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Valuation

The property is for sale either as an operating company, Tough Stuff Adventures (Pty) Ltd. inclusive of all remaining assets or the land and assets can be sold separately or the sale could be a combination of these.

Tax, transfer duty considerations etc. will in all likelihood dictate the best methodology

 

The asking price for the fixed assets including the land is  P 99 567 550.

This price is arrived at by assessing and combining the values as follows:

 

Farm 24 NK                          14 850 550

Farm 25 NK                          21 400 000

Farm 26 NK                         15 597 000

Farm portion 1 of 142 NK  17 120 000

Farm 156 NK                       30 600 000

 

Total                                      99 567 550

 

The game was last counted by Kalahari Game Services (Pty) Ltd. using a helicopter in June 2013 it will be re-counted prior to the finalisation of the selling price but is estimated at P 6 million.

 

The movable assets are being disposed of as and when buyers appear and would be re-assessed and valued prior to finalisation and would require physical inspection.

 

The following is a detailed explanation of the valuation of the fixed assets.

 

Farm 24NK

The farm 24Nk is a freehold farm, area 4 433 Ha.

It has been chemically treated with Molopo herbicide. This was done selectively by hand so that the “good” trees were maintained. This was carried out in 2012, the results are evident.

The farm has a traditional farmhouse and 1 strong active borehole.

It is boundary fenced with a recently constructed game fence.

Average freehold farm values in Ghanzi are approx. P 3 000 / Ha for similar farms, we’ve added P 350 / Ha for the de-bushing, thus P 3 350 / Ha giving a value for this farm of

P 14 850 550

 

Farm 25NK

The farm 25NK is a freehold farm, area 4 280 Ha.

It has been partially treated with Molopo herbicide approx. area 1 200 Ha as above for farm 24 NK. Thus added P 100 / Ha to overall value.

There are 2 residences on the farm, GM’s house and game farm manager’s house. These houses are well developed, in good condition with reliable modern water and power supplies. Replacement value would be P 4 million.

Motswiri Lodge is on this farm, this has been recently upgraded and is a modern 7 unit safari lodge with a replacement value of P 3 million.

In addition to the boreholes at the residences and the lodge there are a further 2 solar equipped and 3 windmill equipped boreholes, which feed “natural” waterholes for the game.

There are 2 elevated hides and 3 bow blinds at various water holes.

There is a comprehensive network of access roads throughout the farm

This is a desirable, well developed farm directly on the Ghanzi ridge thus has shallow sweet water available virtually anywhere thus we have used a base value of P 3 250 / Ha and added P 100 / Ha as above for de-bushing and P 1 650 / Ha for the developments giving a value of P 5 000 / Ha and a total value of P 21 400 000

 

Farm 26NK

The farm 26NK is a freehold farm, area 5 199 Ha.

This farm is yet to be treated with herbicide, it has many calcrete leadwood pans and is a beautiful Kalahari farm

It has no residences.

There are 2 windmills and 4 solar powered waterholes.

There are 3 bow blinds and 1 elevated hide.

The farm is on the Ghanzi ridge thus as per 25Nk has almost unlimited water potential.

The roads infrastructure is well developed.

We have valued this farm at P 3 000 / ha thus giving a value of P 15 597 000

 

Farm Portion 1 of 142 NK

The farm portion 1 of 142NK is a freehold farm, area 4 280 Ha

The HQ complex is positioned on this farm the replacement value of which we estimate to be P 4 million.

This farm straddles the Ghanzi ridge and stretches up into the northern sandveld. There is plentiful water in the southern section and currently there is a pipeline supplying 2 waterholes in the northern section.

The road infrastructure and firebreaks are well developed.

There are 2 hides at the water holes.

We have used a base value of P 3 000 / ha and adding the HQ value this gives an overall value of P 4 000/ Ha thus value

P 17 120 000

 

Farm 156NK

The farm 156NK is a leasehold farm – leased from Government of Botswana, the unexpired portion of the lease is 40 years +, the area of the farm is 9 000 Ha

The farm has been comprehensively developed into a state of the art cattle unit.

There are over 75 kms of 5 strand cattle fences, 4 central Kraal complexes and a central loading facility

There are 6 reservoirs with a total capacity of 1 million litres of water and associated water reticulation through HDPvC 75mm piping.

There are two boreholes equipped with generators and submersible pumps.

The farm has been chemically de-bushed where necessary.

The grazing on the farm is in excellent condition and is recognised as ideal for cattle.

The value of the infrastructure is conservatively estimated at P 5 million.

We used a base value of P 2 750 and added for the infrastructure and de-bushing giving P 3 400 and a value of

P 30 600 000