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Thoroughbreds

Black Opal discontinued its thoroughbred breeding and racing operations in Brazil at the end of 2019. The Company’s  mission, in thoroughbreds, was to breed world class breeding stock and proven winners; however the board of directors took a view that thoroughbred business is not an industry that for reputational reasons felt comfortable with and viewed it as inconsistent with the values of the Company and Managements new vision for the for the Company; as such in December 31, 2019 Black Opal discontinued all operations in Thoroughbreds in Brazil.