Corporate and Legal Advisory Services 1. Ararat’s vision is to be the preferred independent specialist advisor and merchant broker to sellers of medium and large sized businesses. 2. As a general rule, we do not concern ourselves with businesses unless – 2.1. the entity has historic and sustainable future after tax earnings of not less than R10m; 2.2. the entity has strong management, interested in ensuring the future continuity of the operation, particularly if that is a requirement of a potential suitor; 2.3. the business is, or is reasonably capable of being placed into, “sale ready” condition. On that score, we do assist sellers in this process and, if necessary, call on and project-manage appropriate professional third parties to work with us in this regard (tax, legal, accounting or otherwise). 3. We are not industry specific. We have sold businesses and hold mandates across a wide spectrum of industries. 4. We do not enter into an auction process when selling businesses, but as we do act for sellers our focus is to do the ‘best deal’ for them. Obviously we do guide sellers in the process, but they are ultimately the decision makers as to whether a deal should be done and with whom. 5. It is our view and our experience has shown that although price is a factor in transactions, that element alone is not the sole determining factor of a ‘good and appropriate’ transaction. Chemistry and the future security and ‘environment’ for those remaining on following a deal are also major factors to be considered.