MONDAY, JANUARY 23, 2017
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Memories operator in $110m group bid for Grand Lucayan By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government has committed $2.5 million to speeding up repairs on Freeport’s Memories resort, with its operator part of a potential $110 million bid to acquire the Grand Lucayan property. Obie Wilchcombe, minister of tourism, confirmed the size of the Government (taxpayer) investment in accelerating Memories’ reopening during a brief interview with Tribune Business yesterday. And he also affirmed information received by this newspaper last week, namely that Memories and its parent, Sunwing Travel Group, was part of a potential consortium seeking to acquire the Grand Lucayan property from Hutchison Whampoa. Tribune Business can reveal that Sunwing/Memo-
Minister confirms team with Hard Rock, Wynn Govt commits $2.5m to Memories reopening Can’t wait on Hutchison’s insurance claim ries is seeking to team with Hard Rock and fellow Canadian-headquartered developer, the Wynn Group, to purchase Freeport’s largest resort property from the Hong Kong-based conglomerate. Prime Minister Perry Christie alluded to the increased activity surrounding Freeport’s still-closed hotel plant at last Thursday’s Progressive Liberal See pg b10
Bahamas warned: Real estate market not ‘wrapped up’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Realtors and developers have warned the Bahamas against thinking it has the foreign home buyer market “wrapped up”, as they hailed the Government’s decision to “reconsider” a $1 million permanent residency threshold. George Damianos, George Damianos, Damianos Sotheby’s International Realty’s president, told Tribune Business that the Bahamas needed to be “very competitive” and guard against “complacency” when it came to attracting wealthy individuals to its shores. He emphasised that this nation was competing against Caribbean rivals who offered products the Bahamas does not, such as economic citizenships, implying that the proposed ‘doubling’ of the permanent residency threshold would make this nation See pg b9
Govt rethink on $1m residency threshold hailed Competition means nation can’t be ‘complacent’ ‘Lead in’ time would create buyer urgency
Jason Kinsale
NHI providers to see ‘narrowed pay gap’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The outcome of the Government’s National Health Insurance (NHI) fee negotiations with doctors will likely “narrow the remuneration gap” between the public and private sectors, the Bahamas Insurance Association’s (BIA) chairman is predicting. Emmanuel Komolafe See pg b6
Insurers watching fee talks ‘with keen interest’ Govt to set new base, pushing private rates down Different rates ‘not sustainable for very long’
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Auto chief: Raise VAT, end Business Licences By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
The Bahamas Motor Dealers Association’s (BMDA) president has urged the Government to “completely eliminate” Business Licence fees to stimulate the private sector, saying: “We’re being nickled and dimed to death with taxation”.
Fred Albury called on the Christie administration to compensate for the revenue loss by increasing the 7.5 per cent Value-Added Tax (VAT) rate by one percentage point, arguing that the Business Licence is “holding a lot of companies back” because of the way it is structured. The Auto Mall chief explained that the annual levy on gross turnover frequent-
Industry being ‘nickled and dimed to death’ on tax Could break even, profit if turnover tax eliminated What businesses endure to survive ‘mind boggling’
ly exceeded whatever profits BMDA members make, sucking away six-figures sums from potential capital investments in their businesses and inventory. Telling this newspaper that it was “mind boggling” what many Bahamian businesses have to endure to keep staff employed, Mr Albury said his losses “continue to mount” and he was See pg b8
Auto dealers hope 7.1% sales growth is ‘bottoming out’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bahamian auto dealers are hopeful that the industry has “bottomed out” after collective sales increased by 7.1 per cent in 2016, a figure that was inflated by ‘fleet deals’ with the Government. Despite total member sales rising by 111 yearover-year, from 1,564 units in 2015 to 1,675 last year,
the Bahamas Motor Dealers Association’s (BMDA) president and other dealers said they remained “cautious” on the sector’s nearterm prospects. With new auto sales still almost two-thirds below where they were at the 2007 peak, Fred Albury told Tribune Business: “I would say they’ve bottomed out; I wouldn’t say they were trending up. “That little bit of an increase, the police prob-
ably purchased about 80100 vehicles last year, new cars and jeeps. I would say things have bottomed out, and hopefully we will not see anything going below that, but we definitely need some incentives to get it going out there.” New auto sales hit ‘a low’ in 2015 as the market adjusted to Value-Added Tax’s (VAT) implementation, and the BMDA said it expected ‘normal’ sales See pg b7
But 2016 rise driven solely by Govt fleet sales Normal sales ‘depressed’, 2017 forecast is ‘flat’ Baha Mar concerns; Govt ‘not in tune’
PAGE 2, Monday, January 23, 2017
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Monday, January 23, 2017, PAGE 3
Entrepreneur blasts ‘pay to play’ culture By NATARIO McKENZIE
nmckenzie@tribunemedia.net
Demands more anticorruption measures
Bahamian entrepreneurs have called for increased anti-corruption measures, saying permit applications “go to the bottom of the pile” unless officials are paid off. Alexandra MaillisLynch, managing partner and caterer at Events By Alexandra, a full-service event planning and catering company, said this was one of just many challenges confronting Bahamian entrepreneurs and businesses. She was among five Nassau-based businesspersons addressing the Rotoract Club of East Nassau’s fifth annual Entrepreneurial Panel, entitled: ‘Entrepreneurship: The Leap of Faith’. The others were Jarell Hall, the founder of the Bahamian-themed sock company, Relish; Jason Kinsale, president of Aristo Development, the devel-
oper of One Cable Beach, Balmoral and Thirty/Six on Paradise Island; Lincoln Deal, chief executive and founder of JetLink Adventures; and Charles Johnson ,owner of Crossfit Potcake. Ms Maillis-Lynch said: “We need more anti-corruption measures. It is very difficult to do business if you know that your application or whatever you are submitting is going to go to the bottom of the pile unless you pay. That’s huge, and it often goes unsaid. It’s a massive problem in this country. Mr Kinsale added that the Bahamas is ripe with entrepreneurial opportunities, with a lack of competition in many sectors. “It’s not hard here. We just need to find that consistency to get up and go every day. That is one of the biggest road blocks,” he added.
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“One of the things we really underestimate here is to be successful in the Bahamas. All you have to do to get a start is to be on time, return phone calls and be proactive. If you can do that you’re well on your way. You would be amazed how many people can’t return a phone call or can’t answer within eight hours. Some of the wealthiest people in the world that I deal with, billionaires, answer within 10 minutes. If they can find the time you can as well.” Mr Deal, a pioneer of hydro-jet products in the Bahamas, suggested that easing government regulations and facilitating businesses could spur more entrepreneurial opportunities. “When I first approached the Government with the idea, they said that there was no legislation to govern the industry. Instead of looking at different procedures around the world, which we provided, they See pg b4
‘Too many barriers’ for our investors By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Bahamas has too many barriers for investors despite thinking “we have the best product in the world”, a well-known developer said. Jason Kinsale, Aristo Development’s president, told a recent entrepreneurship panel hosted by the Rotoract Club of East Nassau that high net worth individuals simply do not have the time or patience to tol-
‘Don’t have time and patience’ for bureaucracy Yet ‘we think we have best product in world’ erate bureaucracy. The Bahamas ranked 121st out of 190 nations in the World Bank’s 2016 Ease of Doing Business ranking, and Mr Kinsale said: “We
have to understand that the persons coming to this country - and I’m dealing with fairly high net worth individuals coming from places like Geneva, Canada and New York City - they don’t have the time and the patience. “We think we have the best product in the world and everyone wants to come to the Bahamas. They don’t really want to come; they have to come because we are a tax haven, that’s the reality of the situation. See pg b4
www.ub.edu.bs
APPLICATION DEADLINE FOR FALL 2017 The public is advised that the deadline for submission of applications to University of The Bahamas for Fall 2017 admission is Friday, February 3rd, 2017. For more information email: admissions@ub.edu.bs
PAGE 4, Monday, January 23, 2017
‘Goal posts continually’ moving on the Bahamas By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Bahamas “cannot operate in isolation from rest of the world” in financial services, a Cabinet Minister warning that it must respond to evolving international regulatory standards if it is to remain competitive. Hope Strachan, minister of financial services, while addressing an industry briefing on the automatic exchange of tax information and the Common Reporting Standard (CRS), said: “Competition in the financial sector has become so intense that if we as a juris-
diction want to maintain a competitive position in the international financial community, we must be able to predict and monitor closely the changes in the international financial industry and take the necessary actions in a timely manner.” Mrs Strachan added that the eyes of the world are “ever more focused” on international financial centres such as the Bahamas. “Standard setting bodies, international organisations, policymakers, legislators and international media alike are intensively observing the activities of institutions and regulators operating in international financial
centres,” she said. “We know for a fact that they have great interest in The Bahamas. “The risks that our financial sector is exposed to, particularly the reputational risk, highlight our mutual dependence and the critical need for us to promote a regime that fosters high standards of governance and integrity at all times. “In doing so, we help to build and promote the confidence of the international community in our jurisdiction, although this does not guarantee this consideration. As we are well aware, the goal post is continually moved, making it virtually unattainable.”
Entrepreneur blasts ‘pay to play’ culture From pg B3 said no,” Mr Deal said. “There was a back and forth over the issue for three years. We ended up going to court and that was the only way we got the license. Not many people have the persistence to pursue something like that for three years. We need easier procedures.” He added: “The reason
I got into the business is because persons complain about the lack of adventures in the Bahamas, and they are looking for things to do. “Interestingly, 50 per cent of our employees came from Baha Mar who, had JetLink not come around, might still be unemployed. Small businesses help our economy and take the burden off the Government.”
‘Too many barriers’ for our investors From pg B3 “They are buying real estate for residency, and a lot of them have never been here. We’re trying to convince them to spend $500,000 or $1 million.” Hope Strachan, minister
of financial services, recently admitted that the Government had been forced to “reconsider” plans to double the permanent residency investment threshold to $1 million, due to the “considerable push back”
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THE TRIBUNE Mr Johnson urged aspiring and budding entrepreneurs to find themselves a mentor. “You can save yourself a lot of time and sleepless nights. Sometimes it’s good to drop the ego and just ask questions. Learn from other people’s mistakes and see where they were successful,” he said. Hall said established and budding entrepreneurs should understand that their personal effort is all they can truly control. “What you put in is what you get out.” by realtors and developers. Mr Kinsale added: “If an investor comes here and they get so frustrated that they give up, they can go to the Cayman Islands. Three weeks later they have their business set up and running, and they have forgotten about the Bahamas. “We have a real phobia about trying to make life easier for our foreign investors. If you look at Toronto, Vancouver and Miami, foreign direct investment is driving those cities. A house in Toronto sells within one day with 20 offers. Here it could take six months. We don’t have enough people coming in, we aren’t making it attractive enough, and there are too many barriers to investment. We need to reduce the bureaucracy”.
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Successful candidates must have a minimum of 5-10 + years’ experience depending on the position in Computer Science, Management Information Systems or similar Information Technology field. Only short listed candidates will be contacted. Interested persons should submit their applications by January 27th, 2017 to hrreport6@gmail.com.
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Monday, January 23, 2017, PAGE 5
Bahamas ‘does not tolerate’ tax crime
The Bahamas “does not tolerate” tax crimes, a Cabinet Minister reaffirming this nation’s commitment to complying with all international regulatory standards amid a renewed ‘blacklisting’ threat. Hope Strachan, minister of financial services, described the Bahamas as “a clean, compliant jurisdiction” that would meet its obligation to implement global automatic tax information exchange by 2018. Her statement came in response to an Associated Press report, which last week said European Union lawmakers had rejected a proposed money laundering ‘blacklist’ because no international financial centres (IFCs) were included on it. The report even singled out the Bahamas by name as one country that EU lawmakers wanted to include on the ‘blacklist’, with Mrs Strachan saying the impression created by the article was “in no way true or reflective of this jurisdiction”. She added: “The Bahamas is a clean, compliant jurisdiction with a robust regulatory regime. We have a strong anti-money laundering and counter-terrorism financing system, and have been deemed to be largely compliant by the standards set by the Financial Action Task Force. “Moreover, two years ago, the Bahamas executed an inter governmental agreement with US and has implemented FATCA for the automatic exchange of financial account tax information with the Internal
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Minister hits back at EU blacklisting report Questions Bahamas’ treatment; obligations met Revenue Service through the Ministry of Finance, which is the competent authority here in this jurisdiction.” Mrs Strachan added that the Bahamas was moving towards fulfilling its commitments to implementing the Common Reporting Standard (CRS) for automatic tax information exchange, with the enabling legislation already passed and the regulations set for completion by end-January. The guidance notes will follow soon after. “We have also initiated the negotiations on a bilateral basis with at least 45 countries who are members
of the [OECD] Global Forum, including the countries of the European Union,” the Minister added. “In effect we have complied with the rules set by the OECD as it relates to the overarching principles of transparency in tax matters. We intend to continue to follow the rules and to comply.” She continued: “One would assume that following the rules set by our peers would result in acceptance that we intend to operate with integrity and a sense of commitment. Unfortunately, that is not the case in this increasingly competitive environment that is financial services. “Therefore, I wish to state categorically that we are not a jurisdiction that encourages or tolerates tax crimes, and are moving expeditiously to meet the 2018 deadline for the automatic exchange of information through the implementation of the Common Reporting Standard (CRS).”
NOTICE
Western Sunbreezes Ltd. NOTICE IS HEREBY GIVEN as follows: (a) Western Sunbreezes Ltd. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 18th day of January, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
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Unique Vacations Limited is seeking strong candidates for the role of Corporate Compliance Manager. Summary This is a newly created role to take on responsibility for compliance matters across the Company and is expected to report to the company CFO. The role will oversee compliance with corporate and regulatory requirements. Applicants should satisfy the following minimum requirements: • Have the ability to schedule, manage, monitor and review audits of operational and regulatory compliance in accordance with the company’s policies, procedures, and local law. • Possess strong knowledge and application of auditing techniques and standards • Be able to work independently setting own priorities and objectives in consultation with the Chief Financial Officer. • Be able to take on and drive special projects deemed necessary to elevate the efficiency, effectiveness and transparency of the Company’s processes. • Ability to establish appropriate communication and professional relationships with the company’s Executive Management Team and our business partners at Sandals Resorts International. • Possess the ability to drive change in a dynamic business environment. • Flexibility for local and overseas travel as needed. Qualification and Experience: • A minimum of a Bachelor Degree in a related field; preferably Accounting or Law. • ACA,ACCA, CPA,CIA, or CISA qualification is required. • Minimum of five years management experience in an internal audit, fraud investigation function, or a public accounting environment. • Proficient in Microsoft Office • Strong report writing & presentation skills. • Working Knowledge of Oracle Application preferred. Only short listed candidates will be contacted. Interested persons should submit their applications by January 27th, 2017 with curriculum vitae via E-mail to hrreport6@gmail.com
Hope Strachan, Minister of Financial Services
PAGE 6, Monday, January 23, 2017
NHI providers to see ‘narrowed pay gap’ From pg B1 told Tribune Business that private health insurers were watching the talks on NHI compensation “with keen interest”, given that this would have a knock-on impact on the doctors’ fees they paid on behalf of their clients. He said the Government’s effective ‘takeover’ of much of the Bahamian healthcare
industry would result in the NHI fee schedule, which is currently being hammered out with private physicians, setting a new ‘base’ or model for the wider market. Mr Komolafe explained that whatever was agreed would impose pressure on private health insurers to reduce the compensation they paid to doctors, narrowing the gap between the
remuneration the latter received from the public and private sectors. The BIA chairman added that this process would be aided by the way NHI is structured, as the law underpinning the scheme requires persons with private insurance to “exhaust benefits” under those plans before they can access care via the Government’s proposed new scheme. As a result, NHI and private insurance would operate as two parallel schemes with two different payment rates - a situation that was
unlikely to last very long due to the inevitable competitive pressures. “The introduction of NHI will place the Government in a more significant position to control, shape and move the healthcare industry in the Bahamas,” Mr Komolafe told Tribune Business. “Additionally, the private health insurance industry is watching negotiations between the Government and healthcare professionals with keen interest.” He explained that “the Government’s role as a
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dominant player” would have “significant impact” on the amount and nature of fees paid to doctors and other NHI service providers, with this effect not limited to the scheme alone. “The remuneration for services in both the public and private healthcare sectors will be impacted by such an environment,” Mr Komolafe explained. “Insurers are expected to consider the NHI fee schedule in determining the reasonable and customary charges that determine payments to healthcare providers. The market will eventually adjust to the rates agreed with by the Government, and there will be pressure on the healthcare system to deliver acceptable service using that fee schedule. “At a minimum, a narrowing of the gap between payment rates adopted by private payers, including private health insurance companies, and the Government, including public patients, can be expected. It is just the way established economic concepts work in reality. Pressure will come to bear on the provider payment rates as the Government’s payment schedule could emerge as the new model in this regard.” Private physician resistance to the Government’s preferred NHI payment method, capitation, has resulted in the latter offering a choice between this mechanism, the current ‘fee for services’ system and a hybrid of the two. However, some doctors have complained that the rates being offered by NHI represent up to a 70 per cent cut on what they currently receive. Mr Komolafe said NHI’s introduction would also impact the coverage and benefits packages offered by private Bahamian health insurers, which in turn would impact premium prices and
employer packages. He warned that “some insurance and financial risks” would likely be shifted from the private health insurers to doctors under NHI, and pointed out that premiums were determined by overall healthcare costs. Mr Komolafe, meanwhile, said comparisons between NHI and the US’s Affordable Care Act, or ObamaCare, were inappropriate given that the schemes were structured differently. He explained that in the US, given that government healthcare programmes, such as Medicare and Medicaid, typically paid less than the actual costs incurred by doctors, these physicians compensated by charging private patients higher rates. “Statistics show that the gap between private and public reimbursement rates has been widening in the aftermath of the introduction of the Affordable Care Act (ACA) in the US,” Mr Komolafe said, before quickly pointing out that the same thing could not happen in the Bahamas under NHI. “We will have a different scenario within the proposed model in the Bahamas,” the BIA chairman explained. “Under the Bahamas’ model, there is no mandate that requires all Bahamians and residents to register for NHI, as is the case under the ACA, and there are no proposed subsidies for private health insurance plans. “Additionally, Section 21 of the NHI Act requires privately insured persons to exhaust the benefits under their insurance plans before they are able to access care under the NHI scheme. “The resulting effect is that you have two parallel systems with two different payment systems or rates. Such a system is likely not be sustainable for very long.” Emmanuel Komolafe
Legal Notice
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
PASCANGELES LIMITED In Voluntary liquidation
Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), PASCANGELES LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 8th day of December, 2016.
ROCKWELL LTD., 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator
THE TRIBUNE
Monday, January 23, 2017, PAGE 7
Auto dealers hope 7.1% sales growth is ‘bottoming out’ From pg B1 those to individuals and private sector businesses - to remain flat in 2017. “Sales to individuals and businesses remain depressed, and projections for 2017 are flat with limited possibilities for growth,” the Association said in a statement. “New car sales tend to be a benchmark that a lot of modern economies use to measure the strength or weakness of an economy. Based on the present situation that the local new car industry is in, it dictates that some measure of assistance is required to jump start our economy.” Referring to the 7.1 per cent increase in industry sales during 2017, the BMDA added: “Total new car volume in 2015 was 1,564 units, while 2016 increased by 111 vehicles for a grand total of 1,675 new units. “The increase is primarily from fleet sales to the Bahamas Government over the last six months of 2016.” Reflecting the BMDA mood, Fred Albury, the Auto Mall chief, said: “I’m trying to be very cautious at the moment. I need to see some positive things happen. In October we had the hurricane, but September was horrible. “I’ve been pushing inventory out the door, new 2015 models, just to make some money. We’re just about done with them. We’re to get the 2017 models in.” His stance was backed by Ben Albury, Bahamas Bus and Truck’s general manager, who told Tribune Business that industry sales would have been lower than 2015’s ‘rock bottom’ figure last year had it not been for the fleet sales to government. “If it were not for that, the numbers would be below what they were the year before,” he said. “I’m pretty positive of that. “That’s not something
we expect to get next year [2017]. It was quite a few last year, and it’s not something you continually get. “If we don’t turn a profit this year, it’s going to be very upsetting because I don’t see the fleet sales coming next year,” Ben Albury added, explaining that his company’s financial year-end was end-March. “My first two quarters were horrible, horrible. The third quarter was strong, and this quarter has started off not looking promising. “After March, if this thing doesn’t get any better by then, and this yearend report is not much better, we’ll have to see what happens. We’re keeping our toes and our fingers crossed.” Ben Albury said there was little for the new auto industry to become excited about, saying: “There’s nothing I see in the shortterm that’s going to create any increase in business at this point. “It’s been flat for the last couple of years, and I don’t see anything on the horizon to change that. The economy is recovering sluggishly, and not recovering at the same pace as other economies, and until we get our act together things will remain the same. “It seems like investor confidence is pretty low, and financing is still difficult. We can see the amount of people looking for jobs at places like Baha Mar, which is being bombarded with applications for employ-
ment. That speaks a lot to where we are as a country.” The Bahamas Bus and Truck executive expressed scepticism over Baha Mar’s planned April 21 “soft opening”, questioning whether this date had been set for the Government’s election purposes, and if the property would close again afterwards to facilitate the construction completion. “Getting the place up to par may require more work than they’re letting on,” Ben Albury suggested. “And people will have to be employed there for a year and a half before the banks are going to lend them money.” Baha Mar’s recent history, involving the Chapter 11 bankruptcy filing, 2,000 lay-offs and receivership/ provisional liquidation proceedings were likely to remain “a point of concern” for lending institutions, he suggested, until the project was shown to be sustainable. Apart from the VAT and Business Licence fees that were “still killing us”, Ben Albury said Bahamas Bus and Truck was still owed “hundreds of thousands of dollars in duty refunds”, while Tax Compliance Certificates were “an enigma I can’t seem to get my hands on”. “I don’t get the feeling that the Government’s in tune with what’s going on in the business community, and protecting this industry and helping us to move forward for the benefit of everyone,” Ben Albury told Tribune Business. “The more people we employ, the more in taxes they will get. It’s mutually beneficial. The Government doesn’t seem to have a true
NOTICE
NOTICE is hereby given that SUSHEENA SHAHYNDA PAULINA RUSSELL of Holmes Rock, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
understanding of what’s going on and how difficult they’ve made doing business in this country.” He also questioned the Government’s own financial health and cash flow, saying: “The problem is that I don’t think most people know how broke the Government is... “The challenge we have getting paid by them, and with TCCs, it casts doubt on the financial position they may be in. I don’t think we know the full situation.” The BMDA’s statement also urged the Government to create a ‘level playing field’ for the industry by cracking down on the ‘road side vendors’ of imported vehicles, adding that this would also aid its tax revenues. “The BMDA is concerned about the large influx of cheap used cars being imported by individuals and sold along the road side, whereby Government is being deprived of taxes that are imposed upon the legitimate car dealers such as Business License fees, property taxes, end VAT receipts and NIB contributions,” it said. “All of these taxes are paid by legitimate local car dealers, but are evaded by individuals who import more than one unit for personal use.” Fred Albury called on the Christie administration to copy other jurisdictions, where persons seeking to
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import ‘used’ autos needed to obtain a permit from the Ministry of Finance or other relevant government agency. “If someone comes for a permit for more than one car a year, they’d be considered to be a business,” the BMDA chief said, resulting in them having to pay
the same taxes his members do.” He suggested that only dealers be allowed to import used vehicles, and added: “That will give the Government some control over the used cars flooding in. We just need to look at some of the other jurisdictions, and not reinvent the wheel.”
PUBLIC ANNOUNCEMENT You are hereby invited to attend a meeting of concerned shareholders of the *Bank of The Bahamas to be held at The British Colonial Hilton on the 24th of January at 6:00 pm. Entry will be limited to shareholders only. *Disclaimer - please note that this meeting is being facilitated by a group of concerned shareholders and not the Bank of The Bahamas.
PAGE 8, Monday, January 23, 2017
Auto chief: Raise VAT, end Business Licences From pg B1 cutting all unnecessary expenses “just to survive”. He added that some companies were close to “biting the bullet” and ei-
ther selling or closing, suggesting that he was close to such “a threshold” over his Freeport business postMatthew. “My loss from last year
was pretty much in line with what it was the year before,” Fred Albury told Tribune Business. “The losses are continuing, continuing. If they were to eliminate the Business Licence fee, do away with that, I’d at least break even. “My personal opinion would be to do away with
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Business Licence fees completely, or just leave them at a nominal fee. I’d rather see that done, and if anything go up in VAT by one percentage point. “That way they’d [the Government] have a more sustainable base to work with, and generate more revenue, but by the same token it would allow business places, who create the jobs and spending that generate taxes, to thrive a bit more.” The BMDA chief was backed by his namesake Ben Albury, Bahamas Bus and Truck’s sales manager, who told Tribune Business that he could sell “many millions” in vehicles per year and “still make a loss”. “I’ve paid the Government in the last few years far more in Business Licence fees than I’ve made in profit,” Ben Albury said, adding that the sum amounted to “in excess of six figures annually”. The BMDA, as an association, also urged the Government to revisit its Business Licence fee approach in a statement issued on Friday. “The BMDA is a strong advocate for the reduction or elimination of Business License fees, as it is regressive and hampers the stability of a lot of local companies,” it argued. “In most cases, local new car distributors would either break even or show a small profit if they did not have to pay Business License fees. Profits can be used to either improve their operations or expand when the time is right to do so. “The BMDA strongly request that Government revisits this burdensome form of taxation that has nothing to do with profits but only on turnover. Streamlining some of our taxes will help our economy to settle on a stronger foundation and allow the private sector to grow and employ Bahamians.” Fred Albury is not the first private sector representative to call for Business Licence fees to be abolished, or at least radically reformed, and an increase in the VAT rate to compensate the Government for VAT rates foregone. Robert Myers, the former Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chairman, told Tribune Business late last year that
the Government should cut “inefficient taxes across the board” He singled out Customs duties, real property tax and Business Licence fees, in particular, as examples of such taxes which all have relatively low compliance rates, the Government having previously confirmed that only 40 per cent of Business Licence fee payments were in full and on time. Mr Myers had called for the Government to instead focus on VAT, given its self-policing nature, and suggested that Customs tariffs be slashed by 4-5 percentage points “across the board” to make way for a 1 percentage point VAT increase. And the Government, in its 2013 VAT ‘White Paper’, promised to reduce Business Licence fees to a flat $100 ‘across the board’ once the new tax was properly bedded in and revenue streams predictable. Although it has exceeded its own expectations by collecting more than $1 billion in VAT revenues during the new tax’s first 21 months, the Business Licence fee reduction is another fiscal promise the Christie administration has yet to fulfill. The private sector, though, has long argued that Business Licence fees represent one of the most inequitable forms of Bahamian taxation, given that they are calculated as a percentage of gross turnover rather than profits. This has resulted in many companies paying more in Business Licence fees than they earn in annual profits. And it has resulted in high turnover, low profit margin businesses such as food stores and gas stations, plus those impacted by price controls, like auto dealers, paying considerably more than low volume, high profit margin companies. However, given that VAT is a ‘pass through’ tax that falls on the end consumer, the Government is likely to be reluctant to raise the rate. It would see such a move, and any elimination of Business Licences, as shifting the tax burden more on to consumers (voters) and away from the private sector. However, Fred Albury told Tribune Business: “We’re being nickled and dimed to death with taxa-
THE TRIBUNE tion. “The Business Licence fee is holding a lot of companies back from making capital investments in their businesses, and increasing inventories. It’s just a regressive tax.” With new auto sales flat due to a moribund economy, Fred Albury said he and other BMDA members had been forced into costcutting to survive. “My losses just keep mounting,” he added. “For example, I’m cancelling all my radio planner contracts this year, which will save me $30,000. Staff have left and not been replaced. We’re just cutting expenses where we can to survive. “Some of us will end up biting the bullet and say to hell with it, it’s time to sell up and close up. I’m at that threshold with what’s happening in Freeport. I’m trying to hang in because we’ve been there since 1987, and have got 15-17 people employed, but when you get to the point of throwing good money after bad you have to look at it. “We’ve been cutting up there, and hopefully by mid-year we’ll be back on an even keel.” Fred Albury emphasised the auto industry’s capital intensive nature, with dealers seeing huge sums ‘locked up’ in vehicle imports until they were sold. The resulting impact on cash flows, he added, was compounded by the fact the sector was price controlled, with narrowed margins and meant “profits are not that great”. “I think VAT has been far more effective for them than what they thought it would have been,” Fred Albury said. “If I was to save $300,000 to $400,000 on Business Licence fees, I could use that on construction, creating more employment, and the more people employed will be spending more money out there and generating more taxes. “But everything seems to be geared towards them [the Government] getting more money out of taxes. My real property tax has just increased by $20,000. It’s like there’s just no end to it.”
THE TRIBUNE
Monday, January 23, 2017, PAGE 9
Bahamas warned: Real estate market not ‘wrapped up’ From pg B1 less attractive to foreign investors. And Jason Kinsale, the developer behind projects such as ONE Cable Beach and the Balmoral, emphasised that it was vital for the Government to provide a “lead time” before implementing such a policy change. Besides giving all market participants time to adjust, Mr Kinsale said such a ‘grace period’ - and the ‘grandfathering’ in of existing projects - could create a short-term boost by giving buyers an “urgency” to purchase. He added that the proposed jump from $500,000 to a $1 million threshold for accelerated permanent residency consideration was “too much”, suggesting that change should be introduced in gradual “steps”. Messrs Kinsale and Damianos were responding after Hope Strachan, minister of financial services, admitted on Thursday that “considerable push back” from the developer and real estate community had forced the Government to reconsider its plans. She indicated that even if the $1 million ‘switch’ was to proceed, the Christie administration would at least provide a “lead time” to enable existing development project, and the market as a whole, to adjust. “That’s great news. I have to applaud them for actually listening and taking our concerns into consideration, and thinking it through again,” Mr Kinsale told Tribune Business in response. “It’s very encouraging. “The important thing is they’ve recognised the need for a lead time. One of the things that does is it gives us a nice selling tool; a sense of urgency for people to buy now. “If they know a change is coming in a year from now, they’ll know they have to spend more money to become a permanent resident,” he continued.
“I can say: Make a decision quickly. I don’t have that selling tool now. Any urgency created is always a good selling tool.” The Government had initially planned to change the permanent residency threshold as early as March 1 this year, a date Mr Kinsale had previously described as “unacceptable” and “unnecessary”. The developer, who is currently in the midst of selling both the Thirty|Six condo project on Paradise Island, as well as ONE Cable Beach, said it was vital that these and other existing developments be ‘grandfathered’ in under any change. Both Mr Kinsale’s projects are targeting foreign buyers in the $500,000 to $1 million price range, the precise market segment that will be impacted by the Government’s proposed policy change. “We just want to ensure that we have our projects grandfathered in to protect them completely,” Mr Kinsale explained, “and if we have that notice, it allows me to plan for the next project in terms of who we’re
selling to.” He suggested that the Government target an increase to $750,000 if it felt raising the accelerated permanent residency threshold was absolutely necessary, describing this as “a nice step that will not alienate too much of the market”. “To go to $1 million in one step is too much; there’s no justification for that,” Mr Kinsale told Tribune Business. “Let’s take some baby steps, protect ourselves against taking too much risk with the real estate industry.” Mr Damianos, meanwhile, backed the developer, warning that numerous real estate projects already under development would be “jeopardised” should there be an instant increase to $1 million. “I think it’s great that they finally spoke to people who showed them the light; that projects in the works in the $500,000 range would be put in jeopardy if it gets increased to $1 million,” he told Tribune Business. Mr Damianos joined fellow realtor, Mario Carey, in expressing surprise that neither themselves nor anyone else in the industry, as far as they were aware, had been consulted by the Government prior to the policy change announcement. He explained that the
$500,000 real estate investment ‘threshold’ was often used by foreign purchasers to ‘get their feet wet’, obtaining permanent residency and ‘trialling’ life in the Bahamas, prior to spending more money and buying larger properties in this nation. Mr Damianos, while not suggesting that the Bahamas offer such products, added that it also had to guard against the competitive threat posed by the ‘economic citizenship’ and residency programmes offered by Caribbean rivals. “I think we need to be very competitive in the market,” Mr Damianos told Tribune Business. “We shouldn’t become too complacent and think we have it wrapped up, and only do business with
extremely wealthy people.” Urging the Government to “follow through” with its reconsideration, Mr Damianos also called on it to publish data on how many permanent residencies it had granted in relation to purchases in the $500,000 to $1 million range. Developers and realtors have been especially concerned about the proposed policy change, given the importance of the second home market to their industries and the wider Bahamian economy. With the Bahamian segment relatively flat, the second home sector has been one that realtors have been able to rely on to generate sales momentum over the past few years. With 80 per cent of real
estate sales inventory priced below $1 million, they fear that any change - especially one that might be perceived negatively by foreign buyers - could drive a significant chunk of the market to other jurisdictions. And a ‘drying up’ of such buyers would produce wider ‘ripple effects’ in the Bahamian economy, reducing work for the construction industry and a variety of other trades whose business is tied to the real estate and second home markets. A reduction in foreign direct investment (FDI) flows would also not be desirable in an environment where Standard & Poor’s (S&P) has downgraded the Bahamas’ creditworthiness to ‘junk’ status.
NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Spartacus Investments Ltd. is in dissolution and the date of commencement of the dissolution is the 23rd day of December, 2016. Lynn Kelly and Beecham Braynen LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd 1 Bay Street 2nd Floor, Centre of Commerce P.O. Box SS-6289 Nassau, Bahamas COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division
2015 CLE/GEN/1515
IN THE MATTER of an Indenture of Mortgage made the 1st day of March, A.D. 2012 between Jeffrey A. Rahming and Suezetta M. Rahming and Finance Corporation of Bahamas Limited AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws of the Commonwealth of The Bahamas BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND JEFFREY A. RAHMING AND SUEZETTA M. RAHMING TO:
Jeffrey A. Rahming Suezetta M. Rahming
Plaintiff
First Defendant
Second Defendant
TAKE NOTICE that: 1. An Order and a Judgment have been filed against you on the 12th day of January, A.D. 2017 (the “Order” and the “Judgment”, respectively) in the Supreme Court of The Bahamas in Action No. 2015/CLE/gen/01515 by Finance Corporation of Bahamas Limited, the Plaintiff herein. 2. By the Order, the court ordered that the Plaintiff be at liberty to enter judgment against you for the amount claimed in the Originating Summons together with interest and costs, such costs to be taxed if not agreed, AND THAT you do by no later than the 21st day of March, A.D. 2017 vacant possession of ALL THAT piece parcel or lot of land comprising Lot Number Three Hundred & Twenty (320) in the Subdivision called and known as “Yamacraw Beach Estates” which said piece parcel or lot of land has such position boundaries shape marks and dimensions as are shown on the diagram or plan annexed to an Indenture of Conveyance dated the 11th day of May A.D. 1983 and made between Yamacraw Beach Estates Limited of the one part and James Albert Mullings, Suzanne Eloise Mullings and Stacia Yvonne Munnings of the other Part and now of record in the Registry of Records in the City of Nassau in the Island of New Providence aforesaid in Volume 4074 at pages 15 to 25 which said piece parcel or lot of land comprising Lot 320 Yamacraw Beach Estates is subject to the restrictive covenants and conditions set out in the second Schedule of the aforementioned Indenture of Conveyance 3. By the Judgment, it was adjudged that you pay to the Plaintiff the sum of $259,143.92 together interest at the rate of 6.75% per annum from the date of judgment until payment and costs to be taxed if not agreed. 4. The publication of this Notice constitutes service of the said Order and Judgment, copies of which may be obtained from the Supreme Court Registry, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, The Bahamas during normal business hours. Dated the 23rd day of January, A.D., 2017
HIGGS & JOHNSON Chambers Ocean Centre Montague Foreshore, East Bay Street Nassau, New Providence, The Bahamas Attorneys for the Plaintiff
PAGE 10, Monday, January 23, 2017
Memories operator in $110m group bid for Grand Lucayan From pg B1 Party (PLP) candidate ratification ceremony. Acknowledging that the Government had previously “bragged” about Memories, and its impact on Freeport’s economy and tourism sector, Mr Christie said the Government had “commit-
ted millions of dollars” to ensuring the resort opened by April - just in time for a likely general election. The Prime Minister did not reveal a dollar figure for how much had been committed, how and for what purpose, but Mr Wilchcombe disclosed some of
these details yesterday. “I think it’s about $2.5 million,” he said when contacted by Tribune Business, “to assist in ensuring how we can get things done. We’re trying to move forward the renovations and everything else.” The Minister of Tourism previously confirmed that Hutchison Whampoa, which is Memories’ landlord as well as the Grand Lucayan’s owner, had been awaiting the proceeds of its Hurricane Matthew insurance claim before starting storm repairs at both properties. However, Mr Wilchcombe yesterday indicated that Freeport’s hotel product could wait no longer, explaining: “The insurance is taking a while longer than expected, so we’re trying to move things forward more quickly.” The damage inflicted by Hurricane Matthew has removed 1,500 rooms from Grand Bahama’s hotel room inventory, with Memories totally closed. At the Grand Lucayan, just 200 rooms are open at the Lighthouse Point section, with Breaker’s Cay also entirely closed following the Category Four storm. The closures have not only negatively impacted stopover tourist arrivals and staff employment but also the wider Grand Ba-
hama tourism economy, especially overnighting cruise passengers and businesses at the Port Lucaya Marketplace. Hurricane Matthew arrived amid efforts by Hutchison Whampoa’s property arm, Cheung Kong Property Holdings, and its HVS Capital Corporation adviser, to sell the Grand Lucayan - a process that has been underway since early summer 2016. Mr Wilchcombe yesterday confirmed that Memories/Sunwing was seeking to partner with Hard Rock and the Wynn Group on a joint bid to acquire the entire Grand Lucayan resort - including its own property. “That’s actually under discussion,” the Minister confirmed, when Tribune Business raised the bid. “Those names have been mentioned, and that group of companies have been considering a partnership to pull the deal off, but it’s not been confirmed yet.” When asked about the $110 million figure, Mr Wilchcombe added: “That number, it’s somewhere around there. “They’ve been trying to put a package together to present to Hutchison, and expect to get some return. It wouldn’t be a bad group to put together.” While Sunwing, through its Blue Diamond affiliate,
THE TRIBUNE
would provide the hotel management and operational services, Hard Rock would likely be the casino partner. The Wynn Group, meanwhile, has been interested in the Bahamas for several years, having in 2015 proposed a $65 million condo hotel project at Goodman’s Bay in New Providence. It was billed as creating 200 construction jobs and a further 150 permanent jobs, but little has been heard from it since, possibly because it was designed to complement Baha Mar. However, Khaalis Rolle, minister of state for investments, recently praised the Wynn project over its “strategic partnerships with high-end brands’, indicating that it may be back on track. Meanwhile, K P Turnquest, the FNM’s deputy leader, yesterday suggested the Government’s commitment to the Memories/ Grand Lucayan situation might be as high as $20 million, although he did not know whether it would be in the form of a direct cash injection or investment incentives. He added that he had been informed the Government was also prepared to “bridge the gap” between the price the Memories consortium was willing to pay and what Cheung Kong Property Holdings is seeking. Unsure of the sums involved, Mr Turnquest said: “We recognise that without the Memories property, we are in a very uncertain position in the tourism sector. We need that property opened, but need to make sure we get a good deal when we do it.” He urged the Government to provide more in-
formation on the extent and nature of its “commitment” to get Memories re-opened, and give details on how many hotel workers would be returned to work and how quickly. Mr Turnquest also suggested that the Government’s direct intervention was “a desperate move as they realise they’ve done nothing for Grand Bahama, and that they’ve failed the island and failed that hotel”. Hutchison Whampoa/ Cheung Kong Properties have endured sustained losses of $10-$20 million per year since the Grand Lucayan’s 2001 opening. McKinsey, in its late 2014 report on the options for Freeport’s growth, said the Government was seeking a “better owner” for the Grand Lucayan resort. It suggested Hutchison Whampoa may be prepared to sell for less than $180 million. The report added that Grand Bahama’s hotel product might improve if the Hong Kong conglomerate sold the property to an entity with Caribbean tourism experience. Pointing out that the Grand Lucayan’s occupancies (pre-Memories at least) averaged around 49 per cent, compared to an industry average of 75 per cent, McKinsey said: “The owner’s interest appears limited. “Interviews suggest a lack of operational expertise and insufficient maintenance. Hutchison owns other hotels in Asia, but they are high-end business properties, not resorts. It did not come to Grand Bahama for the hotel.”
NOTICE
NOTICE is hereby given that FABOILA NADIA DOLCE of Ginep Street, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
MARKET REPORT FRIDAY, 20 JANUARY 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,919.89 | CHG 12.22 | %CHG 0.64 | YTD -18.32 | YTD% -0.95 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.55 4.70 0.12 8.21 8.50 6.10 10.60 15.48 2.72 1.60 5.82 9.75 11.00 9.00 6.90 12.25 11.00
52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 5.05 8.05 5.50 7.72 11.00 2.18 1.31 5.60 6.70 8.56 6.12 6.35 11.81 10.00
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.02 3.91 1.93 169.70 140.34 1.46 1.67 1.56 1.10 6.96 8.50 6.30 9.94 11.21 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.38 15.85 9.09 3.52 1.77 0.12 5.05 8.50 5.83 10.50 11.00 2.03 1.60 5.82 9.75 10.95 8.80 6.90 11.93 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 108.60 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.38 15.85 9.09 3.52 1.77 0.12 5.05 8.50 5.83 10.50 11.93 2.05 1.60 5.82 9.75 10.95 8.80 6.90 11.93 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.93 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
107.91 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.69 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
VOLUME
2,000
VOLUME
NAV 2.02 3.91 1.93 169.70 140.34 1.46 1.66 1.56 1.07 6.96 8.50 6.30 9.80 11.13 9.63
EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 151.0 15.8 N/M 20.7 N/M N/M -168.3 14.0 13.6 23.3 108.5 20.1 20.0 19.4 18.8 11.4 10.7 23.5 19.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 3.91% 4.21% 3.71% 3.98% 2.43% 2.71% 4.73% 5.64% 5.70% 7.66% 3.56% 3.91% 2.22% 2.79% 2.80% 3.18% 2.99% 2.26% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%
NAV Date 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Sep-2016 30-Sep-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD 1.83% 6.31% 0.00% 5.97% 0.00% 0.00% 1.78% 3.53% 3.77% 3.43% 4.11% 2.93% 3.75% 4.12% 4.10% 0.00% 3.75% 2.03% 5.36% 0.00%
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
NOTICE IN THE ESTATE of Alma M. Jorge, late of 135-07116th Avenue So., Ozone Park Queen, New York, one of the States of the United States of America, deceased. Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and particulars of the same certified in writing to the undersigned on or before the 14th day of February A.D., 2017, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Attorney by Deed of Power of Attorney for the Executors shall have had Notice. And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date. MICHAEL A. DEAN & CO., Attorneys by Deed of Power of Attorney for the Executors Alvernia Court, 49 A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas