Issuu

business@tribunemedia.net

FRIDAY, FEBRUARY 12, 2021

$4.37

Activists bid to seize $14m Nygard Cay

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

NVIRONMENTAL activists are urging the Supreme Court to permit a receiver to seize possession of Nygard Cay, which was last valued at $14m, and sell it to satisfy its owner’s Bahamian legal debts. Save the Bays, in court documents obtained by Tribune Business, is seeking court orders “for deliveryup of vacant possession” and the property’s subsequent sale to settle $412,000 in legal costs and certificates of taxation awarded in its favour

• Urge court to appoint receiver to recover debt • $6m struck off value due to ‘illegal expansion’ • Appraisal: Mayan-themed buildings worthless and against Peter Nygard. The unpaid debts stem from successful Judicial Review challenges to Nygard Cay’s “illegal expansion”, which the Canadian fashion designer undertook over several decades in doubling his property’s size despite not possessing the necessary approvals and permits from the government. Fred Smith QC, Save the FRED SMITH QC

PETER NYGARD

SEE PAGE 4

Superplex cut-off over $506,000 BPL dispute

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Fusion Superplex was yesterday locked in urgent negotiations with Bahamas Power & Light (BPL) after its electricity was cut-off over a $506,000 debt despite fully complying with a payment plan. Carlos Foulkes, the cinema and entertainment complex’s chief executive, told Tribune Business it had pulled off the “remarkable achievement” of staying current with its electricity bills for the past five months despite revenues being reduced to the bare minimum by the COVID-19 enforced closure of most outlets. He argued, though, that it was now “untenable” for BPL to demand it cover more than half a million

• Disconnected despite being payment plan current • Urges debt be ‘offset’ with $498k damages claim • Staff ‘heartbroken’ amid wait for re-opening nod

FUSION SUPERPLEX dollars in prior arrears given that the utility’s 100 percent owner, the government, was responsible for its inability to pay by refusing to allow it to re-open more than 11 months since the first pandemic-related lockdown.

Law needs to alter for GB airport deal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government must change the Airport Authority Act to facilitate its acquisition of Grand Bahama International Airport, a Cabinet minister has revealed, adding that a deal “is so close I can feel it”. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the “location specific” nature of the Act requires it to be amended so that Grand Bahama’s primary gateway

DIONISIO D’AGUILAR can legally be brought under its ownership authority and control. “We’ve finished the negotiations; we now have to go

SEE PAGE 7

Oil opponents: ‘Books not closed’ on drilling

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

OIL exploration opponents last night said the fight against drilling is not over despite the Bahamas Petroleum Company’s (BPC) failure to strike a commercial find as they renewed calls for a lasting ban. Local environmental activists and their allies argued that “the books are not closed” even though BPC this week announced it is plugging its Perseverance One well and switching its attention to other assets in

Trinidad & Tobago, Suriname and Uruguay. “The books are not closed on this drill. The public deserves to know more about what happened with the Perseverance One well. It was clear from BPC’s after-action statement that there were problems with the drilling,” said Chris Wilke, global advocacy manager for the US-based Waterkeeper Alliance. “Where is the drilling report? Where is the geologist report? Why did the drill stop at 3,900 metres

SEE PAGE 3

Mr Foulkes also revealed that Fusion Superplex has a $498,000 outstanding claim against the state-owned energy monopoly over equipment it alleges was damaged by voltage fluctuations in so-called “brown

outs”, but said BPL has so far refused to offset the two sums owed despite being similar in size. The Fusion Superplex chief, who ended his conversation with Tribune Business to take a call from BPL’s chief executive, Whitney Heastie, said: “The goal was to keep the current payments, which we have been doing. They [BPL] are demanding payment of arrears, which we are unable to make under these conditions. “We have only one outlet [the Edge outdoor dining restaurant] open with

SEE PAGE 5

$4.15

$4.39

Cable’s $70m loan remedies ‘breaches’ with Aliv bond terms By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CABLE Bahamas’ $70m long-term loan to its Aliv affiliate was yesterday said to have remedied the mobile operator’s noncompliance with conditions attached to $60m in previously-issued bonds. Franklyn Butler, the BISX-listed communications provider’s chief executive, told Tribune Business that the introduction of “more patient capital” by Aliv’s parent has addressed the breaches previously identified in financial statements for the year to end-June 2020. The $70m loan transaction’s completion has allowed Cable Bahamas to reclassify the $58m-plus debt owed by Aliv to bondholders from a so-called “current” liability to one that is non-current, as reflected on its balance sheet at end-December 2020. “That is the Aliv financing being consolidated,” Mr Butler explained. “From an Aliv perspective they’re now in control of their network because there’s no vendor financing, and they have now completed their full financing based on the original plan they had. Aliv had always contemplated to take on some form of bank debt. “From Cable Bahamas’ perspective, we have security over the assets of Aliv and we believe we have put in enough financing so that Aliv’s preference shareholders and bond holders are fully secured. We see it as an investment that will help drive growth and EBITDA (earnings before interest, taxation, depreciation and amortisation). “We working with RF

FRANKLYN BUTLER Holdings, as the bond trustee, on the covenant breaches and, as we did not have long-term financing in place that was critical to put the $70m in and support it to make sure we’re not in breach of any of the bond covenants.” Cable Bahamas’ financial statements for the year to end-June 2020 had disclosed non-compliance with the terms and conditions attached to the unsecured Series A and B bonds issued in March 2017 to help provide capital to fund Aliv’s network expansion. “The proceeds of the notes were used for various capital projects and to fund working capital requirements,” the financial statements said. “The terms of the notes are governed by a trustee agreement, and all payments associated with the notes are required to be paid through a payment agent. “During the year, and as at June 30, 2020, the group was not in compliance with the financial covenants of the notes as set out in the trustee agreement. As a result, the notes have been reclassified this year to current liabilities in the consolidated statement of financial position. “Subsequent to yearend the breach remained unresolved, and while no waiver had been received,

SEE PAGE 7

PAGE 2, Friday, February 12, 2021

HE COVID19 pandemic’s economic consequences call for urgent policy responses to keep the economy afloat, and enable people to retain their jobs and incomes. Many will further argue that the idea of government support for businesses, particularly micro, small and medium-sized enterprises (MSMEs), is crucial if the economy is to avoid a deep and sustained depression. National Insurance Board (NIB) benefits for the unemployed, and social services programmes for the needy, are all part of the relief plan but fall short without a lifeline for locally-owned businesses. “Bail-out” is a general term for extending financial support to a company or country facing the threat of potential bankruptcy.

THE TRIBUNE

The risks and rewards of corporate bail-outs COVID-19 has created such a threat. Bail-outs can take the form of loans, cash, bonds or stock purchases. A bail-out may or may not require reimbursement, but there is often strict government regulation to oversee the details. The government or financing body has the right, and authority, to place strict requirements on such financial assistance including insisting on the restructuring of the company; no dividend payments to shareholders;

management changes; and, in some cases, a cap on senior executive salaries for a stipulated time period or until repayment of the loan. The government or lender must always appear to be exercising good stewardship over the resources they are investing in the struggling business. The government’s subvention to a private school, for instance, may require public officers to take leadership and management roles for a period of time or second public service

teachers there to supplement the existing staff. Bail-outs have several advantages. First, they ensure continued survival of the company being rescued under difficult economic circumstances. Second, a complete collapse of the financial system can be avoided when industries too big to fail start to crumble. The government, in these cases, steps in to prevent the bankruptcy of institutions that are needed for the smooth functioning of the overall economy. Bail-outs also have their disadvantages. Anticipated bail-outs can encourage business leaders to take higher-than-recommended risks in financial transactions. This happens because they start counting on a

bail-out when things go wrong. We know the government cannot help each and every company, nor can it endlessly rely upon loan financing in the hope that a quick recovery can float our fragile corporate climate. As countries around the world continue to relax their COVID-19 stay-athome orders, industries are itching to get sectors of the economy back up and running. The big question that remains is whether it all can be done safely, since having a steady stream of revenue is crucial to business survival. With travel, tourism, hospitality, food and beverage and other service industries gravely impacted by the pandemic, thousands

IAN FERGUSON BY

of businesses stand in need of immediate assistance. • NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

WATER CORP SIGNS DEAL ON WATER MANAGEMENT THE Water and Sewerage Corporation has signed an agreement with an Israeli non-governmental organisation (NGO) for a sustainable groundwater management system in Abaco. The Memorandum of Understanding (MoU) with IsraAID involves the development and implementation of this system as a response to the devastation inflicted by Hurricane Dorian on the Water & Sewerage Corporation’s Abaco infrastructure. The contract was signed by the corporation’s executive chairman Adrian Gibson, pictured right, and witnessed by general manager Elwood Donaldson. IsraAID is an Israeli NGO founded in 2001. Since its inception it has worked in more than 50 countries providing postdisaster assistance, using an extensive roster of Israeli and international experts.

On this project, IsraAID will work closely with Water & Sewerage Corporation personnel to develop a groundwater management system using a series of monitor wells. These will be equipped with sensors to provide data to a central Microsoft Access database that will guide management of the Abaco aquifer system. The project began in December 2020, and is expected to be completed by late 2021. The Water & Sewerage Corporation has

identified staff from Abaco, along with New Providence, Andros and other islands, to participate in this project with the aim of expanding it to other islands using the skills and technology acquired. A similar project is being implemented in Grand Bahama involving the Grand Bahama Utility Company and IsraAID. The long-term goal is to ensure groundwater resources are properly and sustainably managed for the benefit of all Bahamians and visitors.

THE TRIBUNE

Friday, February 12, 2021, PAGE 3

Farmers identify challenge Food stores blame Sunday on $190m food import cuts decline on COVID fall-out By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net FARMERS yesterday said that achieving a near$190m reduction in The Bahamas’ food import bill “depends” on how strategies to increase local food production are rolled out. Dr Earl Deveaux, a former minister for agriculture and current day farmer, told Tribune Business that the Inter-American Development Bank (IDB) has “done a significant body of work identifying boutique markets, specialty markets and areas where the agricultural sector could be competitive” when it came to achieving import substitution. “I am totally in accord with using science-based information like that to carve out appropriate areas for domestic production,” he added, while urging the Government to speed up its initiatives to revive local food production and create demand for Bahamiangrown produce. In particular, Dr Deveaux referred to pledges by Michael Pintard, current minister of agriculture and marine resources, that the Government will only use locally-produced goods at its events while hotels must source 40 percent of their food supplies locally. “With the closure of the hotels, and the decline in tourist supply to the Bahamas, the markets for high-end quality grain salads and different products that certainly Atlantis, and to a lesser extent Baha Mar, were increasingly securing locally through BFS (Bahamas Food Services) and other wholesalers..... That market is no longer there,” Dr Deveaux said. “Supplying the supermarkets with the items that Bahamians want in the shape that Bahamians want them, and the price that

Bahamians want them, is a significant challenge that the minister faces. Apart from Super Value there is a difficult pick-up of high desirable items like mutton, fresh pork, sweet potatoes and cassava.” Dr Deveaux said there is little demand for Bahamian produce unlike at smaller grocers in South Florida, and how they cater to Caribbean and Central American nationals by bringing their indigenous staple crops to South Florida when larger grocers such as Winn-Dixie could not. Citing a challenge in marketing Bahamian produce, Dr Deveaux called for better packaging in the stores to help consumers choose between buying local or foreign. He added that initiatives such as this were “commonplace” in countries such as Jamaica where the customer is able to identify, and make a clear distinction between the two. He added: “If you had an avocado, a tamarind or a pineapple, can it be displayed as an Eleuthera pineapple or Cat Island tamarind or an Andros avocado, and put on the shelf and displayed accordingly so that the customer can decide: ‘Am I going to buy this one, or buy the Californian or Costa Rican one?’. “I think in that particular sense, our country has failed the producer, and what has happened as a result is people interested in agriculture and interested in production have been driven to farmer’s markets and the produce exchange where the volume they could sell is significantly constrained.” Responding to recent initiatives by the Bahamas Agricultural and Industrial Corporation (BAIC) to upgrade the packing house and produce exchange system, so as to allow for better inventory control

and quality inspection, Dr Deveaux said: “There’s nothing new about that idea and I am totally distressed to hear that remains a problem.” “It could be a question of product volume and presentation, but to me that matter should be addressed at the source and not here in Nassau. Why grow sweet potatoes, cassava or cabbages in another islands to have them brought here to Nassau for someone to grade it?” Lance Pinder, operations manager at Abaco Big Bird Poultry Farm, said he saw no reason why The Bahamas cannot improve its food security. Responding to the IDB’s import substitution goal, he said: “You’re talking about what grade of stuff are you importing versus what could be grown here. I think you could target certain crops, for sure. “I think the biggest thing is you have got to get the average consumer starting to want more and more locally-produced stuff. I think that’s a big thing. You get the consumer demand and the product, people are going to put it in the store.” Mr Pinder agreed that the misuse of Crown Land set aside for agricultural purposes is “a problem in Nassau”, but argued that in Abaco, Grand Bahama and Andros there is no shortage of space. “There are thousands of acres of land,” he added. Another farmer, speaking under condition of anonymity, said the IDB should “stay out of our business. I’m fed up with the intrusiveness of some of the nature of IDB’s commentary on our national affairs. I am fed up with it, and it sickens me that they believe they have a right to get so granular on commenting on our business. They should stay in their lane”.

Oil opponents: ‘Books not closed’ on drilling FROM PAGE ONE when they planned to go to 4,800 metres? Pre-drill indications showed usable oil would likely be at much greater depths. We still need independent verification that this well is 100 percent plugged capped and secure”. Rashema Ingraham, executive director of Waterkeepers Bahamas, one of two environmental groups behind the ongoing Judicial Review challenge to BPC’s permits and approvals, added: “Given the alarming secrecy of documents held between the Bahamian government and BPC, the public has no assurance that... BPC does not have government permission continue drilling a second and third well. The public has a right to know what seabed rights our government has or has not sold away, and under

what terms.” Casuarina McKinneyLambert, the Bahamas Reef Environment Educational Foundation’s (BREEF) executive director, added: “Once the government releases BPC’s contractual documents, we will know where we stand on BPC’s ability to drill further wells. Beyond that, it is absolutely time to call on the government to institute a permanent oil drilling moratorium and finally eliminate this threat to our ecosystems, economy, and public safety at large. The prime minister and many others have stated that they are ‘totally opposed’ to oil drilling Bahamian waters. Now is the moment to make sure that, given the failure of Perseverance One, no new wells are drilled in the future.” BPC, in a long release that portrayed the situation as the

equivalent of a “glass half full”, said drilling to a depth of 3,900 metres had detected the presence of hydrocarbons but not enough to make it commercially viable at that site. It added, though, that the Perseverance One well’s findings had made the “technical” case that commercial oil reserves may be located in areas covered by some of its four other licences and it was not giving up on The Bahamas just yet. While the data collected from its exploratory drilling has yet to be reviewed and presented to the Bahamian government, as required by its licence terms, BPC indicated that there was sufficient justification to consider drilling further exploratory wells in addition to continuing the search for a joint venture partner.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net MULTIPLE food stores yesterday confirmed they have suffered Sunday sales drops of up to 20 percent but are blaming this on job and income losses rather than altered shopping habits. George Carey, general manager of Parkgate Marketplace, told Tribune Business that while he has seen a 20 percent decline in Sunday business he it still closing at the regular time of 2pm. Attributing the decline to COVID-19’s economic fall-out rather than associated health protocols, Mr Carey said,: I don’t think it’s restrictions right now. The economy is slower than it normally would be. People are still out of work. Most of the hotel workers are still home. The restrictions don’t really affect my hours. I don’t have to worry about closing up early because we close at 2pm before the restrictions.” Debbie Sweeting, store manager at John Chea No.5, said: “We usually close at 1.30pm anyway” while acknowledging that sales have dropped off slightly on Sundays. “A lot of people out of work. People need jobs,” she added. A manager at the John Chea No.1, speaking on condition of anonymity, said the store has noticed a slight decrease in Sunday sales and has not been as busy as before COVID19. They added thaty there was no intention of cutting hours despite the significant slowdown in customer traffic. They all spoke out after Super Value slashed Sunday shopping hours once sales “dropped off 25 percent”. Rupert Roberts, its principal, told Tribune Business that the chain and its Quality Supermarket affiliate have adjusted store hours in response to “drastic changes in consumer

To advertise in The Tribune, contact 502-2394

shopping habits” due to COVID-19 and associated restrictions. Disclosing that Sunday, which was the last day to enjoy an easing of pandemic-related measures, had previously been Super Value’s busiest sales day prior to the global health crisis, Mr Roberts said he believed business would be down 50 percent were it not for the company’s “double stamps” promotion. He added that payroll would exceed sales revenue if Super Value/Quality’s 13 stores retained their preCOVID-19 Sunday hours, he added that early closures have been staggered according to consumer demand for the past three to four weeks.

While “inner-city” stores are closing at between 1-2pm on Sundays, Super Value’s Winton store in eastern New Providence is now shutting at 3pm and Golden Gates at 5pm, although Cable Beach is remaining open to 8pm. Super Value and Quality’s outlets typically closed pre-COVID at times such as 3pm and 7pm. But, striking a more optimistic note, Mr Roberts said predictions that sales would have fallen off by 20-25 percent at this stage of the pandemic have yet to materialise. While sales were flat in the week leading up to the weekend’s Super Bowl, he added that they had since recovered to be ahead by 6 percent this week.

Full-Time employment opportunity to join our dynamic team.

Welder Certified 3-5 years’ experience Experienced Fabricator Mechanical Machinery Email Resume to Hrbahamas@cemex.com INTERNATIONAL BUSINESS COMPANIES ACT, 2000 AJS INTERNATIONAL PORTFOLIO FUND LTD Voluntary Liquidation NOTICE IS HEREBY GIVEN in accordance with section 138 (8) of the International Business Companies Act, 2000, the dissolution of AJS International Portfolio Fund Ltd. (the “Company”) has completed, a Certificate of dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 31 December 2020. Israel Borba Lyford Financial Centre, Building 2, Western Road P.O. Box CB-10988 Lyford Cay New Providence, The Bahamas

PAGE 4, Friday, February 12, 2021

ATLANTIS PARADISE ISL

ATLANTIS CONFIRMS COVE RE-OPENING ATLANTIS yesterday confirmed it had re-opened its 600-suite property, The Cove, on schedule ahead of adding new amenities and products. The Paradise Island mega resort, in a statement, said it will be unveiling upgrades to its beachfront cabanas, 22nd-floor club lounge and Nave Lobby by May 2021. “We look forward to welcoming guests to The Cove, who can expect to have an unforgettable vacation experience,” said Audrey Oswell, Atlantis president and managing director. “Our guests can relax, recharge and reconnect while experiencing the warmth of our Bahamian hospitality. “There isn’t a better place than our white sand beaches, all-suite guest rooms with stunning ocean views, and the adults-only Cove pool with private daybeds and beachside cabanas.”

THE TRIBUNE

Activists bid to seize $14m Nygard Cay FROM PAGE ONE Bays’ legal director, told Tribune Business the environmental group had been forced into litigation yet again after Mr Nygard who is still languishing in a Canadian jail as he fights extradition to the US on sex trafficking and other abuserelated charges - failed to respond to their “civil” requests for payment. “Mr Nygard is indebted to Save the Bays for these certificates [of taxation] set out in the originating summons, and unfortunately yet again - despite our efforts at being civil and asking for payment - has not paid. “You’ll recall that last time we had to bring in the bailiffs to take possession of Nygard Cay. Now, in addition to the costs set out in the originating summons, there are ongoing taxation proceeds from other orders for payment of costs, both in the Supreme Court and Court of Appeal. “We’re taking the route of appointing a receiver

A VIEW OF NYGARD CAY who will take possession of Nygard Cay, and who will then be provided with additional certificates as and when they are complete so we can have payment of all the costs, which will be quite substantial.” Save The Bays, otherwise known as The Coalition to Protect Clifton Bay, launched its bid to seize Nygard Cay, which lies at the northwestern tip of New Providence in the ultra-wealthy Lyford Cay community, on December 14, 2020. An October 16, 2018,

appraisal of Nygard Cay by Robin Brownrigg and Paul Antonas, of Bahamas Realty, concluded that the buildings on what remains of Mr Nygard’s fire-devastated Mayan-themed property “have no value” to any prospective buyer. Instead, they based their assessment on the value of Nygard Cay’s land alone, pegging this at $14m. This represents a $6m discount that the Bahamas Realty duo allowed for covering the costs associated with restoring the former Simms Point to its original 3.246 acre size and boundaries, thereby removing Mr Nygard’s expansion that nearly doubled its size to 6.18 acres. Messrs Brownrigg and Antonas suggested a sale could be concluded within 12 months if Nygard Cay was marketed at the suggested $14m price, although this assessment was given prior to the COVID-19 pandemic. “The land area was expanded illegally without government permission over many years through the construction of groins, seawalls, gabions, barns, pylons etc to develop beautiful beach lines around the property,” the Bahamas Realty duo wrote. “The land size increased from its original size of approximately 2.59 acres when it was purchased by Nygard in 1984 to approximately 6.18 acres with the reclaimed section

representing approximately 3.59 acres. The reclaimed section encompasses a man-made lagoon on the northern side of the property and extensive beach on the southern side.... “Government has requested that Mr Nygard remove all illegal structures and restore the coastline to its original form. The cost to do this was estimated to be approximately $2.7m in 2009 by Tycoon Management and Bahamas Marine Construction, and would probably be in the region of $6m today.” Messrs Brownrigg and Antonas added that the “structural soundness” of Nygard Cay had been impacted by the November 1, 2009, fire, and said: “The property would be next to impossible to market for sale since the unique and questionable architectural design is in contrast to the high standard of architecture and development found in Lyford Ca,y and particularly along the peninsula of Simms Point or EP Taylor Drive in the immediate vicinity. “The appraisers have therefore given no credence to the value of the structures on the property today, and have concentrated mainly on the value of the land as it was pre-construction and prior to the reclaiming of land illegally. “Due to this property being virtually unsellable in its current state, it would need to be restored back to its original state when it was purchased in 1984. The land must also be legally restored to its size and shape in 1984. The cost to do this is estimated to be approximately $6m. The current market value is therefore $20m minus $6m with the ‘as is’ market value being $14m.” It is unclear whether COVID-19 will have significantly altered this appraisal value, but Joe Darville, Save the Bays executive

chairman, said in a February 10, 2021, affidavit that the group remains steadfast in seeking to recover around $2m in legal costs awarded to it and against a combination of Mr Nygard, his attorney and the government. “Save the Bays has an unblemished record over the last almost eight years in bringing successful Judicial Review proceedings against government and public agencies for their actions, inaction and decisions in relation to unregulated development in The Bahamas. This is a matter of public record,” Mr Darville alleged. “The costs awarded to Save the Bays in the actions listed..... amount to many millions of dollars. Some bills have been taxed and paid, some remain untaxed and others have been taxed and are subject to negotiations for payment or enforcement proceedings. “There are many separate costs orders against government respondents, Peter Nygard and attorney Keod Smith in the actions listed that remain unpaid. Peter Nygard remains indebted to Save the Bays on a number of Certificates of Costs referenced by action numbers. Save the Bays is in the process of executing for payment thereof,” he continued. “Mr Nygard has been ordered to pay the costs of Save the Bays in more actions in which taxation proceedings are ongoing, and/or where bills of costs are being prepared for taxation. Again, these are also in the public domain.” “Keod Smith, a senior member of the Bar of The Bahamas, likewise remains indebted to Save the Bays on two certificates of taxation of costs,” Mr Darville added. “Save the Bays is in the process of executing for payment thereof. Copies of the two certificates for $111,500 and $263,000, totalling $374,500 with interest accruing at the statutory rate, are exhibited. He said enforcement proceedings have also been launched against the government to collect $1.387m in taxed legal costs awarded over Judicial Review challenges involving unregulated development at Nygard Cay.

THE TRIBUNE

Friday, February 12, 2021, PAGE 5

Superplex cut-off over $506,000 BPL dispute FROM PAGE ONE limited seating. We agreed with them we will keep current, but we can’t deal with the arrears until we are back up and operational. We have made payments for the last five months, which is a remarkable achievement in the circumstances. We don’t disagree that we owe the arrears, but it’s untenable” to demand they be paid now. Mr Foulkes added: “We’re negotiating with them right now. What is owed on the arrears is $506,000. Our position to them is: You owe us $498,000. We have a claim in against them for damages to equipment of up to $498,000. They’ve been sitting on that for two years. “Offset the two. That’s all we’ve been asking for, but we’ve not heard from them on the matter since February 2020. They’ve not addressed our issues. Be patient with us; we’re being patient with you. These are extraordinary circumstances.” Mr Foulkes did not give specifics on when the BPL arrears date from, whether this debt or a significant portion was incurred before the COVID-19 pandemic and related lockdowns struck in late March 2020, or when the

payment plan was agreed. However, he told this newspaper that Fusion Superplex, which overlooks the intersection of Gladstone Road and JFK Drive, had seen its hopes of being able to re-open in first November, then December 2020, dashed by the government and its “competent authority”. It was subsequently only given permission to open Edge, its outdoor restaurant and dining facility, but its return is now in jeopardy unless the BPL dispute is satisfactorily resolved. Mr Foulkes said both the Ministry of Health and Department of Environmental Health Services (DEHS) had given Fusion Superplex the go-ahead to open its cinemas with 33 percent capacity and “staggered showings”. He added: “We’re waiting on the competent authority to do their homework and give us approval. I hope it’s imminent. Not knowing the date is the biggest problem for planning. With the power out, it’s a problem, no doubt about it. We’re trying to make it. We’re running on a stand-by generator but it cannot carry the load indefinitely.” A BPL spokesperson declined to comment on the

situation, although sources confirmed that Fusion Superplex does have a payment plan with the utility. It was previously revealed that the company also has a payment plan with the National Insurance Board (NIB). The situation highlights another aspect of COVID-19’s economic devastation, raising questions as to whether BPL and other utilities should be disconnecting struggling businesses and homeowners who simply lack the means to pay as this only threatens to further increase job losses and economic misery. However, BPL and its fellow utilities will likely equally argue that they are not charities, and that they need customers to pay what is due - especially six-figure outstanding bills - so they can keep the electricity supply and other services running for the benefit of all Bahamians. Fusion Superplex staff, though, interpreted BPL’s actions as being the equivalent of kicking someone when they are already down

and hurting. Fears were voiced over how the situation will impact staff recalled at Edge, as well as the complex’s prospects for reopening and recalling more of its workforce. Nikolette Elden, Fusion Superplex’s marketing manager, told Tribune Business she was “heartbroken” at the latest developments while later confirming that electricity supply was still disconnected as this newspaper went to press last night. “We’ve been closed almost a year and there’s only so much you can survive being closed a year,” she added. “There’s only so much you can do to sustain the operation. From last year we suffered a blow with BPL damaging our equipment. It caused us to be on generator power from 5pm through the night, and we have yet to hear from BPL on that matter. “Right now they have disconnected us but we are up-to-date with our payments. We have a payment plan in place, and are up to date with those payments but

there are some arrears.” Ms Elden said the Fusion Superplex had effectively been closed for a year as its business started to be impacted before the end-March 2020 lockdown. “People were reluctant to come out,” she explained. “We did notice a dip in the movie attendance rate, and they’re the biggest revenue generator. We’ve not been given approval to re-open. What do we do? We have received numerous contacts from customers on social media asking when we’re going to open, saying the closure makes no sense and quoting the Michael Jackson song line They don’t really care about us. “I’m heartbroken sitting here. We’re doing the best we can in the circumstances. We’re on generator power at the moment but there’s only so much we can do to sustain that. We have events planned all weekend [at Edge]. “Mr Foulkes and our chief financial officer were going to be speaking to BPL. What is really going on here? We need some answers. We need answers about our claim, and we need answers about the disconnection,” Ms Elden continued.

“We have tried our very best not to lay-off staff. We’ve come out of meetings discussing how we do not want to lay-off staff. That has been Mr Foulkes position, the executive team, the owners. We do not want to lay-off staff. “We’ve been closed almost a year. I don’t know what our next move will be. I am sitting here with a heavy heart because we already know the challenges families are faced with having been impacted by our closure. There are breadwinners that work for us who have been unable to provide for their families.” The Fusion Superplex was forced to place between 350 and 400 staff on furlough when the pandemic hit, and Ms Elden voiced particular concern for the “skeleton staff” of less than 100 who had been recalled to Edge as a result of the BPL disconnection. She added that the company had already missed “several movie blockbusters” that would have enabled it to catch up on some of the revenue lost over the past year due to the wait for the Prime Minister’s Office to give the go-ahead for full re-opening.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MABELLE MARINA JOHNSON, of #2 Golden Gates, P.O. Box GT 2047 Nassau, Bahamas intend to change my name to MARINA MELODY JOHNSON. 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 IAN MARK ANTHONY LEWIS, of Sisal Road East, Golden Gates #1 P.O. Box N 869 New Providence, 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 12th day of February 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that VANESSA RICHEMOND, of Infant View Road, New Providence, 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 12th day of February 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that KIWOIRE OCTAVIEN, of Kemp Road, New Providence, 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 12th day of February 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that ALSHANE CHRISTOPHER WALLACE , of #138 Little Hyde Park , Seabreeze Lane, P.O. Box N 4173 New Providence, 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 twentyeight days from the 12th day of February 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

THURSDAY, 11 FEBRUARY 2021

BISX ALL SHARE INDEX:

CHANGE

1981.72

-1.43

%CHANGE

YTD

YTD%

-0.07 -110.74

-5.29

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

BISX LISTED & TRADED SECURITIES 52WK HI 4.50 33.05 2.00 2.15 2.10 6.00 6.90 3.55 6.15 4.33 6.16 12.77 3.64 6.85 10.88 8.44 15.08 4.25 9.26 16.00

52WK LOW 3.13 22.65 0.67 1.62 1.51 5.00 6.00 2.70 4.27 3.25 5.50 10.20 2.10 4.75 9.50 7.70 13.00 3.50 8.15 14.00

PREFERENCE SHARES 1.00

1.00

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 4.50 32.12 1.62 2.15 1.67 6.00 6.61 2.98 4.74 3.25 5.60 10.20 2.66 6.76 9.97 8.40 13.50 3.75 8.50 15.20

CLOSE 4.50 32.12 1.62 2.15 1.59 6.00 6.61 2.93 4.74 3.25 5.60 10.20 2.69 6.76 9.97 8.40 13.50 3.75 8.50 15.20

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 BSBGR1320294 BSBGR1321391 BSBGR1322498

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 FX BSBGR1320294 BGRS FX BSBGR1321391 BGRS FX BSBGR1322498

CHANGE 0.00 0.00 0.00 0.00 (0.08) 0.00 0.00 (0.05) 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME

3,636 3,000

88,600

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

250

VOLUME

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

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 18.8 34.5 N/M N/M N/M N/M 17.9 -6.7 33.9 17.7 12.5 14.1 26.4 14.5 15.4 11.5 16.5 18.5 9.1 24.1

YIELD 3.78% 3.92% 1.23% 1.40% 0.00% 0.00% 3.93% 0.00% 0.00% 3.69% 3.93% 7.06% 16.13% 0.89% 3.29% 2.86% 4.00% 3.20% 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

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.81% 5.29% 5.65%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Oct-2029 15-Oct-2039 15-Oct-2049

MATURITY

MUTUAL FUNDS 52WK HI 2.39 4.43 2.14 201.90 184.85 1.69 1.85 1.78 1.24 8.49 10.26 7.28 13.91 12.84 10.81 10.00 10.20 13.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.66 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 Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global 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 2.39 4.43 2.14 201.90 184.85 1.68 1.79 1.76 1.05 8.49 10.03 7.28 13.91 12.84 10.05 N/A 10.20 13.79

YTD% 12 MTH% 4.55% 4.55% 1.58% 1.58% 2.60% 2.60% 3.47% 3.47% 10.86% 10.86% 1.03% 1.03% -3.14% -3.14% 0.26% 0.26% -12.29% -12.29% 1.76% 1.76% -1.97% -1.97% 4.91% 4.91% 5.28% 15.75% 0.05% 3.96% -0.35% -6.34% N/A N/A 8.60% 8.60% 11.90% 11.90%

NAV Date

31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-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

THE TRIBUNE

Friday, February 12, 2021, PAGE 7 CABLEBAHAMAS headquarters.

WESTERNAIR terminal at GB Airport in the aftermath of Hurricane Dorian.

Law needs to alter for GB airport deal FROM PAGE ONE

Cable’s $70m loan remedies ‘breaches’ with Aliv bond terms

FROM PAGE ONE

the notes have not been called by the trustee.” There was no suggestion at the time that Cable Bahamas/Aliv had defaulted on due interest and principal payments to-date, as more than $5m in interest was paid to the bondholders during the 12 months to end-June 2020. With the $70m financing having resolved that issue, Cable Bahamas also announced that it has followed the lead established by other BISX-listed companies after its Board this week approved a voluntary buy back of its common shares. While no purchase and price targets have been set, Mr Butler confirmed that Cable Bahamas’ goal is to back-up its stock price and prevent it becoming devalued by small retail investors who decide to accept any price to exit their investments. “We’ll be just like everybody else in the market where we believe we can support the share price as opposed to allowing small trades to bring the share price down,” he told Tribune Business. “We believe we have a very orderly

process where we are starting to repay some of the capital on the balance sheet. “We are confident we are on the right track. We believe we should support the share price as move through this orderly process to restructure the balance sheet and restore dividends to shareholders.” Mr Butler conceded that Cable Bahamas shareholders are “anxious” about the company will return to profitability, and dividend payments subsequently resume, but urged them to take “the long-term view” of the company’s prospects. While providing no timelines, he told this newspaper that the company will likely attain profitability “in the not too distant future” while acknowledging that the capital-intensive nature of Cable Bahamas’ business meant that depreciation and amortisation-related accounting treatments could be “onerous” on the results. Cable Bahamas’ has continued to use the $301m-plus proceeds from the Summit Broadband sale to deleverage and restructure its balance sheet, having reduced its longterm bank debt to $10m and started to redeem its

preference shares. The early repayment of $37m in US dollar-denominated preference shares reduced the outstanding principal from more than $301m to $264m by year-end 2020, while still retaining more than $94m in cash and equivalents on its balance sheet. Cable Bahamas’ income statement also shows progress, with the company generating $4.237m in operating income for the six months to yearend 2020 as opposed to a $2.124m loss in the prior year. However, depreciation combined with bank interest and preference share dividends dragged the communications provider to a half year net loss of $11.784m - a reduction of more than 50 percent on the prior year. Mr Butler added: “The Cable Bahamas group of companies has managed to outperform targets in the face of unprecedented adversity. As a group we were able to deliver a plan that was aligned with our vision of what agility needs to be in this new reality. We are confident that this made all the difference in navigating the implications of the pandemic.”

through the mechanics of getting it done,” he disclosed. “We have an agreement, but the mechanics of the details are in the process of being completed and worked out. “We have to change the law, the Airport Authority Act, to enable it to acquire that airport because that Act is location specific. It refers to specific locations, so we have to amend that Act to acquire the airport.” Mr D’Aguilar declined to discuss the terms of the acquisition deal between the government and the airport’s owners, Hutchison Whampoa and the Grand Bahama Port Authority’s (GBPA) Port Group Ltd, although this newspaper previously reported that the purchase price was $1. In return, Hutchison and the GBPA will hand over responsibility for rebuilding and redeveloping the facility to the government while also retaining the Hurricane Dorian insurance proceeds. Mr D’Aguilar said the two sides were now preparing legal documents and going through “the mechanics of transferring title”, adding that “tens of millions of dollars, possibly hundreds of millions of dollars” will be required to rebuild Grand Bahama International Airport as a critical piece in the country’s national infrastructure. “The only thing we have to consider is that it would be madness to rebuild that airport using the same approach we’ve done in the

past because every time we get a storm surge it wipes it out,” he told this newspaper. “It makes absolutely no sense to put the airport back the way it’s been done in the past.” Dr Hubert Minnis yesterday said the Cabinet will likely discuss the Grand Bahama International Airport purchase this coming Tuesday. “My understanding is that all the paperwork is all completed and that will be brought to Cabinet on Tuesday, at which time Cabinet will deliberate on it,” he added. “We are prepared at this time to take over and move the management team in place. Once the management is in place, then we will take over.” Many observers believe that Hutchison and the GBPA, which own the airport 50/50 via the Freeport Harbour Company with the Hong Kong conglomerate holding management control, walked away from their obligations to rebuild the Dorian-ravaged facility in the storm’s aftermath. Reconstruction costs have been estimated at $60m to reconfigure the airport and harden it against future storms. With the Public Treasury increasingly cashstrapped due to COVID-19, the government is looking to a private-public partnership (PPP) to raise the necessary financing and construction/ management expertise similar to the Nassau Airport Development Company (NAD) model. Magnus Alnebeck, Pelican Bay’s general manager, while

hailing announcements that an acquisition is close as “fantastic news” this week warned the government that it must tackle Grand Bahama International Airport’s (GBIA) high costs if its prospective purchase is to “grow the destination”. The resort executive said it was vital that such a key infrastructure asset, which acts as the tourism and commercial gateway to Grand Bahama, be owned by a proprietor that wanted to expand the island’s economy rather than an entity seeking to extract as much profit as possible from a diminishing customer base. Arguing that the present ownership duo fell into the latter category, Mr Alnebeck said the airport “has to be better” than its post-Hurricane Dorian appearance of “a tin and some rusty chairs”. He added that airline connectivity at competitive costs and fuel prices was more important for the island’s revival as a tourism economy. The present airlift situation, with the island being served by minimal carriers and flights, was described as unsustainable especially since ticket prices were more expensive between Miami and Freeport than those for the Nassau route. “There has been the challenge with the operating costs at the airport that are generally passed on to airlines and passengers, and make it too expensive that no one wants to fly there,” Mr Alnebeck added. “If this purchase happens it will be fantastic news, and then I hope they [government] find a solution as to who operates the airport as opposed to messing with the airport themselves. It’s a wonderful idea that the people of The Bahamas own the airport as opposed to a private company that wants to make money out of it.”

PAGE 8, Friday, February 12, 2021

THE TRIBUNE

LEGAL NOTICE

LIQUIDATOR’S NOTICE

PURSUANT TO SECTION 138 (6) OF THE INTERNATIONAL BUSINESS COMPANIES ACT

We, Sterling (Bahamas) Limited, Liquidator of ETIA HOLDING LTD., hereby certify that the winding up and dissolution of ETIA HOLDING LTD., has been completed in accordance with the Articles of Dissolution.

We, Sterling (Bahamas) Limited, Liquidator of GATOR REALTY INVESTMENTS, LTD., hereby certify that the winding up and dissolution of GATOR REALTY INVESTMENTS, LTD., has been completed in accordance with the Articles of Dissolution.

We, Sterling (Bahamas) Limited, Liquidator of LIRA GLOBAL INVESTMENT OPPORTUNITIES FUND LTD., hereby certify that the winding up and dissolution of LIRA GLOBAL INVESTMENT OPPORTUNITIES FUND LTD., has been completed in accordance with the Articles of Dissolution. Dated the 9th day of December 2020

Dated the 31st day of December 2020

Dated the 16th day of November 2020

Sterling (Bahamas) Limited Liquidator

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 81° F/27° C Low: 67° F/19° C

TAMPA

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Warm and humid; an isolated shower

Partly cloudy

Sun, patchy clouds; warm, humid

Mostly sunny

Mostly sunny; still warm, humid

High: 81°

Low: 71°

High: 81° Low: 70°

High: 81° Low: 69°

High: 81° Low: 70°

High: 82° Low: 69°

AccuWeather RealFeel

84° F

72° F

85°-71° F

86°-70° F

87°-70° F

88°-70° F

High: 78° F/26° C Low: 68° F/20° C

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.

almanac

ABACO

High: 77° F/25° C Low: 73° F/23° C

7-14 knots

WEST PALM BEACH High: 83° F/28° C Low: 70° F/21° C

6-12 knots

FT. LAUDERDALE E

FREEPORT

High: 83° F/28° C Low: 73° F/23° C

High: 79° F/26° C Low: 69° F/21° C

MIAMI

High: 83° F/28° C Low: 72° F/22° C

6-12 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 72° F/22° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 83° F/28° C Last year’s low ................................... 71° F/21° C Precipitation As of 1 p.m. yesterday .................................. trace Year to date ................................................. 1.86” Normal year to date ..................................... 1.95”

ELEUTHERA

NASSAU

High: 81° F/27° C Low: 71° F/22° C

High: 79° F/26° C Low: 74° F/23° C

KEY WEST

High: 80° F/27° C Low: 74° F/23° C

tiDes For nassau High

6-12 knots

7-14 knots

Low

Ht.(ft.)

8:10 a.m. 8:31 p.m.

3.0 2.5

1:53 a.m. -0.5 2:35 p.m. -0.4

Saturday

8:52 a.m. 9:13 p.m.

2.9 2.5

2:38 a.m. -0.4 3:15 p.m. -0.3

Sunday

9:31 a.m. 9:54 p.m.

2.8 2.5

3:21 a.m. -0.2 3:52 p.m. -0.2

Monday

10:10 a.m. 10:36 p.m.

2.6 2.5

4:04 a.m. -0.1 4:29 p.m. -0.1

Tuesday

10:48 a.m. 11:18 p.m.

2.4 2.4

4:47 a.m. 5:06 p.m.

0.1 0.0

Wednesday 11:29 a.m. -----

2.2 -----

5:32 a.m. 5:45 p.m.

0.3 0.1

Thursday

2.3 2.0

6:21 a.m. 6:27 p.m.

0.4 0.2

12:03 a.m. 12:12 p.m.

sun anD moon Sunrise Sunset

6:46 a.m. 6:02 p.m.

Moonrise Moonset

7:35 a.m. 7:03 p.m.

First

Full

Last

New

Feb. 19

Feb. 27

Mar. 5

Mar. 13

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 81° F/27° C Low: 75° F/24° C

High: 81° F/27° C Low: 76° F/24° C

High: 81° F/27° C Low: 74° F/23° C

W S

LONG ISLAND

tracking map

High: 81° F/27° C Low: 75° F/24° C

7-14 knots

MAYAGUANA High: 82° F/28° C Low: 75° F/24° C

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

Ht.(ft.)

Today

High: 81° F/27° C Low: 74° F/23° C

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

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

CAT ISLAND

uV inDex toDay

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 80° F/27° C Low: 75° F/24° C

GREAT INAGUA High: 83° F/28° C Low: 76° F/24° C

N E

High: 81° F/27° C Low: 75° F/24° C

8-16 knots

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

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS SE at 6-12 Knots S at 7-14 Knots SE at 6-12 Knots SE at 7-14 Knots SE at 7-14 Knots SE at 7-14 Knots ESE at 8-16 Knots ESE at 8-16 Knots SE at 7-14 Knots SE at 7-14 Knots SSE at 6-12 Knots S at 8-16 Knots SE at 7-14 Knots SE at 7-14 Knots E at 8-16 Knots ESE at 8-16 Knots ESE at 8-16 Knots SE at 8-16 Knots E at 8-16 Knots ESE at 10-20 Knots SE at 6-12 Knots SSE at 6-12 Knots SE at 8-16 Knots ESE at 7-14 Knots SE at 7-14 Knots SE at 7-14 Knots

WAVES 3-6 Feet 3-5 Feet 1-3 Feet 1-3 Feet 3-5 Feet 3-5 Feet 3-6 Feet 4-7 Feet 3-6 Feet 3-5 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-3 Feet 3-6 Feet 3-6 Feet 2-4 Feet 2-4 Feet 4-7 Feet 4-8 Feet 1-3 Feet 1-3 Feet 3-5 Feet 2-4 Feet 2-4 Feet 2-4 Feet

VISIBILITY 10 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 10 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

WATER TEMPS. 75° F 75° F 77° F 78° F 78° F 78° F 79° F 79° F 78° F 78° F 78° F 79° F 77° F 78° F 80° F 80° F 79° F 79° F 78° F 78° F 76° F 76° F 79° F 79° F 77° F 77° F