building empty.
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Old January 22nd, 2011, 11:18 PM   #4
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Wow! I looked on the Villas homepage and there are gazillions of Tenants, whats going to happen to them if this doesnt pull through? Come on people, South Africa is a developed and modernized country, get your acts together you cant use the third world excuse in South Africa.
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Old March 9th, 2011, 11:06 AM   #5
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Anyone see the insert on Carte Blanche regarding this development on Sunday night? Apparently the Reserve Bank are what's halting development. They've stopped the developer from collecting money from investors.

You can watch the insert here: http://beta.mnet.co.za/mnetvideo/bro...rtby=5&CPage=0
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Old March 9th, 2011, 02:26 PM   #6
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yep I did. I think the SARB had a good point. Bank act prevents non-financial entities from taking deposits and the company that's building this mall is doing exactly that. What I don't get is why are the principals of these companies not being presecuted if they broke the law.
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Old March 9th, 2011, 06:39 PM   #7
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This development was doomed from day one. shady company and i always felt shady likelihood of success
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Old March 9th, 2011, 10:36 PM   #8
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You should see this bulky monstrous abomination. From the first day they were putting out fires. Very sad for the community around it, as they have to look at this grey behemoth every day!

Quote:
Originally Posted by dysan1 View Post
This development was doomed from day one. shady company and i always felt shady likelihood of success
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Old April 24th, 2011, 08:36 PM   #9
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Capicol, Sharemax reach settlement on The Villa Mall

24 February 2011

"Capicol to refund shareholders’ invested capital over a period of time along with interest payments.

Capicol and Sharemax have finally settled its dispute regarding The Villa Mall.
The settlement agreement confirms cancellation of the Sales Agreement between Capicol and Sharemax of The Villa Mall. It further entails a full refund by Capicol of the shareholders’ invested capital over a period of time along with interest payments from date of opening of The Villa Mall’s until full and final settlement of the invested capital. Capicol as a result of the above retains full ownership of The Villa Mall.

Capicol is happy about this settlement as it reasonably serves the best interest of all parties involved as well as that of The Villa Mall. Capicol will now be able to enter into agreement with other financiers for completion of the project. This matter represents the final chapter of a very difficult period and it serves to confirm Capicol’s resilience and perseverance in achieving a fair result."


http://www.moneyweb.co.za/mw/view/mw...ail&pid=292525

Last edited by Purple Duke; April 24th, 2011 at 09:05 PM. Reason: Added date of info
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Old April 24th, 2011, 08:39 PM   #10
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That's excellent news. Thanks! Hopefully Sharemax will reach a similar outcome for the Radisson Blouberg Hotel.
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Old October 9th, 2011, 07:29 PM   #11
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Sharemax restrictions expire in The Villa deal

SHAREMAX - ACQUISITION OF ZAMBEZI MALL AND THE VILLA

UPDATE COMMUNICATION ACQUISITION OF ZAMBEZI MALL AND THE VILLA

21 July 2011

Further to previous communication, the Boards of the Sharemax Syndication Companies (“Companies”) under Directive of the South African Reserve Bank (“SARB”) are pleased to advise as recorded herein.

1. ACQUISITION OF ZAMBEZI MALL

1.1. Effective as of 1 July 2011 Sharemax Zambezi Retail Park Investments (Pty) Ltd (“Zambezi Retail”) acquired ownership of the Zambezi Mall property from Capicol (Pty) Ltd. This acquisition followed lengthy and intense negotiations. This transaction was concluded during the week ending 8 July 2011.

1.2. From various sources of communication, including at Road Shows and from interaction with the Investor/FA Forum and Investors, the Board has gleaned the general wish of Investors to have ownership of the Zambezi Mall, which has now been achieved, subject to certain conditions. The property will be transferred into ownership in two tranches. The main shopping mall building is due to be transferred immediately, and transfer related activities, in this regard, have commenced. The balance of the properties constituting the Zambezi Mall precinct acquired, will follow in due course in the process of the implementation of the acquisition agreement.

1.3. The day to day management of the affairs of the Zambezi Mall has been taken over by Zambezi Retail, and management activities under Zambezi Retail have commenced. The management activities will include the collecting of rentals, and all property management related activities. Discussions with lessees have already started and will progress as expeditiously as possible, in order for Zambezi Retail to acquaint itself with the current rental and contractual positions and related affairs of the Zambezi Mall.

1.4. In accordance with the terms of the acquisition agreement, road works, aimed at completing the outstanding work to be conducted in order to complete and open the main access roads to the Zambezi Mall, are due to commence before the end of July 2011, and continue thereafter, until completion.

1.5. Further in terms of the acquisition agreement, marketing and promotional activities in regard to the Zambezi Mall will recommence, in accordance with an agreed marketing programme which is currently being implemented.

1.6. The Zambezi Mall acquisition agreement has paved the way for the Board to procure the funding required to complete the access road construction activities referred to above, thereby finally ensuring long-awaited easy access to the Zambezi Mall. These funding activities can now take place from an enhanced commercial basis, namely that of ownership, as opposed to the position, previously, of non-ownership of the Zambezi Mall and from a basis of certainty as to no further involvement of the developer of the Zambezi Mall, the Capicol Group.

1.7. With the advent of transfer of ownership, future nett income to be derived from the business activities of the Zambezi Mall will accrue to the benefit of Investors, and the Capicol Group will have no further involvement in regard to investment returns becoming due to Investors.

1.8. The attention of Investors is however drawn to the fact that, effectively, the Zambezi Mall should be regarded as ”a new Mall”, to be relaunched as such with the opening of the finally completed main access roads and the placing of suitable tenants following such effective completion of the Zambezi Mall. The current weak rental status of the Zambezi Mall will have to be improved upon in the above process, before investment returns will eventuate.

1.9. It is the considered opinion of the Board that the actions taken pertaining to the Zambezi Mall, as set out hereinbefore, are currently, and will, in future, be to the best benefit and in the best interests of Investors in the Zambezi Mall Project.

2. ACQUISITION OF VILLA MALL

2.1. Following equally lengthy and intense negotiations, which negotiations overlapped with the negotiations pertaining to the Zambezi Mall, effective 1 July 2011, The Villa Retail Park Investments (Pty) Ltd (“Villa Retail”) acquired ownership, effectively, of an 80% Undivided Share in and to the Villa Mall property from Capicol 1 (Pty) Ltd. Capicol 1 will hold the remaining 20% interest, which interest is contractually agreed to be available for acquisition at various stages, at pre-determined amounts. This transaction was concluded during the week ending 15 July 2011.

2.2. As is the position with regard to the Zambezi Mall Project, the Board has gleaned the general wish of Investors to have ownership of the Villa Mall, which has now been achieved, subject to certain conditions. One condition is a suspensive condition, which is due to be fulfilled or not, by 15 August 2011. Investors and interested parties will be advised of the fulfilment or not, of the suspensive condition.

2.3. The 80% Undivided Share in and to the Villa Mall property will be transferred into ownership in two tranches. The first tranche, being the first 30% of the 80% Undivided Share, is due to be transferred immediately after the non fulfilment of the aforesaid suspensive condition. Preparations for transfer related activities, in this regard, have however commenced, as it is in the Boards’ view, unlikely that the suspensive condition will be fulfilled. Transfer of the remaining 50% Undivided Share, will follow in due course in the process of the implementation of the Villa Mall acquisition agreement, once unconditional.

2.4. The Villa Mall acquisition agreement has paved the way for the Board to effectively further the financing activities in regard to the completion of the Villa Mall Project being undertaken by the Board, from an enhanced commercial basis, namely that of ownership, as opposed to the position, previously, of non ownership of the Villa Mall, and from a basis of certainty as to the future involvement of the developer and previous development manager, the Capicol Group. Should the suspensive condition not be fulfilled, then the Capicol Group will, save for its 20% Undivided Share interest, no longer be involved in the development, including, the completion and management, of the Villa Mall, such development, completion and management due to be attended to by Villa Retail, independent of the Capicol Group.

2.5. It is the considered opinion of the Board that the actions taken pertaining to the Villa Mall, as set out hereinbefore, are currently, and will, in future, be to the best benefit and in the best interests of Investors in the Villa Mall Project.

3. SCHEMES OF ARRANGEMENT PROCESSES

3.1. Following the successful conclusion of the acquisition transactions pertaining to the Zambezi Mall and the Villa Mall, the Boards are now able to progress the implementation of the Schemes of Arrangement Processes reported on previously, to the enhanced benefit of the Investor body as a whole and as far as specific Investors are concerned, in accordance with a final Time Table, which Time Table will apply, also, to the implementation of the enhanced Zambezi Mall and Villa Mall transactions referred to above.

3.2. Furthering the Schemes of Arrangement Processes as aforesaid have already commenced in accordance with the Time Table.

3.3. Barring unforeseen circumstances, the implementation of the Scheme of Arrangement Processes are expected to be finalised by the end of September 2011, towards the obtaining of the sanctioning of the relevant Schemes of Arrangement and the withdrawal of the Directives to be sought from SARB, post the sanctioning of the relevant Schemes of Arrangement, on the understanding that Investors will have voted in favour of the acceptance and sanctioning of the proposed Schemes of Arrangement.

4. DETAILS OF PROPOSALS TO INVESTORS

4.1. The relevant Scheme of Arrangement documentation is currently being amplified, with a view to, specifically, detailing the benefit to be derived by Investors as aforesaid, following the already concluded Zambezi and Villa acquisition transactions.

4.2. The formal proposed Circulars to be dispatched to Creditors of and Investors in the Companies are currently being prepared, for purposes of formal processing and dispatch towards the latter part of August 2011, with formal meetings of Creditors and Investors expected to be convened to take place towards the latter part of September 2011, followed by the proposed sanctioning of the Schemes of Arrangement and withdrawal of the Directives as aforesaid, shortly after the formal meetings of Creditors and Investors.

4.3. Full details of the final proposals to Creditors and Investors will be contained in the aforesaid documentation and circulated to Creditors and Investors in good time for Creditors and Investors to consider such proposals and documentation on a duly informed basis, and with reference to all relevant supporting information and documentation.

5. INCOME PLANS

5.1. Substantial further negotiations and fine tuning of the Scheme of Arrangement proposals pertaining to the Income Plans have continued, and refining has been completed.

5.2. The Scheme of Arrangement Processes pertaining to the Income Plans will be progressed, in accordance with the same Time Table and contemporaneously with the Time Table referred to hereinbefore, in regard to the Zambezi and Villa Scheme of Arrangement Processes.

5.3. Ongoing detail regarding expected income return payments relating to the Income Plans will be provided to Investors by Frontier, and will not be affected by the aforesaid processes pertaining to the Scheme of Arrangement, relating to the Income Plans, or otherwise.

6. GROWTH PLANS

The structuring of a Scheme of Arrangement Process in regard to the Growth Plans Project is in progress, and the relevant Scheme of Arrangement Process will be proposed and progressed (including the circularising of Creditors and Investors) in accordance with the Time Table referred to above, and is expected to be implemented and finalised contemporaneously with those processes as are applicable to the Zambezi, Villa and Income Plan Projects, referred to above.

7. FURTHER PROGRESS

Further progress reports and updates will follow as soon as practicably possible.

Please note that this information will also be available on the Frontier website www.frontieram.co.za. You are welcome to visit this website for regular updates and background information.

Boards of the Sharemax Syndication Companies

http://www.frontieram.co.za/Clients/...sReleases.aspx
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Old October 9th, 2011, 07:30 PM   #12
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Sharemax restrictions expire in The Villa deal

Sharemax restrictions expire in The Villa deal

http://www.iolproperty.co.za/roller/..._expire_in_the
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Old February 4th, 2012, 04:14 PM   #13
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so where does this stand now?
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Old February 14th, 2012, 10:32 PM   #14
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Is it just me or does pretoria have a million malls all of a sudden? I was there just the other day- my old home town. Are there enough people for all them malls? Some of the ones out east are looking decidedly empty. The grove comes to mind.
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Old February 18th, 2012, 06:35 PM   #15
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developers went mental in that part of Gauteng, i highly doubt that any of them make much in the way of profits
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Old July 23rd, 2012, 10:54 AM   #16
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Does anyone know anything about the completion of this project? its been months since we have had any news? squatters are moving in now!!anyone?
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Old July 23rd, 2012, 07:38 PM   #17
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nothing i heard...
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Old July 24th, 2012, 03:34 AM   #18
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http://tia-mysoa.blogspot.ca/2012/02...sfortunes.html


The mall looks 75% complete, who owns the development? Maybe some saudi company can complete it or the city can loan the developers some money.
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Old July 24th, 2012, 09:43 AM   #19
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Why Saudi, specifically? Random.
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Old July 26th, 2012, 08:16 AM   #20
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i think there are alot of legal things to get out of the way first
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