The Plan states that the trust’s 14% holding is protected by anti-dilution provisions funded pro rata by the founder vehicles. On a pro rata basis without that protection, the trust’s holding falls from 14% at incorporation to approximately 4.31% after both rounds, it is diluted to 44.5% of its original share by Series A and then to 69.2% of that by Series B. Holding the trust at 14% of the fully diluted register therefore requires the founder vehicles to transfer roughly 9.69 percentage points of equity. At the base-case exit equity value of R439 million, that transfer is worth approximately R43 million, considerably more than the R9 million the founders and management have invested in cash. The commitment may well be intended and honoured, but a promise of that magnitude should be quantified in the Plan, documented in the shareholders’ agreement, and reflected in the returns table, which currently shows founders, management and the trust as a single 30.8% block without distinguishing them.