Months 1–2

Equity subscribed and term facility drawn at financial close; PSIRA company registration lodged; Sandton premises secured

Months 1–5

Section 20 firearm licence applications lodged; founding cadre recruited, vetted and psychometrically assessed; armoury and control room build

Months 3–7

Fleet acquired and fitted; tracking and radio network commissioned; insurance placement completed and ceded

Month 7

24-hour operations control room live with four controllers

Months 4–10

SASSETA academy accreditation obtained and training facility fitted out

Month 8

First dedicated close protection details deployed

Months 6–16

Corporate business development; first annuity contracts signed with wage-linked escalation

End Year 1

71 deployed personnel; revenue R34.08m; EBITDA loss of R1.40m; the funded establishment period closes

Year 2

Academy intake scaled and the officer pipeline established; credit controller appointed; advisory practice built out

End Year 2

EBITDA positive at R6.22m; term debt coverage 2.14x; the tightest cash point in the plan at R0.34m

Year 3

Residential line held flat; mix shifted toward advisory and training; revenue R80.96m at an 11.3% EBITDA margin

Year 4

Escort and special operations scaled; distribution lock-up released once coverage exceeds 2.00x; coverage 3.11x

Year 5

Contract renewals secured ahead of the exit process; R107.17m revenue, R14.11m EBITDA, trade sale at the assumed multiple

PSIRA company registration

Every service the Company renders

Lodged at financial close; no revenue is possible without it

Section 20 firearm licences

All armed deployment, which is the majority of the protection book

Lodged in month one; the timeline is outside the Company’s control

Founding cadre recruited and registered

The first deployment and therefore all Year 1 revenue

Six to twelve weeks per individual application; recruitment begins before premises are secured

Control room live

Corporate procurement acceptance and safe deployment

Month seven, ahead of the first detail in month eight

Insurance placement

Deployment and the lender security package

Completed before the first officer is deployed, not after

SASSETA accreditation

The academy revenue line and the officer pipeline

Month ten; the pipeline benefit accrues from Year 2

Invoice discounting facility in place

Everything from Year 1

Approved alongside the term loan, not after it

Credit controller appointed

The collection performance the whole plan rests on

Year 2, ahead of any additional business development capacity