03232017 business

business@tribunemedia.net

THURSDAY, MARCH 23, 2017

$4.10 Optimism rises on ‘palatable outcome’ for labour reforms

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Chamber of Commerce’s chairman yesterday expressed optimism that private sector representatives were making progress towards “a palatable conclusion” over the labour law reform controversy.

Gowon Bowe told Tribune Business that “cooler heads did prevail” among the Government and private sector when it came to discussing the latter’s fears that the proposed Employment Act and Industrial Relations Act changes would “cripple” and “bankrupt” many businesses.

The Chamber chairman said both sides had promised not to discuss any details publicly while negotiations were ongoing, but indicated that an outcome the Bahamian private sector can live with may be in reach as Parliamentary debate on the reforms halted.

Shane Gibson, minister of labour and national insurance, yesterday told the House of Assembly that negotiations over the private sector’s last-ditch efforts to mitigate what it perceives as the most damaging aspects

Chamber chair: ‘Cooler heads did prevail’ Govt, private sector work for ‘common ground’ Talks to finish in time for House debate Monday of the reforms were likely to conclude swiftly.

He said Bahamian employers were to submit documents and recommendations to the Government by today, with the Christie administration seeking to conclude House debate on the Bills on Monday.

“They are awaiting certain things back from us,” Mr Bowe confirmed of the Government, “and we have future meetings set up. The process is proceeding.

“The cooler heads did prevail, and we have had very constructive meetings.

There were effectively agreements to work together to come to common ground.”

See pg b7

Govt requires 30 extra officers for web shop zoning

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Minister of Tourism yesterday acknowledged that the Gaming Board needs at least 30 more officers to properly enforce the zoning regulations for the web shop industry.

Speaking with the Tribune outside Parliament, Obie Wilchcombe, who has responsibility for gaming, said: “I think what we really need to do right now is ensure that the gaming industry has integrity.

“My job is to ensure integrity. I think the biggest challenge we face right now is the zoning challenge.

How do we manage it and make sure that it is properly managed? We started on the premise that we do not want the proliferation, then we have to ensure that we properly manage it. That’s the biggest challenge we See pg b7

$4.14

$4.16

$4.16

Aliv’s $30m offering to be ‘well oversubscribed’

By NEI L HAR T NELL Tribune Bu siness Ed itor nhartnell@tribunemedia.net Advisers to the Bahamas’ second mobile operator yesterday predicted its just-launched $30 million bond offering “will be well oversubscribed”, amid expectations it will start generating a profit by 2019.

Michael Anderson, RoyalFidelity Merchant Bank & Trust’s president, told Tribune Business that Aliv “could end up with between $40-$50 million” from its capital raising - an outcome that would leave the offering 33-66 per cent oversubscribed.

“Our sense is it will be

Adviser predicts bond could attract $40-$50m New mobile player eyes 47% market share by 2019 Profitable within three years; eyeing $14m by 2021 Michael Anderson oversubscribed; it’s just a case of how much,” he said.

“The company has indicated their willingness to accept more than the $30 million, but they’ve not said

how much. Chances are we could end up between $40$50 million.”

Aliv’s bond raising launched yesterday, and Mr Anderson added: “I think

it’s going reasonably well, and I expect we’ll be well oversubscribed from it.”

The RoyalFidelity president based his confidence on the investment bank’s ‘soundings’ from institutional and high net worth investors specifically targeted to participate in the bond issue, and the response from the 60-70 persons who attended Aliv’s pre-offering presentation on Tuesday night.

A four-page term sheet issued to investors, which was obtained separately by Tribune Business, discloses that Aliv “is targeting at least 47 per cent of market share over the next three See pg b6

BISX moving ‘swiftly’ on crowdfund platform

By NEI L HAR T NELL Tribune Bu siness Ed itor nhartnell@tribunemedia.net

Keith Davies

The Bahamas International Securities Exchange (BISX) yesterday said it planned to move “swiftly” on developing a market model to support the Securities Commission’s crowdfunding ambitions.

Keith Davies, BISX’s chief executive, told Tribune Business that the ex-

change planned to unveil “a very clearly defined market” through which Bahamian entrepreneurs/ start-ups can seek crowdfunding investments, once it obtained Board approval.

Mr Davies was speaking ahead of today’s seminar, organised jointly between the Securities Commission and Bahamas Chamber of Commerce and Employers Confederation (BCCEC), See pg b5

Exchange to offer ‘defined market’ to aid proposal Commission plan ‘long overdue’ for small businesses Entrepreneurs ‘not growing like they want’

Minister admits lacking enforcement resources Says zoning ‘biggest challenge’ Govt faces Acknowledges need for sector ‘integrity’

Minister of Tourism Obie WIlchcombe

Govt urged: ‘Clarify’ overfly deal with US

By NATARIO McKENZIE

Tribune Business Reporter

and NEIL HARTNELL Tribune Business Editor

A Bahamian airline operator yesterday urged the Government to clarify its ‘declaration of intent’ with US aviation regulators, welcoming any move that would ensure “we stop paying rent for the use of our house”.

See pg b4

Sky chief: We need declaration sight to plan Backs move to ‘stop paying rent in our own house’ End to Bahamian carriers paying domestic fees

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THE TRIBUNE

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Elite Airways operates a fleet of Bombardier CRJ200 and CRJ-700 jet airliners.

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THE TRIBUNE

Thursday, March 23, 2017, PAGE 3

BAMSI chief pledges meat, poultry revival

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas Agriculture and Marine Science Institute (BAMSI) is getting set to release its Agribusiness 2021 plan, which its president yesterday pledged will put Bahamian agriculture “on a path to sustainability”.

Dr Godfrey Eneas told Tribune Business that BAMSI was in the process of restarting Bahamian pork and poultry production, warning: “You cannot continue to take food for granted.”

His comments to this newspaper followed the Government’s decision on Tuesday to place an immediate ban on all meat imports from Brazil, in the wake of a health and corruption scandal impacting that nation’s export processing industry.

“Right now we have

a small ruminants programme, and we are going to soon start pork and poultry production to restart the sector,” Dr Eneas said.

“You cannot continue to take food for granted. I am thankful that the country is at last awakening to the fact that we need to be more self sufficient. We have identified 32 crops and four livestock species that we can become more self-sufficient in.”

He added: “We need to wake up to the fact that the Trump administration is proposing to cut the the USDA (Department of Agriculture) budget by 21 per cent. They are reducing expenditure in areas like food safety, research and international food aid.”

Dr Eneas stressed that the Bahamas must become more self-sufficient in its food production, and said: “We will be coming out shortly with Agribusiness 2021, which will lead the path to self-sufficiency. We

are going to put agriculture on a new and sustainable path.”

He added that the plan would be made available in two to three week, and suggested he was not surprised by the Brazil meatpacking scandal, arguing that the Caribbean has long been a dumping ground for poor quality foreign chicken, particularly Brazilian chicken.

“The Caribeban Poultry Association has been aware of this for years,” Dr Eneas said. “They have had national governments and Caricom regard poultry, for example, as a sensitive commodity.

“Poultry is the largest agri-business in Caricom.

It employs almost 100,000 people. CARICOM governments are not going to allow foreign poultry to destabilise their markets.

“What they instituted is that the product that is imported must have date of

Godfrey Eneas slaughter. What has been happening is that four, five and six year-old chickens have been dumped on the region,” he continued.

“This has been facilitated

by unscrupulous importers who are not concerned about the health of consumers in the region; they are only concerned about profits. Previous adminis-

trations instituted a duty reduction policy which destroyed the country industry of the Bahamas.”

Brazilian authorities have said that several major meat processors in that country have been “selling rotten beef and poultry”, and bribing inspectors to allow the contaminated product through into the food chain.

The Brazilian authorities have reportedly suspended 33 government officials over the allegations, which claim these practices have been ongoing for years.

Three meat processing plants have been closed, and another 21 are said to be under investigation, with exports from all suspended.

More than 30 companies have been accused of unhygienic practices, including JBS, the world’s largest beef exporter, and BRF, the world’s top poultry producer. The companies have denied the allegations.

Super Value chief: No major impact from Brazilian ban

By NATARIO McKENZ IE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Super Value’s owner yesterday said the Government’s ban on all Brazilian meat imports was unlikely to have a major impact on Bahamian food stores adding his company only imports corned beef from that nation.

Rupert Roberts told Tribune Business: “We bring in a chicken frank from Brazil, but no beef apart from the corned beef. We have never had a problem with any products out of Brazil.

I think they should investigate the companies named, get their brands and not ban innocent companies.”

He added of the Bahamas’ 60-day ban: “I don’t think that’s really going to affect the country. I think this issue will clear up over time, but the we will abide

Rupert Roberts by the Ministry’s decision.

“That’s not a problem.

We will just shift to other parts of the world to get corned beef, places like Uruguay. There are too many competitive countries putting out corned beef.”

On Tuesday, the Government announced it had decided to place an immediate ban on all meat imports

from Brazil, in the wake of a health and corruption scandal impacting that nation’s export processing industry.

The move follows reports from the Brazilian authorities that several major meat processors in that country have been “selling rotten beef and poultry”, and bribing inspectors to allow the contaminated product through into the food chain.

The Brazilian authorities have reportedly suspended 33 government officials over the allegations, which claim these practices have been ongoing for years.

Three meat processing plants have been closed, and another 21 are said to be under investigation, with exports from all suspended.

More than 30 companies have been accused of unhygienic practices, including JBS, the world’s largest beef exporter, and BRF, the world’s top poultry pro-

ducer. The companies have denied the allegations.

The Ministry of Agriculture, in announcing the ban, said: “To safeguard public health and food safety in the Bahamas, the Minister for Agriculture and Marine Resources, V. Alfred Gray, has announced a precautionary ban of meat imports from Brazil.

“Until further notice, no permits for the importation of processed meat products from Brazil will be issued.

This includes corned beef as well as other beef products and beef by-products.”

The Ministry of Agriculture and Marine Resources said it would monitor the issue “over the next 60 days, and should we be satisfied that imports from Brazil be resumed”, several conditions would attach.

These require that beef must be slaughtered and processed at an approved

Government abattoir and processing facility, while a sanitary certificate must accompany all imports from Brazil; All batch containers will be inspected at a ‘port of entry’ upon arrival to the

Bahamas, and an import permit obtained from the necessary government agencies.

A registry of all importers of beef and beef products from Brazil will also be compiled.

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PAGE 4, Thursday, March 23, 2017

THE TRIBUNE

Scotiabank employees enjoy farmers’ market The Bahamas Agriculture and Marine Science Institute’s (BAMSI) distribution centre recently treated staff at Scotiabank’s main Nassau branch to a mini farmers’ market.

“Employees were very enthusiastic about our products; within the first 50 minutes of sales, half of our inventory was gone,” said Romeo Josey, BAMSI’s ag-

riculture officer.

The mini farmer’s market featured produce grown on the BAMSI farm in North Andros, and by members of its Associated Farmers Programme. Foods included Lollo Rossa Lettuce, Ridgeline Lettuce, sweet pepper, purple cabbage, cucumbers, tomatoes, bananas and habanero peppers.

Govt urged: ‘Clarify’ overfly deal with US From pg B1 Captain Randy Butler, Sky Bahamas president, told Tribune Business that

yesterday’s ‘agreement in principle’ between the Government and Federal Aviation Administration (FAA) needed to be made public

Sample produce box at the farmer’s market. so local carriers could understand how it will affect their businesses.

“We’re happy for any movement in the right direction, given the importance of any agreement that allows us to stop paying rent for the use of our house,” he said.

“But we need to know when the agreement is coming into place, and what the agreement means. What does it mean? Where do we go from here?

“We need clarity on how to move forward,” Captain Butler told Tribune Business. “How do we, as businessmen, use that to plan for the future? How do we interpret that in our operations and to manage costs, and whether this is relief to pass on to our passengers?”

The Government’s ‘declaration of intent’ with the FAA formalises the arrangement announced back in January, which was billed as a first step towards the Bahamas taking back control of its air space and establishing a Flight Information Region (FIR), something that will allow this nation to levy and collect fees from airlines flying over this nation rather than the FAA. Under yesterday’s agreement, the FAA will continue to manage Bahamian airspace, as it has done since 1952, for another 10 years to allow this nation to

build the necessary technical, human and infrastructure capacity to develop its own FIR. The FAA has controlled Bahamian airspace above 6,000 feet since 1952, with all airlines flying over this nation for the past 64 years - including Bahamianowned airlines - required to pay overflight fees to the US regulator.

Glenys Hanna Martin, minister of transport and aviation, told Tribune Business of yesterday’s agreement: “We signed a declaration of intent between the Bahamas and the United States of America through the auspices of the FAA. “The declaration has a number of components and one is that the levying of overflight fees for domestic aircraft ceased on January 1, 2017. The declaration of intent indicates that there will be an absolute legal initiative to stop it completely.

“It also indicates that we will enter into a 10-year agreement that will deal with the FAA manning the airspace. The Bahamas government will collect the overflight fees and will agree a management fee for the US, which has the technology and the human resources for that purpose.”

Back in January, Prime Minister Perry Christie hailed as a “landmark accomplishment” the agreement with the FAA to ex-

BAMSI’s produce draws immense interest from Scotiabank employees. empt Bahamian aircraft operators from the payment of over flight fees for domestic flights.

He said the deal would save the national flag carrier, Bahamasair, around $1 million over a threeyear period. Under international laws, countries require airlines and other aircraft to pay a fee for the right to fly over their airspace. The administration of those rights in the Bahamas has been performed by the FAA since 1952, meaning Bahamasair and other Bahamian-owned carriers have had to pay the US for the privilege of flying over their own country.

Mrs Hanna Martin told Tribune Business yesterday: “We have also agreed that the US will co-operate with the Bahamas government in its discussions with neighbouring states for the geographical setting of limitations of airspace for the Bahamas.

“They have also agreed to support us as we make application to the International Civil Aviation Organisation for the formal delimitation of our airspace. The other thing in there is a radar sharing of information agreement.

That will allow for the mutual sharing of information.”

However, yesterday’s agreement appears to only be an ‘agreement in princi-

ple’, and the Bahamas has much work to do to make its contents a reality and take over its own airspace via an FIR. A 2004 International Civil Aviation Organisation (ICAO) paper on the proposed Bahamian FIR said that apart from this nation taking “full control over its sovereign airspace”, the initiative would create 100 direct jobs and annual government revenues of $30 million.

“The project will create significant directly related employment of about 100 people in high technology areas of the economy, and several times that number in additional support jobs,” the ICAO paper said.

“The new FIR will generate revenues in excess of $30 million annually. The revenue stream will not only finance the capital costs of implementing the total project and pay for the yearly operations and maintenance budget of the Department Civil Aviation, but will also be able to contribute to financing the development of Family Island aerodromes.”

Given the increase in aviation traffic to the Bahamas over the past decade, it is likely this nation could earn more than $30 million by developing its own FIR.

THE TRIBUNE

Thursday, March 23, 2017, PAGE 5

BISX moving ‘swiftly’ on crowdfund platform From pg B1 to discuss proposed rules for creating a formal, regulated crowdfunding market in this nation.

One small business consultant yesterday told Tribune Business that the Securities Commission’s proposals were “long overdue” when it came to improving ease of capital access for small Bahamian businesses and entrepreneurs.

Mark A. Turnquest, of Mark A. Turnquest Consulting, told Tribune Business he had 25 small business clients who could potentially qualify for crowdfunding investments, including firms in the manufacturing and merchandising sectors.

Disclosing that he had been seeking grant funding for several clients, Mr Turnquest said: “They need more money than the bank is offering now; a little working capital. The banks are risk averse.

“This type of platform [crowdfunding] is at least five years overdue, and should have been done a long time ago. It’s a wonderful option.

“We have businesses doing well now that could take advantage of it, once they get the experience necessary to position their business to be attractive for this type of funding. It would excite the market, which is down and out now. I’m an advocate for this big time.”

Access to capital, both equity and debt, has frequently been the biggest obstacle complained about

by Bahamian small businesses, start-ups and entrepreneurs.

With commercial banks increasingly risk averse, and constrained by laws and regulations from taking a chance, traditional capital sources have shrunk in recent years - especially since the 2008-2009 recession.

Apart from the government-sponsored venture capital fund, the Bahamas Entrepreneurial Venture Fund, this nation does not possess a developed private equity or venture capital market, which have acted as alternative financing sources for small business in developed countries.

As a result, Bahamian entrepreneurs have frequently been forced to rely on their own resources, plus family,

friends and so-called ‘angel investors’ for their financing, together with whatever they are able to access from more conventional sources.

Crowdfunding, which involves financing a project or business venture by raising small amounts of money from a large number of people, typically via the Internet, is now stepping into this gap. It pools money from friends, family and investors.

With the Internet and social media increasingly being used by Bahamian entrepreneurs to raise capital via crowdfunding, the Securities Commission is now seeking to fill the financing ‘vacuum’ with the creation of a formal market and rules to protect both startups and potential investors.

Mr Turnquest told Tribune Business it was “not rocket science that things are bad” for Bahamian small businesses, and even those operating with proper accounting records and marketing strategies were challenged in obtaining “funding for growth”.

“They’re not growing the way they want,” he said of several clients, “and they’re having to be very conservative in this market.”

Disclosing that some

Mark A. Turnquest small businesses were reluctant to take on debt-related expansion financing for fear it will “mess up their cash flow”, Mr Turnquest added: “They can’t add more people and add more products.

“They’re successful, but are not growing exponentially like they want.”

The Securities Commission’s crowdfunding proposals, contained in the draft Securities Industry (Business Capital) Rules 2017, require that new startups access investor financing by offering securities through a ‘platform’.

This is described as an Internet-based “electronic marketplace”, which will advertise and administer these offerings. While a ‘platform’ as to be registered with the Securities Commission, the regulator’s proposals appear to impose no restrictions on

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BISX appears ideally placed to be one such ‘platform’, given its existing technology and status as the Bahamas’ sole regulated stock exchange.

There also appear to be significant synergies between the crowdfunding proposals and BISX’s longplanned Small Alternative Market (SAM), which would target companies seeking $1 million or less in new capital.

Mr Davies acknowledged as much, and confirmed to Tribune Business that BISX planned to “absolutely” offer itself as one crowdfunding ‘platform’.

“We’re going to try and do our best, and put forward a very clearly defined market that people will have a chance to look at, once our Board approves it,” he said.

“I’m moving towards that swiftly. That is our intent” Confirming that there had been discussions between BISX and the Securities Commission on the latter’s proposals, Mr Davies said the relationship between the two would remain the same over crowdfunding.

“They will create the parameters for crowdfunding, and we will create the market within that,” he explained. “I’m very pleased

the Commission is going forward with this, and I’m looking forward to working with them and creating our own market environment that will enhance and support crowdfunding in the Bahamas.”

The Commission’s proposed Rules attempt to create a formal, regulated market for crowdfunding while striking a balance between ‘ease of capital access’ and investor protection.

“The main objective of the Rules is to lighten the regulatory burden and open access to funding for SMEs via the public markets, while maintaining appropriate mechanisms to protect investors,” the regulator said.

“The proposed Rules would allow the general public to participate in crowdfund distributions within limitations, and would require that all equity crowdfund distributions are conducted on a platform that is registered with the Commission.

“To help protect small and/or sophisticated investors, the Rules would limit the amount such persons could invest in such distributions in any given year.”

Start-ups raising equity capital via a ‘platform’ would be limited to a maximum of $1 million, with

less sophisticated investors unable to invest more than $1,000 in any single offering in a year. Their investments are also capped at a maximum $3,000 per start-up.

The Securities Commission is also permitting more established small and medium-sized businesses to raise capital on the overthe-counter (OTC) market, via registered broker/dealers and investment houses.

They will only be allowed to conduct one offering per year, with capital raisinglimits of $2 million for small businesses, and $3 million for medium-sized enterprises.

Again, less sophisticated investors are unable to invest more than $1,000 in any single offering per year.

Their investments per company, though, are capped at a higher maximum of $5,000 per start-up.

“The Rules would allow certain small and medium business to raise up to $3 million per year in the ‘Over-the-Counter’ market without having to file a prospectus with the Commission, though an Offering Memorandum would be required to be filed, which will allow investors to make informed investment decisions,” the Securities Commission.

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Aliv’s $30m offering to be ‘well oversubscribed’ From pg B1 years” as it bids to erode the Bahamas Telecommunications Company’s (BTC) market dominance.

Mr Anderson yesterday confirmed this 2019 goal, adding that the market share target matched what Digicel and other new entrants had achieved in other Caribbean territories when their mobile markets liberalised. Aliv’s senior executives all previously held posts at Digicel.

“Their target is very consistent with what’s happened in other markets in the Caribbean where Cable & Wireless Communications was the incumbent, and lost market share to Digicel or a new entrant,” Mr Anderson explained.

“Thirty to 50 per cent market share, it’s always in that range. There’s no reason to think the Bahamas will be any different.”

Having ended BTC’s long-standing mobile monopoly, the Aliv term sheet shows it was targeting 50,000 subscribers by end-March 2017 - a target its executives say they have already achieved.

The new entrant is now targeting a gross subscriber figure of 73,662 by endJune 2017, an almost 50 per cent increase from where it is now, with average subscriber numbers projected to be 61,831.

However, Aliv’s sub-

scriber claims have already provoked a sharp reaction from BTC, which has served notice it will not take competition lying down, and intends to push back hard via creative consumer plans of its own.

Leon Williams, its chief executive, this week said it was impossible for Aliv’s claimed 45,000-50,000 subscribers to equate to one-quarter of the market, given that the incumbent operator has more than 320,000 customers.

This equates to an Aliv market share of between 14-15.6 per cent, and Mr Williams said BTC’s own research suggested that 90 per cent of those 45,00050,000 Aliv subscribers were also its customers they currently own both Aliv and BTC handsets.

The ultimate beneficiaries of this intensifying rivalry will be Bahamian business and residential consumers, as the competition between BTC and Aliv should result in lower prices and improved consumer choice and services.

Still, Aliv’s term sheet is forecasting that it will increase gross subscriber numbers by two-thirds, or 66 per cent, in the year to end-June 2018, closing at 122,400.

It is also predicting that monthly margins/yields per subscriber, or average revenue per unit (ARPU), will increase from the pre-

sent $32 to $47 by June 2018 - a rise of 46.9 per cent. It will keep climbing to reach $54 by 2020.

Aliv’s offering document says the relatively high average revenue per subscriber (ARPU) yields in the Bahamas should be especially attractive for investors, as at $48 per month they are higher than the US’s $31, and just below Canada at $49.

“Having previously been dominated by a single player, the liberalisation of the Bahamas’ mobile cellular license provides BeAliv a unique opportunity to make a growth play in the high ARPU value, $232 million (estimated) mobile telecommunications market,” it tells investors.

“Aliv is targeting at least 47 per cent of market share over the next three years that will be driven by increased demand for data.”

The financial projec-

tions disclose a more thantripling of Aliv’s quarterly revenues over the next 15 months, going from $6.536 million in the current quarter to $20.767 million for the three months to end-June 2018.

Over the same period, gross margins are projected to increase from 23 per cent to 72 per cent, with the cost of sales kept below $6 million in each quarter.

With payroll costs kept constant at $2.502 million per quarter through Aliv’s 2018 financial year, and operating expenses below $10 million for each threemonth period, Aliv is predicting it will start generating positive quarterly operating income (EBITDA) in the December 2017 quarter.

The new mobile operator’s quarterly capital spending is also forecast to decline from the current $35.84 million to $2.464

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NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 V.V.K. INVESTMENTS INC. (In Voluntary Liquidation) NOTICE IS HEREBY GIVEN that in accordance with Section 138 (4) of the International Business Companies Act, 2000, as amended, V.V.K. INVESTMENTS INC. is in dissolution.

The dissolution of the said Company has commenced on 09 March 2017 when Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said Company is Saviour Cauchi, whose address is 115 Fiduciary House, Mriehel Street, B’Kara, BKR 1647, Malta.

Saviour Cauchi Liquidator

LEGAL NOTICE NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000) that RJX Capital Ltd. (IBC №. 170213 B) is in dissolution. The date of commencement of the dissolution is March 22, 2017. The Liquidator of the Company is RJX Investment Limited of Maples Corporate Services (BVI) Limited, Kingston Chambers, Road Town, Tortola, P.O. Box 173, British Virgin Islands. All persons having claims against the above-named company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before April 21, 2017.

RJX Investment Limited Liquidator

THE TRIBUNE

million during its 2018 financial year, as Aliv moves closer to completing the build-out of its network infrastructure throughout the Family Islands.

All this adds up to forecasts that Aliv will start to generate a profit in 2019, its third year of operations, shedding start-up losses of $50.267 million and $20.070 million in financial years 2017 and 2018.

The company is forecast to ‘reach the black’ with $3.578 million, and then increase this to $13.243 million and $14.229 million in 2020 and 2021, respectively, as market share reaches 50 per cent for both years.

Mr Anderson said of Aliv: “It’s a start-up but not a start-up. It’s got north of $140 million in capital, and now raising an extra $50 million in debt, but it’s an extremely well-capitalised, operational company.

“It’s a matter of get-

ting subscribers now. This particular entity is up and running, has got 50,000 subscribers, and growing rapidly. It’s a really fastgrowing company. The general sense is of a company that has a plan, and is likely to create and carry it out.”

Aliv’s $30 million bond issue is a private placement targeted only at select investors, so members of the Bahamian public should not seek to apply. It will close on March 31.

As revealed by Tribune Business in February, Aliv’s $30 million bond issue will be split into two equal $15 million tranches.

One tranche, with a 10year term, will carry an interest coupon of 8 per cent. The second tranche, which will have a 15-year maturity term, will carry a dividend of 8.5 per cent to compensate investors for the longer term and extra risk.

NOTICE Applicants are invited from suitably qualified persons for the following

TEACHING POSITIONS School Year 2016/2017 For grades 6-12

Windermere High School Savannah Sound, Eleuthera 1 History/Geography 1 Spanish 1 Computer 1 Generalist 1 Technical Drawing 1 Home Economics 1 P.E Coach Applicants must be born again and should poses Teacher’s Certificate, at least a first degree and two years teaching experience.

Applications should be addressed to: The Director Windermere High School P. O. Box EL 25063 Governors Harbour, Eleuthera E-mail: windermerehighbs@gmail.com

To arrive no later than June 30, 2017

EMPLOYMENT OPPORTUNITY FOR FINANCIAL CONTROLLER Establishment information A well-established Retail Company with several locations.

Education and Experience • A CPA with strong background in Retail costing • Excellent communications skills and the ability to meet strict deadlines • Preferable age: 30 and older Principal Responsibilities • Timely and accurate preparation of weekly, monthly, and annual financial statements • Preparation of all government required documents which includes Vat returns • Monitoring and improving the Company’s internal controls Interested and qualified persons should submit their resume via email to 242jobnow@gmail.com

THE TRIBUNE

Thursday, March 23, 2017, PAGE 7

Optimism rises on ‘palatable outcome’ for labour reforms From pg B1 He added: “They are asking on their end from us, and we are asking on our end from them. We’ve effectively set deadlines among us.

“Once each has met the deadlines to the other, I think there will be a palatable conclusion. As long as we’re talking, there’s progress being made.”

Mr Bowe acknowledged that the negotiations with the Government would not last “very much longer”, and added: “Both parties are being mature about it in a very strategic manner.”

Asked what he would say to reassure nervous employers, amid talk of initiating staff redundancies now to avoid the increased cost and bureaucratic burdens threatened by the Bills, Mr Bowe replied: “They should have confidence that previous outcomes with collaborative mechanisms, such as VAT, have been palatable, and hopefully that will be a predictor for what will come out of this discussion as well.”

Other private sector executives involved in the talks with the Government echoed Mr Bowe’s line that

Govt requires 30 extra officers for web shop zoning From pg B1 face right now. I need more officers, I need more people to be working.”

Asked how the Government plans to obtain the extra enforcement manpower and resources that it needs, Mr Wilchcombe said: “At the moment, I think I need

about 30 more officers. I need officers not only for the capital, but places like Abaco and Grand Bahama.

“The good thing is the industry pays for it, because of the earnings and the fact that we do have a budget that allows for the industry to support what we are doing, so it works out.

call 502-2394 to advertise today!

progress was being made, but also declined to go into specifics.

Robert Sands, the Bahamas Hotel and Restaurant Employers Association’s (BHREA) president, told Tribune Business: “We’re still working.

“I think the meetings we’ve been having, and continue to have, are all very productive. We’re still trading comments between the parties. I can’t say much more than that at this point in time.”

And Edison Sumner, the Chamber’s chief executive, added: “We’re still working through some details.

Things are advancing.

We’re pleased with what’s happening, but we’re not at the point where we can share information.”

Key among employer

concerns is the 67 per cent, or two-thirds increase, in the Employment Act’s redundancy pay ‘cap’.

Line staff are currently entitled to a maximum 24 weeks or six months’ redundancy pay under the Employment Act, gaining two weeks for each year they have been employed up to the 12-year ‘cap’.

However, the Bill requires the ‘cap’ to be increased to 32 weeks (16 years) immediately upon enactment of the reforms.

And, ultimately, the ‘cap’ for line staff redundancy pay is to be increased to 40 weeks some two years after the amendments are passed.

As for managerial staff, the existing 48 weeks (12 months/one year) redundancy pay maximum that

they are due currently under the Employment Act is to be immediately increased to 64 weeks. Should the proposals pass, the ‘cap’ will ultimately be lifted to 80 weeks after two years.

The proposed reforms also impose bureaucratic notification requirements on Bahamian businesses, whenever they are considering redundancies, and a fine equivalent to 30 days’ extra pay for each terminated employee should these not be adhered to.

Employers will have to give relevant trade unions, or employee representatives, a “written statement” explaining the reasons for the redundancies and “facts” behind the move, along with the number and category of jobs impacted, and the timeframe over

which the terminations will take place.

“Recognised” trade unions must be consulted “no later than six weeks” before the redundancies will occur in a bid to “mitigate” the impact, and determine the processes and procedures that will be used. The Minister of Labour must be given 30 days’ notice.

Meanwhile, the proposed reforms to section 51 of the Industrial Relations Act deem the terms and conditions of industrial agreements as automatically incorporated into individual workers’ contracts.

Other proposed amendments force employers to start collective bargaining talks within 45 days of receiving a trade union’s industrial agreement proposal.

“We always thought that we would see job creation because there are more than 3,400 people in that business right now. We have to constantly work on improving it, and to do that I need to ensure that we have the right officers in the field. There will be those in the office, those on the streets and those in technology. The bottom line is integrity.”

The zoning issue was recently raised by prominent web shop operator, FML chief executive Craig Flowers, who argued that there appeared to be very little enforcement of the zoning regulations. These prohibit the location of web shops near schools and churches.

A key objective of the newly-released regulations on gaming house premises licenses is to minimise any negative impact on communities, particularly places of worship, schools, locations where videos or similar games may be played by people, or premises at which pensions or welfare payments are collected.

The regulations state that no gaming house can be located “immediately adjacent, [or] at any property line, to a property whose dominant use is residential, unless zoned to be multiuse (commercial and residential)”.

And no gaming house can be located “within 100 feet of a place of worship, school, games arcade or premises at which pensions

or welfare payments are collected”.

Gaming houses are also prevented from coming “within 100 feet of any other licensed gaming house premises, unless the Gaming Board expressly determines there is good cause to conclude that proximity to another licensed gaming house of less than 100 feet does not offend the character of the area in which the premises is located, and the need to prevent over-proliferation of gaming house premises in any area”.

Mr Wilchcombe, in previously announcing a 10-year moratorium on new web shop operators, said there had been a reduction in the number of web shop locations since the process to le-

galise, regulate and tax the sector began.

He said about 635 web shops existed at the start of the industry’s regularisation process but, by June 2016, only 372 locations had been licensed, with 31 pending.

“This will result in a total of approximately 403 licensed locations in the country, which equates to a 36.5 per cent reduction in the number of locations that were active at the commencement of the regularisation process,” Mr Wilchcombe’s statement said.

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

CAREER

OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following positions:

Engineering Can-Fix-It

Essential Job Functions: • Repair minor electrical issues, appliances, and minor plumbing.

• Must be able to repair drywall, flooring, carpentry, masonry and do remodeling jobs.

• General knowledge to repair heating and cooling units, painting the exterior and pressure washing.

Position Requirements: • Must have three years of hands on experience in the maintenance field.

• Experience in the Hotel Industry will be a plus.

Cook

Essential Job Functions: • Inspect food preparation and serving areas to ensure observance of safe,

sanitary food-handling practices. Turn or stir foods to ensure even cooking.

• Prep, season and cook food according to recipes or personal judgment and experience.

• Observe and test foods to determine if they have been cooked sufficiently.

• Weigh, measure, and mix ingredients according to recipes or personal

judgment, using various kitchen utensils and equipment.

• Prepare staff meals.

PosITIon AvAIlAblE

GENERAL MANAGER Established distributor is seeking a General Manager.

The successful candidate should have the following: • At least 5 years experience in management; • The ability to motivate and lead sales team; • Good interpersonal skills; • Good organizational skills; • Experience in sales; • Proficiency in Word, Excel and Quickbooks; • Marketing and advertising skills; • A desire and drive to succeed and take the business forward.

Interested persons are asked to email their resume to bahamasbusinesscareers@gmail.com

Position Requirements: • General knowledge of working in a commercial kitchen.

• Knowledge and ability to use basic work tools and equipment.

Utilities

Essential Job Functions: • Perform duties to maintain kitchen work areas and restaurant equipment and utensils in clean and orderly condition.

• Transfers supplies and equipment between storage and work areas by hand

or by use of hand truck.

• Sets up banquet tables, when required.

• Keep all equipment in the food and beverage areas are in good condition.

Report any breakdowns in equipment to management.

Position Requirements: • High school graduate or equivalent.

• Previous hotel-related experience desired.

Guest Service Representative

Essential Job Functions: • Register guests and assign rooms.

• Assists in pre-registration and blocking of rooms for reservations.

• Thoroughly understands and adheres to proper credit, cheque-cashing, and cash-handling policies and procedures.

• Processes guest check-outs.

Position Requirements: • High school graduate or equivalent.

• Must have the ability to work independently

Food and Beverage - Waiter/Server

Essential job Functions: • Wipe tables or seats with dampened cloths or replace dirty tablecloths • Take customer orders and serve customers • Maintain adequate supplies of items such as silverware, glassware, dishes, or trays.

• Interact with guests and provide them with a warm greeting and a positive

parting remark showing gratitude for their business as appropriate.

• Other duties as required by Management.

Position Requirements: • High School Diploma • Two years experience as a waiter • Ability to work in a busy, fast paced work environment • Knowledge of food sanitation requirements • Excellent verbal and written communication skills Competitive salary and benefits package are commensurate with experience.

Interested persons should submit their resumes via e-mail to

recruitment.humanresources@outlook.com

PAGE 10, Thursday, March 23, 2017

THE TRIBUNE

Leaders need votes for health bill on eve of House showdown

WASHINGTON (AP) — The long-awaited House showdown a day away, President Donald Trump and Republican leaders cajoled recalcitrant GOP lawmakers Wednesday to back their health care overhaul.

Conservatives insisted they had the votes to torpedo the measure, leaving the party’s top legislative priority dangling perilously.

Trump met at the White House with 18 lawmakers, a

mix of supporters and opponents, while Vice President Mike Pence saw around two dozen. The sessions came as leaders rummaged for votes on a roll call they can ill afford to lose without wounding their clout for the rest of the GOP agenda.

Asked by reporters if he’d keep pushing a health overhaul if the House rejects the measure, Trump said, “We’ll see what happens.”

For now, the White House

and House leaders showed no sign of delaying their legislation demolishing former President Barack Obama’s health care law, a GOP pledge since the statute’s 2010 enactment.

“There is no plan B. There is plan A and plan A, we’re going to get this done,” said White House spokesman Sean Spicer.

But, underscoring the tricky pathway to victory, participants in the Pence

meeting said there were no visible signs of weakened opposition and described one tense moment.

Rep. Randy Weber, RTexas, said White House chief strategist Steve Bannon told them: “We’ve got to do this. I know you don’t like it, but you have to vote for this.”

Weber said Rep. Joe Barton, R-Texas, bristled.

“When somebody tells me I have to do something, odds are really good that I will do exactly the opposite,” Barton said, according to Weber.

Many conservatives remained dug in against the measure, insisting it must repeal the law’s requirements that insurers pay for specified services like maternity care and cover all comers, including the sickest. They say those provisions must die because they drive up premiums.

“There’s not enough votes to pass it tomorrow,” said Rep. Mark Meadows, R-N.C., leader of the House Freedom Caucus, the hard-line group that has spearheaded opposition to the GOP bill. Most of the group’s roughly three dozen members seemed opposed to the legislation, more than

enough to defeat it.

Another member of that caucus, Rep. Scott Perry, R-Pa., was among the lawmakers who met with Pence.

He said White House officials at that 90-minute meeting suggested they were considering amending the bill when — and if — it reaches the Senate to erase those regulations, but he remained skeptical.

“We’re being asked to sign a blank check,” said Perry, who has opposed the bill. “In the past, that hasn’t worked out so well.”

The Republican legislation would halt Obama’s tax penalties against people who don’t buy coverage and cut the federal-state Medicaid program for low earners, which the statute expanded.

It would provide tax credits to help people pay medical bills, though generally skimpier than the aid Obama’s statute provides. It also would allow insurers to charge older Americans more and repeal tax boosts the law imposed on highincome people and health industry companies.

In a count by The Associated Press, at least 20 Republicans said they opposed the bill, a number subject to constant change amid pri-

vate lobbying by the White House and GOP leaders.

That included moderates daunted by projections of 24 million Americans losing coverage in a decade and higher out-of-pocket costs for many low-income and older people, as predicted by the nonpartisan Congressional Budget Office.

Interviewed on CNN, House Rules Committee Chairman Pete Sessions, R-Texas, said Trump’s credibility problem over his wiretapping allegations and other issues “does hurt” GOP attempts to win votes.

He also pointed to voters who remain dubious.

“The people back home are not sold on what we’re doing yet,” he said.

The Rules committee, usually tightly controlled

by GOP leadership, was expected to let the chamber vote on revisions that top Republicans concocted to win votes. These include adding federal aid for older people and protecting upstate New York counties — but not Democratic-run New York City — from repaying the state billions of dollars for Medicaid costs.

There were at least two glimmers of hope for GOP leaders.

THE TRIBUNE

Thursday, March 23, 2017, PAGE 11

Indexes inch back upward as tech stocks rise; Nike plunges

NOTICE ARCHER PARTICIPATIONS LIMITED Notice is hereby given that IN ACCORDANCE WITH Section 138 (8) of the International Business Companies Act 2000, ARCHER PARTICIPATIONS LIMITED has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 16th day of March, A.D., 2017.

Dated the 22nd day of March, A.D., 2017 _____________________________ Dartley Bank & Trust Limited Liquidator

Specialist Stephen Naughton, left, and trader Michael Milano work on the floor yesterday of the New York Stock Exchange. Stocks are treading water in early trading as gains in high-dividend stocks are outweighed by drops in banks and other sectors. (AP Photo) yield on the 10-year Treasury note fell to 2.40 percent from 2.42 percent. Lower bond yields mean lower interest rates, and those reduce the profits banks can make from lending.

Investors snapped up high-dividend utilities and real estate investment trusts as bond yields fell. Exelon picked up 34 cents to $36.30 and Consolidated Edison gained 77 cents, or 1 percent, to $78.11. Utilities are the best-performing part of the S&P 500 over the last month.

Sears said in a regulatory filing that there is “substantial doubt” it will be able to remain in business. In recent years the parent company of Sears and Kmart has closed more than 2,000 stores and slashed spending and jobs, and it has sold brands and split off its real estate assets to raise cash. The company continues to lose billions a year as its sales fall further.

It said pension agreements may prevent it from spinning off other businesses.

The stock has already been trading near all-time lows and lost $1.12, or 12.3 percent, to $7.98 Wednesday. The company’s real estate investment trust, Seritage, lost 92 cents, or 2.1 percent, to $42.63.

Nike reported slightly disappointing third-quarter sales, and its forecasts for the current period displeased investors as well.

Nike’s stock fell $4.09, or 7.1 percent, to $53.92, its biggest loss since June 2012.

Nike is up this year but

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DORIAN MONIQUE MAJOR of Palm Beach Street, New Providence, Bahamas intend to change my child’s name from HENRI LENARD CLEMENT MAJOR ORELIEN to HENRI LENARD CLEMENT MAJOR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

hasn’t recovered from a 19 percent tumble in 2016. Investors have worried about Nike’s intense competition with rivals Under Armour and Adidas.

While shipping company FedEx didn’t have a great holiday season, its revenue was a bit better than expected and analysts said they think its business is going to improve. Its stock rose $4.08, or 2.1 percent, to $195.92. Railroad and airplane companies also climbed.

Oil prices continued to fall after the U.S. government said fuel stockpiles grew more than expected last week. U.S. crude lost 20 cents to $48.04 a barrel in New York. Brent crude, used to price international oils, fell 32 cents to $50.64 a barrel in London.

In other energy trading, wholesale gasoline remained at $1.60 a gallon.

Heating oil lost 1 cent to $1.50 a gallon. Natural gas sank 8 cents, or 2.7 percent, to $3.01 per 1,000 cubic feet.

The price of gold rose for the fifth day in a row. It edged up $3.20 to $1,249.70 an ounce. Silver fell less than 1 cent to $17.58 an ounce. Copper rose 1 cent to $1.63 a pound.

The dollar slipped to 110.92 yen from 111.90 yen.

The euro dipped to $1.0798 from $1.0804.

THE CENTRAL BANK OF THE BAHAMAS

COUNTERFEIT BANKNOTE DETECTION WORKSHOP Nassau Workshop, Wednesday, April 5, 2017 Training Room, Central Bank of The Bahamas, Frederick St. Entrance Session 1 - Bankers and Law Enforcement

10:00 a.m. - 11:00 a.m.

Session 2 - Business and General Public

12:00 p.m. - 1:00 p.m.

Interested parties should make reservations via the Banking Department at 302-2620 and email banknote.services@centralbankbahamas.com Freeport Workshop, Thursday, April 6, 2017 Pelican Bay Hotel, Sea Horse Road at Port Lucaya Session 1 - Bankers and Law Enforcement

10:00 a.m. - 11:00 a.m.

Session 2 - Business and General Public

12:00 p.m. - 1:00 p.m.

Interested parties should make reservations via Central Bank’s Freeport Office at 352-5963 Registration ends March 31, 2017. All applicants must present a government-issued ID upon arrival. Seating is limited.

(DF55)

NEW YORK (AP) — After a shaky start, U.S. stocks finished mostly higher Wednesday as technology and industrial companies rose. Banks fell with interest rates as the market came off its biggest loss in five months.

Stocks started lower, then rallied around midday and wandered between gains and losses for several hours before a late-afternoon push.

Technology companies led the market, as they’ve done throughout this year.

Gains for shipping company FedEx helped take industrial companies upward. Nike took its biggest one-day loss in five years as investors were disappointed by its quarterly sales and outlook, and 130-year-old retailer Sears plunged after it said it may not be able to stay in business.

A day ago stocks dropped as Wall Street wondered if key aspects of President Donald Trump’s agenda, such as tax cuts and increased infrastructure spending will be delayed.

The Republican-backed American Health Care Act appeared to be in trouble ahead of a House of Representatives vote on Thursday.

Terry Simpson, a multiasset strategist for BlackRock, says it’s noteworthy that even though the bill’s fate is unclear, stocks didn’t fall any further on Wednesday.

“The market really wants to believe in the new administration,” he said. But if the bill falters in the House on Thursday or the Senate later on, investors will have “increased doubt in the ability to pass the progrowth agenda.”

The Standard & Poor’s 500 index picked up 4.43 points, or 0.2 percent, to 2,348.45. Nike dragged down the Dow Jones industrial average, which fell 6.71 points to 20,661.30.

The Nasdaq composite rose 27.82 points, or 0.5 percent, to 5,821.64. The Russell 2000 index of smaller companies sank 0.95 points, or 0.1 percent, to 1,345.60.

Apple gained $1.58, or 1.1 percent, to $141.42 and Microsoft rose 82 cents, or 1.3 percent, to $65.03 while chipmaker Nvidia added $2.16, or 2 percent, to $108.07. The S&P 500’s technology index is up 11 percent in 2017, more than double the gain for the broader S&P 500.

Bond prices rose. The

Call 502-2394 to advertise

PAGE 12, Thursday, March 23, 2017

PUBLIC NOTICE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, DORIAN MONIQUE MAJOR of Palm Beach Street, New Providence, Bahamas intend to change my child’s name from MATTHEW LIVINGSTONE ORELIEN to MATTHEW LIVINGSTON MAJOR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

The Public is hereby advised that I, LIONEL RICHARD LORENZO STORR of Munnings Drive, Westridge South in the Western District, P.O. Box GT-2230, Nassau, Bahamas, intend to change my name to LIONEL RICHARD LORENZO CULMER. 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

NOTICE

The Public is hereby advised that I, DENZEL NETHANIEL MUSGROVE of #199 Columbus Drive, Freeport, Bahamas, intend to change my name to DENZEL NETHANIEL BAIN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box F-43536, Grand Bahama, no later than thirty (30) days after the date of publication of this notice.

NOTICE is hereby given that BRADLEY LUXLEY KNOWLES of PINDER’S POINT, FREEPORT, GRAND BAHAMA, 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 23RD day of MARCH, 2017 to the Minister responsible for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

NOTICE

NOTICE

NOTICE is hereby given that CHRISTIAN ANUAFAMBER OKOLIE of 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 23RD DAy of MARCH, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that LATIJA CHUDYNOA KING of Blair Estate, SS-19375,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 16TH DAY of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

CENTURION ONO INC.

TYCHE INVESTMENTS HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows:

(a) CENTURION ONO INC. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) TYCHE INVESTMENTS HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 21st March, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 23rd day of March, A. D. 2017

Dated this 23rd day of March, A. D. 2017

_________________________________ Bukit Merah Limited Liquidator

_________________________________ Leeward Nominees Limited Liquidator

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

BISX ALL SHARE INDEX: CLOSE 1,904.31 | CHG -0.75 | %CHG -0.04 | YTD -33.90 | YTD% -1.75 52WK LOW 2.70 17.43 8.19 3.50 1.64 0.12 3.80 8.15 5.56 8.50 11.00 2.18 1.31 5.80 6.79 8.56 7.00 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 1.47 1.67 1.57 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 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.86 2.11 1.55 5.83 9.75 9.85 9.30 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 100.00 100.00 100.00 105.55 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.86 2.12 1.55 5.83 9.75 9.85 9.25 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 0.01 0.00 0.00 0.00 0.00 -0.05 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

106.18 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.63 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 315 42

4,445

20,000

VOLUME

NAV 2.03 3.92 1.94 168.44 141.76 1.47 1.64 1.56 1.04 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 -150.0 14.0 14.0 23.3 107.8 20.8 19.4 19.4 18.8 10.3 11.3 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%

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 NAV Date 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 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% 5.93% 0.00% 0.00% 2.00% 3.53% 3.67% 3.44% 4.13% 2.83% 3.87% 4.12% 4.10% 0.00% 3.57% 2.03% 5.33% 0.00%

INTEREST 7.00% 6.00% Prime + 1.75%

YTD% 12 MTH% 4.30% 4.30% 3.82% 3.82% 2.73% 2.73% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NOTICE

NOTICE is hereby given that SYLVIA MARY OLIBRICE of Davis Street, Fox Hill, P.O. Box FH-14406, 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 23RD DAY of MARCH, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

ESPERANZA MANAGEMENT LIMITED N O T I C E IS HEREBY GIVEN as follows: a) ESPERANZA 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 21st March, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

Dated this 23rd day of March, A. D. 2017 _________________________________ Leeward Nominees Limited Liquidator NOTICE EVERMORE HARMONY LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EVERMORE HARMONY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 23rd day of March, A. D. 2017

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 15.27 2.72 1.60 5.83 10.00 11.00 9.30 6.90 12.01 11.00

The Public is hereby advised that I, ERALDA CHARLES of #172 Big Bond, New Providence, Bahamas intend to change my name to ERALDA LUBIN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

(b) The dissolution of the said company commenced on the 21st March, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

MARKET REPORT WEDNESDAY, 22 MARCH 2017

INTENT TO CHANGE NAME BY DEED POLL

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

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

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

PUBLIC NOTICE

NOTICE

NOTICE

(b) The dissolution of the said company commenced on the 21st March, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

THE TRIBUNE

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

_________________________________ Bukit Merah Limited Liquidator

NOTICE TAVALU LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) TAVALU 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 21st March, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 23rd day of March, A. D. 2017 _________________________________ Leeward Nominees Limited Liquidator NOTICE ROXY INVESTMENTS MANAGEMENT LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) ROXY INVESTMENTS 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 21st March, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 23rd day of March, A. D. 2017

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

_________________________________ Leeward Nominees Limited Liquidator

THE TRIBUNE

Hard times for Sears as retailer notes doubt about future NEW YORK (AP) — Sears, a back-to-school shopping destination for generations of kids, has said that after years of losing money that there is “substantial doubt” it will be able to keep its doors open. But it also insisted that its actions to turn around its business should help reduce that risk.

It was still a dramatic acknowledgment from the chain that owns Sears and Kmart stores, which has long held fast to its stance that a turnaround is possible, even as many of its shoppers have moved on to Wal-Mart, Target or Amazon.

Sears has survived of late mainly with millions in loans funneled through the hedge fund of Chairman and CEO Edward Lampert, but with sales fading it is burning through cash. Sears Holdings Corp. said late Tuesday it lost more than $2 billion last year, and its historical operating results indicated doubt about the future of the company that started in the 1880s as a mail-order catalog business.

At a largely empty Sears store in St. Paul, Minnesota, where the available parking far outstripped the number of cars in the lot, 85-year-old Jack Walsh and his 82-year-old wife, Mary Ann, said they have shopped at Sears their entire lives, buying items from curtains and window treatments to tires and tools.

“I bought my tools from Sears and I’ve still got them,” Jack Walsh said.

The company known for DieHard batteries and Kenmore appliances has been selling assets, most recently its Craftsman tool brand. But it says pension agreements may prevent the sale of more businesses, potentially leading to a shortfall in funding.

“It’s a sad story. This is the place that created the first direct to consumer retail, the first modern department store. It stood like the Colossus over the

American retail landscape,” said Craig Johnson, president of Customer Growth Partners, a retail consulting firm. “But it’s been underinvested and bled dry.”

Company shares, which hit an all-time low last month, tumbled more than 13 percent Wednesday.

Sears tried to soothe investors’ fears, saying in a post on its site that it remains focused on “executing our transformation plan” and that news reports miss the full disclosure that it’s highlighting actions to reduce risks. It also said that the comments made in the filing were in line with “regulatory standards.”

Lampert combined Sears and Kmart in 2005, about two years after he helped bring Kmart out of bankruptcy. He pledged to return Sears to greatness, leveraging its best-known brands and its vast holdings of land, and more recently planned to entice customers with its loyalty program.

The company, which employs 140,000 people, announced in January said it would close 108 additional Kmart and 42 more Sears

locations, and unveiled yet another restructuring plan in February aimed at cutting costs and reconfiguring debts to give itself more breathing room.

But it has to get more people through the doors or shopping online for what it’s selling. Sears, like many department stores, has been thwarted by a new consumer that has ripped up the decades-old playbook that the industry has relied upon. A plethora of new online players have also revolutionized the market.

Sears has upped its presence online, but is having a hard time disguising its age. Its stores are in need of a major refresh as rivals like Wal-Mart and Target invest heavily to revitalize stores. Sales at established Sears and Kmart locations dropped 10.3 percent in the final quarter of 2016.

Industry analysts have placed the staggering sums of money that Sears is losing beside the limited number of assets it has left to sell, and believe the storied retailer may have reached the point of no return.

NOTICE

NOTICE is hereby given that CHAKA SHAKEERA ALI St. RoSE of P.O. Box EE-17091 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 23rd day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that VERNESSA LINCY PETIT of Golden Isles, 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 23rd day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Thursday, March 23, 2017, PAGE 13