01172018 business

business@tribunemedia.net

WEDNESDAY, JANUARY 17, 2018

$4.34

$4.39

‘Take fear out’: Auto chief backs Japanese testing

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

top auto dealer yesterday said he will “definitely” ensure his used vehicles undergo pre-import inspections, arguing that such processes will “take a lot of fear out of consumers”.

Fred Albury, the Bahamas Motor Dealers Association’s (BMDA) president, told Tribune Business he will “sleep better at night” by subjecting his own vehicles to the rigorous technical tests viewed during last week’s Standards Bureau-led trip to Japan.

A member of that delegation, Mr Albury said it would be “a great consumer protection exercise” should the Government accept the offer by Japanese firm,

* Will ‘definitely’ use pre-import test himself * Rejects cost concerns of ‘horn blowers’ * Inspection fee ‘less than hair and nails’ EAA Company Ltd, to conduct pre-export inspections of all used vehicles shipped from that nation to the Bahamas.

He added that these inspections, conducted to standards and specifications set by the Bahamas, would enhance local consumer safety and act as a form of “insurance and assurance” that they were receiving “value for money” on their purchase.

And, responding to fears that pre-import inspection costs will price used vehicles beyond the reach of many Bahamians, Mr Albury told “the horn blowers” that the costs involved

were “nominal” rather than “astronomical”.

He said that based on the numbers suggested to him, pre-import inspection costs would likely be less than the sums spent by Bahamian women on their “hair and nails”.

Describing the Japan trip as beneficial, Mr Albury told Tribune Business: “Any used cars I import now I’ll definitely have inspected over there.......

“This is a great consumer protection exercise out there, which hopefully will be adopted by the Government and help consumers make better decisions on what they get. I’m going to

have my vehicles inspected so I can sleep better at night. I had a couple of vehicles come in last year where the engines were bad.”

A report on the Japan trip, and the delegation’s findings and recommendations, is now being prepared by Standards Bureau executives for the Prime Minister and minister of labour’s consideration.

Dr Renae Ferguson-Bufford, the Bahamas Bureau of Standards and Quality’s (BBSQ) director, and who led the delegation, declined to comment prior to the

SEE PAGE 6

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Water Corp’s ‘ludicrous’ 8 per cent debt recovery deals

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Water & Sewerage Corporation’s chairman yesterday said he was reviewing pre-election contracts issued to two debt collectors who have recovered just 8 per cent of the $5 million assigned to them.

Adrian Gibson, the Long Island MP, told Tribune Business that the contracts “make no business sense” given that the two companies - one a law firm, the other a collections agency - were allowed to keep between 20-25 per cent of the sums recovered from delinquent customers in addition to having their costs paid.

Describing the arrangements as “ludicrous”,

* CHAIR: CONTRACTS MAKE ‘NO BUSINESS SENSE’ * AGENCIES KEEP 20-25% OF DEBT RECLAIMED * MOVE TO MONTHLY FROM QUARTERLY BILLING EYED Mr Gibson said he was focused on “beefing up” and incentivising the Corporation’s in-house collections department to go after the $44 million in outstanding bills owed by customers.

He added that the Corporation needed to switch from quarterly to monthly

SEE PAGE 4

Gov’t bans new web shop sites QC: $18M ICD UTILITIES * MORATORIUM WON’T BE EASED ‘ANY TIME SOON’ BORROWING IS ‘VERY ODD’ * ‘GENIE OUT THE BOTTLE’ ON SECTOR’S GROWTH

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Government has placed a ban on opening new web shop locations, a Cabinet Minister yesterday suggesting gaming advances could ultimately make physical sites “obsolete”.

Dionisio D’Aguilar, who has ministerial responsibility for gaming, acknowledged concerns over the Government’s ability to enforce zoning regulations designed to prevent web shops from operating near schools,

* PHYSICAL PRESENCE MAY BECOME ‘OBSOLETE’

D’AGUILAR churches and in residential areas.

“It’s obviously very difficult to put that genie back in the bottle,” the Minister

EX-MISS BAHAMAS UNIVERSE TO TOURISM: ‘COME TO THE TABLE’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A former Miss Bahamas Universe winner-turnedsongstress yesterday increased the pressure on the Ministry of Tourism to “come to the table” by releasing alleged ‘evidence’ of its copyright violation. Khiara Sherman, who once represented the Bahamas at the global

* RELEASES ‘INDISPUTABLE PROOF’ OF COPYRIGHT BREACH * KHIARA SHERMAN SEEKS TO REFUTE TOURISM MINISTER * CLAIMS MINISTRY FAILING TO ANSWER RESOLUTION CALL SEE PAGE 3

said, speaking ahead of the weekly Cabinet meeting.

“You have someone who has invested millions of dollars building a location where it shouldn’t really be, so now what do we do? Tell them to knock it down and start again?

“There is a complete moratorium on new locations, so there will be no new locations for the time being until we assess. I don’t envision any time

soon that we will loosen that regulation.”

The rapid expansion and proliferation of web shops throughout the Bahamas has caused increasing concern among many observers, especially on the Family Islands, where they have been accused of “sucking the life” out of local communities and economies.

SEE PAGE 7

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN outspoken QC yesterday said it was “very odd” for ICD Utilities to borrow $18 million and finance the buy-out of its minority shareholders days before its BISX de-listing.

Fred Smith QC, the Callenders & Co attorney and partner, who is representing SeSaChe Ltd in its fight to overturn the Government’s approval of the

* SCOTIABANK LOAN TO FUND LOCAL BUY-OUT * TAKEN OUT FIVE DAYS BEFORE BISX DE-LIST * LEGAL CHALLENGE ‘NOT NULL AND VOID’

buy-out, said the borrowing appeared to contradict the deal’s rationale.

He added that Emera, the now-100 per cent owner of Grand Bahama Power

SEE PAGE 5

PAGE 2, Wednesday, January 17, 2018

THE TRIBUNE

Minister Ferreira participates in renewable summit

ROMAULD S. FERREIRA, minister of the environment and housing, attended the eighth session of the International Renewable Energy Agency (IRENA) Assembly on January 13-14 at its headquarters in Abu Dhabi. (BIS Photo)

A CABINET minister has attended an international conference focusing on the expansion of renewable energy usage.

Romauld Ferreira, minister of the environment and housing, joined 1,100 delegates from more than 150 countries at the eighth session of the International Renewable Energy Agency (IRENA) Assembly.

The summit, held on January 13-14 at IRENA’s headquarters in Abu Dhabi, discussed private sector and civil society issues relating to global energy transformation and the way forward on renewables deployment.

Mr Ferreira said: “IRENA hosted a special high-level event, outside of the eighth session of the IRENA Assembly, which focused

on improving the capacity of Small Island Developing States (SIDS) to develop and secure financing for renewable energy projects.

“IRENA is the global platform for co-operation on renewable energy, and possesses a unique position to draw countries together.

The forum is designed to develop strategies and, ultimately, global solutions to address climate and sustainable development challenges.

The side event also provided an ideal opportunity for each member state to share in diversity - their individual cultural experiences, needs, and the best practices to meet these challenges with opportunity.”

Mr Ferreira recalled IRENA’s high-level Ministerial Roundtable, which was held to share ideas on “the connection

between an increasingly electrified transport sector and accelerated renewable energy deployment”.

He added that the meeting “was to explore different perspectives on scaling up the use of renewables, especially in e-mobility”.

IRENA was formed as a treaty organisation in 2009 to promote renewable energy and source funding for its 154-strong member countries, and 26 awaiting ascension to the assembly.

While many United Nations (UN) organisations work in renewable energy, IRENA is the only one dedicated to the promotion of 100 per cent renewable energy worldwide. It will join forces with the UN to speed up the transformation of the global energy sector.

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THE TRIBUNE

Wednesday, January 17, 2018, PAGE 3

Gov’t ‘aggressively’ moving on airspace control takeover

NHI REMAINS ‘BETWEEN ROCK AND A HARD PLACE’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Minister of Tourism and Aviation yesterday said the Government is “aggressively” moving to establish Bahamian airspace via a Flight Information Region (FIR).

The former Christie administration last January hailed as a “landmark accomplishment” its agreement with the Federal Aviation Administration (FAA), which will result in

Bahamian aircraft operators no longer having to pay overflight fees to the US for domestic flights.

Dionisio D’Aguilar, though, said the previous government’s achievement was not as big as it had been made out to be.

“I don’t know what their landmark airspace deal was. All they did was get a concession for Bahamian airline companies to fly through Bahamian airspace and not pay a fee to do so,” he argued. “The Government is very aggressively

pursuing the establishment of what is the Bahamian airspace, and I’m hoping that in the next six months we can be in a position where we can say this is our airspace.

“We can also hopefully begin the process of earning revenue from it, and also putting in a safety regime so that over time we can take control of our airspace and hire Bahamians to manage it.

“Right now the vast majority of our airspace is being managed by the Federal Aviation

Administration. It’s a tedious and tiresome process, but I think we are close.”

Under international laws, countries require airlines and other aircraft to pay a fee for the right to fly over their airspace.

The administration of those rights in the Bahamas has been performed by the FAA since 1952, meaning Bahamasair and other Bahamian-owned carriers have had to pay the US for the privilege of flying over their own country.

EX-MISS BAHAMAS UNIVERSE TO TOURISM: ‘COME TO THE TABLE’ FROM PAGE 1 pageant then-controlled by US president, Donald Trump, e-mailed Tribune Business a 12-second video she says shows the Ministry used her song in its paid advertising campaigns.

The video purports to show the use of her song Fly Away With Me in a TV commercial, which features several bikiniclad models splashing around in the clear-blue tropical sea.

The Ministry of Tourism’s Bahamas logo is visible on the screen, and the commercial ends with the catchphrase ‘Find Your Splash Zone’.

The line ‘The Islands of the Bahamas’ is also present, together with the Ministry of Tourism’s logo, the bahamas. com address and contact information. The sound on the clip is patchy, but the words ‘Fly Away’ can just about be made out.

Ms Sherman and her Texas attorney, in a statement issued yesterday, made clear they were releasing the clip to both back up her copyright breach lawsuit and refute counter-arguments

by Dionisio D’Aguilar, minister of tourism, that Fly Away

With Me was never used in the Ministry’s paid advertising campaign.

Mr D’Aguilar could not be reached for comment yesterday, but Ms Sherman and Mr Brown said: “The indisputable video evidence released today shows the Bahamian singersongwriter’s music featured in a commercial which was sanctioned and aired by the Ministry of Tourism without her permission, proving willful copyright infringement.

“Despite Ms Sherman’s love of country, the Ministry of Tourism copied Fly Away With Me for use in advertising campaigns without so much as making a phone call to ask for her permission. Although officials reportedly denied use of the song when contacted by the press, a video captured on US television in 2017 proves beyond question that the song was featured in the Ministry of Tourism’s paid commercial advertising.

“Prior to filing suit, Ms Sherman’s representatives repeatedly reached out to the Ministry of Tourism in hopes of resolving the dispute, but the Ministry of Tourism refused to return their phone calls. Ms

Sherman was ultimately forced to initiate legal action in Houston, Texas to protect her intellectual property.

“Despite further attempts at resolution, the Ministry of Tourism continues to refuse to reach out to her regarding licensing her song.”

Mr D’Aguilar had previously told Tribune Business that Ms Sherman had “no valid case”, as his officials were adamant that her song was never used in its paid advertising campaigns.

The Fly Away With Me song was featured at Bahamas Junkanoo Carnival in 2015, when it was selected as one of the competition’s semi-final entries. Mr D’Aguilar conceded that the song’s “further use” by the Carnival’s National Festival Committee (BNFC) and other tourism-related agencies had been identified, but the Ministry of Tourism was not involved.

He also refuted Mrs Sherman’s claim that the Ministry, prior to his arrival as minister, breached “a binding” threeyear employment contract with her worth almost $130,000, refusing to accept her work and “failing to make any” of the due payments.

Mr D’Aguilar said the Ministry of Tourism’s position was that “no contract was ever signed” with Mrs Sherman, who held the Miss Universe Bahamas title in 2009-2010, and alleged that she only showed “a clear desire” to agree terms when the offer was withdrawn.

Responding yesterday, Ms Sherman and her attorney countered: “Ms Sherman believes she should be treated fairly under the rights granted to her as the creator of the song Fly Away With Me, and the Ministry should not take advantage of local artists and their art form.

“Ms Sherman cannot be a spokesperson for the many local artists who do not receive their dues, but she hopes local artists will be empowered from her example to take action, and take steps to protect their creations..... Ms Sherman continues to hope that the Ministry will come to the table, treat her fairly and do the right thing.”

They added that the former Miss Bahamas Universe had also performed for the Ministry of Tourism at numerous 2016 marketing and promotional events in Dallas, Houston and Washington D. C.

THE Minister of Health yesterday reiterated that the Government is “between a rock and a hard place” over the legality of actions to establish National Health Insurance (NHI).

“With NHI we do not have the written report as yet,” Dr Duane Sands said.

“I have spoken to the verbal report. In order to action the next steps we need to have that written report. When we get that then we can mobilise the next step in terms of catastrophic care.

“I think it’s basically looking retroactively at the decisions that have led to this point. We have spent millions of dollars. We have enrolled almost 30,000 patients and they are receiving care.

There are contracts with primary care providers, with laboratories, and the question is whether those things were legal or not, and can the existing Board appointed after the decision was made ratify them as acceptable?

“You can’t make them legal, but we’re juggling the issues of healthcare and monies spent, and it has to be within a legal framework that is considered acceptable. We’re between a rock and a hard place here.”

The board of the National Health Insurance Authority (NHIA) sought a legal opinion on whether the actions of the NHI Secretariat – established by the previous Christie administration – were legal and potentially binding.

This was because even before the NHI board was established and key provisions of the NHI Act published in a gazette, the secretariat entered into numerous contracts with residents and healthcare providers.

The NHI Board cannot make significant changes to the programme without considering the legal and financial implications connected to the pre-existing arrangements the NHI Secretariat entered into.

The Bahamas Insurance Association (BIA) and leaders in the insurance community have argued that the Secretariat’s actions were illegal, and should not be ratified by the board. They have called for the Board to restart the NHI programme from scratch.

PAGE 4, Wednesday, January 17, 2018

THE TRIBUNE

Water Corp’s ‘ludicrous’ 8 per cent debt FROM PAGE 1 billing of consumers, as

the 90-day delay between payment and water services consumption was

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undermining its alreadystretched cash flow and working capital.

Mr Gibson also revealed he is exploring at innovative ways to incentivise delinquent customers to bring their accounts current, such as offering a 10-15 per cent discount and extended payment plan terms if half the outstanding balance is paid upfront. “Right now we have two collections agencies that were hired at the Corporation immediately before the May 10 general election,” he told Tribune Business. “We have these two entities, and they have only collected about 8 per cent of what was assigned to them.”

Declining to identify the companies by name, Mr Gibson said a collective $5 million debt - representing around 1,200-1,500 non-paying accounts - was assigned to the duo to recover on the Corporation’s behalf.

“One of those agencies only collected $1,000 in December,” he disclosed.

“Those customers assigned to that particular company paid in $13,000 direct to the Corporation through the Corporation’s own payment mechanisms. Yet that company received 25 per cent of the total $14,000 collected.”

Mr Gibson said the second entity was a law firm hired by the Corporation to take delinquent customers to court. He added that its contractual arrangement with the Government-owned water supplier ensured that not only were its legal costs covered, but that it also received 20 per cent of the debts collected via the court process.

“They get their legal fees when they file documents and appear in court,” he added. “They get their costs and 20 per cent of whatever amount is collected. If the amount is statute-based, and I’m having this matter reviewed by internal control and compliance, they get a regular legal fee.

“It makes no business sense. This agent gets legal costs and fees, and 20 per cent of what is recovered. In nutshell, it makes no business sense. It’s ludicrous.”

Mr Gibson confirmed that he was reviewing both collectors’ contracts, but

declined to say whether the Corporation may move to amend or terminate the arrangements.

He did, though, emphasise that he was more focused on using the Water & Sewerage Corporation’s in-house collections team to pursue delinquent customers - especially those with long-standing arrears and/ or large balances.

“My personal view is that we need to strengthen the in-house collections department, incentivise it and give people working in there incentives so they can be even more enthused about pursuing lengthy outstanding receivables,” Mr Gibson added.

“We already have people collecting a salary for this, and can probably get even more money in. I’ve taken the position of paying specific attention to collections, persons in the in-house department and reviewing contracts that are poorly drafted and constructed, do not benefit and are not in the Corporation’s interests.

“I want to give performance targets, and that’s the way the Corporation will claw back some of these monies.”

Mr Gibson then told Tribune Business he wanted to move customer billings from quarterly (every three months) to monthly in a bid to improve the loss-making Corporation’s cash flow, and halt the rapid depletion of credit lines and working capital that it currently experiences all-too frequently.

“We have to make the changes to turn the Corporation around,” he added.

“To mitigate the Water & Sewerage Corporation’s ballooning debt and collections, we should move to monthly payment plans.

“Currently it’s quarterly, and all that does is that within 90 days operating lines of credit and working capital are being depleted too quickly without corresponding payments. Ninety days may be a bit too much.”

Mr Gibson said the threat of being cut-off, or having service lines removed, typically prompted customers with three-figure balances outstanding for 90 days or more to settle their arrears.

With those owing much larger balances, the Corporation’s chairman said he was going to push for incentive plans that were structured in such a way as to create a ‘win-win’ boosting the utility’s cash flow while also enabling customers to enjoy resumed water supplies.

“I’m going to consider, and advocate, a 10-15 per cent discount on the bill and extending the payment plan beyond three months, which is conditioned on the customer paying more than 50 per cent upfront,” he explained. “It gives the Corporation cash flow, it keeps people on the network who have been turned

off, and ensures there are regular payments. We get cash flow from the consumer paying debt, the arrears are reduced and we have persons returning to the network who were previously disconnected.

“These are all areas I am

going to explore to move the Corporation to profitability, see a reduction in the Government’s subsidy, and really and truly seek to get it on a path to boosting the Government’s coffers as opposed to where it has been in recent years.”

NOTICE

SOLID QUARTZ LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) SOLID QUARTZ LIMITED 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 on the12th January, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 17th day of January, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator NOTICE

CANTERBURY ROSE INC. N O T I C E IS HEREBY GIVEN as follows: (a) CANTERBURY ROSE INC. 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 on the 12th January, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 17th day of January, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

NOTICE

KAKUMA LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) KAKUMA LIMITED 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 on the12th January, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 17th day of January, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

Wednesday, January 17, 2018, PAGE 5

QC: $18m ICD Utilities borrowing is ‘very odd’ FROM PAGE 1 Company, had always argued that a key reason for its $35 million offer to purchase the interests of Bahamian shareholders was to ‘simplify’ the latter’s corporate ownership structure by taking out ICD Utilities. Yet notices published on the Bahamas International Securities Exchange (BISX) and Bahamas Central Securities Depository (BCSD) reveal that ICD Utilities, which today will be delisted from the former, has borrowed $18 million from Scotiabank (Bahamas) to fund the payouts to local investors who elected to take the all-cash option.

“ICD Utilities wishes to advise its shareholders and the general public that on January 12, 2018, it entered into a loan agreement with Scotiabank (Bahamas) for an amount of up to $18 million for the purpose of facilitating payment to its shareholders to effect the redemption of certain shares,” the notice said.

The Scotiabank (Bahamas) loan is for a five-year period, and carries a 4 per cent interest rate equivalent to the Central Bank of the Bahamas’ discount rate.

Interest payments will be made every six months.

The loan agreement, concluded just five days before ICD Utilities’ de-listing, makes clear that the former ‘holding vehicle’ for a 50 per cent equity interest in GB Power is the borrower - not the utility itself or Emera.

While the debt financing arrangement is not surprising in one sense, given that ICD Utilities had insufficient assets and cash flow of its own to finance the payout, questions are likely to be asked as to why Emera did not fund this from its own resources or take out the loan itself.

The notice on the BCSD website is headlined ‘Emera enters into a loan agreement with Scotiabank (Bahamas)’, even though the actual text makes clear that ICD Utilities is the borrowing entity.

Tribune Business yesterday submitted questions to GB Power/Emera on which entity will be responsible for ensuring repayment of the Scotiabank (Bahamas) loan, and how such repayment will be financed and structured. In the absence of further clarity, some observers may conclude that GB Power customers may be called upon to finance the interest and principal payments.

“I can’t begin to fathom the corporate machinations of Emera and GB Power,” Mr Smith told Tribune Business. “All I can focus on is protecting my client’s rights.

“It certainly seems odd that ICD Utilities can now be borrowing money... It seems very odd that they would create a liability for ICD Utilities when they said one of the objectives of the transaction was to simplify the corporate architecture and structure, and get rid of ICD Utilities.”

The $18 million borrowing, though, hints

that Bahamian minority shareholders in ICD Utilities have effectively ‘split in half’ over whether to accept an all-cash payout from Emera or exchange their shares for the Canadian utility’s Depository Receipts.

Tribune Business sources, speaking on condition of anonymity, told this newspaper that local investors had divided almost 50/50 between taking the payout and Emera’s Depository Receipts, defying expectations that the majority - if not all - would take the cash in a $35 million offer.

Mr Smith, meanwhile, argued that the buy-out’s closing would not render SeSaChe’s Judicial Review action irrelevant and a “nullity”.

“I am shocked to hear that it has closed, but I can certainly say I do not consider it reduces my action to a nullity; null and void,” he told Tribune Business.

“Anything on paper can be undone, and if the lawful approvals were not obtained and my client’s

rights were breached, then my client can continue to pursue its court action, for which the courts gave leave to issue Judicial Review last

week. “We will shortly be serving the notice of motion on the Government and continuing.”

NOTICE KERZNER MANCHESTER LEISURE PROPERTIES LIMITED 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 Dated the 17th day of January, A.D., 2018.

Kirvy Ferguson Liquidator of KERZNER MANCHESTER LEISURE PROPERTIES LIMITED

NOTICE

NOTICE

NOTICE

MAGIC SPRING LIMITED

YILONG HOLDINGS LIMITED

GRACIOUS INVESTMENTS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a) MAGIC SPRING LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) YILONG HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) GRACIOUS INVESTMENTS LIMITED 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 on the12th January, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the12th January, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 12th January, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 17th day of January, A. D. 2018

Dated this 17th day of January, A. D. 2018

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 17th day of January, A. D. 2018

_________________________________ Bukit Merah Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

_________________________________ Leeward Nominees Limited Liquidator

NOTICE

NOTICE

NOTICE

GRAND PARAGON INC.

GRAND CORONATION HOLDINGS LIMITED

WINDSOR PARK LIMITED

N O T I C E IS HEREBY GIVEN as follows: (a) GRAND PARAGON INC. 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 on the12th January, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 17th day of January, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

N O T I C E IS HEREBY GIVEN as follows: (a) GRAND CORONATION HOLDINGS LIMITED 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 on the12th January, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 17th day of January, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

N O T I C E IS HEREBY GIVEN as follows: (a) WINDSOR PARK LIMITED 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 on the 12th January, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 17th day of January, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

PAGE 6, Wednesday, January 17, 2018

THE TRIBUNE

‘Take fear out’: Auto chief backs Japanese testing FROM PAGE 1 report’s submission and added that the Government’s next public comments would be made at the ministerial level. Mr Albury, though, said he and members of the Standards Bureau-led delegation saw “a very thorough” inspection process where vehicles were raised up on lifts and subjected to a full technical diagnosis.

The “front to back” inspection assessed areas such as brakes, suspensions, brake pads, tyre treads, electrical systems, battery and oil quality, and emissions all of which, Mr Albury said, will help to detect vehicles that are water-damaged, have been in an accident or are stolen.

“All in all it’s a very good process,” he told Tribune Business,” and will take a lot of fear out of the consumer from buying ‘sight unseen’, having the vehicle inspected and to a certain standard.

“It’s an insurance programme; insurance and assurance that the consumer is getting value for money. It makes sense to have. I think it’s quite thorough, and I think it could be very helpful in the consumer making a decision about getting a vehicle out there rather than a piece of junk.

“They can also confirm the mileage. There’s a lot of corruption with putting back the mileage for vehicles coming in here. While the consumer thinks their getting a vehicle with 40,000 miles on when it’s really 140,000.

Mr Albury added that used car vehicle exporters to the Bahamas tended to come from other Asian nations, not Japan, and “see our market as being wide open with no regulation, so they have a field day with it, exporting junk”.

He said Japanese customs statistics only captured vehicle exports above a certain value or “threshold”, meaning that these

PUBLIC NOTICE

failed to capture a significant portion of the automobiles being sent to the Bahamas.

Feedback on the pre-import vehicle inspections, as measured by responses to Tribune Business’s articles on this newspaper’s website, has been overwhelmingly opposed to the Bahamas adopting such a process and measures.

Many responses have suggested the Japan trip was a ‘conspiracy’ between the new car dealers, banks and the Government to price used vehicles beyond affordability for many Bahamians, resulting in increased sales, auto loans and Public Treasury revenues for the three parties involved.

Mr Albury, though, said the inspection fee involved would likely be “very nominal” based on the numbers provided to him, and would be well worth the improved consumer protection and safety.

“It’s nothing astronomical,” he

told Tribune Business. “The expression was used that some women would spend more on their hair and nails than what these inspections cost.

“I think it’s a good insurance policy that the consumer can have some protection on the buying of a car sight unseen, and to eliminate the mileage being rolled back on vehicles.

“The big thing the consumer needs to be concerned about is the corruption with mileage roll-back,” Mr Albury continued. “When they think they’re getting a deal they’re really not, and this inspection process will eliminate that fear. “From the numbers quoted, any inspection fee will only be nominal. For the horn blowers out there claiming this will be astronomical, it’s not.

The consumer should be very happy if this is adopted.”

Mr Albury said the Bahamas would have to determine the

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, PEACHIS UNIQUE JOSEPH intend to change my name to UNIQUE PEACHIS SMITH. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

The Public is hereby advised that I, SHAKEIA THOMPSON of P.O. Box N-9720 mother of ROLANDO DEVARD KEMP intend to change my child’s name to ROLANDO DEVARD THOMPSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE

KERZNER MANCHESTER HOTEL PROPERTIES LIMITED

KERZNER GLASGOW HOTEL PROPERTIES LIMITED

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

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

Dated the 17th day of January, A.D., 2018.

Dated the 17th day of January, A.D., 2018.

Kirvy Ferguson Liquidator of KERZNER GLASGOW HOTEL PROPERTIES LIMITED

Kirvy Ferguson Liquidator of KERZNER MANCHESTER HOTEL PROPERTIES LIMITED

NOTICE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

Career Opportunity FIDUCIARY EXECUTIVE

pre-import inspection standards that used vehicles have to meet should it accept EAA Company’s offer, and added that the rest of the Caribbean was likely to follow this nation’s lead.

“It would eliminate the oilburning clunkers and vehicles coming in with bald tyres and bad batteries that end up in the landfill, and cars that have been in an accident or stolen,” the BMDA and Auto Mall chief added of the inspections. “It’s going to be a good source of consumer protection to ensure consumers are getting value for money.”

Of the 1.2-1.4 million used vehicle exports recorded by Japanese customs last year, Mr Albury said some 74,000 found their way to the Caribbean. Jamaica, which has imposed a five-year age limit on vehicle imports, saw these arrivals increase by almost 50 per cent in 2017 - from around 22,000 to 33,000.

KERZNER GREENWICH HOTEL PROPERTIES LIMITED 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 Dated the 17th day of January, A.D., 2018.

Kirvy Ferguson Liquidator of KERZNER GREENWICH HOTEL PROPERTIES LIMITED NOTICE KERZNER INTERNATIONAL CARIBBEAN LIMITED 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 Dated the 17th day of January, A.D., 2018.

JPMorgan Chase Private Bank is seeking applications for a Fiduciary Executive

Kirvy Ferguson Liquidator of KERZNER INTERNATIONAL CARIBBEAN LIMITED

JPMorgan Asset & Wealth Management, with client assets of $2.4 trillion, is a global leader in investment and wealth management. Its clients include institutions, high-net-worth individuals and retail investors in every major market throughout the world. The division offers investment management across all major asset classes including equities, fixed income, alternatives, multi-asset and money market funds The International Trust Services (“ITS”) practice group provides trustee and related fiduciary services to clients of the J.P. Morgan Private Bank around the world. The ITS team administers structures established for private banking clients from Latin America, EMEA and Asia. The Global Trusts and Estates business represents $165bn in assets; the international trust business represents $49bn in assets, administered through approximately 2400 fiduciary structures.

The Fiduciary Executive (FE) is a part of the Senior Management Team within the Bahamas trust business. The FE is charged with providing technical, administrative, legal and risk management support to the Team Leaders (TLs), Trust Officers (TOs) and Trust Administrators (TAs) and other team members related to trust administered in the Bahamas.

The Fiduciary Executive role is broad and includes covering trust teams aligned with Latin America, Asia and EMEA as well as those covering US connected trusts. Responsibilities include the following activities.

Partner with Bahamas Trust Company Team Leader who is responsible for managing the TOs and TAs in the Bahamas Coordinate and partner with additional Fiduciary Executive coverage that may be assigned to the Bahamas team on some or all FE responsibilities • Provide advice on and facilitate the resolution of complex technical issues and questions with TLs, TOs and TAs • Be a part of the approval process as necessary for discretionary decisions submitted by TOs, approve money transfers & other transactional approvals • Provide document interpretation and analysis of the relevant policies, procedures, laws and regulations.

• Provide guidance/approval on investment exceptions requiring fiduciary input • Assist in the termination/closing of small or troublesome accounts and advise on resignations.

• Assist in the resolution of client complaints and other challenges from co-trustees and/or beneficiaries • Review Annual Administrative Account Reviews that present potential risk issues and advise TOs and TAs on resolution of open action plans.

• Monitor monthly/weekly administrative metrics and follow-up with TOs and TAs to assure resolution of outstanding issues.

• Provide informal training and guidance though participation in Team meetings with TOs and staff.

• Back up Team Leader as needed to facilitating account acceptance and opening for new Trust and Agency relationships.

• Escalate threatened and actual litigation to senior management and work with internal and external legal counsel to ensure responses are thorough and to facilitate optimal resolution of all client disputes.

• In partnership with Team Leader, manage front office completion of all compliance and risk management projects including follow-up and resolution of open issues.

• Provide review and input on proposed policy additions and changes.

• Assist in the process improvement & enhanced risk management of the Bahamas trust business including identification of new or emerging gaps, risks or inconsistencies for escalation and resolution with internal partners

Required Skills: Broad knowledge of all legal, tax and regulatory requirements applicable to fiduciary relationships. Superior risk management, practical judgment and problem solving skills. Excellent communication and interpersonal skills and demonstrated ability to work collaboratively.

Desired Background/Experience: Law degree required. Minimum 10 years of international and/ or US trust and/or estate experience at a law firm or corporate fiduciary. Experience with clients around trust administration, tax and investments desired.

NOTICE OF DISSOLUTION NOTICE IS HEREBY GIVEN as follows: a)

b)

• •

Interested applicants can apply to J.P. Morgan Chase online at: http://careers.jpmorgan.com/experienced/jpmorgan/jobs under requisition number: 170101584. Deadline to submit application is January 26, 2018

c) d)

Bluepalm International Ltd. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

The dissolution of said company commenced on the 15th of January 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of said company is Petaluma LTD, PO Box SP-63146, Nassau, Bahamas.

All persons having claims against the abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before February 16th 2018.

Dated this 16th day of January 2018. ______________________ Petaluma LTD Liquidator

N O T I C E THE OYSTER CIRCLE BAHAMAS LIMITED ____________________________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed 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 THE OYSTER CIRCLE BAHAMAS LIMITED

THE TRIBUNE

Wednesday, January 17, 2018, PAGE 7

Gov’t bans new web shop sites FROM PAGE 1 The former Christie administration elected to impose a 10-year ban on new entrants to the web shop gaming industry following the process to legalise, regulate and tax the sector, rather than place a moratorium on the number of locations.

Mr D’Aguilar was one of the move’s leading critics, arguing that the moratorium preventing the entrance was anti-competitive and effectively created a ‘cartel’ or oligopoly in the web shop sector. However, his predecessor as gaming minister, Obie Wilchcombe, argued prior to May 10 that the number of web

shop locations had fallen from 635 pre-regularisation to 372 sites at June 2016, with 31 applications pending. “This will result in a total of approximately 403 licensed locations in the country, which equates to a 36.5 per cent reduction in the number of locations that were active at the commencement of the regularisation process,” Mr Wilchcombe said.

But given that the Bahamas has an estimated 377,374 population based on 2013 data, the 403 web shops still amount to a ratio of one location for every 936 Bahamians and residents.

Some in the web shop industry itself have also

suggested that a moratorium should have been placed on locations, as opposed to operators. Craig Flowers, influential proprietor of the FML Group of Companies, advocated this strategy prior to Mr D’Aguilar’s announcement yesterday.

Mr D’Aguilar, meanwhile, suggested that the web shop gaming industry was in a state of rapid, continual evolution that may eventually take it to a state where the business goes completely online and no physical locations are needed. He explained: “ The gaming industry is becoming more technologically advanced. There will probably be a time when a

gaming house location will be obsolete. People will log on, go online and game.

“They will transfer the money electronically and be paid electronically. Gaming houses in the next 10 years as we know it will probably be very different, and there will be far less locations. I think that’s probably where they are trending towards.”

Nine companies applied for gaming house licences when the Government began the process to legalise, regulate and tax the sector. Eight applicants were subsequently provided with provisional licenses, with Bet Vegas the only operator to have been denied. Bet Vegas mounted a legal challenge

to that decision via Judicial Review.

FML, Island Luck, Nassau Games, Percy’s Island Games, A Sure Win, Chances, Paradise Games, Bahama Dreams and Asue Draw were all awarded licenses. However, Asue Draw + Spin later announced it would not renew its gaming house operator license for 20162017, and exited from the industry.

Mr D’Aguilar reiterated yesterday that he does not support the web shop operator moratorium until 2027, but added that any decision on the issue would ultimately be made by Cabinet.

“We’re gathering information. I fundamentally don’t agree with a moratorium, but that will be

a Cabinet decision. I just don’t believe in those types of restrictions,” he said.

“It’s a learning curve. I’m beginning to learn more about the industry and, once I feel that I am comfortable about what is happening in that industry, the Government will make decisions on the way forward, bearing in mind that the previous administration took a first crack at setting up, regularising and legalising the gaming houses.

“Now that we have a few years worth of information we can sit back and assess, and say is this regime sufficient or do we need to strengthen the regime with additional regulations? I think we are at that point now and we’re reviewing it.”

NOTICE KERZNER GLASGOW LEISURE PROPERTIES LIMITED 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 Dated the 17th day of January, A.D., 2018.

Kirvy Ferguson Liquidator of KERZNER GLASGOW LEISURE PROPERTIES LIMITED NOTICE KERZNER INVESTMENTS SINGAPORE LIMITED 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 Dated the 17th day of January, A.D., 2018.

MARKET REPORT TUESDAY, 16 JANUARY 2018

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

Kirvy Ferguson Liquidator of KERZNER INVESTMENTS SINGAPORE LIMITED

BISX ALL SHARE INDEX: CLOSE 2,055.92 | CHG -3.18 | %CHG -0.15 | YTD -7.65 | YTD% -0.37 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 5.05 8.70 6.30 5.30 11.93 2.59 1.56 6.01 10.55 11.00 4.50 7.25 12.51 11.00

52WK LOW 3.50 17.43 8.19 3.32 0.90 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 1.09 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 0.92 0.16 3.68 8.70 6.10 4.86 9.01 2.60 1.50 6.00 10.45 6.00 4.48 7.01 12.51 10.00

CLOSE 3.50 17.43 9.09 3.34 0.92 0.18 3.68 8.70 6.10 4.86 9.01 2.60 1.50 6.00 10.45 6.00 4.48 7.01 12.51 10.00

CHANGE -0.73 0.00 0.00 0.00 0.00 0.02 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

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

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

110.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

110.07 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME 868,843

3,000

2,500

2,500

VOLUME

NAV 2.11 4.13 1.98 176.30 149.66 1.52 1.69 1.61 1.08 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

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 7.9 18.7 N/M 6.2 N/M N/M -2.5 14.2 10.5 25.3 14.3 25.5 3.8 5.3 14.3 12.4 15.0 -10.5 23.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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% 4.31% 4.35% 1.22% 1.35% 2.95% 3.24% 2.96% 1.74% -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 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-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

YIELD 2.29% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 3.29% 7.66% 2.31% 3.33% 4.83% 4.78% 0.00% 2.68% 2.00% 4.64% 0.00%

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

NOTICE KERZNER INTERNATIONAL TIMESHARE LIMITED 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 Dated the 17th day of January, A.D., 2018.

Kirvy Ferguson Liquidator of KERZNER INTERNATIONAL TIMESHARE LIMITED NOTICE KERZNER GREENWICH LEISURE PROPERTIES LIMITED 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 Dated the 17th day of January, A.D., 2018.

Kirvy Ferguson Liquidator of KERZNER GREENWICH LEISURE PROPERTIES LIMITED