← ZAR Fund 1 Ludus Trading Co. Confidential Investment Memorandum April 2026
Investment Memorandum

Closed Ecosystem
Trade Finance

Prepared on behalf of Ludus Trading Company Ltd

Managed by Ludus Trading Co.
Facility Size USD 2,500,000
Minimum Investment USD 100,000
01

Investment Overview


"A structured, short-duration trade finance facility funding the working capital cycles of established businesses within a vetted, closed ecosystem."

This memorandum outlines the opportunity to participate in Ludus Trading Co.'s growing trade finance facility. What began as a single, highly successful partnership funding pelagic and frozen fish products globally has matured into a broader mandate: identifying, vetting, and funding the working capital cycles of established businesses operating within closed, relationship-driven ecosystems.

Our anchor transaction — a long-standing partnership with Hendy-Bros Agencies, a company with over 15 years of experience in pelagic and frozen food trading — continues to perform strongly across multiple international routes. This foundation has validated our process and given us the confidence to extend the same rigorous approach to a carefully selected pipeline of new opportunities.

Each transaction we fund must meet the same standard: an established counterparty relationship, a demonstrable working capital cycle, and a closed ecosystem where both buyer and seller are known. Ludus Trading Co. provides the funding infrastructure, oversight, and mandate management across all transactions, with each facility ring-fenced independently from a risk perspective. All investor funds are held and transacted through the Ludus platform at Investec Mauritius, providing institutional-grade banking infrastructure for the facility.

Each transaction cycle has a term of less than 30 days, with the facility being deployed between 8 and 12 times over a 12-month period.

02

Transaction Pipeline


Anchor Transaction
Hendy-Bros Agencies — Pelagic & Frozen Food Trading
Our founding and ongoing transaction. Hendy-Bros operate established trade routes across multiple jurisdictions, trading pelagic fish and frozen food products with a network of long-standing global buyers and suppliers. This route has been actively funded and has traded successfully for a number of years.
In Vetting
Tissue Oil Manufacturer — Global Distribution Funding
Funding the working capital cycle of an established tissue oil producer transacting with its international distribution network. Buyer relationships and off-take agreements are in place.
In Vetting
Fertiliser Manufacturer — Debtor Book Financing
Providing working capital against the receivables book of an established fertiliser producer, supporting their seasonal sales cycle with a known client base.
In Vetting
Tinned Meat — African Distribution
Funding procurement and distribution of tinned meat products into African markets, leveraging established import and retail relationships across the continent.
Pipeline Criteria
Transaction Standards
All prospective transactions must demonstrate: an established counterparty relationship, a repeatable and measurable working capital cycle, closed ecosystem dynamics with known buyers and sellers, and the ability to ring-fence each transaction independently.
03

Investment Terms


Funding Facility
USD 2,500,000
Minimum Investment
USD 100,000
Investment Duration
12 Months
Minimum
Transaction Cycle
30 Days
Per trade
Annual Cycles
8 – 12
Per year
Projected Turnover
USD 20M – 30M
Annually
Profit Margin Per Trade
10% – 15%
Approximately
Investor Return
1.5% / month
19.6% compounded annually
Payout Options
Quarterly, Annual, Full Settlement at Term.
04

Security & Risk Mitigation


First Loss Provision
Ludus will maintain a minimum 20% first loss provision within the fund, absorbing the first portion of any losses before investor capital is affected. This provides an additional layer of structural protection for all funders in the facility.
Transaction Security
Buyers provide either a Letter of Credit (LC) covering the full purchase consideration, or a 30% upfront deposit, in order to secure the transaction prior to contracting.
Insurance
Hendy-Bros secures full business and transaction insurance, including marine cargo and trade credit insurance.
Banking
All investor funds are held and transacted via the Ludus platform at Investec Mauritius, providing institutional-grade custody, segregation, and transaction management.
Jurisdiction
The facility is domiciled through Mauritius. Individual transactions are governed under the relevant jurisdiction of each trade.
Investment Oversight
Ludus Trading Co. provides investment committee oversight across the full facility.
Counterparty Risk
Only reputable buyers and suppliers are engaged, with formal due diligence conducted prior to each trade. Funds are utilised solely for pre-approved transactions.
Diversification
Funding capital is split across multiple consignments spanning various supplier/client combinations and trade routes, eliminating single-point exposure.
Established Relationships
Every transaction funded carries a positive trading history and vetted counterparty relationships. New opportunities are subject to the same due diligence standards established through our anchor Hendy-Bros partnership before any capital is deployed.
Scale Target
The facility is structured to grow as new transactions are onboarded and validated. Capital is allocated incrementally across transactions as each route proves its cycle, ensuring disciplined deployment at all times.
Default Contingency
Each transaction is structured with contingency options prior to funding — including alternative offtake routes, deposit retention, and LC coverage — to preserve capital in the event of counterparty default.
05

Management Team


Ludus Trading Co.
Fund Management & Investor Relations
Part of the Signal Hill Group portfolio. Responsible for managing the funding facility, investment oversight, controls, and all investor relations for this programme.
Hendy-Bros Agencies
Trading Operations
A trading company with 15 years of experience in the frozen food industry. Responsible for sourcing, logistics, and all trade execution across established international routes.

Enquire About This Opportunity

For further details, term sheets, or to register interest, please reach out directly.

Contact Dayne Allenbrook