AgriNova Business Plan › Section 15 › Exit Strategy

AgriNova offers equity investors multiple credible exit routes over a
five-to-seven-year horizon, supported by the consolidation dynamics in
South African milling and the scarcity value of an integrated
milling-plus-equipment platform.

15.1 Strategic Acquisition

The most probable exit is a trade sale to a larger milling or
agro-processing group seeking regional capacity, an empowerment
credential, or the differentiated equipment-and-services capability.
Industry consolidation — evidenced by recent corporate activity —
creates a pool of strategic acquirers for a proven, profitable
platform.

15.2 Private-Equity Buyout

A secondary buyout by a private-equity or agribusiness-focused fund
is a realistic alternative, particularly once the plant reaches
steady-state utilisation and demonstrates stable, cash-generative
earnings with a clear growth runway through the community-mill
network.

15.3 Public Listing

At sufficient scale, a listing on the JSE AltX or main board could
provide liquidity and growth capital. While the most demanding route in
terms of governance and scale, it offers the highest potential valuation
and aligns with the Company’s governance build-out.

15.4 Indicative Exit Value

At an assumed 5.0x Year-5 EBITDA of R104.1 million, the enterprise
value at exit approximates R520.6 million, with an indicative equity
value of around R541.5 million after netting remaining debt and cash.
This underpins the levered equity-return profile, while management
reiterates that exit multiples are market-dependent and that the
realised outcome will reflect conditions at the time of sale.

Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of AgriNova Milling Technologies (Pty) Ltd.