Masawara Share Price (MASA)

Another "Smash & Grab" raid by controlling interests. Quite why the LSE allows this type of behaviour, which is becoming increasingly common, i do not know. It is a disgrace & all involved should hang their heads in shame.

Outlook The improvement in the TA Holdings Limited results is expected to continue in 2012, as all the insurance businesses have forecast increases in underwriting profits, and the investment portfolios have been restructured. Refurbishments in the hotels should lead to higher revenue per available room being achieved, and the new hotel acquired in February 2012 in Lusaka, Zambia should contribute positively to the group's overall results. The improvement in the TA Holdings Limited results is expected to continue in 2012, as all the insurance businesses have forecast increases in underwriting profits, and the investment portfolios have been restructured. Refurbishments in the hotels should lead to higher revenue per available room being achieved, and the new hotel acquired in February 2012 in Lusaka, Zambia should contribute positively to the group's overall results. For Sable Chemical Industries Limited, the focus this year will be on the change in business model from ammonia production, to full ammonia importation, in order to move away from reliance on electricity, while waiting for the coal gasification project to come online. The coal gasification feasibility study was completed during 2011, and the study shows that the project is feasible and economically viable. Due to the significant amounts of capital required for this project, Sable Chemical Industries Limited will be looking for a technical and investment partner together with reliable long term lines of credit. A new leader joined the Joina City Property Manager's team in March 2012, and we expect significant improvements in a number of areas, including the management of tenant debtors and a review of current tenants, better management of the property operating costs and an increase in the occupancy rates in the office space. A new Chief Executive Officer has recently joined Zuva Petroleum (Private) Limited, and is expected to drive the growth of the business and strengthen the company's position in the market. The company has de-branded its retail sites from BP and Shell, and will be embarking on a rebranding exercise during the second quarter of this year. The management team will focus on striking a balance between managing credit limits and increasing volumes, especially since not many of the operators will have access to finance from the banks at the moment. Costs will continue to be closely monitored, with a view of reducing them further. The public launch of the Telerix Communications (Private) Limited WiMAX network will take place in the coming months. The delay in the launch has resulted in additional funding of $3 million being required by the business in order for the roll-out to take place, which will be made by the shareholders as well as sourced from third party financiers. Some potential investment opportunities for the Group are currently in the due diligence phase, as we assess whether they will generate the desired returns.

Looking forward, the Group sees some significant prospects and notable development. These include the following: · The new leaderships at Zuva and Joina City are expected to yield positive results. · The Group has undertaken a rebranding of the former BP and Shell sites - introducing the new Zuva brand. · The Group is looking forward to the launch of the Wimax network during the second half of this year. · The Group remains actively involved with the help of the Investment Advisors in seeking good investment opportunities for the group.

Final Results for the year ended 31 December 2011 Masawara, an investment company focused on acquiring interests in companies based in Zimbabwe and the southern African region, is pleased to announce its audited results for the year ended 31 December 2011. Highlights · The Group achieved a profit of $7 million. A significant element in this result was the gain achieved by the purchase of Zuva Petroleum on a bargain basis. · The turn around achieved at TA Holdings. A loss of $5 million in 2010 has been followed by a profit of $6 million in 2011. We believe the appointment of a new CEO has had a positive impact. · Performance at Zuva Petroleum during 2011 has proved disappointing but the company is in the process of establishing a solid footing. · Progress is under way at Joina City and the first, excellent tenants moved into the office town during the last two quarters of 2011. · The management team at Telerix Investments is being strengthened as the performance was below our expectations with the roll out of the Wimax network subject to delay. This is now scheduled to take place in 2012. · The Group welcomed a new member to our Board - Yvonne Deeney, who joined in October 2011.

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