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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal align=center style='text-align:center'><span lang=EN-US><img width=950 height=250 style='width:9.9in;height:2.6in' id="_x0000_i1038" src="cid:image001.jpg@01D93C63.E9A82500" alt="cid:image001.jpg@01D93C63.E9A82500"></span><span lang=EN-US><o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 style='border-collapse:collapse'><tr><td width=638 valign=top style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US><o:p> </o:p></span></p></td></tr><tr><td width=638 valign=top style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:120%'><a name="_Hlk95685055"><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'>On a Date with </span></b></a><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif;background:white'>Innscor Africa <span style='color:#0F1419'>Limited<o:p></o:p></span></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif;background:white'><o:p> </o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>I am the kingmaker of great businesses through my ecosystem which incubate. You can liken my approach to Berkshire Hathaway<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Welcome to On a Date with a listed company on the Zimbabwe Stock Exchange (ZSE).<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>THREAD: On a Date with Innscor Africa Limited (INN) .<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><img width=624 height=359 style='width:6.5in;height:3.7416in' id="Picture_x0020_13" src="cid:image002.jpg@01D93C66.B1707BD0" alt="cid:image002.jpg@01D93C63.E9A82500"></span></b></span><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>#1. History<o:p></o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>1951, a sign manufacturing business is started in Rhodesia, Bulawayo. The proprietors are seeing a gap in the market<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Neon Fluorescent Co (NFC) relocates to Salisbury to capture a bigger market as a number of calls for their service is from there<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>1966, NFC gravitate towards a more lucrative market of refrigerator and chest freezer manufacturing using Atlantic and later Capri brand for its products<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>1968, There is a growing demand for television, TV Sales & Hire (TVSH) is born led by the Fowler family.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><img width=624 height=390 style='width:6.5in;height:4.0583in' id="Picture_x0020_12" src="cid:image003.jpg@01D93C66.B1707BD0" alt="cid:image003.jpg@01D93C63.E9A82500"></span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Buying electronic appliances is expensive for ordinary people TVSH comes out with a solution, hire purchase.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>The Fowler family grows the business becoming agents for foreign owned brands in consumer goods.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>1987, Koudounaris and Fowler family open Chicken Inn<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><img width=624 height=359 style='width:6.5in;height:3.7416in' id="Picture_x0020_11" src="cid:image004.jpg@01D93C66.B1707BD0" alt="cid:image004.jpg@01D93C63.E9A82500"></span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>The entry into the quick service restaurant business is a success, opens up new opportunities<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>1993, Astra Crocodile Ranching & Shearwater Adventures is bought from Astra Corporation<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Distribution Group of Africa (DGA) is started as an agency for global brands<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>1995, Acquisition and commissioning of a mechanised bread plant in Harare<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>1998, Capri Corporation is bought facilitating the reverse listing of INN on ZSE<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>2003, 26% of National Foods is acquired through a share swop with Takepart Investments and Old Mutual.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><img width=624 height=333 style='width:6.5in;height:3.4666in' id="Picture_x0020_10" src="cid:image005.jpg@01D93C63.E9A82500" alt="cid:image005.jpg@01D93C63.E9A82500"></span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>2004, 21% of Colcom Holdings a pork products producer in Zimbabwe is bought. It becomes 100% owned business of INN 14 years later<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>2009, shareholding in a poultry producer Irvine's is bought.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>2010, Padenga Holdings (PH) is unbundled<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>2015, The successful quick service restaurant (QSR) business is split from INN to become Simbisa.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>From the initial Chicken Inn store it grew with the opening of outlets which included franchise rights to,<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Steers<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Nando's<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Galisto's<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>INN proposes to purchase a majority stake in Profeeds, a stock feed manufacturer through its subsidiary Irvine's.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>However the Competition and Tariff Commission (CTC) opposes the deal as monopolistic.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>29% shareholding in Profeeds is eventually bought from 59%<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>2016, Shareholding in Transerv an auto retail business is bought.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>It started as a wholesale spares delivery business supplying workshops and service centers 14 years earlier.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Transerv, TVSH and DGA businesses are separated from INN to form Axia Corporation<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>A minority stake in Probrands, a fast moving consumer goods (FMCG) manufacturer is purchased from the Philip brothers.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Disposal of the Spar Corporate retail stores which had been started 17 years earlier in Harare with disposal in Zambia a year later.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>2019, Probrands is restructured into specific units creating a separate business Probottlers focused on manufacturing syrups.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>INN acquires a 50.64% stake in Probottlers.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Associated Meat Packers (AMP) is born out of Colcom Holdings restructuring efforts.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>A new investor takes up stake in Skitap or Innscor Appliance Manufacturing the business holding Capri leaving INN with only 25.05%.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>The remaining stake is bought 3 years later by Annunaki Investments an investment vehicle owned by SSCG Africa Holdings.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>INN disposes its interest in Freddy Hirsch a manufacturer of natural sausage casings, spices and seasonings.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>2021, A financial services provider MyCash started by Meikles Limited 5 years earlier sells 30% of its stake to INN.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>2022, Buffalo Brewing Co is born<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><img width=624 height=345 style='width:6.5in;height:3.5916in' id="Picture_x0020_9" src="cid:image006.jpg@01D93C66.B1707BD0" alt="cid:image006.jpg@01D93C63.E9A82500"></span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>#2. Operations,<o:p></o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>INN is a focused light manufacturing and integrated value chain investment group with a vision for efficient systems.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>It is leaned towards agro-processing to produce staples for the mass market through a woven network of related businesses<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><img width=624 height=302 style='width:6.5in;height:3.15in' id="Picture_x0020_8" src="cid:image007.jpg@01D93C66.B1707BD0" alt="cid:image007.jpg@01D93C63.E9A82500"></span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>INN is divided into 3 main divisions and head office services division.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• Mill-Bake<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• Protein<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• Light Manufacturing<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Mill-Bake<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>3 businesses make up the Mill-Bake division which are,<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• National Foods (37.45%)<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• Baker's Inn (100%)<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• Profeeds (49%)<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Protein<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>3 businesses are in the Protein division which are,<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• Irvine's Zimbabwe (49%)<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• Colcom Holdings (100%)<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• Associated Meat Packers (50.1%)<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Light Manufacturing<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>6 businesses in this division are,<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• PRObottlers (50.64%)<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• PRObrands (39.2%)<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><img width=624 height=405 style='width:6.5in;height:4.2166in' id="Picture_x0020_7" src="cid:image008.jpg@01D93C66.B1707BD0" alt="cid:image008.jpg@01D93C63.E9A82500"></span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• PROdairy (50.1%)<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• NatPak (58.33%)<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• Zando (60%)<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• Buffalo Brewing Co (50.2%)<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Head Office Division<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>INN is invested into other related associate businesses which are,<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• Paperhole Investments (PHI)<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• Afrigrain Trading<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>• Providence Human Capital<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><img width=624 height=349 style='width:6.5in;height:3.6333in' id="Picture_x0020_6" src="cid:image009.jpg@01D93C66.B1707BD0" alt="cid:image009.jpg@01D93C63.E9A82500"></span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>#3. Competitors,<o:p></o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>#3. Competitors,<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Mega Market<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Mutare based producer of consumer goods Top Chef, Ekono, Ideal.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>CFI Holdings<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>The business supporting Victoria Foods, Farm & City.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Surrey Group<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>A business known for its beef and chicken production in Marondera.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Sable Chicken<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Koala Park<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Delta Beverages<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Dairiboad<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Proton<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Varun Beverages<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Dendairy<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Lobels Bread<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Arenel<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Brighton Piggery<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Nampak<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Cairns Foods<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Kusona Trading<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Associated Foods Zimbabwe<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Davipel<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Willowton Group<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Surface Wilmar<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Capital Foods<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>EcoCash<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>FSG<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Windmill<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Nestle<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>#4. Challenges,<o:p></o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Cancellation of the CAT dealership agreement, Barzem's business model revolved around CAT<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Access to foreign currency, business relies heavily on importing thereby stifled by inadequate forex<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Influx of cheaper machinery from India & China<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'></span><a href="mailto:zitfmktg@zitf.co.zw"><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white;text-decoration:none'><img border=0 width=588 height=864 style='width:6.125in;height:9.0in' id="Picture_x0020_5" src="cid:image010.jpg@01D93C66.B1707BD0" alt="cid:image010.jpg@01D93C63.E9A82500"></span></b></span><span style='mso-bookmark:_Hlk95685055'></span></a><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>#5. Share price,<o:p></o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>812.79 ZWL per share (US73.89c) as at Feb 8, 2023.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>713,67 ZWL per share on the 3rd of January 2023<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>13.9% year to date performance on the ZSE vs ALSI 47.11% and Top 10 at 47.42%<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>11th most traded stock over the past 3 months to 1/02/2023<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>575,926,450 issued shares<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>463.188bn ZWL market cap (US$421m)<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><img border=0 width=703 height=478 style='width:7.325in;height:4.9833in' id="Picture_x0020_14" src="cid:image011.jpg@01D93C66.B1707BD0" alt="cid:image022.jpg@01D93C65.E69C0B90"></span></b></span><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>#6. Shareholding,<o:p></o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>18.70% is controlled by an investment vehicle owned by the founder of INN, Zinona Koudounaris.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>17.54% is owned by HM Barbour an investment vehicle controlled by another co-founder of INN, Michael Fowler<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>The two investors started INN<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>INN consolidated a portfolio of businesses into a single focused enterprise<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>The businesses that became units of INN had started almost 50 years before its establishment<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>The enterprise became an incubator which had critical mass to acquire related businesses<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>#7. Brands,<o:p></o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><img border=0 width=624 height=378 style='width:6.5in;height:3.9416in' id="Picture_x0020_4" src="cid:image012.jpg@01D93C66.B1707BD0" alt="cid:image011.jpg@01D93C63.E9A82500"></span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>#8. Management,<o:p></o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><img border=0 width=624 height=347 style='width:6.5in;height:3.6166in' id="Picture_x0020_3" src="cid:image025.jpg@01D93C66.B1707BD0" alt="cid:image012.jpg@01D93C63.E9A82500"></span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Julian Schonken - Group CEO, Sept 2016<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>He has held a number of financial and managerial positions during his 23 years with the group<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Prior to the appointment he led the light manufacturing unit which will be the strategic focus of the group.<o:p></o:p></span></span></p><h1 style='margin:0cm;margin-bottom:.0001pt;line-height:120%;background:white'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif;color:#0F1111;font-weight:normal'><o:p> </o:p></span></span></h1><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>#9. Pitch,<o:p></o:p></span></b></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Gaining competitive advantage over rivals by investing US70 million across its business units in the past period<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Reducing future foreign currency needs of the group by empowering local farmers to grow its raw materials<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Superb competent management<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>Incubation of resilient businesses which thrive after the incubation period such as Axis Corporation and Padenga.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif'>An investor can benefit by owning INN as there is the prospect to be part of a another strong business upon unbundling such as Simbisa.<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:120%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='background:white'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:115%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 style='border-collapse:collapse'><tr><td width=623 valign=top style='width:467.5pt;border:solid windowtext 1.0pt;background:#D9E2F3;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='text-align:justify;line-height:115%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Each week will be on a DATE with a company listed on the ZSE with Martin Mataga an Investment Democrat. <b>Twitter @MartinMataga.</b> The purpose of this thread is to assist investors to have a minimum appreciation of listed firms. Bulls n Bears has made reasonable effort to validate and update the information before circulation but the onus is on the investor consult their financial advisor. <o:p></o:p></span></span></p><p class=MsoNormal style='text-align:justify;line-height:115%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:115%'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Disclaimer</span></b></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>: Do not misconstrue this thread as investment advice. DATE companies before you buy their shares. <span style='color:#0F1419;background:white'>For comments and questions reply to </span></span></span><a href="mailto:bulls@bullszimbabwe.com"><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;background:aqua;mso-highlight:aqua'>bulls@bullszimbabwe.com</span></b></span><span style='mso-bookmark:_Hlk95685055'></span></a><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p></o:p></span></span></p></td><span style='mso-bookmark:_Hlk95685055'></span></tr></table><p class=MsoNormal style='line-height:115%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='mso-bookmark:_Hlk95685055'><i><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p> </o:p></span></i></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='mso-bookmark:_Hlk95685055'><i><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>Invest Wisely!</span></i></span><span style='mso-bookmark:_Hlk95685055'><i><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></i></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='mso-bookmark:_Hlk95685055'><b><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>Bulls n Bears </span></b></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'> </span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>Telephone: </span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='mso-bookmark:_Hlk95685055'></span><a href="tel:%2B263%2077%20344%201674" target="_blank"><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>+263 7</span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'>1 9</span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>44 167</span></span><span style='mso-bookmark:_Hlk95685055'></span></a><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'>5<o:p></o:p></span></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>Alt. Email: </span></span><a href="mailto:bulls@bullszimbabwe.com"><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'>bulls@bullszimbabwe.com</span></span><span style='mso-bookmark:_Hlk95685055'></span></a><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'> </span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>Website: </span></span><a href="https://protect-za.mimecast.com/s/7GnGC66yRlUrQL73spqcHd/"><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'>www.bullszimbabwe.com</span></span><span style='mso-bookmark:_Hlk95685055'></span></a><span style='mso-bookmark:_Hlk95685055'><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'> </span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>Blog: </span></span><a href="https://protect-za.mimecast.com/s/UeLgC8qA6nT6nNWJs2i06_/"><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'>https://bullszimbabwe.com/category/blogs/</span></span><span style='mso-bookmark:_Hlk95685055'></span></a><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'> <o:p></o:p></span></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>Twitter: @bullsbears2010</span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe</span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>Facebook: </span></span><a href="https://protect-za.mimecast.com/s/v_m9C98BQoHko4AZHOINd8" target="_blank"><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>www.facebook.com/BullsBearsZimbabwe</span></span><span style='mso-bookmark:_Hlk95685055'></span></a><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:115%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'>Skype: Bulls.Bears <o:p></o:p></span></span></p><p class=MsoNormal style='line-height:115%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:12.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><img border=0 width=246 height=120 style='width:2.5583in;height:1.25in' id="Picture_x0020_1" src="cid:image013.png@01D93C63.E9A82500" alt="cid:image013.png@01D93C63.E9A82500"></span></span><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:12.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></span></p><p class=MsoNormal style='line-height:115%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US style='font-size:12.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></span></p><span style='mso-bookmark:_Hlk95685055'></span><p class=MsoNormal style='line-height:105%'><span style='mso-bookmark:_Hlk95685055'><span lang=EN-US><o:p> </o:p></span></span></p></td><span style='mso-bookmark:_Hlk95685055'></span></tr><tr><td width=638 valign=top style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:120%'><b><span lang=EN-US style='font-size:14.0pt;line-height:120%;font-family:"Segoe UI",sans-serif;color:#0F1419;background:white'><o:p> </o:p></span></b></p></td></tr></table></div><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p></div></body></html>