This business plan (the “Plan”) has been prepared by the directors of Meridian Industrial Group (Pty) Ltd (“Meridian”, the “Group” or the “Company”) solely to assist prospective financiers, development finance institutions and equity investors in evaluating a potential participation in the Group’s ZAR 3.8 billion capital-raising programme. It does not constitute an offer, invitation or solicitation to subscribe for or purchase any security, nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.
The financial projections contained herein are forward-looking and rest on assumptions that management considers reasonable as at the date of preparation. The headline revenue and EBITDA figures reflect the sponsor’s operating targets; all items below EBITDA, depreciation, financing costs, taxation, working capital and returns, have been independently re-derived by the preparers of this Plan under a transparent set of assumptions set out in the Financial Plan and Appendices. Actual results will differ from projections, and those differences may be material. Nothing in this Plan should be construed as a guarantee or representation as to future performance.
South Africa’s macro-economic environment, the reference interest-rate framework, tariff regime and regulatory landscape are subject to change. Where this Plan cites third-party market data, such data is believed to be reliable but has not been independently verified by the Company. Prospective investors should conduct their own due diligence and obtain independent legal, tax, accounting and financial advice before making any investment decision.
NoteAnalytical independence
Consistent with bankability standards, the modelling in this Plan preserves the sponsor’s revenue and EBITDA targets but re-derives net profit from first principles, applying full depreciation, full cash interest and a 27% corporate tax charge with assessed-loss carry-forward. Where our re-derived figures differ from the sponsor’s stated numbers, we disclose the variance openly rather than reconciling it away.
By accepting this document, the recipient agrees to keep its contents confidential, to use it solely for the purpose of evaluating the transaction described, and to return or destroy it on request. Distribution of this Plan in certain jurisdictions may be restricted by law; recipients are required to inform themselves of, and observe, any such restrictions.