02132017 business

business@tribunemedia.net

MONDAY, FEBRUARY 13, 2017

$4.27

Broker’s rescue questioned over $1.8m deficiency

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Securities Commission is questioning whether last-ditch efforts to rescue a Bahamian broker/dealer, which has admitted to misusing client monies, are “bona fide” given its $1.862 million solvency deficiency.

Christina Rolle, the regulator’s executive director, alleged in a February 9, 2017, affidavit that it was difficult to see why any potential buyer would want to acquire Tillerman Securities given its latest financial statements.

Tillerman’s accounts, for the year to end-December 2015 and the six months to June 30, 2016, showed that the broker/dealer was falling deeper into insolvency amid its increasing regulatory troubles with the Securities Commission.

Its solvency deficiency, or negative net worth, stood at $1.862 million as at June 30 last year, an increase upon the $1.643 million at yearend 2015.

Tillerman’s accumulated deficit (total losses) also grew over the same period, from $2.561 million to $2.83 million, with the Securities Commission using the accounts to cast doubt on the

Regulator queries ‘bona fide’ of Tillerman plan Firm’s total deficit jumps to $2.83m at end-June 2016 Insolvent broker’s liabilities more than 2x assets

The Opposition’s House leader has expressed concern that the Government’s agreement with China Construction America (CCA) may have compromised a Bahamian developer’s proposed project for Lighthouse Beach.

Loretta Butler-Turner told Tribune Business she had requested disclosure of The Pointe’s Heads of Agreement partly because of fears that the deal may cut across Bahamian plans for that location.

Although the Heads of Agreement, dated June 18, 2015, makes no specific reference to Lighthouse Beach or the western tip of

The Abaco Club’s principals have described the timing of the project’s Heads of Agreement signing - some three months after a legal challenge was launched against its Little Harbour marina project - as “coincidental”.

Tom Southworth, vicepresident of development for Southworth Development, the Abaco Club’s main owner, told Tribune Business that the September 2, 2016, Heads of Agreement signing “had

$4.23

Govt breaching global standard on union vote

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government was warned three years ago that its supervision of trade union ballots breached international labour standards - an error it is now threatening to exacerbate with further legal changes.

The International Labour Organisation (ILO), in a February 6, 2017, letter to Bahamian trade union leaders, said the proposal that a strike ballot can only be held if a ‘two-thirds majority’ of union members vote in favour of doing so merely added to this nation’s non-compliance with global norms.

Claudia Coenjaerts, director of the ILO’s Caribbean office and ‘decent

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Christina Rolle, executive director, Securities Commission

attempt by 13 of the broker/ dealer’s clients to acquire the insolvent company.

With “expenses far in See pg b4

Local ‘can’t get any answers’ on Lighthouse Beach Hilton owner to ‘enhance’ area via Pointe deal Concern on work permits, cost exposures Paradise Island, it was mentioned by Khaalis Rolle, minister of state for investments.

Mr Rolle, in his address to the House of Assembly upon the Heads of Agreement’s tabling, See pg b5

Abaco Club’s Heads signed three months after legal challenge

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.28

Yet to act after ILO’s 2014 warning on violations Adds to noncompliance with ‘2/3 majority for strike’ TUC chief accuses Govt of seeking to ‘control’ unions Bahamas yet to meet ‘national law obligations’ work’ team, said its ‘expert committee’ had informed the Government in 2014 that the Industrial Rela-

Trade Union Congress President Obie Ferguson. tions Act’s section 20 (3) needed changing to bring it in line with ILO Convention 87.

The ILO found particular fault with the Act’s requirement that the Reg-

istrar of Trade Unions, or one of his officers, supervise trade union voting on whether to take industrial action, the election of officers and changes to union constitutions.

This, the ILO’s ‘expert committee’ found, amounted to potential Government interference or “pressure” over voting by union members, leaving the Bahamas in breach of Convention 87.

Convention 87 deals with the rights of workers to organise, and have freedom of association, and Ms Coenjaerts’ February 6 letter confirmed that despite ratifying this, the Bahamas has yet to follow through on its “obligation” to translate its contents into national law.

The letter, sent to the Trades Union Congress’s See pg b5

‘Even less hopeful’ NHI will safeguard taxpayers

Loretta: CCA deal may compromise Bahamian project

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.24

Developer: Timing has nothing to do with marina Eleven drafts exchanged with Govt over two years Gets permission to intervene in RDA action nothing to do” with either the marina permitting or Responsible Development See pg b7

A well-known physician says he is now “even less confident” that National Health Insurance (NHI) will be able to protect taxpayers and patient confidentiality, while expressing concerns about the quality of care that will be offered.

Dr Duane Sands, the FNM’s candidate for Eliza-

beth, told Tribune Business that “the grade and calibre” of doctors that sign up as NHI providers is more important that the actual numbers.

A spokesman for the NHI Secretariat told Tribune Business on Friday that officials were “happy with the process so far”, although they provided no numbers on how many doctors had signed on since registration was launched on January 31.

“The NHI Secretariat has seen positive support from the physician community,” the spokesman said via emailed response to Tribune Business inquiries.

“These key partners appreciate and value the importance of one-onone discussions and group information sessions that we have engaged with them to ensure all their questions are answered, and facilitate See pg b6

IT absence exposes ‘public purse’, confidentiality Sands: Will scheme recruit our ‘best team’?

Secretariat ‘happy’ with doctor registration

THE TRIBUNE

Monday, February 13, 2017, PAGE 3

FNM deputy: ‘Not one red cent’ to Carnival

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

“Not one red Bahamian cent” in government subsidies should be allocated to Bahamas Junkanoo Carnival until a detailed accounting of the first two is presented, the Free National Movement’s (FNM) deputy leader is arguing.

K P Turnquest’s blast came after Obie Wilchcombe, minister of tourism, last week backed the privatisation of Junkanoo Carnival, adding that the Government would be able to regain its near-$20 million initial investment over time.

“It is good that after spending in excess of $20$25 million on this foreign copycat event and fruitless exercise, the Government finally recognises what we have all been saying for the last three years,” Mr Turnquest said.

“This initiative, however well-intentioned, has been horribly planned from inception, very poorly managed with a terrible lack of financial oversight.”

Michael Halkitis, ministerof state for finance last week, said the Government has budgeted a reduced $5 million for this year’s event. For the inaugural festival, the Government spent $11.3 million, going over its initial budget of $9 million, with the balance of the $12.9 million covered by sponsors. Last year, the total cost was $9.9 million,

with a government subsidy of $8.1 million.

“The fact that the government has announced a reduction in the subsidy to $5 million is still overpriced in my opinion, as the Commission has yet to give an account of the first $25 million,” Mr Turnquest said.

“Until we have a proper detailed accounting of the past carnivals, it is my position that not one red Bahamian cent out to be allocated to this foreign concept.”

He added: “We have thousands of Bahamians unemployed and unable to access assistance. We have a lack of educational resources in public schools, many of which are still under-performing, and shortages of medicines in the public hospitals and clinics.

“Carnage continues on our streets as families grapple with the loss of loved ones. How do we justify this continued investment that organisers themselves have admitted produces no profitable result?”

According to Mr Turnquest, the FNM plans to increase support for indigenous cultural and heritage festivals, tied to this nation’s tourism promotion.

“There is no possible chance that we will invest more in an inauthentic foreign cultural concept than we do in junkanoo, regattas and native heritage festivals,” he added.

Union president slams ‘draconian measures’ offered by employers

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Trade Union Congress (TUC) president hasslammed the “draconian measures” proposed by Bahamian employers to penalise trade unions if they fail to file annual returns or become insolvent.

Obie Ferguson said private sector demands that non-compliant trade unions “cease to exist”, or have their registration cancelled, would breach International Labour Organisation (ILO) conventions.

Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, set out the private sector’s position in a December 20, 2016, letter to the director of labour, calling for the recommendations to be discussed by the National Tripartite Council (NTC).

The private sector has also recommended that a mandatory obligation be placed on Bahamian trade unions to create ‘a redundancy fund’ for their members.

Mr Ferguson retorted: “That is something I have asked for years; that there be a redundancy fund established for the workers by the employers.

“Now they are twisting it and saying the unions should do it. They want the union to create a redundancy fund but they don’t want the union to collect dues, so I don’t see how we can have a redundancy fund. It’s just amazing.”

He added: “This thing about annual returns, I don’t see how that makes sense.

Top producer spots buyer needs change Bahamas Realty’s top producer for 2016 says high net worth individuals have become more demanding in their search for homes in the Bahamas.

Monica Knowles said they are no longer just looking for the grandest property; they are seeking a ‘place to play’ luxury market.

Among the successes that earned her the top achiever award was the sale of a $7.5 million home in Ocean Club Estates. That listing, and others in the sevenfigure range, reaffirmed Ms Knowles’ appreciation of the changes in what the well-to-do want when it comes to a home in the sun.

“There was a popular book called ‘The Rich are Different.’ I would say what the rich want is different.

More importantly, it is different today from what it was only a decade ago,” said the 34-year-old.

“A decade ago, high net worth clients would ask about security and who their neighbours were, hoping they would have distance between them. They wanted to know how many bedrooms and baths were in the house. They would ask about a great room, the height of ceilings, how many people the formal dining room could seat. It was about size and show.”

That same buyer today is more likely to want to know about amenities and activities – boating, golf, tennis, fitness centre, spa, jogging trails, cycling, and how easy it is to get to places, to charter a boat or where to keep a yacht they own.

“The high net worth client today wants an allaround package,” said Ms Knowles. “They want a sense of privacy, but they also want a place to play. It is almost an upscale play-

Monica Knowles ground mentality for the discerning. They truly appreciate the beauty of the islands and they are interested in what activities they can enjoy immediately.”

The immediate use of amenities is one of the reasons Ocean Club Estates has remained so desirable, she added.

“Unlike some communities where you have to apply for club membership, Ocean Club Estates buyers are instantly and automatically entitled to enjoy the amenities of the club and of Atlantis, so they have lots of dining options, all the sports and water sports, casino, spa, luxury shopping,” Ms Knowles said. “They are part of a community that is built on the principle that you can be safe and have an awful lot of fun, living the dream.”

“Monica’s knowledge about real estate is multifaceted and she is most certainly able to do more than the average agent,” said Harry Crosby, an American who recently purchased on Paradise Island, and was so pleased with her handling of his transaction that he posted a letter singing her praise.

Ms Knowles, whose father is of Long Island heritage and mother from South

MEDICAL PRACTICE

ON PRINCE CHARLES DRIVE

FOR SALE TEL: 324-8672 324-5318

America, said understanding different cultures was critical, but all buyers share key requirements.

“People want to know that their assets are safe,” she said. “They want personal and property security.

That is first for every buyer.

Because of our location and our stable government, we will continue to attract people as a safe haven.”

If what people are shopping for has changed, so has the way they search.

“When I first started in this business, I wanted to reach people online so I created my own personal website,” said Ms Knowles.

“That was novel and innovative back then. It is a bit more common today, but it worked because I was able to connect personally with people all over the world.

“Now that we are beginning to see a rebound from the recession of 2008 and 2009, and given the fact that the Bahamas continues to tick all the boxes of what the luxury market seeks, we have every reason to believe that the future holds great promise.”

The employers should be responsible for paying VAT and doing an audit of the accounts, so that the Inland revenue will get the proper Revenue due to it from their business.

“They can’t just make demands of the union when they, on the other hand, have freedom. The ILO Convention 87 makes it very clear that there be freedom of association, which means that the Government can’t intervene in the internal workings of the union.

“We signed the ILO Convention 87 on June 14, 2001, and the Government accepted that. These draconian measures that they are trying to put on the union are against the ILO Convention, which we ratified in 2001, so I don’t know how far they will get.”

The amendments to the Employment Act and Industrial Relations Act initially proposed raising the redundancy pay ‘cap’ by two-thirds for both line and managerial staff, something the Chamber of Commerce has warned would “cripple and/or bankrupt most businesses” in the Bahamas, resulting in mass lay-offs and company closures.

Other planned amendments to the Employment Act require companies to give 30 days’ notice to the Minister of Labour and relevant trade unions if they plan on making an employee redundant.

Should they fail to comply with this, “they will be required to pay each affected employee 30 days’ basic pay in lieu of notice” in addition to what they are due under the law.

Minister of Tourism, Mr Obie Wilchcombe

THE INTERNATIONAL BUSINESS COMPANIES (WINDING UP AMENDMENT) ACT, 2011 AND THE COMPANIES ACT, CH. 308 NOTICE OF FINAL GENERAL MEETING TRIPACK INVESTMENTS LIMITED (In Voluntary Liquidation) Registration No. 18972B Notice is hereby given that a Final General Meeting of the Members of the above-named Company will be held at the offices of FT Consultants Ltd, 2nd Floor, One Montague Place, East Bay St. Nassau, Bahamas on the 13th day of March, 2017 at 12:00 noon, for the purpose of having an account laid before them, showing the manner in which the winding up had been conducted, and the property of the Company disposed of, and hearing any explanation that may be given by the Liquidator, and also of determining by Resolution the manner in which the books, accounts and documents of the Company, and of the Liquidator shall be disposed of.

Dated this 13th day of February, 2017 Maria Ferere Liquidator

PAGE 4, Monday, February 13, 2017

Broker’s rescue questioned over $1.8m deficiency From pg B1

excess of its revenues for the periods reported”, Ms Rolle alleged: “The petitioner [the Securities Commission] notes that the company, not having sufficient revenues over the said periods, either had to have received a direct injection from its shareholders or continued to use clients’ funds in order to fund its

expenses.

“The petitioner has no reason to believe, nor has been provided with any evidence, suggesting that the current assets under management is able to generate sufficient income to cover the company’s ongoing expenses.

“It is the view of the petitioner that, based on the financials presented, the company does not have any

value that would attract a bona fide buyer.”

Ms Rolle, though, conceded that the Securities Commission had “not received any independent valuation of any assets the company may hold or goodwill, if any”.

The Securities Commission is attempting, via the Supreme Court, to have Tillerman Securities placed into provisional liquidation and, ultimately, to be wound-up. Ed Rahming, the Bahamian accountant and Intelisys (Bahamas) executive, is understood

EMPLOYMENT OPPORTUNITY

Restaurant Managers

A food service industry leader is seeking to employ experienced managers for its restaurants. The successful candidates must possess effective leadership skills and will be expected to work closely with the Restaurant Manager in managing the overall restaurant operations.

The individuals should have a solid understanding of the food and beverage industry and possess a minimum of 3 to 5 years experience in the related field with a proven track record of exceptional customer service.

Primary Duties and Responsibilities: • Ensures the company’s customer service excellence standards are exemplified consistently and that all team members are held accountable to same • Facilitate a high level of customer satisfaction by obtaining regular customer feedback • Identifies and resolves “bottlenecks” in food preparation and delivery to increase speed of service without sacrificing accuracy of orders • Ability to maintain a safe, clean and high quality restaurant operation at all times • Supervises and trains team members on all restaurant systems • Ability to effectively communicate, both orally and in writing, on a consistent basis with Restaurant Management team, superiors and support staff • Practical knowledge of inventory control management • Ability to coach, train and develop team members as well as delegate work in a way that encourages teamwork during shift to ensure smooth restaurant operations • Proven ability in handling of customer complaints, ensuring speedy and satisfactory resolution • Ensures the awareness and knowledge of all of the company’s systems, policies, procedures and operations through training and development • Provides productive direction to team members in a clear and concise way, and sets an example for team members by working hard to ensure swift and smooth food production and quality service • Sets challenging goals for self and team, provides timely performance feedback and ensures accountability Qualifications and Experience • Minimum of three to five years experience in the food and beverage and hospitality industries in a managerial or supervisory role • Working knowledge of computerized information systems used in restaurant operations, e.g. Point of Sales (POS) systems • Proficiency in various software applications, e.g. Microsoft Word, Excel, PowerPoint Salary will be commensurate with qualifications and experience.

Interested candidates should submit their resumes in confidence to the following email address:

submityourform@gmail.com

to have been tapped as the potential provisional liquidator.

The capital markets regulator believes Tillerman’s winding-up is in the interests of both its clients and the integrity of the wider Bahamian financial services industry, with Tribune Business previously revealing how the broker/dealer admitted to using almost $4 million in client monies to fund its operating expenses and business development plans without first getting their permission.

Apart from “the improper use of its clients’ funds”, Tillerman Securities has also been unable to meet the minimum $300,000 regulatory capital requirement for two years, and is “insolvent”, with assets exceeding liabilities following several years of sustained losses.

Tillerman’s latest financial statements further confirm the latter concern, with $1.18 million in total assets ($725,797 of which are current) dwarfed by $3.031 million in total liabilities.

Of the latter, which are more than double Tillerman’s total assets, the majority - some $2.919 million -are shown as due to its clients.

The financial information provided to the Securities Commission also shows a total comprehensive loss of $711,768 for the year to end-December 2015.

The regulator is using the extent of the ‘red ink’ to justify its opposition to a ‘rescue plan’ for Tillerman, which has been put forward by 13 of the broker/ dealer’s clients, and who are willing to give ‘retroactive consents’ for the previous “improper” use of their monies.

Tillerman’s managing director, Hans Christian Saunders, in a Supreme Court affidavit said the plan involved the 13 clients acquiring 100 per cent of

the broker/dealer’s share capital in exchange for the sums owed to them.

Apart from this “set off”, Tillerman’s existing debts and liabilities, plus all legal fees and costs associated with the purchase, will be paid by the current shareholders.

The current shareholders - Mr Saunders, attorney Craig Butler and Mark Albury - are also to give personal guarantees against forecasts of Tillerman’s future performance.

And the same Ed Rahming as the Securities Commission is proposing as provisional liquidator will be named as interim manager under Tillerman’s new owners until a new management team is appointed.

With Tillerman’s existing shareholders and directors having accepted the client offer on January 31, Mr Saunders promised that if allowed to proceed, the agreement would remove the $3.9 million debt from the broker/dealer’s books, return it to solvency and make all clients whole.

“Damage to the reputation of the jurisdiction as a financial services centre will be avoided,” Mr Saunders said, adding that the ‘rescue plan’ would produce “a vastly better outcome than that presented by a liquidation”.

The Securities Commission, as indicated by Ms Rolle’s affidavit, is deeply suspicious of the ‘rescue’ plan, not least because no ‘new money’ appears to be being injected into Tillerman to recapitalise it.

The regulator is also understood to be questioning why the 13 clients would forego the sums owed to them in return for vague promissory notes and guarantees by the existing owners.

It is also thought to be querying why any investor would seek to acquire

call 502-2394 to advertise today!

THE TRIBUNE Tillerman given its history, as the broker/dealer is effectively insolvent, unregistered and has been without a license to operate since late September 2016.

And further concerns surround the fact that the ‘rescue plan’ massively overvalues Tillerman, and nothing has been mentioned about how all other clients - those outside the 13 - will be taken care of.

Tillerman, though, has temporarily at least managed to thwart the Securities Commission’s plans to appoint a provisional liquidator and “preserve what remains of clients’ assets”.

For Justice Ian Winder has agreed with the broker/dealer’s argument that the Securities Commission failed to follow the processes set out in section 157 of the Securities Industry Act. This section relates to the ability of Securities Commission licensees to appeal any final decision it makes to the Supreme Court, once the regulator has completed its own disciplinary processes and hearings.

The Securities Commission, though, is understood to be arguing that section 157 does not apply to the Tillerman situation, as the formal process was never invoked and a ‘final decision’ never taken.

Instead, it claims its actions against Tillerman were covered by the Act’s section 69, which allowed it to impose conditions on the broker/dealer’s license and registration until it complied. When it failed to do so by end-September 2016, the Securities Commission refused to renew its license and moved for the provisional liquidation.

Tribune Business understands that the Securities Commission intends to appeal Justice Winder’s finding to the Court of Appeal, fearing that the ruling could have major implications - and potential negative consequences - for its ability to regulate the Bahamian capital markets.

THE TRIBUNE

Monday, February 13, 2017, PAGE 5

Govt breaching global standard on union vote From pg B1 (TUC) president and general secretary, Obie Ferguson and Tyrone Morris, respectively, implies that despite knowing of the deficiencies since 2014, the Government has failed to amend the Industrial Relations Act to bring it into line with the ILO Conventions, which are considered as ‘fundamental protections’ for workers throughout the world.

Ms Coenjaerts confirmed to the Bahamian union leaders that Robert Farquharson, the director of labour, had contacted the ILO for “guidance” on whether the proposed ‘two-thirds strike vote majority’ amendment “would violate any international labour standards” - especially Convention 87.

She added that the ILO’s Caribbean office had “drawn the attention of the director of labour” to the previous assessment by the Committee of Experts on the Application of Con-

ventions and Recommendations (CEACR) on “the existing problem” with the Industrial Relations Act. Noting that the committee’s concerns dated from 2014, Ms Coenjaerts said these included the Act’s requirement that a strike ballot be supervised by an officer from the Department of Labour, otherwise it is treated as “unlawful”.

“The Committee considers that, with a view to ensuring freedom from any influence or pressure by the authorities which might affect the exercise of the right to strike in practice, the legislation should not provide for supervision of a ballot by the authorities,” Ms Coenjaerts wrote, reproducing the 2014 findings.

“The Committee requests the Government to amend section 20 (3) according to the above principle, and to indicate any measures taken or envisaged in this respect.”

It was a similar story with the Industrial Relations

Loretta: CCA deal may compromise Bahamian project From pg B1 said: “Furthermore, the developer [CCA] has agreed to partner with the Government in the enhancement of Lighthouse Beach.”

Mrs Butler-Turner, was not present in the House of Assembly when The Pointe agreement was tabled, and suggested the timing may have deliberately coincided with her absence. She only learnt of Mr Rolle’s Lighthouse Pointe comments when Tribune Business read them out to her from his address.

Questioning why the Lighthouse Beach agreement with CCA was not included in the Heads of Agreement, Mrs ButlerTurner told Tribune Business: “A Bahamian applied for that as well. He’s got his own project proposal and cannot get any answers.

“I’m very concerned about that if you have a Bahamian who is just hanging in the branches and can’t get an answer. There is a project in the Prime Minister’s Office for that.

“Why is it that the Government is so opaque as to what they have planned for the western end of Paradise Island? In the absence of this thing being in the overall Heads of Agreement, what else has been left out?”

Mrs Butler-Turner declined to name the Bahamian developer involved, or go into detail on the nature of their project, suggesting they did not want publicity

given the commercial sensitivity associated with it.

“It had to do with preserving the lighthouse,” she added of the Bahamian project. “They certainly wanted to use the northern side, which is a nice beach.

“They seemed to think that Perry Christie has led him on, and thinks he’s at a point of breakthrough and does not want to jeopardise that.

“Clearly, I told him that I’d heard the Government had entered into an agreement with CCA for that property, and I doubted very seriously that he was going to get dibs on that.”

Mr Rolle could not be reached for comment on the matter by Tribune Business over the weekend.

However, there is a recent history of project proposals to use the western end of Paradise Island and Lighthouse Beach as a ‘beach break’ getaway destination catering to both locals and tourists.

Mrs Butler-Turner, meanwhile, expressed disappointment that it had taken more than 18 months for the Government to reveal the contents of The Pointe agreement with CCA, as she questioned “how current” it was.

She added that there was “total confusion” in the Heads of Agreement over the number of work permits granted, and the 70:30 ratio of Bahamian to foreign workers (in the Bahamians’ favour) that was supposed to be maintained during The Pointe’s construction.

Share your news

The Tribune wants to hear from people who are making news in their neighbourhoods.

Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

Act’s section 20 (2), which currently mandates that secret union ballots relating to the election/removal of officers, or changes to union constitutions, be supervised by the registrar of trade unions (director of labour) or one of his officers.

Ms Coenjaerts’ letter noted that the Committee had called for the Government to take “specific measures” to change this “with a view to ensuring that trade unions can conduct ballots without interference from the authorities”.

The Government, though, as previously revealed by Tribune Business, is instead seeking to insert an entirely new clause 1 (d) into the Act’s section 20, which deals with the supervision of strike polls by the Minister of Labour.

The new clause requires that “a two-thirds majority” of union members must vote in favour of taking a strike poll before it can be held - something they do not have to do currently.

The proposed clause effectively creates another step, and a potential impediment/obstacle, in the process trade unions and Bahamian workers must

undergo before they can lawfully take industrial action against an employer.

It would require Bahamian trade unions to ‘take a poll on whether they should have a poll’, with the bar set extremely high for a vote in favour of a strike ballot.

However, Ms Coenjaerts said her office had informed the Government that such a change would compound the Bahamas’ existing noncompliance with ILO Convention 87.

“The Office indicated that the proposed amendment would represent another legal requirement being added to a poll process which has already been considered to not be in compliance with Convention 87,” she wrote, “which the Bahamas has ratified and thus which it is obliged to translate into national legislation and practice.

“The Office also indicated that amendments to section 20 of the Industrial Relations Act would be needed to address the comments of the Committee of Experts.”

Mr Ferguson, the TUC president, told Tribune Business that the ‘twothirds strike vote majority’

proposal indicated that the Government was seeking to exert “greater control” over Bahamian trade unions.

Despite violating Convention 87, and amounting to unwarranted government interference in trade union affairs, Mr Ferguson said the proposed amendment also ran counter to global trends towards greater freedom.

“The world is moving away,” he added, “and people have the freedom to conduct their own affairs.

The internal workings of the union have nothing to do with the Minister of Labour, director of labour and the Government.

“Over the years, restrictions have been imposed, and the ILO letter makes clear those restrictions should not be there at all.”

Addressing the contents of Ms Coenjaerts’ letter more directly on the ‘twothirds’ majority proposal, the TUC president said: “The proposal is inconsistent with Convention 87 and Convention 98, which deals with collective bargaining.

“We have great difficulty in this country with the Department of Labour and the Minister of Labour

honouring Convention 87.

We ratified Convention 87 as a country, and are not prepared to put in place the legislation that ought to flow from doing so.

“The unions ought to be allowed to operate freely, have free elections in accordance with Convention 87, and put in place internal procedures not subject to review; even by the court.

They are not intended to be a statute or Act of Parliament.”

Mr Ferguson told Tribune Business that instead of making the changes urged by the ILO, the Government was proposing new amendments that threatened to exacerbate the Bahamas’ non-compliance “because they want to control the unions”.

“It’s clear that what the Government is proposing is contrary to ILO Convention 87 and Convention 98,” he added.

“The ILO is saying that they’ve not implemented the first changes, yet they’ve chosen to introduce new restrictions to give them further control.”

Mrs Butler-Turner said the agreement’s first page said The Pointe would “provide approximately 200 hundred jobs for Bahamians during the peak of construction”.

Yet she added that page 14 referred to the granting of 400 to 500 hundred construction-related work permits, despite the stipulation that a 70:30 labour ratio be maintained once Bahamian sub-contractors are included.

“There seemed to be discrepancies with regard to that, even though they said there would be a 70: 30 ratio

in favour of Bahamians,” Mrs Butler-Turner said.

“It’s not a well thoughtout Heads of Agreement.

It leaves too many unanswered questions. This is why I kept pushing for this, and I’m not satisfied that those questions I had have been substantively answered.”

The reference to “200 Bahamians at the peak of construction”, though, refers to a specific point in time - rather than the duration of the whole project.

This would enable the 70:30 ratio to be maintained, especially if the work permits

are spread out over the construction duration.

Mrs Butler-Turner, meanwhile, expressed concern that the Government may also be exposing Bahamian taxpayers to unknown costs due to the permission granted to CCA to undertake utility and infrastructure works in the downtown area.

In particular, the Heads of Agreement requires the Government to “review the traffic flow on West Bay Street from the Hilton to Nassau Street”, so that there is “easy access” to The Pointe’s marina and

retail shops, with roadway repairs and a solution to flooding also called for.

CCA is allowed to conduct this work itself if it is not completed before The Pointe opens, and to do the same with regard to all electrical and water infrastructure.

Recalling the dispute that arose between the Government and Baha Mar’s original developer over the cost of the West Bay Street road re-routing, Mrs ButlerTurner said: “The Government is getting into a position where it doesn’t know what the final cost will be.”

PAGE 6, Monday, February 13, 2017

‘Even less hopeful’ NHI will safeguard taxpayers From pg B1 any additional support in the provider registration process.

“To further support the provider community, the NHI Secretariat has scheduled nearly a dozen group information sessions during the month of February and March.”

Dr Sands, though, said that given the Bahamas’ “astonishingly horrendous” healthcare issues, especially with chronic non-communicable diseases, it was vital that NHI put “the best team forward” in terms of doctor quality.

“We’ll see what happens, not only the numbers but the grade and calibre of physicians that sign up,” he told

Tribune Business.

“The question is whether or not these individuals who have not yet been granted the right to practice in an unsupervised setting ought to be the mainstay of care for an expanded public healthcare system.

“It doesn’t make an awful lot of sense to me, taking nothing away from what they bring to the table.”

Dr Charles Clarke, head of the Bahamas Doctors Union (BDU), has frequently been wheeled out at NHI press conferences to suggest that the scheme - due now to be launched in May - has the backing of Bahamian physicians.

However, he and the BDU largely represent the junior doctors in the public

healthcare system, and do not speak for private practitioners whose buy-in is vital if the Government is to both reduce the burden on its system and provide NHI enrollees with a high quality of care.

Dr Sands said NHI could not succeed without the likes of specialists in family medicine, internal medicine practitioners, paediatricians and obstetricians, as they were “the core, the front line that are appropriately equipped to deal with the surge facing the Bahamas”.

Given this nation’s healthcare statistics and indicators, he added: “You are going to need your best and brightest on the frontline if you’re going to have the highest impact.

“It’s already predicted that it will take the best part of a generation to see a reduction in morbidity and mortality from non-commu-

TRUST MANAGER Leading TrusT Company is seeking a candidate for the position of Trust Manager responsibilities include: • Liaising with senior management in the provision of information/execution of transactions and problem resolution • Managing all associated risks and escalating as appropriate • Preparing periodic administrative reviews of trusts and companies • Liaising with Compliance/Business Risk Management, external auditors and regulators as required to ensure adherence to all internal policies/procedures and regulatory requirements • Ongoing updating and maintenance of trust administration system as it relates to account management • Projects as assigned from time to time.

KnoWLedge/sKiLLs reQuired: • Bachelors degree in law, business administration, accounting or related field • Minimum 5-10 years experience in trust and company administration or related experience • Strong oral and written communication skills • STEP qualification is desirable • Sound knowledge of fundamental trust and company laws and related administrative practice • Basic knowledge of banking and investment products and their application in overall management and administration of wealth • Basic understanding and working knowledge of accounting concepts and their applications • Ability to identify potential risk issues and solutions and to communicate these effectively to senior management • Excellent time management, organization and administrative skills • Strong analytical and problem-solving skills • Strong interpersonal skills and excellent team player BENEFIT INCLUDE EXCELLENT SALARY, PERFORMANCE BASED BONUS PAYMENTS, PENSION BENEFITS AND MEDICAL COVERAGE. Interested Bahamian candidates should forward copy of their resume to:

dy.resources@gmail.com

nicable diseases. If we don’t put our best team forward, it’s going to take two generations.

“The idea that you’re just going to put anybody out there to provide that type of care suggests simply that this is more about optics than care.”

Dr Sy Pierre, the Medical Association of the Bahamas (MAB) president, backed up Dr Sands’ concerns about the quality of physicians and subsequent care under NHI. He confirmed that at a recent MAB meeting, where 30-40 doctors were present, not one admitted to signing up to provide services under NHI. “No one admitted to signing up. Some people wanted a show of hands,” Dr Pierre said, confirming that the latter request did not happen.

“Obviously, the [NHI] remuneration is going to be very low, and people were saying they can’t run their office off of this. A senior consultant may not be able to, but a junior doctor or general practitioner may be able to.

“But if someone needs to

feed their children and pay their school fees, they may be challenged. Some of the people with large practices are not going to sign up. But those who have to sign up will sign up.”

Another doctor, speaking to Tribune Business on condition of anonymity, added: “I don’t know a single person who has signed up to it. As of right now, no one knows a single person who’s done it. They didn’t get the response they were looking for at the meetings, and they’re not getting the response they expected in registration.

“There’s a tonne of doctors out there who have no clue. A lot of doctors have been pretty complacent about it because they don’t believe it’s going to happen.”

Dr Sands, meanwhile, reiterated long-held concerns that the absence of an NHI-wide information technology (IT) system, and electronic medical records system, left the proposed scheme wide-open to patient and provider fraud, and other forms of financial abuse.

THE TRIBUNE “I had a conversation with one of the Cabinet ministers about this,” he told Tribune Business. “Certainly, I am even less confident given where they are with the IT platform in terms of protecting the public purse and confidentiality of data.”

Dr Sands said “nothing is in place” regarding an NHI IT system, even though talks may have taken place with potential vendors and suppliers, and a tender document developed.

He added that Doctors Hospital launched its electronic medical records system 10 years ago, via a phased approach that gradually extended it across all necessary professions.

“The roll out took the better part of four-five years,” Dr Sands said. “Even today, this system, more than 10 years old, we’re still finding glitches, and that is in a 70bed hospital.”

Comparing this to NHI’s nationwide requirements, he added: “It is almost impossible that any timeline less than a few years is doable. But they’re hell-bent on rolling this thing out.”

Intelisys is a boutique corporate restructuring, insolvency, forensic accounting, litigation support and asset recovery services firm in The Bahamas. We are seeking applications for the below listed position.

SENIOR ANALYST The Senior Analyst will support management and be responsible for performing the day-to-day investigations, research, statutory tasks, and financial analysis for corporate recovery, forensic accounting, liquidation or asset recovery assignments. The successful applicant is expected to be client focused, perform their duties with appropriate confidentiality and professionalism, demonstrate an appropriate level of initiative and organization, and be able to operate in a demanding environment.

The ideal candidate should have a finance or accounting background and have completed a qualification in one of the fields from a recognized institution or professional body. The successful applicant will typically have had at least two to five years recent experience with a Big 4 Accounting firm. Prior experience in the insolvency or corporate recovery field is a plus.

The range of salary for this post is commensurate with qualifications. A comprehensive benefits package includes health insurance, a discretionary bonus and 20 days’ vacation.

Written applications along with detailed resume should be submitted no later than 27 February 2017 at: info@intelisysltd.com: Intelisys P O Box SP 64064 • Nassau • The Bahamas

THE TRIBUNE

Monday, February 13, 2017, PAGE 7

Abaco Club’s Heads signed three months after legal challenge From pg B1 for Abaco’s Judicial Review.

He disclosed that negotiations with the Government had taken almost two years from the Abaco Club’s acquisition closing in December 2014, with 11 drafts exchanged between the two sides.

Setting out the timeline, Mr Southworth said the Heads of Agreement request had been made while negotiations to acquire the Abaco Club from Marriott Vacations Worldwide were ongoing during 2013-2014.

He added that the first draft was “in circulation” with the Attorney General prior to the purchase closing, and said: “NEC approval was issued in relation to our purchase in 2014, inclusive of the marina land, and there was agreement for the development to enter into an Heads of Agreement with the Government.

“Contractual timelines demanded that we close by year-end 2014, so we purchased without finalising the Heads of Agreement, but subject to condition that Government conclude negotiations thereon “Post-close, intense negotiations continued between the parties for almost two years, with approximately 11 drafts being exchanged.”

Mr Southworth said the “final form” of the Heads of Agreement was largely agreed in mid-2016, with the signing taking place on September 2, 2016.

“The Government was meticulous with the negotiation of our Heads of Agreement and, as we were

told by our lawyers, it was not uncommon for the negotiations to proceed slowly,” Mr Southworth said.

“In short, while I understand your question and see the coincidence, the Heads of Agreement was being heavily negotiated for several years. The timing of the signing had nothing to do with the marina permitting process.”

Mr Southworth was responding to Tribune Business inquiries after Karen Brown, an attorney for Higgs & Johnson, the Abaco Club’s legal representatives, disclosed the timing of the Heads of Agreement signing in court documents.

Ms Brown, in a January 17, 2017, affidavit which formed part of the Abaco Club’s bid to intervene in the RDA Judicial Review, confirmed that the Heads of Agreement “contemplated the development of a marina”.

She then acknowledged that some three months prior to the Heads of Agreement signing, RDA had launched its challenge to the proposed Little Harbour project, challenging the permitting/approval process and alleged lack of consultation with interested parties.

Mr Southworth, though, told Tribune Business: “Detailed discussions of the marina commenced [with the Government] from day one of the NEC application.”

Tribune Business understands that the Abaco Club has succeeded in its bid to

intervene, and be joined as a party, to the RDA action given that the Judicial Review’s outcome threatens to have a material impact on its interests.

Ms Brown, in affidavits sworn on her client’s behalf, said: “The proposed interveners [the Abaco Club’s immediate holding companies] are entities which have invested several million dollars in the Abaco community and hold significant assets therein.

“The instant action seeks to challenge the ability of the proposed interveners to continue with key aspects of their development, and it is necessary therefore for the proposed interveners to participate in the instant proceedings so as to protect their interests and rights.”

Ms Brown added that the Little Harbour Marina would be constructed on property owned by the

Abaco Club, and involved “a substantial investment” that has already been made by the developers.

RDA, meanwhile, has not been idle itself. In court papers filed on February 2, 2017, the non-profit organisation is seeking an Order that the Abaco Club disclose the Heads of Agreement signed with the Government on September 2, 2016, last year.

The RDA action is the latest development-related Judicial Review case to be launched against the Government and its regulatory agencies on the basis that they have either failed to follow their own permitting/approval processes as set out in law, and/or not properly consulted affected parties on the actions they propose to take.

The nine government respondents to the Judicial Review include Prime Min-

ister Perry Christie; Deputy Prime Minister Philip Davis; Glenys Hanna Martin, minister of transport and aviation; Kenred Dorsett, minister of the environment; the Town Planning Committee; South Abaco District Council; Richard Hardy, acting director of Lands and Surveys; and Marques Williams, Abaco’s port administrator.

The Abaco Club is proposing to remove some existing moorings and demolish an existing dock to make way for its 44-slip facility.

This will extend some 270 feet into Little Harbour and measure 320 feet across, with supporting facilities such as a restaurant, supplies store, car park, desalination and wastewater treatment plants also set to be built.

Notice of Intention to Declare Interim Dividend (0.18, r.6) THE COMPANIES ACT, CH. 308 NOTICE OF INTENTION TO DECLARE INTERIM DIVIDEND SPECIAL INSURANCE COMPANY LIMITED (In Voluntary Liquidation) TO: the Creditors of SPECIAL INSURANCE COMPANY LIMITED

WHERE HIT MUSIC LIVES W W W .

1 0 0 J A M Z

. C O M

@100JAMZ242

TAKE NOTICE that the Liquidators intend to declare an interim dividend.

Any Creditor wishing to participate in the interim dividend must lodge his proof of debt with the Liquidators no later than Friday, 17 February 2017.

The Liquidators are not obliged to adjudicate upon any proof of debt received after this date. With the result that your failure to lodge a proof of debt by 17 February 2017 may result in you being excluded from the interim distribution but you will not be excluded from any subsequent distribution or the final distribution.

Dated this 13th day February of 2017 Mark Munnings and Raymond Winder JOINT LIQUIDATORS SPECIAL INSURANCE COMPANY LIMITED (In Voluntary Liquidation) c/o Deloitte & Touche Bahamas Dehands House, 2nd Terrace West Centreville P.O. Box N-7120 Nassau, N. P., The Bahamas Telephone: (242) 302-4800 Fax: (242) 322-3101

PAGE 8, Monday, February 13, 2017

THE TRIBUNE

US stock indexes extend climb into record heights AP Business Writer – Wall Street capped a week of milestones Friday with a rally that pushed the major stock indexes to all-time highs for the second day in a row.

Small-company stocks did better than larger ones, nudging the Russell 2000 index to a record high for the first time since December.

Miners and other raw materials companies led the gainers. Rising crude oil prices also gave energy companies a big boost.

Consumer goods stocks were essentially flat.

Strong company earnings and investor optimism over the Trump administration’s promises of tax cuts, less government regulation and other policies helped fuel the market’s gains much of the week. News that OPEC is largely adhering to a recent pact to cut crude oil production has also helped lift markets. The daily market moves have been mostly small, but big enough to push indexes to new heights.

“We had a drought for a very, very long time last year where we went almost a year and a half without hitting a new high, which was the longest time ever,” said Randy Frederick, vice president of trading & derivatives at Charles Schwab.

“Now we’re back to what I would say is more of a typical move, where you get record highs consistently.”

the New York Stock Exchange at sunset, in lower Manhattan. U.S. stock indexes extended their climb into record heights early Friday, Feb. 10, 2017, powered by rising energy prices. (AP Photo) The Dow Jones industrial average rose 96.97 points, or 0.5 percent, to 20,269.37.

The Standard & Poor’s 500 index gained 8.23 points, or 0.4 percent, to 2,316.10.

The Nasdaq composite index added 18.95 points, or 0.3 percent, to 5,734.13. All told, the Nasdaq closed at a record high four times this week, as well as last Friday.

The Russell 2000 picked up 10.32 points, or 0.8 percent, to 1,388.84.

Trading got off to a good start early Friday, as investors sized up the latest batch of company earnings.

Some 70 percent of the

NOTICE WILLOW ASSETS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) WILLOW ASSETS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

companies in the S&P 500 have reported quarterly results as of Friday. About 40 percent of those turned in earnings and revenue that beat Wall Street’s forecasts, according to S&P Global Market Intelligence.

Earnings are on track to mark the second-consecutive quarter of growth after a five-quarter losing streak.

Beyond earnings, investors are also eying Washington D.C. for signs the Trump administration will deliver on the promised business-friendly policy proposals that helped drive a market rally last fall, in-

cluding slashing government regulations and taxes.

“The market has been pretty generous ever since the election in moving in anticipation of what might come,” Frederick said.

“The question is at what point does the market expect to see things actually happen versus just promises of action. That’s the tricky part.”

Investors bid up shares in companies that turned in better earnings or outlooks than Wall Street was expecting, including footwear company Skechers, video game publisher Activision

NOTICE YENTINOWEN LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) YENTINOWEN 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 08th February, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 09th February, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Octagon Management Limited at Bahamas Financial Centre, Shirley and Charlotte Streets, Nassau, Bahamas

(c) The Liquidator of the said company is Triangle Administration Limited at Bahamas Financial Centre, Shirley and Charlotte Streets, Nassau, Bahamas

Dated this 13th day of February, A. D. 2017

Dated this 13th day of February, A. D. 2017

_________________________________ Octagon Management Limited Liquidator

_________________________________ Triangle Administration Limited Liquidator

Blizzard and real estate investment company CBRE Group.

Skechers gained $4.50, or 19.3 percent, to $27.78, while CBRE Group climbed $2.43, or 7.7 percent, to $34.

Activision Blizzard was the biggest gainer in the S&P 500. The maker of “Call of Duty,” ‘’Candy Crush” and other video games jumped $7.50, or 18.9 percent, to $47.23.

Other companies’ quarterly report cards failed to impress traders.

Yelp skidded 13.6 percent after the online reviews company’s revenue forecasts disappointed Wall Street. The stock slid $5.66 to $35.83.

Cerner slumped 4.4 percent after the health care information technology company lowered its earnings and revenue guidance for the year. The stock was the biggest decliner in the S&P 500. It fell $2.38 to $51.50.

Soaring copper prices gave gold and copper miner Freeport-McMoRan a lift.

It rose 41 cents, or 2.7 percent, to $15.80.

Investors also welcomed Sears’ huge cost-savings initiative. The troubled department store chain said Friday that it will slash at least $1 billion a year in costs by selling stores, cutting jobs or selling some of its well-known brands. The stock leaped $1.42, or 25.6

percent, to $6.96.

In deal news, Mead Johnson Nutrition Co. rose 5.6 percent after the baby formula maker agreed to be bought by British household products company Reckitt Benckiser for $90 a share, or $16.6 billion. Mead Johnson shares climbed $4.67 to $87.72.

Benchmark U.S. crude rose 86 cents, or 1.6 percent, to close at $53.86 a barrel in New York. The contract rose 66 cents on Thursday.

Brent crude, the benchmark for international oil prices, gained $1.07, or 1.9 percent, to close at $56.70 a barrel in London. Natural gas futures declined 11 cents, or 3.4 percent, to $3.03 per 1,000 cubic feet.

Major stock indexes in Europe closed mostly higher.

Britain’s FTSE 100 added 0.4 percent, while Germany’s DAX rose 0.2 percent. France’s CAC 40 was flat. Greece’s stock market gained 2.5 percent as its creditors met to find a way to ease concerns about the future of its bailout program.

In Asia, investors welcomed strong January trade data from China. Hong Kong’s Hang Seng rose 0.2 percent, while South Korea’s Kospi added 0.5 percent. Australia’s S&P/ ASX 200 jumped 1 percent.

Japan’s benchmark Nikkei 225 index surged 2.5 per-

NOTICE CARBON INVESTMENTS CO. LTD N O T I C E IS HEREBY GIVEN as follows: (a) CARBON INVESTMENTS CO. LTD is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 09th February, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Triangle Administration Limited at Bahamas Financial Centre, Shirley and Charlotte Streets, Nassau, Bahamas Dated this 13th day of February, A. D. 2017 _________________________________ Triangle Administration Limited Liquidator NOTICE

KINGSGATE MANAGEMENT CORPORATION N O T I C E IS HEREBY GIVEN as follows: (a) KINGSGATE MANAGEMENT CORPORATION 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 09th February, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Credit Suisse Trust Limited at Bahamas Financial Centre, Shirley and Charlotte Streets, Nassau, Bahamas Dated this 13th day of February, A. D. 2017 _________________________________ Credit Suisse Trust Limited Liquidator

NOTICE

ARAST MANAGEMENT LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) ARAST MANAGEMENT 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 09th February, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Octagon Management Limited at Bahamas Financial Centre, Shirley and Charlotte Streets, Nassau, Bahamas Dated this 13th day of February, A. D. 2017 _________________________________ Octagon Management Limited Liquidator

PAGE 10, Monday, February 13, 2017

THE TRIBUNE

Trump, Abe express close bonds after NKorea’s missile launch

PALM BEACH, Fla. (AP) — For most of the day President Donald Trump and Japanese Prime Minister Shinzo Abe used golf under the Florida sun to show the world the U.S.Japan alliance remained strong. Then events halfa-world away provided a more significant example of cooperation.

After North Korea reportedly launched a ballistic missile, the two leaders appeared for hastily prepared statements in a ballroom of Trump’s south Florida estate. Abe spoke first and longest, though his statement was terse.

“North Korea’s most recent missile launch is absolutely intolerable,” Abe said through a translator. He added that the North must comply fully with relevant U.N. Security Council resolutions, but also noted that Trump had assured him that the U.S. supported Japan.

“President Trump and I myself completely share the view that we are going to promote further cooperation between the two nations. And also we are going to further reinforce our alliance,” he said.

Trump followed Abe with even fewer words, saying in part: “I just want everybody to understand and fully know that the United States of America stands behind Japan, its great ally, 100 percent.” With that, they left the room, a surprise of sorts given that the usually outspoken Trump neither condemned nor denounced the launch.

In the opening days of his presidency, Trump’s diplomacy had a rocky stretch that included contentious phone calls with the leaders of Mexico and Australia. In contrast, the first visit by a foreign leader at his Mar-aLago estate was a friendly weekend of meetings, dinners and golf that suggested

MARKET REPORT FRIDAY, 10 FEBRUARY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,903.36 | CHG 0.02 | %CHG 0.00 | YTD -34.85 | YTD% -1.80 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 7.20 8.50 6.10 10.60 15.48 2.72 1.60 5.83 9.75 11.00 9.11 6.90 12.01 11.00

52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 3.80 8.15 5.50 7.72 11.00 2.18 1.31 5.80 6.78 8.56 6.12 6.35 11.92 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.03 3.92 1.94 169.70 141.76 1.46 1.67 1.56 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.38 15.85 9.09 3.53 1.77 0.12 3.90 8.50 5.83 10.48 11.93 2.04 1.55 5.83 9.75 10.95 9.11 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 105.82 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.53 1.77 0.12 3.90 8.50 5.83 10.48 11.93 2.07 1.55 5.83 9.75 10.95 9.11 6.90 12.01 10.00

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

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

105.82 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

8,500

838 400

VOLUME

NAV 2.03 3.92 1.94 168.44 141.76 1.46 1.66 1.56 1.07 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 0.000

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

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

P/E 151.0 15.8 N/M 20.8 N/M N/M -130.0 14.0 13.6 23.3 108.5 20.3 19.4 19.4 18.8 11.4 11.1 23.5 19.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 4.30% 4.30% 3.82% 3.82% 2.73% 2.73% 3.95% 3.95% 6.77% 6.77% 3.56% 3.91% 2.22% 2.79% 2.80% 3.18% 2.99% 2.26% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD 1.83% 6.31% 0.00% 5.95% 0.00% 0.00% 2.31% 3.53% 3.77% 3.44% 4.11% 2.90% 3.87% 4.12% 4.10% 0.00% 3.62% 2.03% 5.33% 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

the new president was willing to invest time in developing close personal relationships with leaders he feels he can work with.

The president and first lady Melania Trump hosted a delegation dinner with Abe and his wife on Saturday night at his Mara-Lago estate. At the time Trump ignored a shouted question about the North Korea launch. Focusing on the positive, he said the Abe visit had been “very, very good” and that he and the Japanese leader “got to know each other very, very well” over their two days of meals, meetings and golfing.

was “both relaxing and productive” and that Trump and Abe had “had great conversations on a wide range of subjects.”

As their husbands golfed, Mrs. Trump and Akie Abe toured the Morikami Museum and Japanese Gardens in nearby Delray Beach.

It was Mrs. Trump’s first solo event as first lady. The women had lunch together at Mar-a-Lago.

The two couples touched down in Florida on Friday afternoon and headed straight to Mar-a-Lago, where they enjoyed a late dinner at its crowded patio restaurant. They were joined by Robert Kraft, the

“President Trump and I myself completely share the view that we are going to promote further cooperation between the two nations. And also we are going to further reinforce our alliance” Trump and Abe, both frequent golfers, left Mar-aLago early Saturday morning and headed north to one of Trump’s golf courses in Jupiter, Florida. Reporters and photographers from both countries, who were held in a room with blacked-out windows, did not catch a glimpse of the pair as they played. But Trump later posted a photo of them giving each other a high-five on the golf course and tweeted, “Having a great time hosting Prime Minister Shinzo Abe in the United States!” Pro golfer Ernie Els joined them on the greens.

In a sign of unity, neither Japanese nor White House officials volunteered the pair’s final score. Instead, the White House issued a statement saying the day

owner of the Super Bowl champion New England Patriots, and several interpreters. Paying members and club guests took in the scene and mingled with Trump and Abe into the night.

Trump also was scheduled to tend to other business in Florida: calling Tunisian President Beji Caid Essebsi and Colombian President Juan Manuel Santos as he continues conversations with foreign leaders.

Trump and Abe appear to have hit it off early, despite Trump’s sometimes hostile rhetoric toward Japan on the campaign trail.

Abe was the only world leader to meet with Trump before his inauguration, and Trump welcomed Abe to the White House with a hug.

NOTICE NOTICE is hereby given that GEOFFREY MAURICE O’CONNELL of Spanish Wells, Eleuthera, P.O.Box EL-27620 Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that RONALD PIERRE of #222 Market St., P.O.Box N-4185, Nassau, The Bahamas

is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 6th day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, CAMILLE DIANE DARVILLE GOMEZ of #9 Brooklyn Road, New Providence, Bahamas intend to change my name to CAMILLE DIANE DARVILLE GOMEZ. 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 publication of this notice.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, PHILIP EDWIN SMITH of Turtle Drive, Bel Air, P.O Box CR-56637, Bahamas intend to change my name to PHILIP ALEXANDER McCARTNEY. 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 publication of this notice.

NOTICE

NOTICE is hereby given that MARK ROLAND SMITH of East Street South, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.