11132021 BUSINESS

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WEDNESDAY, JANUARY 13, 2021

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opponents seize Developer: Residency Oilon BPC financial file ease for ‘American first’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

BAHAMIAN developer poised to break ground on a $50m project yesterday urged the government to resolve tax and permanent residency bottlenecks for the country to exploit an “American first”.

Jason Kinsale, Aristo Development’s principal, told Tribune Business The Bahamas needed to complete and launch its tax residency certificate while also reducing the permanent residency approvals time to just one month with American real estate buyers suddenly interested in the latter product given the political unrest back home.

Confirming that he plans to start construction on his latest project, the 11-storey Aqualina development at Cable Beach, by April, Mr Kinsale said he and Aristo Development had received a sudden flurry of residency inquiries from potential US purchasers within just two months.

Disclosing that such requests from Americans had previously been unheard of, he also revealed

• Urges tax, permanent residency bottleneck end • Says Americans in ‘unheard of’ status inquiries • $50m project 30% sold; targeting April start

JASON Kinsale, developer of Aqualina, pictured. that 30 percent of Aqualina’s 27 units priced at between $2.6m to just over $9m have already been pre-sold prior to ground breaking.

Mr Kinsale said himself and other Bahamian developers, together with the wider real estate market, were also benefiting from COVID-19 accelerating the trend towards home working. With high net worth investors and businessmen realising they can work from anywhere that provides the necessary Internet capacity, he added

that many were seeking to escape the harsh winter and pandemic restrictions.

Urging the government to fully promote the Bahamas’ extended work/study visa to this market, the Aristo chief said the Airbnb/vacation rental product at his One Cable Beach development was presently enjoying 90 percent occupancies with clients opting for extended stays of one to three months instead of the traditional week-long visits pre-COVID. “We’re just moving forward with Aqualina, and it’s our intent to break ground in April,” Mr Kinsale said

of the planned $50m construction spend. “We’re just going through the permitting process now. We’re 30 percent sold already.

The market dynamics have changed quite a bit.

“We see a tremendous amount of activity in the islands, the private islands, and Exuma and Eleuthera.

This is also the first time we’ve seen Americans looking for residency [in The Bahamas]. They are seeking a second option because of the political unrest in the US.” Asked by Tribune Business how many US residency requests he had received, Mr Kinsale replied: “We’ve had five to six inquiries for residency in the last two months. It’s the first time anybody’s heard of Americans looking for residency.”

Suggesting that other developers and realtors were seeing similar trends, he said Americans had traditionally been more focused on using The Bahamas for tax-related purposes. The Aristo chief

SEE PAGE 2

OIL exploration opponents yesterday seized on Bahamas Petroleum Company’s (BPC) latest corporate filing to argue their assertion that it lacked sufficient funding for its first well had been proven correct.

Environmental activists, who failed to persuade the Supreme Court to halt BPC’s exploratory drilling despite being given permission to proceed with the Judicial Review challenge to the project’s permits, told Tribune Business the company’s latest disclosure shows it only possessed $32.5m in cash to cover the Perseverance One well’s $35m costs when it mobilised the Stena IceMAX drill ship.

They jumped on a summary of BPC’s post-August 2019 capital raising efforts, which said: “By the time of mobilisation of the Stena IceMAX, BPC had secured $32.5m in cash, ($2m of preexisting cash and $30.5m in cash raised incrementally), and had issued approximately 1.26bn shares to secure that funding.

This was against a clearly articulated anticipated Perseverance One well cost of up to $35m.”

Casuarina McKinneyLambert, the Bahamas Reef Environment Educational Foundation (BREEF)

executive director, yesterday told this newspaper of BPC: “It appears, from their own filings, that BPC did not have adequate funding to complete the well at the time that they started drilling. This also leaves us concerned as to whether they have sufficient funding to address any unforeseen incidents.

“We have also been trying to understand the insurance coverages that they may have in place and whether they are sufficient to address clean-up and restoration in The Bahamas and neighbouring countries.

The company also stated that they have ‘tourism and fisheries covered’ and we still do not understand what that statement means.”

BPC’s finances, and whether it has sufficient funding to complete the Perseverance One well in waters 90 miles west of Andros, is an issue that was raised in the Judicial Review challenge. Joe Darville, the Save the Bays executive chairman, alleged in an affidavit that financing - rather than the COVID-19 pandemic - was responsible for BPC delaying plans to start drilling in March/April 2020.

“It is very clear, upon a review of [BPC’s] June financial statements, that BPC needed the [licence] extension for other reasons

SEE PAGE 7

Digital to become ‘dominant part’ of RF group’s plans

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN-headquartered investment bank’s top executive yesterday predicted digital assets will eventually become “a dominant part of our business” as it unveiled its tie-up with a technology provider.

Michael Anderson, pictured, president and chief executive of RF Holdings, the former RoyalFidelity Merchant Bank & Trust, told Tribune Business that its partnership with Bitt, a regional financial technology player, will initially focus on making

digital currencies such as the Bahamian Sand Dollar available to its clients as a payment means to settle transactions.

Revealing that the investment bank, which also has a presence in Barbados and the Cayman Islands, is

SEE PAGE 8

No break down for PM’s $1bn in investment

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE prime minister last night said The Bahamas received “more than $1bn” in international investment projects in 2020 although no break down of these developments was provided.

Dr Hubert Minnis, pictured, in a national address that appeared largely designed to tout his government’s achievements in the face of the COVID-19 pandemic, also said downtown Nassau was the recipient

of more than $1bn in new and ongoing construction projects that “will help to revitalise our city centre and tourism services”.

SEE PAGE 3

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PAGE 2, Wednesday, January 13, 2021

YACHT CHARTER SHOW POSTPONED TILL 2022 REPRESENTATIVES from the Association of Bahamas Marinas (ABM) and Ministry of Tourism will be present at the event to provide itineraries, and showcase different islands and marinas, amid a gathering of yachts that will be showcased to charter brokers.

The two-day event, organisers said, will recognise the charter yachts that travel The Bahamas and educate international brokers about the opportunities this nation offers.

Joe Dargavage, of Romora Bay Resort & Marina, the 2021 Bahamas Charter Yacht Show’s chairman, said: “This was an extremely difficult decision, and our charter show board thought long and hard before deciding what we should do. The fact that we had almost all brokers having to come in internationally was a huge part of the decision-making process.

“Once the decision was made, Rybovich proposed that we invite the yachts to their facility and showcase them under a controlled environment. The Bahamas Charter Yacht Show’s board found this to be a great solution that would allow the ABM to continue their marketing efforts to re-open yachting in The Bahamas.”

The Bahamas Charter Yacht Show features a partnership between the ABM, Ministry of Tourism & Aviation and the International Yacht Brokers Association (IYBA). Bahamas Charter Yacht Show representatives will be at the IYBA charter and broker’s open house events during 2021 to give updates on The Bahamas and stimulate interest in the 2022 event in Nassau.

THE TRIBUNE

Cable names new addition to board CABLE Bahamas has named attorney Marylee L Braynen-Symonette, pictured, to its board of directors after a more than 20-year career in the Bahamian legal profession.

Franklyn Butler, the BISX-listed communications provider’s president and chief executive, described Ms Braynen-Symonette’s appointment as “more than fitting”. He said: “We are extremely pleased to

have Ms Symonette join our team. She has a wealth of knowledge and experience from her career as an accomplished litigator, as well as her involvement in civic and community organisations.

“We are excited to take advantage of her wisdom as the Cable Bahamas group of companies seeks to navigate a constantly-changing digital landscape. We are always seeking to evolve and find new ways to thrive

as an organisation. I am confident that Ms Symonette will prove to be a valuable asset in doing so.”

Ms Braynen-Symonette specialises in family and corporate law; civil litigation; and real estate, in addition to conveyancing, mortgages and contracts.

She founded her own law firm Braynen-Symonette & Company, in 1999 where she currently holds the title of managing partner.

Ms Braynen-Symonette has

served in an advisory capacity to several government agencies and private organisations since 2006, assisting with issues such as corporate restructuring and mergers.

Prior to her legal career she was employed with the Department of Social Services. Ms BraynenSymonette received a Bachelor of Arts degree in business management from Northwestern College in 1991. She was called to The Bahamas Bar in 1997.

Developer: Residency ease for ‘American first’ Canada trade visit to aid disaster resilience

FROM PAGE ONE

said concerns over US inflation, and a potential dollar depreciation, were also driving Americans to view real estate purchases as a “hedge” against this and a means to put their money to work.

“That’s the general sense with other realtors; it’s not just us,” Mr Kinsale told this newspaper. “The other thing that helped us in The Bahamas is that people realise they can work from anywhere now. Before they always felt they had to go into the office. We have good internet infrastructure that rivals any city. Why not come here?

“We’re seeing a very strong upturn one or two month rentals - at our Airbnb product. The extended stay market has picked up quite a bit - one, two and three months at a time - whereas before it was always a weekend or a week.

We’re at 90 percent occupancy with Airbnb at One Cable Beach.”

Mr Kinsale said he had also just completed his first long-term rental to a visitor approved for The Bahamas’ extended work/ study visa, which allows successful applicants to remain in this nation for up to a year, and urged the government to ensure the product was properly promoted as a means to generate badlyneeded foreign exchange

earnings and foreign direct investment (FDI).

To maintain this initial momentum, he urged the government to complete and launch the long-promised tax residency certificate, which will enable expatriate residents to prove to their home country tax authorities they are domiciled here and compliant with all Bahamian and overseas tax laws.

Certificate holders will have an identification number, and must prove that they spend a minimum 90 days in The Bahamas per year. “A number of people want to take advantage of that,” Mr Kinsale said. “We need to get that product finalised...

“The wealth managers know how to advise their clients, but they do not know what product is being offered. They’re in a state of limbo. You’re causing people not to move forward because we don’t have that product finalised. Every day that goes by.... they just need to get it done.”

Elsworth Johnson, minister of financial services, trade and industry and immigration, said late last year that the government was in the final stages of readying the tax residency certificate - which has been talked about for years - for launch.

However, Mr Kinsale argued that this needed to be accomplished in tandem with “expediting”

permanent residency applications to drive one of the few FDI sources available to The Bahamas amid the COVID-19 pandemic.

“If someone wants permanent residency then it should take no longer than a month and not need to go to Cabinet,” he told Tribune Business. “I know I harp on that all the time, but it’s an antiquated process. We should be begging people to come here.

“It’s mind blowing. What else are we going to do? Five hundred expatriates, each buying a $1m home, that’s $500m. What else are we going to do to generate that amount? I think the reality is that we have to get the country flowing again. We need immigration, and we need people here. It’s not the total solution, but I’ve seen it work.”

Advocating that The Bahamas’ COVID-19 health protocols and testing regime are another potential selling point for the country, Mr Kinsale said “you cannot get a COVID test faster anywhere than here”, pointing to his experience of obtaining tests in Miami, Toronto and Spain.

Revealing that he is targeting Aqualina’s sell-out within 18 months, the Aristo chief added of the decision to restrict the property to 27 units: “One thing I’ve learned is never to fool myself at the level of absorption in The Bahamas.”

A TEN-member Canadian business delegation will arrive in The Bahamas this week on a two-day trade mission focused on storm reconstruction and building this nation’s resilience to climate change.

The event has been billed as the second staging of the Canada-Bahamas Reconstruction and Climate Resiliency Business Forum, which will be held virtually from January 14-15, 2021.

The Canadian High Commission, with support from Global Affairs Canada, has organised the two-day mission with support from Bahamian firm, Sumner Strategic Partners.

Accompanying the mission will be Canadian high commissioner-designate, Emina Tudakovic, who will also participate in the opening session of the 30th Bahamas Business Outlook (BBO) conference.

She will later formally welcome participants to the forum, where confirmed keynote speakers include Iram Lewis, minister of state for disaster preparedness, management and reconstruction; and Senator Kwasi Thompson, minister of state for finance.

The Bahamas Chamber of Commerce and Employers Confederation (BBCEC) will also participate.

The two-day forum will feature Canadian companies in the clean technologies and infrastructure sectors. They will meet with Bahamian public and private sector officials to discuss potential business opportunities in the reconstruction, adaptation and resiliency efforts in The Bahamas. The participating Canadian companies include: •Aecon • Biothermica • Blivet Marketing Services • Dexter Construction • Equilibrium Engineering • Safe Work Solutions • Soleco Energy • Southern Harbour • Troes • Wetland Treatment Solutions Trade commissioners from the High Commission of Canada’s commercial programme will be available throughout the forum to provide business development and advisory support.

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THE TRIBUNE

Wednesday, January 13, 2021, PAGE 3

FISHERIES ACT ‘HIJACKED’ BY DISCRIMINATION ROW

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A CABINET minister yesterday hinted at constitutional changes to achieve the government’s goal with the Fisheries Act, which he said is being “hijacked” by the dispute over whether it is discriminatory.

Michael Pintard, minister for agriculture and marine resources, said it was “unfortunate” that persons have focused on just one portion of the newly-passed Act after top fisheries wholesalers teamed with boat owners and foreign fishermen to block its enforcement via legal challenge in the Supreme Court.

“The [Act] addresses governance, making sure that stakeholders participate in how their sector is run,” Mr Pintard said of the legislation’s other qualities.

“Secondly, it addresses the issue of managing the blue economy in general; how different ministries ought to co-operate with each other in terms of making sure that we have spatial planning.”

He added that the Ministry of Tourism, Ministry of Transport and the Ministry for Agriculture and Marine Resources were “working in tandem” to oversee the

MICHAEL PINTARD fisheries sector, and said: “The Act also looks at how do we manage each fisheries resource so that they are managed in a sustainable way.”

Pointing to the three main resources in the fisheries sector of conch, lobster and grouper, Mr Pintard said two of those species are under “threat of extinction”. As a result, policymakers must prioritise resources and protect it for future generations at this time.

Mr Pintard added: “So this Fisheries Bill, in referencing the Immigration component, seeks to do that. How do we protect resources that are constrained and at risk?

So what I don’t want to happen is for it to be lost

Construction VAT-free for Dorian-hit islands THE Ministry of Finance last night affirmed that construction services in the two Dorian-devastated islands will be VAT-free through June 2021 provided they are fully paid for by end-September.

Confirming that the Minnis Cabinet had yesterday formally approved the extension of key tax breaks for Abaco and Grand Bahama via the Disaster Reconstruction Authority (Special Economic Recovery Zone) (Relief)

CUOMO PITCHES RAPID TESTING TO OPEN RESTAURANTS, THEATERS ALBANY Associated Press NEW York Gov Andrew Cuomo said yesterday he wants to start opening restaurants, theaters and offices by launching rapid testing sites in New York City and eventually at hundreds of new sites in other city centres throughout the state.

An individual could theoretically get tested and in 15 minutes go to a dinner or movie, under the Democratic governor’s plan, which he said could also help get more people onto mass transit. Cuomo said he’ll partner with the real estate community and work with local governments to reduce bureaucratic hurdles.

Public health experts have said frequent rapid testing can help prevent COVID-19 spread by ruling out contagious individuals.

But they’ve also warned a single rapid test can be unreliable, particularly for people without symptoms.

“You can imagine if people are going to the theater, to the restaurant, they’re likely to be feeling well,” Columbia University epidemiology and medicine professor Wafaa El-Sadr said.

“That’s when antigen tests are even more limited in terms of accurately identifying those with infections,” said El-Sadr, who is also director of the Global Health Initiative at Columbia’s Mailman School of Public Health.

CUNY public health professor Denis Nash said Cuomo’s initiative could create “a major equity issue” if testing’s only available to people who can afford it. The state Department of Health didn’t immediately respond to a question yesterday about who’ll pay for rapid tests.

Nash questioned why New York would expand rapid testing for restaurants and theaters before launching widespread testing at all schools and for all exposed individuals.

KWASI THOMPSON (Amendment) Order 2021, the Ministry reiterated that construction services

in this discussion.”

Paradise Fisheries and Percy Roberts, Geneva Brass Seafood’s principal, are among ten plaintiffs named in a January 8, 2021, summons that urges the Supreme Court to declare the ban on foreign fishermen contained in the Fisheries Act 2020 and Immigration Act amendments as unconstitutional and discriminatory.

The wholesalers, who are joined by various fishing boat-owning corporate entities, two Dominican fishermen working legally in this nation and their Bahamian wives, are ultimately seeking a “permanent injunction” from the court to prevent the government from implementing the provisions in the new Acts that they deem offensive.

The summons, filed by Sears & Company, the law firm of ex-attorney general Alfred Sears, is focused on two parts of the Fisheries Act - sections 31 and 32 - that bar foreign fishermen - even those in The Bahamas legally with work and spousal permits, or permanent residency, from working on Bahamianowned fishing vessels.

It argues that these create “arbitrary and

discriminatory treatment” for the two wives, Maria Jackson and Raquel Anthonya Major-Perez, as the reforms deprive them of support by their husbands in violation of numerous parts of the Bahamian constitution. The summons also alleges that the legislative changes have robbed their husbands of their “unrestricted right to work”.

The summons, in particular, targets the constitution’s article 26, which prohibits discrimination on race or ethnic grounds. Other articles cited include those related to the individual’s freedom; protection from inhumane treatment; and protection for the privacy of the home and other property.

The legal papers argue that the Fisheries Act and Immigration Act also violate treaties that The Bahamas has signed on to, and result in “arbitrary and unlawful interference with family life” by introducing treatment “inconsistent with principles prevailing in democratic societies”.

Other arguments allege that the bar will undermine the operations of the named wholesalers and fishing boat vessels, depriving them of the ability to

hire expatriate labour that is present in The Bahamas legally while rival operators “have a pool of abundant and available professional commercial fishing divers in their islands”.

Adding that the plaintiffs “had a reasonable expectation that they would have been consulted” before the legal reforms were made, the summons said the wholesalers and boat owners had agreed to work with the government to support the creation of a national dive programme at the National Training Agency and offer apprenticeship initiatives to help The Bahamas solve its labour shortages.

Mr Pintard said yesterday of the legal action. “I think some persons have a legitimate concern, and they want to make sure that whatever we do in law that it jives well, or is synchronised with, the constitution, which is why I believe the ultimate step is ensure in the constitution we carve out our marine resources.

“But to hijack the Fisheries Act on the basis of one component is unfortunate, and I don’t think it will happen, but if the court makes a decision, again, I believe we should go to the

remain among the list of tax exempt activities until June 30.

“Construction activities remain a critical item for the recovery process. The Extension Order approved in December provided tax relief on the local sale and importation of construction supplies. The latest amendment order allows for the zero-rating of construction services, which will render these activities VAT free within the zone until June 30, 2021,” said Senator Kwasi Thompson, minister of state for finance.

However, these construction services must be invoiced before June 30 and paid in full by September

30, 2021.

The latest amendment also extends the time allowed for the import of VAT-free vehicles.

Replacement vehicles must be purchased and shipped prior to January 31, 2021, representing a one-month extension, and arrive in The Bahamas by end-April 30.

“The government is listening and responding to the needs of the people.

The road to recovery is not an easy one for residents in the islands devastated

by Hurricane Dorian, and we are doing everything we can to provide support where we can,” said Mr Thompson.

Taxi union chief laments 80% Christmas decline

No break down for PM’s $1bn in investment FROM PAGE ONE Providing some details here, Dr Minnis referred to the $250m cruise port transformation and new $318m US embassy, as well as the projects to develop a new Central Bank headquarters and Supreme Court building.

“The revitalisation of downtown represents jobs and economic recovery.

They also symbolise a new day for the City of Nassau, for New Providence, and for The Bahamas, after the horrible pandemic of 2020,” the prime minister added, also noting that the $200m Pointe development is close

to completion.

Reaffirming that he will continue unemployment benefits for furloughed workers until the end of January, Dr Minnis added: “To ensure that Bahamian families continue to be supported as the economy reopens, and Bahamians return to work, my government has pledged to continue the unemployment assistance support to the end of January 2021, and food assistance, to the end of March 2021.

“Some $17.2m in food support has been spent between March and October 2020, providing food for approximately 100,000 people to date.

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The government provided $45.5m in unemployment support, administered by the National Insurance Board.

“To protect nearly 4,500 jobs in the small business sector, $47.3m was made available for small business grants, and continuity loans, through the Access Accelerator, Small Business Development Centre. To help to support businesses and workers, we offered $44.4m in tax credit/tax deferrals, which funded the payrolls for nearly 7,000 private sector employees.”

To date, the government has spent $177m in total on its various COVID-19 assistance programmes.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE taxi union’s president yesterday lamented an 80 percent decline in Christmas business for his members compared to prior years with the festive season a “far cry” from preCOVID earnings.

Wesley Ferguson told Tribune Business: “During the Christmas holidays the visitor arrivals slowly climbed to about 1,500 a day during 23-24 December, where we had more than 1,000 people a day.

“That was a far cry from what we would normally get. We normally would handle up to 7,000 people a day in those peak days, and the departures are just a rigorous. Taxi drivers were busy going to and fro all day in previous seasons.”

The first week in January has traditionally been busy, but Mr Ferguson said farepaying passengers have slowed to a trickle and are “a far cry from what it used to be”.

next level. That is enshrine it in the constitution.”

Turning to the number of dive and compressor permits he gives per year, Mr Pintard said that out of the 1,000 granted less than 60 go to non-Bahamians. This, he added, was why he was surprised by the backlash against the Act because relatively few foreign fishermen and local boat owners are impacted.

He added: “Now, in previous years, I may have gone as high as 80. But since I’ve been in the chair... I think it’s about 1,000 versus 60, and out of the 60 less than half of them are persons with spousal permits or permanent residents.

“How is it that this has managed to have so much traction? If discrimination is the ultimate issue, then let’s have an immigration debate and I would gladly join in that because I do believe we need to move faster to ensure that those persons who qualify for permanent residence or citizenship, that that happens. I think Mr Johnson (minister for financial services, trade and industry and Immigration) is doing a wonderful job speeding up that process. But let’s have that debate.”

“Despite what the politicians say, it’s just hype,” he added. “They want to appear as if they are doing something with regard to the revamp of the tourism industry, but they are only focused on votes and hyping up everything like it is getting back to normal.”

Mr Ferguson said the continued absence of cruise ships also put a damper on the Christmas season. “It was a big loss of finance, because the cruise shops are super busy from right before Christmas Day straight through to December 31,” he added.

“Even on January 1 there is a big influx of tourists that pour out during the Junkanoo hours just to watch the show. But this year we had zero tourists at the port.”

Mr Ferguson voiced fears that the cruise ships will be absent from Prince George Wharf for at least another three months as the industry continues to work through the necessary health protocols with the US authorities so that it can resume sailing.

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THE TRIBUNE

Wednesday, January 13, 2021, PAGE 7

Oil opponents seize on BPC financial file FROM PAGE ONE

as it still lacked a joint venture partner at this stage,” Mr Darville alleged.

“Not disclosed in the Environmental Impact Assessment (EIA) is the tenuous finances of the project proponent, BPC, which on September 28, 2020, reported losses over the first half of 2020 of nearly $2.2m with no operating revenues and ‘cash of less than $13m as of June 30, 2020”.

BPC’s corporate filing yesterday showed that it had raised a collective $17.6m from shareholders and new investors between August 2019 and March 2020 which, when added to the $2m it had already available, provided it with a total $19.6m war chest to finance Perseverance One at the initial March/April drilling date.

While that is more than $15m short of the well’s now-estimated $35m cost, BPC’s filing said that at the time it had “access to approximately” the same amount from unnamed Bahamian family office investor who had already kicked-in $6.2m in return for 310m shares in the company.

This would have largely covered Perseverance One’s costs in March/April had this become necessary. And BPC’s corporate filing yesterday made clear it “had secured two further sources of capital potentially available to it” beyond the $35m in cash it already possessed by the time the Stena IceMAX was mobilised.

These two sources, worth up to a combined $35m, would have covered the well’s costs and enable BPC to hit back at the activists’ “lack of financing” allegations. Simon Potter, BPC’s chief executive, also refuted these charges in his December 11, 2020 affidavit, in which he described them as “false”.

“The suggestion that the BPC decision to postpone

the planned drilling operation in April 2020 was due to constraints on its financial resources is false,” Mr Potter asserted. “BPC was and is able to fund all its activities as required.

“The company is one of the larger oil and gas companies publicly listed on the AIM (Alternative Investment Market) of the London Stock Exchange.

As such, it has access to the capital markets and other possible sources of financing if and when required.

“The sole reason for the postponement of the drilling operation from April 2020 was the COVID-19 pandemic reaching The Bahamas and other countries relevant to the planned drilling operation, such as the United States.”

BPC yesterday revealed that it it will incur an estimated $1.5m legal bill “in relation to defending environmental legal actions in The Bahamas”. But, subsequent to Perseverance One’s drilling start, it has received a further $19m in financing from an institutional investment fund managed by Lombard Odier Asset Management.

“From August 2019 to the date of this announcement,, BPC has secured a total cash funding of approximately $52m. In order to secure this funding, BPC has issued a total of approximately 1.9bn ordinary shares,” the oil explorer said yesterday.

“This compares directly to the expectation in August 2019, which was that BPC would be required to issue 1.8bn shares to secure just the funding for Perseverance One, which at that time was estimated to be in the order of $30m.”

BPC said it had potential access to a further $20m via the issuance of another 667m ordinary shares in the company, and added: “In aggregate, across the period and assuming the full realisation of all elements of the company’s funding strategy, a total issuance of approximately 2.6bn new ordinary

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shares will have seen the company secure approximately $72m in funding....

“This amount of funding is sufficient to see not just the Perseverance No.1 well completed, but also essentially see the 2021 work programme in Trinidad and Tobago and Suriname completed, as well as having covered the total associated costs of operating the business in the period.”

BPC has thus financed its activities in The Bahamas through the issuance of new shares to existing and new investors in return for their speculative investments.

The company admitted that original shareholders’ stakes have been diluted by more than was originally intended, which has caused some grumbling and dissent among BPC shareholders based on their message board postings.

However, BPC argued that its financing strategy has been more beneficial than the original goal of seeking a joint venture or “farm in” partner, which would have resulted in it giving up a 75 percent stake in the Perseverance One well to another oil/energy group.

“A total of approximately 1.9bn shares have been issued, in stages under various funding arrangements described, to secure total funds of $52m. This compares to the expectation, in

STENA ICEMAX DRILL SHIP August 2019, of needing to issue 1.8bn to secure $30m to fund the well,” BPC said.

“Therefore, whereas most commentators prior to mid-2019 were expecting BPC’s ultimate interest in Perseverance One to be diluted by about 75 percent (for which the well would have been paid for, but beyond that BPC would have been a company with no other assets besides a non-operated 25 percent interest in the project in The Bahamas), and whereas in August 2019 the approval obtained from shareholders allowed for 50 percent overall dilution in the expectation of securing $30m, the end result has been a dilution of, on a likefor-like basis, 55 percent through which BPC has both fully-funded the well in The Bahamas (for which it retained 100 percent

ownership and full control) as well as funded the overhead costs of the business in the period.”

Mr Potter said in a statement: “In August 2019, BPC embarked on a bold strategy to self-fund the drilling of Perseverance One in The Bahamas, as well as to seek to complement that high-impact exploration activity with production and thus cash generative assets. We knew it would require capital to facilitate such a growth strategy, and, accordingly, we laid out a clear plan as to how we would secure that

capital incrementally over time....

“We believe that the delivery of our funding package, and thus the portfolio-wide work programme it supports, represents a considerable achievement when considered in the context of depressed equity markets (particularly in the energy sector), oil price weakness and the material cost, timing and operational challenges caused by both COVID-19 and the last-minute - but ultimately unsuccessful legal challenge to BPC’s drilling operations in The Bahamas.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KERVENS DANIEL PIERRE, of Silver Gates off Cowpen Road P.O.Box EE17544 Nassau, Bahamas intend to change my name to KEVIS DANIEL ALVAREZ. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that GRANT EDWARD GEORGE, of #4 Woods Drive, Albany, P.O.Box CB11901 Nassau, The 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 13th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

TUESDAY, 12 JANUARY 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2092.18

-0.04

0.00

-0.28

-0.01

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 4.15 33.05 2.00 1.84 2.39 6.00 6.75 4.10 7.15 4.50 6.16 12.77 3.64 6.85 10.88 8.44 15.08 4.25 9.26 15.21

52WK LOW 3.13 22.65 0.67 1.62 1.67 5.00 6.00 2.70 4.50 3.50 5.90 11.06 2.10 4.60 9.60 7.50 13.00 3.25 8.15 14.00

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Bahamas Limited Focol Finco J. S. Johnson

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

LAST CLOSE 4.15 32.12 1.62 1.84 1.67 6.00 6.61 2.99 4.74 3.59 5.90 11.26 2.60 6.75 10.05 8.40 13.75 3.94 8.50 15.20

CLOSE 4.15 32.12 1.62 1.84 1.67 6.00 6.61 2.99 4.74 3.59 5.90 11.26 2.64 6.75 9.95 8.40 13.75 3.94 8.50 15.20

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS760240 BSBGRS920281 BSBGRS950304

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.50 100.00 100.64

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.64

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.50) 0.00 0.00

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.50 100.00 100.64

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.64

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BSBGRS760240 BGRS FL BSBGRS920281 BGRS FL BSBGRS950304

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.00 (0.10) 0.00 0.00 0.00 0.00 0.00

VOLUME

1,370

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

2,500

DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 17.4 34.5 N/M N/M N/M N/M 17.9 -6.8 33.9 19.5 13.1 15.6 25.9 14.5 15.4 11.5 16.9 19.4 9.1 24.1

YIELD 4.10% 3.92% 1.23% 1.63% 0.00% 0.00% 3.93% 0.00% 0.00% 3.34% 3.73% 6.39% 16.44% 0.89% 3.30% 2.86% 3.93% 3.05% 2.35% 4.01%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

MATURITY

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.50% 4.34% 4.30%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 18-Jan-2024 10-Nov-2028 25-Sep-2030

MUTUAL FUNDS 52WK HI 2.38 4.43 2.14 198.39 176.73 1.69 1.85 1.77 1.24 8.39 10.26 7.23 12.80 12.81 10.81 10.00 8.98 11.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.65 1.79 1.75 1.05 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno 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 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.38 4.43 2.14 198.36 173.98 1.69 1.79 1.77 1.05 8.39 9.88 7.23 12.33 12.80 10.20 N/A 9.28 11.86

YTD% 12 MTH% 4.14% 4.49% 1.47% 2.97% 2.33% 2.57% 1.65% 2.39% 4.34% 9.82% 1.65% 1.95% -3.06% -2.22% 0.80% 1.17% -12.30% -11.81% 0.64% 0.98% 1.19% -3.63% 4.20% 5.04% 2.63% 7.68% 3.68% 3.93% -4.89% -4.62% N/A N/A -0.50% 3.70% -3.80% 4.10%

NAV Date

30-Nov-2020 30-Nov-2020 27-Nov-2020 30-Sep-2020 30-Sep-2020 31-Oct-2020 31-Oct-2020 31-Oct-2020 31-Oct-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CAROLISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

PAGE 8, Wednesday, January 13, 2021

THE TRIBUNE

Digital to become ‘dominant part’ of RF group’s plans FROM PAGE ONE investing $500,000 per annum in upgrading its technology systems to meet the digital era’s demands, Mr Anderson said the Sand Dollar and other regional digital currencies offer the potential to facilitate crossborder trade in a more efficient way and at much less cost.

“They’ll be helping us, even with the Sand Dollar, to interface the Sand Dollar with our systems,” he told this newspaper of the partnership with Bitt. “We’re just looking at digital

across borders and require currency conversions.

In such cases, where payments also have to be routed through a variety of correspondent banks, the RF Holdings chief suggested it would “be a lot easier and cheaper to do it through digital currency than through the banks”.

“The cost of these transactions are prohibitive for small amounts sent, such as $100 to $200,” Mr Anderson said. “I think we can make it a lot easier for people to do those transactions, and it doesn’t cost as much. Cost is a huge deterrent for people making these investments as it is so high relative to the amount invested.”

RF Holdings, in becoming the latest financial institution to embrace the

currencies and seeing how best to make them available to clients, and potential clients, to improve the payment process.

“Sometimes, for smaller payments, it can be protracted and expensive to make them through the bank, so if it can be made a lot easier by giving them access to digital currencies to make payments....” Mr Anderson said he was thinking especially of smaller payments in the hundreds of dollars, such as pension and mutual fund contributions that have to be made

digital age, said its partnership aimed to use Bitt’s digital technology infrastructure to build a platform that will allow its regional client base to use digital currencies such as “mMoney” in Barbados, and the Eastern Caribbean Central Bank’s “DCash” as well as the Sand Dollar, for payment and settlement transactions.

“The immediate target for the platform is facilitating transactions based on available digital currencies in The Bahamas and Barbados. The platform’s services will eventually be offered to the rest of the Caribbean,” RF Holdings added.

“As more digital currencies are made available through the new digital infrastructure, the

benefits of cross-border digital currency exchange for the Caribbean region expands far beyond the conveniences it will provide for RF clients.

“The longer term goal of the platform is to facilitate general online payments, making mobile and online goods and services more accessible, and more affordable in the Caribbean region by allowing individuals and businesses to efficiently transact directly with each other.”

Mr Anderson yesterday confirmed that RF Holdings planned to expand beyond just a digital currency platform, adding: “I think as we look more broadly in the region we will look to get into digital assets and digital securities.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 66° F/19° C Low: 49° F/9° C

TAMPA

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Clouds and sun with a stray shower

Partly cloudy with showers around

Mostly cloudy with a shower or two

Variable clouds with spotty showers

A morning shower; clouds and sun

Intervals of clouds and sunshine

High: 79°

Low: 68°

High: 79° Low: 67°

High: 78° Low: 68°

High: 76° Low: 63°

High: 73° Low: 65°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

84° F

68° F

81°-69° F

84°-64° F

77°-61° F

73°-62° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

W

ABACO

S

N

High: 74° F/23° C Low: 68° F/20° C

6-12 knots

E

W S

WEST PALM BEACH High: 75° F/24° C Low: 59° F/15° C

4-8 knots

FT. LAUDERDALE E

W

FREEPORT

High: 77° F/25° C Low: 61° F/16° C

N

uV inDex toDay

TONIGHT

High: 62° F/17° C Low: 52° F/11° C

S

High: 76° F/24° C Low: 65° F/18° C

MIAMI

High: 78° F/26° C Low: 62° F/17° C

7-14 knots

KEY WEST

High: 71° F/22° C Low: 64° F/18° C

ELEUTHERA

NASSAU

High: 79° F/26° C Low: 68° F/20° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

N

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

7:41 a.m.

8:01 p.m.

3.3 2.4

1:15 a.m. -0.8 2:12 p.m. -0.5

Thursday

8:29 a.m.

8:51 p.m.

3.2 2.4

2:06 a.m. -0.7 2:59 p.m. -0.5

Friday

9:16 a.m.

9:39 p.m.

3.1 2.4

2:55 a.m. -0.5 3:44 p.m. -0.4

Saturday

10:00 a.m.

10:27 p.m.

2.9 2.3

3:43 a.m. -0.3 4:28 p.m. -0.3

Sunday

10:44 a.m.

11:14 p.m.

2.7 2.3

4:31 a.m. -0.1 5:11 p.m. -0.1

Monday

11:28 a.m.

-----

2.5 -----

5:20 a.m.

5:54 p.m.

0.1 0.0

Tuesday

12:03 a.m.

12:13 p.m.

2.3 2.3

6:12 a.m.

6:38 p.m.

0.3 0.1

sun anD moon Sunrise Sunset

6:57 a.m.

5:41 p.m.

Moonrise Moonset

7:26 a.m.

6:17 p.m.

First

Full

Last

New

Jan. 20

Jan. 28

Feb. 4

Feb. 11

CAT ISLAND

E

W

High: 78° F/26° C Low: 72° F/22° C

N

S

E

W

6-12 knots

S

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 71° F/22° C

High: 80° F/27° C Low: 74° F/23° C

6-12 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 68° F/20° C Normal high ....................................... 77° F/25° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 83° F/29° C Last year’s low ................................... 73° F/23° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 0.03” Normal year to date ..................................... 0.55”

High: 77° F/25° C Low: 71° F/22° C

Everything takes longer than you think.”

Predicting that the Sand Dollar will be “made available in the first six months of this year”, he said: “In time it will become a dominant part of our business but it will take a few years for people to get used to using digital currency.

“People currently see it as a fallback means of payment, but they will increasingly see it as the primary means of payment.

It might take a few years.

Part of the problem is that digital currencies are seen as the secondary means of payment, but in time it will become more of a normal process and way for people to do things. There’s a transition process for people to get used to it.”

ANDROS

N

High: 78° F/26° C Low: 71° F/22° C

E

W S

LONG ISLAND

tracking map

High: 80° F/27° C Low: 72° F/22° C

4-8 knots

MAYAGUANA High: 82° F/28° C Low: 73° F/23° C

Shown is today’s L weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 80° F/27° C Low: 73° F/23° C

GREAT INAGUA High: 83° F/28° C Low: 73° F/23° C

N

H

High: 81° F/27° C Low: 73° F/23° C

E

W

E

W

N

S

S

7-14 knots

7-14 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS N at 4-8 Knots NW at 7-14 Knots NE at 6-12 Knots NNE at 6-12 Knots NE at 4-8 Knots WSW at 4-8 Knots ESE at 7-14 Knots SE at 4-8 Knots NE at 4-8 Knots WNW at 4-8 Knots N at 4-8 Knots NW at 7-14 Knots NE at 6-12 Knots NNE at 4-8 Knots E at 7-14 Knots SE at 4-8 Knots E at 6-12 Knots SSW at 4-8 Knots ESE at 7-14 Knots SE at 6-12 Knots NE at 4-8 Knots NNW at 4-8 Knots E at 7-14 Knots ESE at 4-8 Knots NE at 4-8 Knots ESE at 4-8 Knots

WAVES 3-5 Feet 3-5 Feet 1-2 Feet 1-2 Feet 2-4 Feet 1-3 Feet 2-4 Feet 2-4 Feet 3-5 Feet 2-4 Feet 1-3 Feet 2-4 Feet 1-2 Feet 0-1 Feet 3-5 Feet 1-3 Feet 1-3 Feet 1-2 Feet 4-7 Feet 3-5 Feet 1-2 Feet 1-2 Feet 1-3 Feet 1-2 Feet 1-3 Feet 1-2 Feet

VISIBILITY 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles

WATER TEMPS. 77° F 77° F 74° F 73° F 78° F 78° F 79° F 79° F 77° F 77° F 76° F 76° F 77° F 78° F 80° F 80° F 79° F 79° F 79° F 79° F 76° F 76° F 79° F 79° F 78° F 78° F