CORPORATE FINANCE

Corporate Finance

Renmere’s corporate finance services are tailored to maximise shareholder value through the analysis, evaluation and mitigation of commercial and financial risks typically associated with investment, financing and capital management decisions, including:

  • Capital raising (debt, capital, hybrid)
  • Capital investing (mergers, acquisitions and expansions)
  • Optimising and preserving of capital (restructuring and divestment)

Our Corporate Finance services comprise two sub-service lines:

  • M&A Lead Advisory
  • Transaction Support

M&A Lead advisory services

Renmere’s M&A services are focused on the mid-cap markets and cover the typical M&A stages including Strategic planning and preparation, Deal qualification/Prospecting, Transaction Execution (including valuation, structuring and due diligence support), Deal negotiation and close.

Renmere provides buy-side and sell-side advice and project-management support, from understanding the strategic rationale, target/investor identification and screening, advising on value, assisting with information preparation and financial analysis, supporting /leading the due diligence, advising during negotiations and transaction close.

Typical projects include Strategic reviews and Market analysis, Acquisitions or Disposals, Management buy-outs and buy-ins and Takeovers and Mergers

TRANSACTION SUPPORT

Renmere provides comprehensive Transaction Support Services on an integrated or standalone basis and comprise:

Due diligence investigations
Overview

Our comprehensive financial and tax due diligence work programme is designed to provide timeous advice regarding material exposures, opportunities and target attributes relevant to the transaction structure.

  • The scope of each due diligence assignment is tailored to take account of the deal size, timing, complexity of key risk areas and the transaction parameters agreed between the parties
  • Key decision drivers are identified and communicated timeously to ensure that time critical issues are evaluated, managed and mitigated
  • Risk exposures are contextualised and quantified (where possible), and appropriate course of action is recommended and the acquisition agreements are reviewed to ensure that the appropriate protection mechanisms are incorporated
Financial due diligence

Renmere’s financial due diligence review is driven by robust financial analysis and our report provides key transaction insights that are relevant to the transaction rationale and stated objectives, including:

  • The key drivers of historical, current and forecast growth and profitability
  • The quality of the target’s underlying earnings and recommend potential adjustments to earnings that would impact the purchase price
  • The quality of target’s assets and debt and debt-like items, including contingencies and off-balance sheet structures
  • The quality of historical cashflows, including net working capital and capex; and challenge assumptions related to forecast performance and cashflows
  • The quality of financial information (key reconciliation, financial reporting and control environment, audit issues/risks, etc.)
  • Recommendations in respect of adjustments to purchase price, contractual protection, deferred payment arrangements or deal economics
Tax due diligence

We provide a comprehensive tax due diligence review service, including South African income tax, capital gains tax, withholding taxes, value added tax and payroll taxes.

In addition to the above, Renmere provides a multi-jurisdictional tax due diligence project management service which includes the scoping, negotiation, work programme design, oversight and reporting in respect of multi-jurisdictional tax due diligence review assignments.

Valuations and valuation reviews
Overview

Decisions related to capital management and financing can either create or destroy value in an organization. It is therefore critical that an organisation understands the potential value implications of transaction-related decisions. Renmere provides independent valuation analyses that conform to local and international standards and best practice and are based on in-depth research and globally accepted valuation methodologies that are defendable and justifiable. Our valuation specialist has many years of valuation experience, which is essential for the application of professional judgement, given the subjective nature of valuation assignments.

Renmere’s valuation services include:
  • Business and asset valuations, equity /share valuations, intangible asset valuations for transactional purposes (both buy-side and sell side)
  • Financial reporting valuations, including purchase price allocation analysis in accordance with IFRS3
  • Independent expert report (fairness and reasonable opinions) for Regulatory purposes (SARB, TRP) and for corporate governance purposes
  • Valuations for tax purposes
  • Independent valuation reviews, including intangible assets and Goodwill impairment reviews
  • Valuation training
Business modelling / business planning
Overview

By applying common spreadsheet modeling techniques and relevant financial analysis, Renmere assists clients in making informed business and financial decisions, related to investment or project analysis, company valuation, business planning/forecasting, scenario and sensitivity analysis and more.

Our model support and model-build services are geared to assist clients with:

  • Evaluating a new strategy and /or business model (business plans)
  • A transaction valuation and related funding options
  • A new project/market opportunity (feasibility)

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