02192018 business

business@tribunemedia.net

MONDAY, FEBRUARY 19, 2018

$4.45

$4.49

Aliv capital raising ‘3x oversubscribed’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

liv’s $15 million capital raising has been more than three times’ oversubscribed with a full working week left before closing, its advisers have revealed.

Michael Anderson, RoyalFidelity Merchant Bank & Trust’s president, on Friday told Tribune Business that the second mobile operator had already raised $49 million from institutional and high net worth investors.

He attributed the preference share offering’s success to greater investor comfort with Aliv, given that it is now in its second year of operations, even though the company has failed to meet

* Mobile operator raises $49m with week left * Adviser: Likely to take extra funding * Says market ‘more comfortable’ with firm

its revenue margin targets to-date.

“At this stage we have around $49 million,” Mr Anderson confirmed. “We always knew it was going to be oversubscribed; we just weren’t sure of the amount.

We knew from reading our investors what the level of interest was, never mind any other broker here.

It’s going very well. We expected it. I’m not necessarily surprised, but am very pleased about it.”

He added that RoyalFidelity, which is acting as

Aliv’s adviser and placement agent on the offering, has already been in discussions with the company on “what they’re willing to take” in terms of funds raised beyond the $15 million target.

“In our discussions with the company thus far, they’ve indicated a willingness to take what we can raise,” Mr Anderson said.

He added that the extra capital could be used to pay-out more expensive financing carrying a higher interest rate, equipment

leases and/or further delay Aliv’s need to draw down on bank credit lines that it has yet to use.

The RoyalFidelity chief said the mobile upstart’s operational launch had likely inspired greater capital market confidence in it, even though it is still incurring heavy losses as it acquires market share and completes its network infrastructure build-out.

“It’s the year after Aliv first went to market,” Mr

SEE PAGE 8

$4.63

$4.39

DPM: ‘Don’t bully’ Tax Department

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Deputy Prime Minister has pledged to review the property tax valuation system’s accuracy, while warning Bahamians and TURNQUEST residents: “Don’t bully the taxman.”

K P Turnquest told Tribune Business that aggrieved taxpayers needed to use the appeals process available to them, instead of seeking to pressure the Department of Inland Revenue by running to politicians or the media with their grievances.

Responding to complaints of “crazy” real property tax valuations and billings on Abaco and Exuma, with some

* ‘GET IN TROUBLE’ BY ASKING POLITICIANS TO HELP * GOV’T TO REVIEW PROPERTY TAX VALUING METHOD * SYSTEM PLAYING ‘CATCH UP’ TO MARKET VALUES increasing by as much as eight-fold, Mr Turnquest warned taxpayers that “we get ourselves into trouble” by asking politicians to intervene on their behalf and bypass the system.

He reiterated that the Government had an obligation to collect what was due to the Public Treasury without imposing an unfair

SEE PAGE 6

‘Amazed’ at auto imports 29% higher than budget

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Nassau Container Port’s (NCP) operator is “amazed” at auto import volumes that are 29 per cent above forecast, as it unveiled half-year profits slightly ahead of expectations.

Michael Maura, Arawak Port Development

* HELPS ARAWAK PORT BEAT PROFIT GOAL BY 4.4% * CONTAINER IMPORT VOLUMES OFF 20% IN JANUARY * BISX-LISTED APD CHIEF EXPECTS QUICK REBOUND SEE PAGE 4

Fidelity targeting 10% profits rise

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FIDELITY Bank (Bahamas) is targeting 10 per cent profits growth for 2018, following a year in which the “cost of business” exceeded staff payroll and benefits.

Gowon Bowe, the BISX-listed institution’s chief financial officer, told Tribune Business that general and administrative (G&A) expenses exceeding

* BUSINESS LICENSE DRIVES 22% G&A JUMP * EXCEEDS PAYROLL; ‘NOT A RATIO WE LIKE TO SEE’ * ‘BOTTOM LINE’ ESSENTIALLY FLAT FOR 2017 workforce salaries was “not a ratio we like to see”. He explained that the near-$2

SEE PAGE 5

$25m PPP given ‘Cabinet approval’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE public-private partnership (PPP) project subject to a $25 million capital raising has received “Cabinet approval”, the Attorney General has confirmed.

Carl Bethel QC told Tribune Business that the new Eight Mile Rock

* EIGHT MILE ROCK COMPLEX IN GO-AHEAD * BOND OFFERING TO INVESTORS LAUNCHES TODAY administrative complex had been cleared to proceed, following the Minnis administration’s review

SEE PAGE 3

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PAGE 2, Monday, February 19, 2018

THE TRIBUNE

PUBLIC ANNOUNCEMENT

The Partners of Karam & Missick (Bahamas) wish to announce the recent change of its Firm’s name to

Karam, Missick & Bowe effective January 29th, 2018.

We the Partners of Karam & Missick (Turks & Caicos) and Karam, Missick & Traube (London, England),

wish to congratulate Mrs. Alecia Bowe

on her ascension as a stated Partner.

We wish her continued success as the Firm celebrates its third anniversary in The Bahamas.

Mrs. Bowe’s unwavering commitment to her practice and commitment to excellence is a reflection on Karam & Missick’s Global Motto “Powered by Results”.

Mrs. Bowe has extensive experience in Real Estate transactions, including drafting and legal analysis of Sales and Construction Contracts and drafting of concept, tender documents and Public-Private Partnership (PPP) Agreements.

Once again a heartfelt CONGRATULATIONS!

THE TRIBUNE

Monday, February 19, 2018, PAGE 3

Blockchain solution for land registry woe

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net BLOCKCHAIN technology could provide the solution for an efficient, digitised Bahamian land registry, an attorney and technology entrepreneur suggesting it could also transform the Crown Land application process.

Marvin Coleby, cofounder of the blockchain firm, Emerge, told Tribune Business that combining the technology with a data

$25M PPP GIVEN CABINET APPROVAL FROM PAGE 1

of the PPP terms with developer, PPP Investments & Construction.

His confirmation supports the company’s assertion to investors in the offering document for its $25 million bond offering, and indicates to the capital markets that the project is ‘for real’ with no obstacles to its progress.

PPP Investments & Construction had told potential investors: “The contract was reviewed by the current government and approved for completion given the professionals involved, the legal soundness of the contract protecting all entities, and the value the compound will bring to servicing the citizens of Eight Mile Rock, Grand Bahama.”

Both Mr Bethel and his Cabinet colleague, Desmond Bannister, the minister of works, had been critical of the PPPs inherited from the former Christie administration including the Eight Mile Rock complex, the contract for which was signed on May 9, 2017, just 24 hours before the general election.

The signing also resulted in the Government releasing a $4.4 million ‘advance interest payment’ to PPP

* COULD ALSO AID CROWN LAND PROCESS

structure that enables identifying and tracking transactions digitally, then sharing this information across a network of computers, could be a solution to improving the Bahamas’ inefficient land registration system.

“Blockchain is not going to fix the cases in court where titles are in dispute, but there are ways of digitising the existing registry from existing land titles,” Mr Coleby said.

“You can start with land being bought now, and land

that has clean title can be digitised, made accessible and more efficiently transferred over the Internet.

“Blockchain enables us to create permanent, digital, incorruptible evidence of land title ownership. The least complicated approach is to start with newer and clean titles, and then work to the hard stuff such as disputed land.

“If we start with disputed land it could take years.

Investments & Construction as ‘initial funding construction’, a transaction that Mr Bannister criticised as “inconceivable”.

And Mr Bethel, referring to the Eight Mile Rick project and Nassau’s General Post Office, told the Senate last year: “Officials of my Ministry, although they were briefed and working on the proposed contracts, had not ‘signed off’, or given the OK, to the signing of these two contracts, and were never informed that officials in another Ministry had gone ahead and signed them, one on May 9, 2017, a day before the general elections.”

The Attorney General’s comments to Tribune Business, though, remove any lingering doubts over whether the Eight Mile Rock project has been given the go-ahead.

Alecia Bowe, an attorney and director of PPP Investments & Construction, last week told Tribune Business that the political controversy surrounding the project had been “unfortunate”, given that the contract signing’s timing was out of the company’s hands.

She said “there was no reason not to sign” the agreement, and suggested the furore could have been avoided if the Christie government had moved quicker to approve the venture, explaining that

she and PPP Investments & Construction had been negotiating and finalising the documents from November 2016.

Mrs Bowe, an attorney with Karam & Missick & Company, said she was able to prove the Minnis administration that the project was not a ‘back of the envelope’, last-minute deal by providing them with “all the correspondence” exchanged between herself and the Attorney General’s Office over a six-and-a-half month period.

She suggested that the Eight Mile Rock complex was the only PPP, among six to seven such arrangements inherited from its predecessor, which the Government has allowed to proceed after recognising that the contracts built in “protections for all parties involved”.

PPP Investments & Construction Company, which was formed in late November 2016, is a vehicle specifically designed to construct and manage the Eight Mile Rock administrative complex. It is 100 per cent-owned by New Providence-based Top Notch Builders, which is located on Adelaide Road.

Its principals include Samson Heild as lead contractor; financial consultant Marc Robinson; and building/consulting engineer, Randolph John.

Winston Rolle, the former

There is no reason the Bahamas cannot be ahead of curve; the technology is very easy.

The Bahamas has ranked among the world’s worst when it comes to the ease of registering property, and there have been repeated calls over the years for the country to move to a system of registered land.

Mr Coleby added: “If we can successfully start a digitised land registry, it would

mean that we could be able to do title searches without an attorney or having to go to the registry, as the information would be digital and readily accessible.

“With a digital blockchain land registry, you sign on to a platform, you have control over your land title and will be able to see when it was transferred and conveyed. Right now the system is very inefficient.”

Mr Coleby said blockchain could also be used to establish a more efficient system for applying

for Crown Land. “Right now the process could take years, if you’re even fortunate enough to get a response,” he said.

“Establishing a digital process for Crown Land applications could reduce the process down to seconds.

“Land is the most important resource in the world, it always has been, and now the Bahamas has a chance to transform it with a technology that makes it accessible to every Bahamian,” Mr Coleby added.

Bahamas Chamber of Commerce president, is listed as a director in the offering documents.

Among the prospective tenants at Eight Mile Rock are the Ministry of Finance, Passport Office, Department of Environmental Health, Urban

Renewal, the Registrar General’s Office and the Grand Bahama island administrator.

The $25 million bond issue, which carries an 8 per cent interest coupon and 10-year maturity, launches today. It is being arranged

by Leno Corporate Services

and scheduled to close on March 2 but, as a private offering, members of the Bahamian public should not seek to become involved. The bonds issued will not be listed for trading on the Bahamas International Securities Exchange (BISX).

Nassau Airport Development Company Ltd. CAREER OPPORTUNITY:

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The position uses multiple media platforms (print, social media, web, email, video, etc.), to drive increased concession sales, passenger/community engagement and brand awareness.

The Manager of Marketing and Promotions is responsible for the development and implementation of all promotional events, campaigns and related activities to drive revenue.

Experience and Background: 1. University degree in marketing or other relevant field 2. 5-10 years professional experience in a marketing role with a track record of successful, revenue generating projects.

Abilities and Qualities: 1. Demonstrated business acumen coupled with strategic, analytical and creative skills 2. Strong Communication and Interpersonal Skills 3. Excellent Project Management Skills 4. Strong Writing and Presentation Development Ability Visit www.nassaulpia.com/careers for more details If you are qualified and interested please submit your resume

by February 26, 2018 to: Director of Human Resources Nassau Airport Development Company Ltd. P.O. Box AP 59229 Nassau, Bahamas Email: people@nas.bs

PAGE 4, Monday, February 19, 2018

AUTO

FROM PAGE 1 Company’s (APD) chief executive, told Tribune Business that the extra vehicle imports combined with the increase in port landing and security fees, plus storage and terminal handling outperformance, to produce total comprehensive income that was 4.4 per cent ahead of internal estimates.

The BISX-listed port operator said the improved ‘bottom line’ for the six months to end-December 2017, which stood at $4.359 million compared to forecasts of $4.174 million, was achieved despite container (twenty-foot equivalent unit) throughput volumes being 1.5 per cent below target.

Mr Maura added that while APD’s second half had got off to a sluggish start, with TEU import

THE TRIBUNE volumes down almost 20 per cent year-over-year, these were expected to recover as government and private sector investment projects progressed.

Explaining why APD outperformed forecasts for the 2018 first half, Mr Maura told this newspaper via e-mail that revenues exceeded projections by 1.7 per cent, coming in at $16.144 million as opposed to $15.879 million. “APD

had budgeted 7,500 imported vehicles, but actual imported vehicles were 9,654 or 29 per cent over budget. We remain amazed at the number of vehicles imported,” the Port chief said.

“Four significant factors contributing to the increase in revenue were: The present tariff rate on vehicles is $190, so the additional 2,154 vehicles produced additional revenue of $490,260.

On September 30, the port landing fee increased by $2 per imported loaded 20-foot container, and port security surcharge increased by $3 per loaded 20ft container (TEU).

“Port Storage was also $364,000 over budget which, too, helped. This increase in storage was primarily due to shipping companies leaving their empty containers in Nassau longer than they did prior year. The port’s terminal handling was up due to an increase in container volumes handled by the common terminal, and stevedoring was over plan due to

an increase in out-of-gauge and project cargo.”

Mr Maura added that stevedoring and terminal handling fees had also beaten projections as a result of carriers using Arawak Cay arriving “outside of regular operating hours”.

“APD also enjoyed an increase in revenues from refrigerated containers attributable to Baha Mar operations,” he said. “Dry bulk aggregate volumes are off due to a sluggish construction sector.”

Container throughput volumes were down 1.5 per cent against budget for the first half, standing at 33,815 containers compared to the 34,303 projected. While the pace of this decline accelerated last month, Mr Maura said there was every indication the trend would be reversed.

“January 2018 import TEU volumes are under January 2017 by 921 TEUs or approximately 20 per cent,” he revealed to Tribune Business. “We,

however, expect import TEU volumes to increase in the coming months as both the private and Government sector advance projects.”

Mr Maura added that while employee salary, benefits and training costs for the first half were $225,000 higher than in the prior year, there were $35,000 below projections.

“The increase over prior year is in part due to the following,” he explained. In 2016, APD saw import volumes for the period July through December 2016 of 31,344 or 8 per cent under current period. During this period, APD personnel head count was approximately seven less. “Over the first half of this fiscal year, APD has increased its headcount to account for the increase in volumes and to address business needs. Additionally, there has been an increase in APD personnel joining the company pension and health programmes, which has increased the company’s expenses over prior year.”

THE TRIBUNE

FIDELITY FROM PAGE 1

million, or 21.9 per cent, jump in year-over-year G&A expenses was almost entirely driven by increased Business License fees. This, in turn, stemmed from the rise in Fidelity Bank (Bahamas) gross revenues, meaning that the 3 per cent fee - imposed by the former Christie administration - effectively acts as a deterrent to commercial bank growth via the loan book expansion that is desperately needed to stimulate the Bahamian economy.

Mr Bowe said the Government has “to figure out that balance” between growing the economy and increased tax revenues from the banking sector, pointing out that the industry’s efforts to recover increased ‘doing business’ costs would almost inevitably impact Bahamian consumers. Speaking after Fidelity Bank (Bahamas) unveiled 2017 full-year profits that were essentially flat with the year before, Mr Bowe nevertheless said the bank was targeting ‘bottom line’ growth of more than $2 million for 2018 based solely on loan portfolio expansion.

“Overall, we are aiming to have 10 per cent growth in profits,” he told Tribune Business. “We’re looking at growth of near 10 per cent in total comprehensive income.

We will do that largely through increases in net interest income and trying to hold all other lines fairly constant. “We will focus on our traditional banking business and lend to qualified customers that will give us a good return, while giving a return on deposits as well. When

Monday, February 19, 2018, PAGE 5 you look at it from an economies of scale perspective, if you say overall expenses are fairly constant, it gives you an opportunity to grow without adding expenses.

“It’s really growing the loan book, with containment of costs and interest expense, and keeping loan loss provisions low. Our forecasts are based more on being able to grow the portfolio. We have been fairly successful in our target market, been successful in competition with other banks, so we are hoping to continue with the formula that has given us success so far.”

Fidelity Bank (Bahamas) has benefited significantly from the timing of its business model ‘transformation’, which occurred just before the 2008-2009 recession hit.

That has seen it convert from a traditional mortgage lender to one that is now focused on consumer loans, which Bahamian banks now perceive as less risky because they can be secured via salary deductions.

Mr Bowe said 81 per cent of the bank’s credit portfolio at end-December 2017 consisted of consumer loans, agreeing that the bank had performed “more than a complete 180 degrees” on its loan book composition and “gone even further in the opposite direction”.

Fidelity Bank (Bahamas) total comprehensive income inched up by just over $200,000 year-overyear, expanding by just 1 per cent to $21.389 million from $21.231 million in 2016. While net interest income rose by 3.4 per cent to $46.243 million, and total income grew 4.2 per cent to $49.871 million, profitability was constrained by the 8.4 per cent increase in total expenses.

In particular, Fidelity Bank (Bahamas) $10.727 million in G&A expenses exceeded ‘salaries and employee benefits’ by almost $500,000, even though the latter grew by 3.8 per cent to $10.259 million.

“A large part of that is the increase in Business License fees, which are based on the top line,” Mr Bowe said of the G&A growth.

“It’s a double-edged sword.

As you grow interest income, we as a Clearing Banks Association have not been able to convince the Department of Inland Revenue that it should be on net interest income. “A $2 million hike in gross revenues leads to a significant increase in Business License fees. All of that is coming through the 3 per cent Business License. The huge increase in these expenses is driven by the large increase in Business License fees for the most part.”

With gross revenues of $61.074 million and net interest income of $46.243 million, Mr Bowe said levying Business License fees on the latter as opposed to the former would result in “a significant saving” to Fidelity Bank (Bahamas).

“Government has to figure out that balance, if you will,” he told Tribune Business.

“What it wants to do in terms of growing the economy, and what it wants to do in terms of collecting Business License fees.”

Commercial banks, especially the Canadian-owned ones, were targeted by the former Christie administration as it sought to plug its annual nine-figure deficits.

Seen as having especially deep pockets, and consistently taking out huge sums in dividends, the banks were hit by several measures that included the 3 per cent

Business License fee tax. The imposition of such measures, though, resulted in the banks seeking to recover these extra costs by hiking fees paid by Bahamian consumers, such as those for cashing cheques.

Mr Bowe said the situation, and its impact on Fidelity Bank (Bahamas) financials, showed there was “a cost to growth” for the commercial banking sector which has to be recovered.

“That will have an impact on consumers,” he warned.

“Previously, payroll costs were our largest expenses.

G&A, which is the cost of business, has taken over salaries and employee benefits.

“That’s not a ratio we like to see when talking about the ease of doing business and cost of doing business.

We’re a service organisation and want to pay salaries, but also want to pay reasonable administration costs.

Mr Bowe said Fidelity Bank (Bahamas) had to grapple with high banking system liquidity and the impact of the Central Bank’s Christmas 2016 interest rate cut, as the latter worked its way through the banking system in 2017.

He added, though, that net loan book growth of just over $22 million had exceeded the bank’s own $20 million target for the year to end-2017.

With almost $106 million in ‘cash in hand’ at end-2017, some 90 per cent of which was with the Central Bank, Mr Bowe said Fidelity Bank (Bahamas) had begun “deploying some of the excess” into investment securities in a bid to generate greater returns.

He explained that the bank was targeting government securities with principal maturity of three years or less, thereby giving it enough

flexibility to switch its funds should greater lending opportunities arise. “We’d much rather have it sitting in loans and advances than government securities, as we get a better return on loans and advances,” Mr Bowe said.

“We are attracting customers faster than increasing our loan book. We are getting deposits in, but are not able

to deploy them as fast as we get them in.”

With the Bahamian economy projected to expand by around 2.5 per cent this year, Mr Bowe said an economic recovery would place Fidelity Bank (Bahamas) “in great stead” because it has the funding available to expands its loan book without compromising credit quality.

THE CHARLES W. SAUNDERS BAPTIST SCHOOL Elementary, Junior and Senior School “Dominus Providibit”

PLACEMENT EXAMINATION Saturday 3rd March, 2018 9:00a.m. - 1:00p.m.

(Quality Education, a safe and clean environment, caring teachers, respectful relationships amongst peers, attractive and affordable school fees) All students must wear their respective school uniform.

Registration now in progress for the 2018 - 2019 school year. email: charleswsaunders@coralwave.com P.O.Box N4830 Nassau, Bahamas Telephone: 1(242) 324-1651 1(242)324-3852

IN THE ESTATE OF MARCIAN KEANU BULLARD late of No. 26 Sunset Drive, Sunset Park in the Western District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, deceased NOTICE NOTICE is hereby given that all persons having any claim or demand against the said estate are required to send the same duly certified in writing to the undersigned on or before the 21st day of April A.D. 2018, after which date the Executor will proceed to distribute the estate having regard only to the claims of which he shall have had notice.

AND notice is hereby given that all persons indebted to the estate are required to make full settlement on or before the date hereinabove mentioned.

CEDRIC L. PARKER & CO. Attorneys for the Executor 9 Harcourt (Rusty) Bethel Drive Nassau, Bahamas COMMONWEALTH OF THE BAHAMAS 2016 IN THE SUPREME COURT CLE/GEN/00615 Common Law & Equity Division BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED Plaintiff AND FERGUINS PIERRE and

NOTICE OF APPLICATION IN THE PROBATE DIVISION OF THE SUPREME COURT IN THE SUPREME COURT PROBATE DIVISION

2018/PRO/npr/

In the Estate of ANTENOR LIBERAL BATISTA JÚNIOR late of RUA CORREDOR DA VIT’RIA, ED VITOR SIDE, AP 501, VITÓRIA, in the City of Salvador, Bahia, Brazil, Deceased NOTICE IS HEREBY GIVEN, for the information of those it may concern, that SOPHIA ROLLE-KAPOUSOUZOGLOU of the Western Division on the Island of New Providence one of the Islands of the Commonwealth of The Bahamas as the Authorised Attorney for VALÉRIA CRISTINA FIGUEIRA DE BRITO Administrator of the real and personal estate of the Deceased will make application at the PROBATE DIVISION of the Supreme Court, for a GRANT OF LETTERS OF ADMINISTRATION IN RESPECT OF A PAPER GRANTED IN A CIVIL LAW JURISDICTION in respect of the real and personal estate of ANTENOR LIBERAL BATISTA JÚNIOR late of RUA CORREDOR DA VIT’RIA, ED VITOR SIDE, AP 501, VITÓRIA, in the City of Salvador, Bahia, Brazil.

Dated this 16th day of February A.D., 2018 .....................................................................................................

Lennox Paton Counsel & Attorney-at-Law

FAUVETTE PIERRE TO:

Ferguins Pierre and Fauvette Pierre

First Defendant

Second Defendant

TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Ltd, Nassau, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Writ of Summons filed in this action on the 2nd day of May, A.D. 2016 claiming against you inter alia judgment for the sums due and owing to the Plaintiff pursuant to a loan granted by the Plaintiff to you on or before the 11th day of July, A.D. 2007 AND THAT application has been made by Summons filed herein 12th day of May, A.D. 2017 supported by affidavit filed herein on the 12th day of May, A.D. 2017 for an Order that the Plaintiff be at liberty to enter judgment against you AND THAT it has been ordered that service of all further process in the said action be effected on you by way of advertisement.

The application will be heard before Mr. Edmund Turner, Registrar of the Supreme Court, at the Swift Justice Centre, Bank Lane, Nassau, Bahamas on Thursday the 1st day of March, A.D. 2018 at 10:00 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the court thinks just.

A copy of the said Writ of Summons, Summons, Affidavit in support and Order may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys of the Plaintiff below mentioned.

Dated the 19th day of February, A.D. 2018 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, The Bahamas Attorneys for the Plaintiff

PAGE 6, Monday, February 19, 2018

THE TRIBUNE

DPM Turnquest: ‘Don’t bully’ the Tax Department FROM PAGE 1 burden on property owners, and said it was “not our intention” to cause shocks to the system. And, as a result of recent complaints, Mr Turnquest promised that the Government would examine the ‘fairness’ of its real property tax valuation methods to ensure equity for all concerned.

He conceded that the valuation system was still “catching up” with changing market conditions, citing Abaco and Exuma as two islands in particular where

market values had increased in recent years.

“Both of those areas, interestingly enough, have increased significantly in value, as they all do,” Mr Turnquest told Tribune Business. “What we are finding here is that the system is kind of catching up.

“We are going to have to look at that to ensure we don’t cause significant shocks to the entire system. It’s not our intent. By the same token, we have an obligation to collect taxes due to the Government.

“We are going to look at the entire system to make sure the valuation methodology is fair to all concerned,

and up to date. At the end of the day, nobody wants to pay more taxes than they have to, and nor should they have to.

But we have the responsibility to collect taxes that are due in as fair and objective a manner as we possibly can.”

Exuma became the latest island to complain about real property tax billings, with realtors on the island last week warning that increases up to eight times’ greater than market value were threatening to “kill” the island’s second home economy.

Collingwood ‘Woody’ Turnquest, an Exuma-based broker with Coldwell Banker Lightbourn Realty, told Tribune Business: “Just this week, in the last five days, I had two incidents. One of the properties was an inland lot worth a maximum of $10,000, but real property tax assessed it at $82,000-plus.

“Another lot I’m selling, I had it listed at $30,000, and they assessed it at $137,000.

That pushes it up to the 10 per cent Stamp Tax bracket, and when you put 10 per cent on $137,000, that’s almost $14,000.

“When the guy who’s going to sell it has to pay my commission, almost $14,000 in Stamp Tax and legal fees, to him it’s almost worth nothing. He’s not going to sell it. By bumping the assessed value above $100,000, the Stamp Tax rate goes from 2.5 per cent to 10 per cent, and that blows the deal straight out of the water.”

Mr Turnquest, though, urged aggrieved taxpayers to use the established appeals process to challenge any tax billings and/or valuations they believe unfair.

That, in the first instance, involves hiring an appraiser to assess the property’s value,

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Human Resources Department By 5pm Friday, February 23, 2018.

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NOTICE is hereby given that OBINSON CLECIDOR of Johnson Road, Fox Hill, P.O.Box FH14412, 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 19th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

Lynn Kelly and Halson Ferguson LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre, 3rd Floor West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a) TOSHA COMPANY LTD. is in dissolution under the provisions of the International Business Companies Act 2000 (b) The Dissolution of said Company commenced on February 16, 2018 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before the 19th March, 2018 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved.

February 16, 2018 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

EDUCATION:

•

NOTICE

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Regal Columbian Investments Ltd. is in dissolution and the date of commencement of the dissolution is the 15th day of February, 2018.

______________________ Liquidator Carmen Buergi Reimann

CAREER OPPURTUNITY

apply pressure. “Again, this is a necessary part of your responsibility as a citizen, as a resident, so let’s make sure we do it fairly and accurately.

The Government certainly doesn’t want to burden anyone unfairly. That’s not our modus operandi.”

Mr Turnquest said the Government wants a thriving second home market throughout the Bahamas, and was open to suggestions on how the business climate for the sector could be improved.

“We want a vibrant second home market,” he added, “and to the extent that people want to make recommendations or representations as to how the second home market is taxed and operates, we’re willing to listen.”

Acknowledging complaints that the Department of Inland Revenue ignores taxpayer grievances, Mr Turnquest urged them to follow the process. “A lot of times people have this misconception that they can’t complain, or complain that they’re not being listened to,” he added.

“To the extent they feel the Tax Department is not treating them fairly, they have a right to appeal it upwards through the system to the courts. Where they can’t get a response, send a note to the Minister.”

NOTICE

Dated this 16th day of February 2018

Albany Resort Operator is seeking a qualified individual to fill the full-time position of Accountant in the Finance Department.

then supplying a copy of that report to the Department of Inland Revenue to challenge its valuation.

Should the Department prove unyielding, the Deputy Prime Minister said taxpayers have further recourse to the Tax Tribunal and, should they still not be satisfied, to the Bahamian court system. He added that all matters were dealt with on a “case-by-case basis”, and where valuations/billings were found to be incorrect the Department will make adjustments.

Mr Turnquest also warned Bahamian and resident taxpayers to cease the age-old practice of calling on their MPs, Cabinet ministers and others to intervene on their behalf when disputes erupted, since this threatened to undermine equity and confidence in the system.

“You can’t expect to bully the Tax Department,” he told Tribune Business. “Too often people believe they can go to the press and politicians to get them [the Department] to make adjustments.

“That’s how we get ourselves in trouble. We want a fair tax system that is predictable. If there are questions, you ought to go to the Tax Department and resolve it with them. If you don’t, there’s no point to jump from zero to 100 and try and

NOTICE Pursuant to the Provisions of Section 138 (2) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that FLAINE COMPANY LIMITED has been dissolved and that the name has been struck from the Register of Companies with effect from the 15th day of February A. D. 2018.

Enervo Administration Limited, LIQUIDATOR Montague Sterling Centre, East Bay Street Nassau, The Bahamas, P.O. Box N-3924

NOTICE WORLD-WIDE HOLDINGS AND INVESTMENTS LIMITED NOTICE IS HEREBY GIVEN as follows: (a) WORLD-WIDE HOLDINGS AND INVESTMENTS LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 13th day of February, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

THE TRIBUNE

Monday, February 19, 2018, PAGE 7

PAGE 8, Monday, February 19, 2018

THE TRIBUNE

Aliv capital raising ‘3x oversubscribed’ FROM PAGE 1 Anderson told Tribune Business. “People have seen Aliv’s entry into the market, and everyone knows Aliv exists and provides good service.

“People are more comfortable with the company than a year ago. Aliv has become part of the local telco business, and a credible entity. That helps with raising

money. It’s still losing money, but there’s a general level of confidence that the company will meet its obligations and is in line with its number of subscribers even if it has not met revenue targets.

People are comfortable with Aliv as a company.”

While Aliv’s drive to win market share has secured over 100,000 subscribers or around one-third of the Bahamian

NOTICE

market, the documents for the $15 million issue revealed that margins are around “eight months” behind forecast due to lower-than-expected revenue per customer (ARPU).

“Over 100,000 Bahamians have already switched to Aliv as active subscribers, on plan with original forecasts when the company was first launched,” the documents revealed. “ARPU is lower than

expected in the original plan at this time, but is growing nicely towards those original targets being about eight months behind plan.”

While customer volumes are on target, the delayed launch of mobile number portability - which allows Bahamians to keep their number when switching to Aliv from the Bahamas Telecommunications Company (BTC), or vice

NOTICE

NOTICE is hereby given that MICHAEL PIERRE of Avocado Street, Pinewood Gardens, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that WILFRIDO SEGURA PEREZ of #10 Madison Addition, P.O. Box CR-55733, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE

IN THE ESTATE of VERNON GRANT late of the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

IN THE ESTATE of MAXWELL ALFRED DEAN late of the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 19th day of February A.D., 2018, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Administrators shall then have had Notice.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 19th day of February A.D., 2018, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executors shall then have had Notice.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

MICHAEL A. DEAN & CO., Attorneys for the Administrators Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

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

BISX ALL SHARE INDEX: CLOSE 2,062.32 | CHG 0.14 | %CHG 0.01 | YTD -1.25 | YTD% -0.06 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 8.70 6.30 5.30 11.87 2.59 1.56 9.70 6.01 10.55 10.95 4.50 12.51 11.00

52WK LOW 3.50 17.43 8.19 3.32 0.90 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 7.75 5.82 8.78 5.67 3.35 12.01 10.00

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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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

E J K L M N

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

52WK LOW 100.00 100.00

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

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

SYMBOL FBB18 FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.12 4.14 1.98 178.69 153.40 1.53 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.47 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.79 9.90 2.52 1.50 7.76 6.00 10.45 6.24 4.47 12.51 10.00

CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.79 9.90 2.55 1.50 7.90 6.00 10.45 6.24 4.47 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.14 0.00 0.00 0.00 0.00 0.00 0.00

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

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

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.61 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.06 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

109.55 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

10,000

40

VOLUME

NAV 2.12 4.14 1.98 178.69 153.40 1.53 1.70 1.62 1.10 7.16 8.40 6.29 11.28 11.60 10.21

EPS$ 0.475 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.638 0.583 0.171 0.631 0.102 0.330 0.668 1.129 0.729 0.484 0.298 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.120 0.690 0.060 0.050 0.141 0.290 0.500 0.150 0.120 0.580 0.000

P/E 8.2 18.7 N/M 6.2 N/M N/M -2.5 13.6 10.5 28.0 15.7 25.0 4.5 11.8 5.3 14.3 12.9 15.0 23.0 0.0

YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 2.51% 6.97% 2.35% 3.33% 1.78% 4.83% 4.78% 2.40% 2.68% 4.64% 0.00%

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

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

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

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

YTD% 12 MTH% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 4.34% 4.34% 1.83% 1.83% 3.30% 3.30% 4.03% 4.03% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017

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

YIELD - 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

SEE NEXT PAGE

NOTICE

NOTICE is hereby given that FELIX REYES HENRY of #10 Madison Addition, P.O. Box CR-55733, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that RAMON ANTONIO GALVAN KING of #10 Madison Addition, P.O. Box CR55733, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of February, 2018 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, KEMIA RICKANO ROBERT LAMB of #3 Chestnut Street, Pinewood Gardens, New Providence, Bahamas, intend to change my name to KEMIER RICKANO ROBERT LAMB.If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE IN THE ESTATE of ELLEN CARMETA GRANT late of the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

THURSDAY, 15 FEBRUARY 2018

versa - was “largely” blamed for the operator missing its original ARPU targets.

The delay meant Aliv’s ability to make inroads into two key consumer segments - the corporate market and ‘late adopters’, who want to make sure the portability system works before they switch - was delayed in comparison to

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 19th day of February A.D., 2018, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executors shall then have had Notice.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

NOTICE IN THE ESTATE of JACENT M. RAHMING late of the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 19th day of February A.D., 2018, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Administrator shall then have had Notice.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

MICHAEL A. DEAN & CO., Attorneys for the Administrator Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

THE TRIBUNE

ALIV

FROM PAGE 8 the company’s internal estimates. Mr Anderson, though, expressed confidence that Aliv will hit its profitability and other financial targets, and told Tribune Business that it would “not be long” before the mobile operator moved into positive cash flow territory.

“If you look at the company’s projected cash flow and have some confidence it will attain it, it will not be long before it gets into positive cash flow,” he told this newspaper. “Their ability to meet repayments will be more than adequate if they get to where they expect

Monday, February 19, 2018, PAGE 9 to.” Mr Anderson also confirmed that the offering remains open until Friday.

Aliv has financed its operations and network roll-out to-date without taking on traditional commercial bank financing, having relied on shareholder equity injections, vendor financing, a bond and nowpreference share issue.

Apart from the $136 million initial financing from its two shareholders, Cable Bahamas and HoldingCo (the Government, which is set to be bought out soon), Aliv has also received $50 million from its primary vendor, Huawei, and the $60 million proceeds from last year’s bond offering.

The current $49 million takes its total financing to $295 million.

The documents accompanying the $15 million ‘capital call’ reveal that Aliv “is still targeting at least 47 per cent of market share over the next two years.

ARPU is projected to grow from $36 per subscriber to $52 over the same period, a rise of 44.4 per cent, helping to drive gross margins from 48 per cent to 70 per cent. With quarterly operating expenses held constant at $12-$13 million, earnings before interest, taxation, depreciation and amortisation (EBITDA) are forecast to move ‘into the black’ during the quarter ended on December 31, 2018.

For the 16 months to endJune 2017, Aliv’s audited financial statements show it produced revenue of

$12.9 million with negative EBITDA of $44.8 million, compared to initial projections of $23.9 million and negative $30.3 million, respectively. The operating and net losses for that period were $54.289 million and $55.538 million, respectively, as Aliv goes through

its ‘start up’ and growth phases by incurring ‘red ink’. The preference share issue is a private placement targeted at specific institutional investors and high net worth individuals. Members of the public should not seek to become involved.

NOTICE

NOTICE is hereby given that HECTOR CUELLARANTUNEZ of Bay & Bay & Deveaux Streets, P.O. Box NP8803, 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, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

ADVERTISE TODAY IN THE TRIBUNE, JUST CALL 502-2394