Citriona Valley Farms — Exit Strategy & Investor Liquidity
The Company recognises the importance of providing investors with a clear pathway to liquidity. Multiple exit mechanisms are available, calibrated to the investment horizon and return expectations of different investor categories.
Section 13 · Business Plan
Exit Strategy & Investor Liquidity
The Company recognises the importance of providing investors with a clear pathway to liquidity. Multiple exit mechanisms are available, calibrated to the investment horizon and return expectations of different investor categories.
Base case 24%, on a 5–6 year payback, with exit options including trade sale, strategic acquisition and management buyout.
The Company recognises the importance of providing investors with a clear pathway to liquidity. Multiple exit mechanisms are available, calibrated to the investment horizon and return expectations of different investor categories.
13.1 Primary Exit Options
of the entire enterprise or a controlling stake to a strategic acquirer,
such as a large-scale South African citrus producer (e.g., Patensie
Citrus, Komati Group), an international agricultural conglomerate, or a
private equity-backed agricultural platform. Based on comparable
transaction multiples in the South African citrus sector (6–8x EBITDA),
a Year 7 trade sale could yield a valuation of ZAR 260–350 million.
specialised agricultural investment fund or family office seeking
exposure to the South African citrus sector. This route may offer
valuation premiums for well-managed, export-certified operations with
strong ESG credentials.
horizon, the Company will institute a progressive dividend policy from
Year 5 onwards, targeting a payout ratio of 25–35% of net profit. At
Year 7 projected net profit of R29.1 million, this implies annual
dividends of R7.3–10.2 million.
term (Year 8–10+), the Company may explore listing on the JSE’s AltX or
inclusion in an agricultural REIT structure, providing ongoing liquidity
and public market valuation.
13.2 Indicative Valuation Range
| Methodology | Year 5 Valuation | Year 7 Valuation |
| EBITDA Multiple (7x) | R208M | R306M |
| DCF (12% WACC) | R172M | R285M |
| Comparable Transactions | R195M | R320M |
| Average Implied Valuation | R192M | R304M |
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