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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=1101 style='width:825.45pt;border-collapse:collapse'><tr><td width=926 colspan=4 valign=top style='width:694.6pt;padding:0cm 5.4pt 0cm 5.4pt'></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'> <o:p></o:p></span></p></td></tr><tr><td width=926 colspan=4 valign=top style='width:694.6pt;border:solid #BFBFBF 1.0pt;border-top:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'> <o:p></o:p></span></p></td></tr><tr><td width=926 colspan=4 valign=top style='width:694.6pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><b><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><a href="http://www.bulls.co.zw/"><b><span style='color:black;text-decoration:none'>Bulls.co.zw </span></b></a><b> </b><a href="mailto:info@bulls.co.zw?subject=View%20and%20Comments"><b><span style='color:black;text-decoration:none'>Views & Comments</span></b></a><span class=MsoHyperlink><b><span style='color:black;text-decoration:none'> </span></b></span><a href="http://www.bulls.co.zw/blog"><b><span style='color:black;text-decoration:none'>Bullish Thoughts</span></b></a><span 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style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW;text-decoration:none'> </span></b></span><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><a href="mailto:info@bulls.co.zw?subject=Unsubscribe"><b><span style='color:black;text-decoration:none'>Unsubscribe</span></b></a><span class=style30><o:p></o:p></span></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'> <o:p></o:p></span></p></td></tr><tr><td width=926 colspan=4 valign=top style='width:694.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoSubtitle style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><span class=style30><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></b></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'> <o:p></o:p></span></p></td></tr><tr><td width=926 colspan=4 valign=top style='width:694.6pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:32.1pt;line-height:105%'><span class=style30><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'>Entrepreneurship Zone: 03 September 2020: The stress of leading a start-up through the pandemic</span></b></span><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></b></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'> <o:p></o:p></span></p></td></tr><tr><td width=926 colspan=4 valign=top style='width:694.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span class=style30><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></b></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'> <o:p></o:p></span></p></td></tr><tr style='height:3.0pt'><td width=926 colspan=4 valign=top style='width:694.6pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:3.0pt'><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><img border=0 width=762 height=259 id="Picture_x0020_6" src="cid:image001.jpg@01D681BE.3EC278F0"><o:p></o:p></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm;height:3.0pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'> <o:p></o:p></span></p></td></tr><tr style='height:10.05pt'><td width=926 colspan=4 valign=top style='width:694.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'> <o:p></o:p></span></p></td></tr><tr style='height:1.0pt'><td width=926 colspan=4 valign=top style='width:694.6pt;border-top:none;border-left:solid #BFBFBF 1.0pt;border-bottom:none;border-right:solid #BFBFBF 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:1.0pt'><p class=MsoNormal style='line-height:106%;background:white;vertical-align:baseline'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=story-bodyintroduction style='mso-margin-top-alt:21.0pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline'><b><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Priya Lakhani was just days away from a crucial moment in the life of her start-up, Century Tech, an education firm which uses artificial intelligence to track a pupil's progress.<o:p></o:p></span></b></p><p style='mso-margin-top-alt:17.25pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>She had a signed term sheet from an investor, which is a big deal in the start-up world, as it typically confirms a substantial investment and lays out the commercial and legal terms of that deal.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>But on 21 March, amid growing concern over coronavirus and with just 10 days to go before completion of the funding round, Century Tech's investor pulled out, leaving Ms Lakhani and her team worried about what would happen next.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Term sheets are not usually legally binding, and pulling funding at such a critical point can leave start-ups in a precarious position.<o:p></o:p></span></p><p style='margin:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>At the time, the government was yet to announce any help for start-ups specifically, but it soon did with its <b><span style='border:none windowtext 1.0pt;padding:0cm'>coronavirus Future Fund</span></b>, which enables UK-based start-ups to apply for government loans ranging from £125,000 to £5m, subject to at least equal match funding from private investors.<o:p></o:p></span></p><p style='margin:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal><span style='mso-fareast-language:EN-ZW'><img border=0 width=723 height=407 id="Picture_x0020_7" src="cid:image002.jpg@01D681BE.3EC278F0" alt="Priya Lakhani, founder Century Tech"></span><span lang=EN-US><o:p></o:p></span></p><p class=MsoNormal><span lang=EN-US>Cash flow is non-existent for many start-ups, says Priya Lakhani<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Ms Lakhani managed to get another term sheet from another investor - which would usually have taken months, and applied for the government's Future Fund.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>"We're very lucky because without an investor it would have been very difficult," she says.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal><span style='mso-fareast-language:EN-ZW'><img border=0 width=809 height=455 id="_x0000_i1042" src="cid:image003.jpg@01D681BE.3EC278F0" alt="Century Tech products in use"></span><span lang=EN-US><o:p></o:p></span></p><p class=MsoNormal><span lang=EN-US>Century Tech products are designed to help teachers monitor progress<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Century Tech would have still raised the necessary funds without the government's help but it would have done so on less favourable terms.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>There are a number of cases of UK companies having investment commitment disappearing as a result of Covid-19, Ms Lakhani says, including many start-ups who have had to fold as a result.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>"Not every company has a lead investor and if the lead investor pulls out they may not have a back-up, and if they have angel investors or family offices or venture capitalists (VCs), not all of them will be willing to give you the cash during the crisis when your revenue has dried up. Cash flow is not just tight, it is non-existent for many start-ups," she says.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Research from government and private funded growth platform Tech Nation and Dealroom suggests that two-thirds of UK start-ups expect revenues to drop by more than a quarter, almost half have frozen hiring, and two-fifths of companies believe they have less than 12 months of funds.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>The risk of investing during a crisis has led many investors to shy away or attempt to reduce the terms.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal><span style='mso-fareast-language:EN-ZW'><img border=0 width=769 height=432 id="Picture_x0020_5" src="cid:image004.jpg@01D681BE.3EC278F0" alt="Bolt Bikes bike near Tower Bridge London"></span><span lang=EN-US><o:p></o:p></span></p><p class=MsoNormal><span lang=EN-US>Bolt Bikes chose an investor that did not panic when coronavirus hit<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>"We were in term sheet discussions with an investor, who wanted to change the terms really dramatically at the last minute when there was a huge panic [about coronavirus], while other investors could see through the immediate panic - so we decided to work with them," says Mina Nada, the co-founder of electric bike start-up Bolt Bikes.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Malcolm Ferguson, partner at Octopus Ventures, agrees that when the going gets tough, investors should stand by their start-ups.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>"After a lot of debate we took the view that VCs are judged for their behaviour... so we've stuck to the same price as we had agreed, and we kept to our word. Entrepreneurs will remember this and they'll work with those who they can trust," he says.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Tech start-ups are in a different position to others as the pandemic has put some of their technology at the forefront. Any firms offering e-commerce services, remote healthcare or education services would have attracted extra interest from investors.<o:p></o:p></span></p><p style='margin:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Technology firms are an important part of the UK economy, attracting more than £10bn ($12.7bn) of investment in 2019 and employing almost 3 million people, <b><span style='border:none windowtext 1.0pt;padding:0cm'>according to Tech Nation</span></b>, which represents UK technology firms.<o:p></o:p></span></p><p style='margin:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal><span style='mso-fareast-language:EN-ZW'><img border=0 width=791 height=445 id="Picture_x0020_4" src="cid:image005.jpg@01D681BE.3EC278F0" alt="Workers at Boatsetter, a South Florida based boat-renting tech company"></span><span lang=EN-US><o:p></o:p></span></p><p class=MsoNormal><span lang=EN-US>Software companies should be able to ride out the pandemic, experts say<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>James Wise, partner at Balderton Capital, believes that those companies in the software industry are well-equipped to adapt and come out of this situation.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>"For example, a microbiome analysis start-up and an offline education start-up completely changed in the last six months. One now does remote education and the other has built the leading Covid-19 app, because they work with software and it's far more adaptable," he says.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Tech Nation chief executive Gerard Grech says that UK government schemes have meant only a small minority of UK tech start-ups have had to fold.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Germany and France moved more swiftly than the UK. The former said it would provide €2bn (£1.79bn) to help keep its tech start-ups afloat, while the latter launched a €4bn (£3.58bn) liquidity plan to support its start-ups' cash flows.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Meanwhile, in the US, there have been a number of programmes at national and state level which have been focused on smaller companies with limited revenue and employee count.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>In Silicon Valley, there's a debate around whether government funding is even required, considering the amount of money that is washing around the area.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal><span style='mso-fareast-language:EN-ZW'><img border=0 width=780 height=438 id="Picture_x0020_3" src="cid:image006.jpg@01D681BE.3EC278F0" alt="Alastair Mitchell, partner at EQT Ventures"></span><span lang=EN-US><o:p></o:p></span></p><p class=MsoNormal><span lang=EN-US>Some Silicon Valley investors discouraged firms from taking government money, says Alastair Mitchell<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>"Many Silicon Valley VCs actually pushed back on their portfolios taking any government loans, due to the potential for future backlash," says Alastair Mitchell, partner at EQT Ventures.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>"Morality was another key concern, with some VCs believing that money should go to the small businesses and communities that really needed a cash injection, rather than well-funded VC-backed businesses," he adds.<o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white;vertical-align:baseline'><span style='font-family:"Verdana",sans-serif;color:black;border:none windowtext 1.0pt;padding:0cm;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:106%;background:white;vertical-align:baseline'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'>There remain fears around a second wave of coronavirus infections and the impact this could have on revenue, as consumers are already less willing to spend and large businesses that subscribe to services from tech start-ups are pausing decision making.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Octopus Ventures' Malcolm Ferguson believes the worst point from an investor perspective is behind us, but warns that both fear and confidence is heavily predicated on the number of coronavirus cases.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>"The UK is in the middle because it has taken longer to get into lockdown and to get out of it, whereas in Germany, the Nordics and Eastern Europe, the markets have come back much quicker and reverted to a much more normal picture. In the US, there has been the opposite impact where cases are going up quite quickly and so there are higher levels of fear and lower levels of confidence," he says.<o:p></o:p></span></p><p style='mso-margin-top-alt:13.5pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:106%;background:white;vertical-align:baseline;font-style:inherit;font-variant:inherit;font-stretch: inherit;font-size:1rem;font-weight:inherit;letter-spacing:inherit'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>For those investors that do take the plunge, it's worth remembering that many of the biggest tech successes, including Airbnb, Uber, HP and Microsoft, were built in dark economic times.</span><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>--BBC<o:p></o:p></span></p><p class=wp-caption-text style='margin:0cm;margin-bottom:.0001pt;line-height:106%'><span lang=EN-US style='font-size:11.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=168 style='width:126.05pt;padding:0cm 0cm 0cm 0cm;height:1.0pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=6><p class='MsoNormal'> </td></tr><tr style='height:10.05pt'><td width=926 colspan=4 rowspan=2 valign=top style='width:694.6pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoListParagraph style='background:white'><b><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=926 colspan=4 valign=top style='width:694.6pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='mso-margin-top-alt:auto;margin-left:36.0pt;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td></tr><tr><td width=926 colspan=4 style='width:694.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><strong><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'>INVESTORS DIARY 2020</span></strong><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=234 style='width:175.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='text-indent:12.6pt;line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'>Company</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p></td><td width=156 style='width:116.65pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'>Event</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p></td><td width=338 style='width:253.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'>Venue</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p></td><td width=198 valign=bottom style='width:148.85pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'>Date & Time</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=234 valign=top style='width:175.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=156 style='width:116.65pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=338 style='width:253.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=198 valign=top style='width:148.85pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=234 valign=top style='width:175.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=156 style='width:116.65pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=338 style='width:253.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=198 valign=top style='width:148.85pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=390 colspan=2 valign=top style='width:292.35pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><b><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'>Companies under Cautionary<o:p></o:p></span></b></p></td><td width=338 style='width:253.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><b><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></b></p></td><td width=198 valign=bottom style='width:148.85pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><b><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></b></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=390 colspan=2 valign=top style='width:292.35pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=338 style='width:253.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=198 valign=bottom style='width:148.85pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=390 colspan=2 valign=top style='width:292.35pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'>Bindura Nickel Corporation<o:p></o:p></span></p></td><td width=338 style='width:253.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=198 valign=bottom style='width:148.85pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=390 colspan=2 valign=top style='width:292.35pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'>Padenga Holdings<o:p></o:p></span></p></td><td width=338 style='width:253.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=198 valign=bottom style='width:148.85pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=390 colspan=2 valign=top style='width:292.35pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'>Delta Corporation<o:p></o:p></span></p></td><td width=338 style='width:253.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=198 valign=bottom style='width:148.85pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=390 colspan=2 valign=top style='width:292.35pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'>Meikles Limited<o:p></o:p></span></p></td><td width=338 style='width:253.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=198 valign=bottom style='width:148.85pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td></tr><tr style='height:99.35pt'><td width=926 colspan=4 style='width:694.6pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:99.35pt'><p class=MsoNormal style='line-height:106%;background:white'><i><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Invest Wisely!</span></i><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Bulls n Bears </span></b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Cellphone: </span><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><a href="tel:%2B263%2077%20344%201674" target="_blank"><span style='color:black;mso-fareast-language:EN-ZW'>+263 77 344 1674</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Alt. Email: </span><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><a href="mailto:info@bulls.co.zw"><span style='color:black;mso-fareast-language:EN-ZW'>info@bulls.co.zw</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Website: </span><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><a href="http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AFQjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ" target="_blank"><span style='color:black;mso-fareast-language:EN-ZW'>www.bulls.co.zw</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Blog: </span><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><a href="http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw" target="_blank"><span style='color:black;mso-fareast-language:EN-ZW'>www.bulls.co.zw/blog</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Twitter: @bullsbears2010<o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe<o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Facebook: </span><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><a href="http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA" target="_blank"><span style='color:black;mso-fareast-language:EN-ZW'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Skype: Bulls.Bears <o:p></o:p></span></p><p class=MsoNormal style='line-height:106%'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><img border=0 width=210 height=102 id="Picture_x0020_2" src="cid:image007.jpg@01D681BE.3EC278F0" alt="cid:image012.jpg@01D0BFE7.544DF490"></span><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm;height:99.35pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'> <o:p></o:p></span></p></td></tr><tr><td width=926 colspan=4 valign=top style='width:694.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'> <o:p></o:p></span></p></td></tr><tr><td width=926 colspan=4 valign=top style='width:694.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'>DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other Indices quoted herein are for guideline purposes only and sourced from third parties.<o:p></o:p></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'> <o:p></o:p></span></p></td></tr><tr><td width=926 colspan=4 valign=top style='width:694.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-GB style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'> <o:p></o:p></span></p></td></tr><tr><td width=926 colspan=4 valign=top style='width:694.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'>(c) 2020 <b>Web</b>:<a href="http:// www.bulls.co.zw "><span style='color:black'> www.bulls.co.zw </span></a><b>Email:</b> <a href="mailto:info@bulls.co.zw"><span style='color:black'>info@bulls.co.zw</span></a> <b>Tel:</b> +263 4 2927658 <b>Cell:</b> +263 77 344 1674<o:p></o:p></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'> <o:p></o:p></span></p></td></tr><tr><td width=926 colspan=4 valign=bottom style='width:694.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></td><td width=174 colspan=2 style='width:130.85pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'> <o:p></o:p></span></p></td></tr></table></div><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p></div></body></html>