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THURSDAY, JANUARY 11, 2018

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URCA eases Sebas’s radio delay ‘hardship’

Oil explorer’s success prospects ‘four times’ better than average

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

egulators have moved to ease “the hardship suffered” by Sebas Bastian after the Island Luck chief’s radio launch was blocked by an ongoing court dispute. Tribune Business can reveal that the Utilities Regulation and Competition Authority (URCA) has permitted Mr Bastian’s radio joint venture to broadcast using a “temporary” FM frequency - a move that has angered rival operators. Mr Bastian’s majorityowned Paramount Systems joint venture was supposed to use the 103.5 FM frequency formerly employed by ZSR Sports Radio, a station established by Olympic triple jump medallist, Frank

* Island Luck’s radio JV gets temporary frequency * Regulator defends move; denies ‘special treatment’ * Rival operators cry foul as legal battle continues

SEE PAGE 4

ISLAND LUCK boss Sebas Bastian.

A BAHAMAS-based oil explorer has received “a great endorsement” from independent experts who confirmed its chances of success are at least four times’ higher than the industry average. Simon Potter, Bahamas Petroleum Company’s (BPC) chief executive, told Tribune Business that confirmation of the validity of its underwater seismic data “can only be positive” for its joint venture partner search. The exploration outfit, whose licence gives it until April 2018 to spud its first exploratory well in waters south-west of Andros, hired Moyes & Co, a petroleum industry consultancy, in August 2017 to assess its prospects of striking ‘black

* BPC RECEIVES ‘GREAT ENDORSEMENT’ * INDEPENDENT AUDIT BACKS DISCOVERY CHANCES * MULTI-BILLION BARREL ESTIMATES BOOST JV SEARCH gold’ in Bahamian waters. The independent analysis, just unveiled by BPC, calculated the company’s “probability of success” for each of the seabed oil sources it is targeting as between 25 per cent to 35 per cent. Mr Potter said this far exceeded the oil industry’s typical 5-10 per cent average, with Moyes & Co verifying that the amount of oil economically recoverable from

SEE PAGE 8

BDB OFFERS AS ‘VEHICLE’ GOV’T MISSES URCA ‘HOLY GRAIL’ ON GB POWER DEAL FOR MINISTRIES’ GOALS * ‘SILVER PLATTER CHANCE’ FOR REGULATOR CHANGE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas Development Bank (BDB) plans to offer itself as a “vehicle” through which government ministries can realise their goals in industries such as tourism, agriculture and culture. Lynden Nairn, the bank’s chairman, told Tribune Business that steps had

* EYES AGRICULTURE, JUNKANOO MUSEUMS, NATURAL RESOURCES * AIMING TO EXPAND BEYOND PURE LENDING INSTITUTION * MARKETING ‘UMBRELLA’ FOR DELINQUENT FISHING LODGES SEE PAGE 3

NO ‘SHOW STOPPERS’ ON GRAND LUCAYAN DEAL By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government will respond to the Wynn Group’s Grand Lucayan Heads of Agreement (HOA) proposal by week’s end, a source saying: “There aren’t any show stoppers yet.” Tribune Business sources familiar with the deal’s

progress, speaking on condition of anonymity, said the Cabinet committee dealing with the Grand Lucayan deal had spent Monday examining Wynn’s proposed terms ‘line by line’ “There are lots of details to be worked out in the Heads of Agreement, and the Government spent a lot

SEE PAGE 11

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government has missed its “Holy Grail” by failing to tie approval of the $35 million GB Power buy-out to the utility “subjecting itself” to URCA’s regulation. Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that the Government was “dumb” and “visionless” not to use the deal to

* COURT GIVES BUY-OUT CHALLENGE GO-AHEAD * QC WARNS: ‘WE WON’T GO QUIETLY’

achieve other key objectives, as he revealed the Supreme Court has given permission for his Judicial Review challenging the buy-out to proceed. He argued that the Government should have imposed “a number of conditions” for approving the buy-out of all

Bahamian minority investors in GB Power, and the de-listing from BISX of the utility’s 50 per cent owner, ICD Utilities. Top among them, Mr Smith argued, should have been GB Power dropping its opposition - including Supreme Court actions - to being regulated by

the Utilities Regulation & Competition Authority (URCA) rather than the Grand Bahama Port Authority (GBPA). Besides allowing Bahamian shareholders to own shares directly in GB Power, the outspoken QC added that Grand Bahama’s monopoly utility should also have been mandated to publicly disclose its annual financial statements. “My suggestion, that the

SEE PAGE 2

PAGE 2, Thursday, January 11, 2018

THE TRIBUNE

Gov’t misses URCA ‘Holy Grail’ on GB Power deal FROM PAGE 1 Government approve the transaction on a number of conditions, was a political and investor-friendly compromise,” Mr Smith told Tribune Business. “It would ave allowed those wanting to sell, and complaining of delay in approval, to receive their cash pay-out. “I would have allowed those wanting to hold Emera Depository Receipts (DRs) to do so, and the third option - my suggestion - would have allowed Bahamians to continue to own shares, but this time directly in GB Power.” The third option granted by Emera, now GB Power’s 100 per cent owner, was for Bahamian minority investors to take a combination of cash and DRs. Archibald Collins, GB Power’s president and chief executive, previously told Tribune Business that while direct Bahamian ownership in GB Power was an option it was never considered in structuring the buy-out offer given Emera’s desire to simplify the corporate ownership structure. Those Bahamian investors who wanted to retain indirect GB Power ownership have simply exchanged their ICD Utilities shares for Emera DRs, the Canadian utility would argue, giving them access to a broader spectrum of investments and risk diversification as dividends/ returns now depend on all its assets - not just one power provider. Undeterred, Mr Smith argued: “It would have been in the national interest for the Government to have also conditioned the transaction on GB Power having to list on BISX and expand available

ownership opportunities for Bahamians. “Another condition would have required GB Power to be directly answerable to the Securities Commission, and required full, regular disclosure of the financial accounts of GB Power to be able to inform politicians, the Government and consumers about this extremely important foundational industry in Grand Bahama.” ICD Utilities’ de-listing from BISX will likely relieve GB Power/Emera from the responsibility of having to disclose such detailed annual financial statements. GB Power’s Mr Collins previously suggested that the utility’s financials could be obtained from the GBPA, its regulator, but Mr Smith and others have expressed scepticism as to whether this will happen in practice. “Another sensible condition the Government could have imposed would have required GB Power, because it operates outside the Port area in East and West Grand Bahama, to subject itself to URCA,” Mr Smith told Tribune Business. “This has been the Holy Grail pursued by the Ingraham, Christie and now Minnis administrations, and has been resisted at every turn by GB Power. There is currently litigation between GB Power and URCA on this very issue.” GB Power wants the Supreme Court to declare that it can carry on its business without requiring a public electricity supplier licence from URCA. GB Power’s action is founded on the basis that, as a GBPA licensee, it is licensed and regulated by the latter via the Hawksbill Creek Agreement - and not

by URCA and the Electricity Act 2015. It is arguing that the Electricity Act’s sections 44-46, which give URCA the legal right to license and oversee energy providers, “are inconsistent, and conflict with, the rights and privileges vested in [GB Power] and the Port Authority” by the Hawksbill Creek Agreement. Mr Smith’s suggestion that URCA become GB Power’s main regulator is significant. He is one of the staunchest defenders of the Hawksbill Creek Agreement (HCA) and its integrity, which in theory would be breached by URCA taking over the utility’s supervision, given that Freeport’s founding treaty vests oversight of such industries within the Port area in the GBPA. However, many Freeport residents and observers will likely favour URCA taking over GB Power’s regulation, given lingering suspicions that the relationship between the utility and GBPA is too cosy due to the prior common ownership between the two. “It was a wasted opportunity provided to the Government on a silver platter to negotiate for Bahamians to keep direct ownership in the Power Company,” Mr Smith argued, “and to achieve their political and regulatory objectives. I am shocked that my own government got nothing in return from Emera. That is simply dumb economic policies. “This demonstrates how visionless the Government is. I am horrified that this government, which promised transparency and accountability, failed to consult with any of the affected persons before making their latest approval decision. “It

makes no business sense for Bahamians. Bahamians have a right to own a piece of their own economic pie, and this administration has completely betrayed the trust placed in them by the electorate.” Mr Smith then warned Emera that he and his company, SeSaChe, will “not go quietly into the night” after obtaining permission on Monday from Supreme Court judge, Estelle Gray-Evans, to proceed with their Judicial Review action. It is challenging the authority, and rationale, of both the Bahamas Investment Authority (BIA) and Central Bank in issuing the original approvals that allowed the GB Power buy-out to proceed. Mr Smith said the Supreme Court also ordered the BIA and Central Bank to provide copies of the written approvals issued to GB Power/ Emera, and stipulated that the production of all correspondence between the two sides be dealt with at a future hearing when all sides are present. He added that he and SeSaChe may also launch Judicial Review proceedings against the Cabinet’s January 2, 2018, decision to give final approval to the buy-out once its reasoning was disclosed. “I wish to assure Emera that SeSaChe and others will continue to fight for their shares,” Mr Smith told Tribune Business, “and will not go quietly into in the night. “This is not a friendly investor manoevere, and it bodes ill for future relations between GB Power and Bahamian investors and consumers.” Around 96 per cent of Bahamian investors in ICD Utilities voted in favour of accepting Emera’s offer.

Expression of Interest (EOI) LYNDEN PINDLING INTERNATIONAL AIRPORT

Nassau Airport Development Company Limited (NAD) is seeking interested proponents (individual, consortium or joint venture) to design, build, finance and operate multiple duty free retail stores at The Lynden Pindling International Airport. Interested proponents are asked to provide:

Chervain Stuart Senior Manager, Retail Banking Scotiabank, Cayman Scotiabank is pleased to announce the appointment of Chervain Stuart to the position of Senior Manager of Retail Banking, Cayman. In her new role, Chervain will have oversight for three Retail branches in Cayman; manage the largest branch, Scotia Centre; and provide support to the country head. Chervain joined Scotiabank (Bahamas) Ltd. eleven years ago and has held progressive positions including Secretary, Teller, Personal Banking Officer, and Assistant Manager Personal Banking at the Marsh Harbour, Abaco Branch. She has a proven track record, having had sales officers from the Marsh Harbour Branch selected as Top Sales Officers in The Bahamas for three (3) consecutive years under her leadership. In 2015, Chervain was promoted to Manager of Personal Banking at the Freeport, Grand Bahama Branch and subsequently obtained consecutive promotions in New Providence, The Bahamas as Manager, Sales & Service Coach and Acting Branch Manager, Paradise Island Branch. Chervain’s passion to achieve above average results, commendable leadership skills, and outstanding work ethics helped to secure her the Cayman role, her first international assignment. Chervain holds a Bachelor’s of Science degree in Psychology from Louisiana State University as well as a Masters of Science degree in Human Resource Management from Walden University. In her spare time, Chervain enjoys mentoring young women, singing, and cooking.

Trademark(s) of The Bank of Nova Scotia, used under licence.

1. A list of all local or internationally recognized brands the proponent is licensed to sell 2. The proposed categories of duty free items/stores the proponent would wish to provide 3. A proposed revenue share model with NAD including minimum annual guarantees. NAD welcomes innovative revenue models in the expression of interest 4. List of stores and their square footage owned and operated by the proponent 5. Confirmation that the proponent has the capacity to build-out at least 3,000 square feet of retail spaces at a minimum of B$450.00 per square foot Minimum Qualifications: 1. Proponents must be a licensed Bahamian company or joint venture with a licensed Bahamian company 2. 5 years experience as a major duty free concessionaire at an airport NAD’s Goals and Objectives are to: 1. Achieve a high standard of excellence and customer service 2. Offer concepts & services that will appeal to the complete spectrum of passengers served by the airport A detailed Expression of Interest Document for the above is available for distribution to qualified and interested parties via email by contacting Mr. Troy Strachan, Manager Commercial Development at troy.strachan@nas.bs. Documents may also be collected from NAD’s Executive Offices located on the 3rd floor of The International Arrivals Terminal at The Lynden Pindling International Airport. Documents will be distributed up to 4:00 p.m. on January 22, 2018. Submissions in response to this EOI are to be received no later than 4:00 p.m. February 23, 2018. After reviewing responses, NAD may request additional information or may schedule individual meetings with any respondent to gain additional information about the expression of interest.

THE TRIBUNE

Thursday, January 11, 2018, PAGE 3

BDB offers as ‘vehicle’ for Ministries’ goals FROM PAGE 1 already been taken to broaden its activities beyond solely being a lender to Bahamian startups and entrepreneurs. He identified opportunities for the BDB to assist the Government’s plans in areas such as agricultural distribution and marketing; the establishment of Junkanoo Museums; and the sustainable exploitation of the Bahamas’ natural resources. Mr Nairn added that the bank could also emulate its Jamaican counterpart and administer public-private partnerships (PPPs) on the Government’s behalf, and revealed it was looking at creative ways to restructure its significant non-performing loan portfolio. “Let me tell you what has happened historically,” he told Tribune Business. “Historically, the BDB has been a lending institution, period, but if you look at the Act it is very clear: That the BDB is the only institution in the Bahamas that is legislatively mandated to pursue economic development. “It’s a catalyst for economic development and diversification. That’s what we do. Lending, while a vital part of the strategy to advance that objective, isn’t the only thing we should be doing. “What we will be looking at over the next few years is not only how we expand the product offering, but how we can work alongside government ministries - the Ministry of Tourism, the Ministry of Agriculture and Marine Resources, and the Ministry of Youth, Sports and Culture - to serve them and be the vehicle through which their objectives are pursued.” Explaining how this would work, Mr Nairn added: “Already we have formed a committee comprising persons from the

Ministry of Agriculture and Resources to examine agricultural distribution and marketing. “We’re looking at that, and think in the end that an entity, a co-operative, a private co-operative, is going to emerge from this effort and be responsible for the marketing and distribution of agricultural products to allow farmers to farm. “Once that is properly capitalised, we will be able to pay farmers in a timely fashion and look, at the same time, at addressing cost issues for farmers. That’s an example of the things we’re going to be looking at over the next few years. That’s what was intended from the very beginning.” Mr Nairn continued: “We’re also looking at natural resources. The Deputy Prime Minister has made it very clear to us that we need to examine what is there, and how natural resources in the country might be exploited for the benefit of the Bahamian people. “We will be

working with the Ministry of Agriculture and Marine Resources as it relates to some of these items. We’re also working with the Ministry of Youth, Sports and Culture with respect to initiatives they’re pursuing. “One specifically is Junkanoo Museums that they are seeking to establish throughout New Providence and Grand Bahama,” the BDB chairman said. “Another big item that we’re looking at which really excites us is we’ve met with the Ministry of Works and talked to them about PPPs. In Jamaica, their Development Bank administers PPPs, and we think we should consider doing the same in the Bahamas. There are a lot of other things we can do.” Just 28.4 per cent of the BDB’s loans were rated as ‘performing’ at 2016 year-end, with some $22.731 million worth of credit were classified as at least 90 days past due. Only $9.935 million worth of credit was current.

Mr Nairn said that besides seeking to restructure the non-performing loans, the BDB was also examining the “underlying assets” and exploring whether other businesses are interested in managing or taking them over. “We’re really exploring a number of options,” he told Tribune Business. “We’ve got about eight fly fishing lodges throughout the Bahamas right now in

our portfolio, and all may be - with the exception of one - non-performing. “That represents a very good opportunity to bring these entities under a single marketing umbrella. We’re exploring that, exploring a number of marketing opportunities outside the Bahamas, and we expect that to be very successful. There are any number of other sectors as well,” he said.

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PAGE 4, Thursday, January 11, 2018

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URCA eases Sebas’s radio delay ‘hardship’ FROM PAGE 1 Rutherford, and late sports broadcaster, Phil Smith. Mr Rutherford and Mr Smith’s widow are Mr Bastian’s minority partners in Paramount Systems, but they - and the 103.5 FM licence - have become embroiled in a legal challenge that is being mounted by ZSR Sports Radio’s operator. Navette Broadcasting and its principals, Cheryl Braynon and Van Ferguson, are opposing the

station’s majority takeover by Mr Bastian on the basis that they are the true holders of the 103.5 FM licence. With Navette continuing to broadcast on that wavelength until the court dispute is resolved, URCA has permitted Paramount Systems to temporarily use the 105.3 FM frequency. Rival radio station operators, though, have blasted URCA’s action as “very ugly” and lacking transparency because no public announcement of the temporary licence and frequency has been made.

They added that URCA had also breached its own 2013 ‘moratorium’ imposed on new radio licences for New Providence, given that the FM market was over-saturated with too many players. And they also alleged that Paramount Systems and its owners are breaking the law by not broadcasting anything that reveals the station’s identity - a charge URCA confirmed was correct. One radio station operator, speaking on condition of anonymity, told Tribune

In the Estate of DE’VINCE MARKEITH SMITH late of St. Albans Drive in the Western District of the Island of New Providence one of the Islands of The Commonwealth of The Bahamas, deceased. NOTICE NOTICE is hereby given that all persons having any claim or demand against the said estate are required to send the same duly certified in writing to the undersigned on or before the 11th day of March, A.D. 2018, after which date the Executor will proceed to distribute the estate having regard only to the claims of which they shall have had notice. AND notice is hereby given that all persons indebted to the estate are required to make full settlement on or before the date hereinabove mentioned. CEDRIC L. PARKER & CO. Attorneys for the Executor 9 Harcourt (Rusty) Bethel Drive Nassau, Bahamas

Business: “The frequency that the guys have from the sports station was 103.5 FM, but my understanding is that Island Luck is now broadcasting on 105.3 FM. “I’ve been told that they’ve been granted a temporary licence in another frequency. The reason I have a problem with it is because it’s another frequency in the market, and we don’t need another frequency. “They were authorised to use 103.5, but the current operator is going to court. These guys are claiming they went and made an investment based on this licence being granted for 103.5 and, as a result, URCA conceded and gave them a temporary frequency.” The operator added: “It’s very ugly by any stretch of the imagination. URCA is not operating from a transparent position, which is one of the premises its built on. This thing should have been declared to the public. “These guys are also running music on 105.3 FM 24 hours a day, and are not giving out any station identifiers. That’s a legal requirement to identify themselves, but they’re not.” Van Ferguson, one of Navette’s principals, added: “How did he [Mr Bastian] get a different frequency? The moratorium has been on since 2013, and there’s a

waiting list a mile long for people wanting a licence.” Stephen Bereaux, URCA’s chief executive, defended the regulator’s action and denied that it had granted special treatment to Mr Bastian and his Brickell Management Group (BMG), which owns a majority 51 per cent stake in Paramount Systems through its Neman Networks subsidiary. “I can understand the feeling people have that something untoward was done,” he told Tribune Business. “I can understand the feeling that because it’s Island Luck that something special was done. “But, just because Island Luck was involved, does that mean we would not treat them like this? Anyone in the same position would have been treated exactly the same. It’s the least we could do. I don’t think there’s any question with that. If you go through the files, I’m pretty sure you will find other cases.” Mr Bereaux said the “extraordinary circumstances” surrounding the 103.5 FM frequency had almost compelled URCA to act, and temporarily licence Paramount Systems to use another frequency until the court process was completed. He explained that URCA’s primary responsibility with the radio

broadcast industry was to ensure no licensee’s legitimate frequency was interfered with. Given that Navette’s court action had done precisely that, Mr Bereaux said the regulator had temporarily permitted Paramount Systems to use 105.3 FM as a way to minimise the economic losses and damage from not being able to use the frequency it is licensed for. “We bend over backwards to address anything that looks like interference,” Mr Bereaux told Tribune Business. “The only criminal offence in the Communications Act relates to interference with someone’s frequency. It’s a very serious issue, and we would be addressing that very seriously if the courts had not intervened. “URCA continues to take whatever steps are necessary to ensure appropriate licensees are able to use their frequency. In the interim, based on the hardship suffered by the licencee [Paramount Systems], we have made available frequency in the short-term; very strictly short-term while we take steps to clear the spectrum they’re licensed for.” Mr Bereaux said Paramount Systems has been permitted to use the 105.3

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FROM PAGE 4 FM frequency for three months or until the spectrum it is licensed for becomes available - whichever is sooner. He confirmed that URCA had imposed a moratorium on issuing new FM licenses due to “congestion” within the frequency band, but said it had the ability to vary this at any time. The URCA chief also argued that the ban on new licences would not be broken because Paramount Systems was taking over an existing one. “There is a moratorium, but it’s not about the market; it’s about availability of frequency,” Mr Bereaux said. “There is a moratorium because of congestion in the band. We can’t issue more licences. “These are extraordinary circumstances, bearing in mind the existing licence is not subject to a moratorium, and URCA says it is being used in breach of the law. But because of the court action it’s not prudent for URCA to enforce what it says is a breach. “Because URCA is unable to enforce the breach, we have taken the extraordinary step of allowing temporary use. There are specific provisions in the law that allow temporary orders to alleviate hardship in the short-term,” the URCA chief executive continued. “The risk of special damage allows us to go around the moratorium we have put in place. In these circumstances, an interim order is the way to go. We have not issued a new licence, and we will not issue a new licence.” Mr Bereaux added that URCA had already contacted Paramount Systems over its failure to play ‘station identifiers’, and added: “We have reached out to them to address that. “We only became aware of that yesterday. We have written to them to do what they’re supposed to do..... We have sort of corrected the issue of station identification. It’s important but not critical.” Mr Bereaux indicated that while URCA had previously been content for Navette’s legal challenge to play out before the Supreme Court and Utilities Appeal Tribunal (UAT), its patience was now starting to wear thin. “We have various powers to clear the frequency and are exploring - mindful of the matters going on in court - how we use those powers and ensuring we do it right,” he told Tribune Business. “We do have due respect for the courts and Utilities Appeal Tribunal, so we cannot take action to remove the people using it [the 103.5 FM frequency] as long as they have the possibility of exercising their rights before the courts. “We don’t have to let it all play out, but we were up

Thursday, January 11, 2018, PAGE 5 until the Utilities Appeal Tribunal matter.... It’s dragging on for longer than we expected, so we had to take some steps to ease their [Paramount Systems] losses in the meantime until it’s sorted.” Navette’s Mr Ferguson told Tribune Business that he and Ms Braynon were now planning to launch a Judicial Review action before the Supreme Court to challenge URCA’s verdict that Mr Rutherford and Mr Smith’s widow - not themselves - were the true owners of the 103.5 FM licence. He added that the matter had to-date been ‘batted’ between different fora, explaining: “URCA has argued that it should be heard by the Utilities Appeal Tribunal and not the Supreme Court. “It went to the Utilities Appeal Tribunal, and they opposed jurisdiction. They said it should have gone to arbitration first.” The ‘arbitration’ remark is understood to refer to a clause in the contract between Navette and Messrs Rutherford and Smith about how disputes should be resolved.

“We are now back at the Supreme Court,” added Mr Ferguson. “I think it’s a Judicial Review. Our argument is that it’s not the contract; it’s what URCA did to us, and that needs to be heard. “We are still appealing their decision, and fighting that. We are still appealing the ownership of Sports Radio 103.5. We are still trying to take the case to court and have it heard. We have an excellent argument if that happens. “Our main complaint and issue is they have no right to interfere with the licence... We’ve been taken for a ride, and they’ve interfered with our programming for two months, but we’re rebuilding now and hopefully will be successful whenever that court date comes.” Mr Bereaux declined to go into detail on the court proceedings, although he confirmed that Navette’s legal challenge had “bounced around” between the Supreme Court and Utilities Appeal Tribunal. Paramount Systems is another component of Mr Bastian’s efforts to build a media empire, given that it will combine with his existing TV station to cover

Water Purification company is looking for a Technical Supervisor to manage and oversee its technical service department. Experience: • Proven working experience as a Supervisor of Technical Department with a minimum of 5-7 years • Interpersonal skills to maintain and develop relationships with management and customers • Sales Experience General Responsibilities • Direct Supervision of hourly work force to maximize efficiency and reduce operating cost • Ensure proper training is given and recorded for all employees to reduce quality concerns • Maintain production to meet all schedules • Complete quality inspections and process audits as required and ensure corrective actions are implemented • Ensure personnel issues are dealt with in a timely matter, including disciplinary actions • Provide technical support to customers and support staff • Foster a positive team environment and assist coworkers as required • Comply with all company policies and procedures Instructions to applicants • Please send resume via email to: hr@purewaterbahamas.com • Subject of email “Vacancy- Technical Supervisor” • Only those applicants who are shortlisted for interview will be contacted • Deadline for submission – 5pm, Friday, January 26th 2018.

the electronic broadcast spectrum. The Island Luck chief and his company have been on a recent recruitment drive, hiring several journalists from ZNS and other media houses, to staff his new businesses. Island Luck and BMG’s foray into media has caused some disquiet among established companies, as witnessed by Tribune Business during a Government

House media dinner over the Christmas holidays, when Wendall Jones, Jones Communications’ owner, accosted the Prime Minister over the licences being issued to Mr Bastian. The web shop chief, with his ‘deep pockets’ from gaming profits, will likely prove a direct competitor for Jones Communications and other media houses once his radio station is fully operational.

Mr Bereaux, meanwhile, reiterated of the temporary licence: “That’s what you’d expect if there was a licensee suffering interference with their frequency. I don’t see how it’s special treatment. “It’s unfortunate for us. It’s not an ideal situation for anyone, especially the licensee. I’m sure they’d like their own frequency. It’s unfortunate, but it’s where we are.”

PAGE 8, Thursday, January 11, 2018

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Oil explorer’s success prospects ‘four times’ better than average FROM PAGE 1 BPC’s southern Bahamian licence fields ranges from a mean of 8.3 billion barrels to “an upside” of 28 billion barrels. The consultants’ technical audit of BPC’s seismic data, and the company’s interpretations of such, also confirmed the oil explorer’s belief that the project can be economically viable with a field of just 200 million barrels. “Moyes independently calculated the probability of success (PoS) factors for each of the major reservoirs assessed, the majority of which were calculated in the 25 to 35 per cent range,” BPC said of the consultants’ findings. “Though a few are risked at 12-15 per cent. “Applying a recovery factor in the range of 20 per cent to 40 per cent to the Moyes [economically recoverable] volumes would result in an unrisked Estimated Ultimate Recoverable (EUR) in the range of 1.6 billion to 3.3 billion barrels (mean), and up to 11 billion barrels (upside).” Mr Potter told Tribune Business: “We’ve always been very excited by the project, and it’s very large and of a global scale, but to

have independent and technical experts endorse our own numbers is great. “It’s very reassuring for us, and a great endorsement of the technical work we’ve done and the work we’ve asked them to do on our behalf. The economic threshold for a commercial development is somewhere below 200 million barrels, when the oil industry is average is 500 million to one billion barrels. “The audit confirms we can be commercial and viable below 200 million barrels, and the technical experts have endorsed multiple thousands of millions of barrels, not just 200 million.” Mr Potter acknowledged that “the numbers can be eye-watering at times”, but also pointed to Moyes & Co’s assessment of BPC’s drilling success prospects as far higher than the global oil industry’s average. “They also said the probability of success is between 25 per cent and 35 per cent,” he told Tribune Business. “That’s very good from an oil industry perspective. “I wouldn’t go as far to say it’s a ‘dead cert’, but on a normal basis the probability of geological success is

in the 1/10 and 1/20 range. This is 1/4, 1/3.” Mr Potter said BPC’s decision to invest $100 million in research, data gathering and seismic testing had paid off in the Moyes & Co evaluation and its enhanced prospects of discovering commercial quantities of recoverable oil within the Bahamas’ territorial boundaries. “It doesn’t buy you complete technical certainty,” he added, “but it buys you a lot of data and hard work that minimises the technical issues in terms of geology. What is there three to five miles under the sea? You can’t see it; you have to interpret it. “To have independent endorsements of the work we’ve done is great and very reassuring. What we obviously want is a commercial success, and with such large structures the chances of a commercial success are hugely uplifted.” The Moyes & Co findings effectively provide a timely credibility boost for BPC as it continues its search for a joint venture (farm-in) partner to share the technical and financial burden of digging a first Bahamian exploratory well. “It can only be positive,” Mr Potter

added of the findings’ impact on the joint venture partner search. “It’s very encouraging all-around and can only be good for the project. “Obviously these large oil industry companies will do their own work, and form their own independent opinions. There were other aspects of the announcement about the extent of technical work being done that provide encouragement to potential farminees. “The oil price has strengthened, but it’s still a very tough capital market out there, and companies are finding it tough to get dollars for exploration purposes.” With the April 2018 deadline to drill a first exploratory well near the Cuban maritime border fast approaching, and BPC’s search for a joint venture partner continuing, it is highly likely that the oil explorer will have to seek a licence extension similar to the 12 months it obtained from the former Christie administration. While environmental activists and others are opposed to oil exploration in Bahamian waters, due to the potentially negative

NOTICE

NOTICE Please be advised that a Central Bank stock Certificate No.94-340, Maturity Date 2030 in the amount of $10,000 has been lost. Person/s are asked to contact Geoffrey Dugay, P.O.Box SS-19639, Nassau, Bahamas or Telephone (242) 636-1274 if found.

NOTICE is hereby given that JOSEY SANDS of Augusta Street, P.O.Box N9946, New Providence, 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 3rd day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ROBINSON SAINT-TILMON GUSTAVE of Palm Breeze Drive, P.O.Box CR-54364 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 4th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that KIRIL SOKOLOFF of Bevesley Lane, Lyford Cay, New Providence, 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 11th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT TUESDAY, 9 JANUARY 2018

BISX ALL SHARE INDEX: CLOSE 2,064.78 | CHG 0.02 | %CHG 0.00 | YTD 1.21 | YTD% 0.06 52WK LOW 4.00 17.43 8.19 3.32 0.94 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 5.82 8.78 5.67 3.35 6.61 12.01 10.00

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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB18 FBB22

Bahamas Note 6.95 (2029) 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 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

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.11 4.13 1.98 176.30 149.66 1.52 1.69 1.61 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.46 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.23 17.43 9.09 3.34 0.95 0.16 3.70 8.70 6.10 4.90 9.01 2.55 1.50 6.00 10.45 6.00 4.48 7.01 12.51 10.00

CLOSE 4.23 17.43 9.09 3.34 0.95 0.16 3.70 8.70 6.10 4.90 9.01 2.58 1.50 6.00 10.45 6.00 4.48 7.01 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

110.30 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.19 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

110.49 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

NOTICE

NOTICE is hereby given that MARGOT ROBIN FOUNTAIN of Stapledon Gardens, P.O.Box CR-11724, 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 twentyeight days from the 4th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that HARRY DORMEUS of Minne 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 4th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that odler pierre of Marsh Harbour, Abaco, 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 11th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

VOLUME

4,450

VOLUME

NAV 2.11 4.13 1.98 176.30 149.66 1.52 1.69 1.61 1.09 7.16 8.40 6.29 11.28 11.60 10.21

EPS$ 0.444 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.611 0.583 0.192 0.631 0.102 0.392 1.129 0.729 0.484 0.298 -0.668 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.160 0.690 0.060 0.050 0.290 0.500 0.000 0.120 0.140 0.580 0.000

P/E 9.5 18.7 N/M 6.2 N/M N/M -2.5 14.2 10.5 25.5 14.3 25.3 3.8 5.3 14.3 12.4 15.0 -10.5 23.0 0.0

YIELD 1.89% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 3.27% 7.66% 2.33% 3.33% 4.83% 4.78% 0.00% 2.68% 2.00% 4.64% 0.00%

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

0.0 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 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

6.95% 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 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% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 3.57% 4.29% 1.59% 2.22% 2.65% 3.25% 3.83% -1.09% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 30-Nov-2017 30-Nov-2017 24-Nov-2017 30-Sep-2017 30-Sep-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017

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

number of third parties, and it’s progressing well. “I’m very much focused on the project and making that a success, and going ahead with it in a responsible and safe way. It’s been a long time coming. I’ve been with this project since 2005, and certainly the amount of work that has been done during my period of command as well as others has been of the highest quality.” BPC added that with $2.6 million in total cash reserves on its balance sheet at end-November 2017 it had sufficient financing “to continue normal operations through 2018”. The company could have faced significantly increased competition in the oil exploration stakes, after the Trump administration announced plans to expand offshore oil drilling throughout the US coastline. However, Florida has been exempted from this after push back by its governor, Rick Scott.

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.16 5.60 8.70 6.30 5.30 12.00 2.59 1.56 6.01 10.55 11.00 4.50 7.25 12.51 11.00

impacts on the environment, tourism and economy should a spill occur, the potential benefits for a Government struggling with a near-$7.5 billion national debt are likely to be too strong to ignore. The former government passed into law a regulatory framework to govern oil exploration, as well as creating a sovereign wealth fund to handle any royalties and other proceeds from its discovery. It also shelved any referendum on whether to permit oil drilling in Bahamian waters until after there was confirmation that such deposits exist. Mr Potter told Tribune Business that BPC’s project has “been a long time coming”, and expressed optimism that the company will secure the joint venture partner critical to enabling it to begin exploratory oil drilling. “I’m always very confident,” he said. “We’re doing a lot of work with a

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

GIPE INT’L HOLDINGS LTD. NOTICE is hereby given as follows: (a) Gipe Int’l Holdings Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas. Dated this 8th day of January, 2018 Beatus Limited Liquidator

Water Purification company is looking for a Technician to install and service water purification systems and softeners. Experience: • Proven working experience as Technician • Interpersonal skills to maintain and develop relationships with management and customers • Sales Experience Instructions to applicants • Please send resume via email to: hr@purewaterbahamas.com • Subject of email “Vacancy- Technician” • Only those applicants who are shortlisted for interview will be contacted • Deadline for submission – 5pm, Friday, January 26th 2018.

THE TRIBUNE

GRAND LUCAYAN

FROM PAGE 1 of time on Monday going through it piece by piece,” one well-placed contact told this newspaper. “It expects to have something back to them [Wynn] for their consideration by the end of this week.” They added that there were “no issues” left outstanding between the Toronto-based real estate developer and the Grand Lucayan’s current owner, Cheung Kong Property Holdings, the two having agreed a $65 million

Thursday, January 11, 2018, PAGE 11 all-cash deal for the sale of Grand Bahama’s ‘anchor resort’ property. Another source said “it goes without saying” that the Heads of Agreement would commit Wynn to bringing in world-class hotel brands and operators, with the ability to market the Grand Lucayan’s three properties to travellers and attract the necessary airlift, in return for receiving the Government’s approval. “We’ve been to that movie before where people don’t understand island destinations,” they explained. “They don’t realise that having access and the facilitation of airlift makes all

POSITION AVAILABLE We are looking for a Senior Hairstylist for our international clientele. We require a qualified, experienced hairstylist who is specialized in all forms of coloring, high lighting, low lighting, balyage, foiling, corrective coloring, blow waving, permanent waving and the latest in hair cutting techniques with Caucasian and Ethnic Hair. In the role as Senior Hairstylist you will be responsible for the training of our junior stylists. If you have the essential requirements, please send your cover letter and resume to: waveshairstudio@coralwave.com for additional information call 3276280.

the difference in the world. “If you can’t get people there, it doesn’t work. It was like the Four Seasons Emerald Bay in Exuma. You can have the most beautiful property in the world, and it won’t happen. It’s very important who the operators are, and having access to airlift.” Tribune Business was also told that the Grand Bahama Port Authority (GBPA) had informed the Government that all necessary approvals that it is required to provide for the Wynn deal will be forthcoming. “The Port Authority have already signalled they

will not be an impediment in any way, shape or form on the issues that have to go by them,” another source, speaking on condition of anonymity, said. “There aren’t really any show stoppers so far, but we won’t know until we see the first responses back and forth by the parties. “What’s very surprising for people is governments are very different from companies in what matters to them, and what’s important to them. “That comes out in these sorts of negotiations. Someone used to negotiating company to company can sometimes be surprised as

to what matters a great deal to governments.” The Heads of Agreement is effectively the ‘master document’ setting out the terms of an investment agreement between foreign developers and the Government. They detail the tax concessions an investor/ developer will receive, and outline their development commitments, while also setting out the number of Bahamian jobs created and other local impacts in addition to the Government’s marketing contributions. The Grand Lucayan’s 14-month closure in the aftermath of Hurricane Matthew, and loss of 1,100 rooms representing 59 per cent of the island’s room inventory, has sent Grand Bahama’s economy into a tailspin ever since.

Mick Holding, the Grand Bahama Chamber of Commerce’s president, in a recent Tribune Business interview urged businesses in the Port Lucaya Marketplace and others dependent on the tourism industry to “hang on” just a little longer in the hope that the Wynn purchase will conclude. “One or two businesses have already closed in Port Lucaya Marketplace, and others are operating below capacity, but I think that those hanging on in there now have a little bit of hope just to go on another three to four months and things will pick up,” Mr Holding continued. “Had nothing been happening, we may well have seen more businesses closing. It gives them some optimism, some hope that things will pick up very quickly.

NOTICE AL SALAM LEASING 5 LTD. ________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 21st day of December, 2017. Delano Aranha Liquidator of AL SALAM LEASING 5 LTD. NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000)

ARAMATIC LIMITED IBC No.157193 B (In Voluntary Liquidation)

NOTICE is hereby given that as follows:

(a) That ARAMATIC LIMITED is in Dissolution under the provisions of The International Business Companies Act 2000. (b) The Dissolution of the said Company commenced on the 8th day of January 2018 when the Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the Company is Sterling (Bahamas) LTD of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas. (d) Any person having a Claim against the above name Company are required on or before the 7th day of February 2018 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved. Sterling (Bahamas) Limited Liquidator NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000)

DIVERSIFIED HOLDINGS FUND LTD IBC No. 163835 B (In Voluntary Liquidation)

NOTICE is hereby given that as follows:

(a) That DIVERSIFIED HOLDINGS FUND LTD is in Dissolution under the provisions of The International Business Companies Act 2000. (b) The Dissolution of the said Company commenced on the 8th day of January 2018 when the Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the Company is Sterling (Bahamas) LTD of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas. (d) Any person having a Claim against the above name Company are required on or before the 7th day of February 2018 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved. Sterling (Bahamas) Limited Liquidator NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000)

WORLDWIDE INVESTMENT FUND LTD IBC No.163836 B (In Voluntary Liquidation)

NOTICE is hereby given that as follows:

(a) That WORLDWIDE INVESTMENT FUND LTD is in Dissolution under the provisions of The International Business Companies Act 2000. (b) The Dissolution of the said Company commenced on the 8th day of January 2018 when the Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the Company is Sterling (Bahamas) Ltd of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas. (d) Any person having a Claim against the above name Company are required on or before the 7th day of February 2018 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved. Sterling (Bahamas) Limited Liquidator

PAGE 12, Thursday, January 11, 2018

THE TRIBUNE