04062018 business

business@tribunemedia.net

FRIDAY, APRIL 6, 2018

$4.40

$4.44

$4.41

Hurricane Hole to be $250m ‘PI downtown’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

H

urricane Hole will become “the downtown of Paradise Island” via its $250 million transformation, its principal developer yesterday revealing 50 per cent of retail space is already pre-leased.

David Kosoy, Sterling Global Financial’s chairman, told Tribune Business the 13-acre site will become a “first world” location that complements Atlantis and other highend resort assets through a mixed-use development featuring retail, office, residential and restaurant facilities.

Unveiling the company’s initial masterplan, Mr Kosoy said Sterling aimed to create a “village

Fund ‘a victim of its own success’ with 35% growth

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

* 50% of retail space already pre-leased * 600 construction, 500 full-time jobs created * Gov’t receives $31m revenue on sale * Owner pledges: ‘We won’t get it wrong’

* ROYALFIDELITY ‘CHALLENGED’ ON FIXED INCOME DEALS * INVESTORS URGED TO FOCUS ON EQUITIES ‘LONG HAUL’ * NOT JUMPING ON ‘IMF BANDWAGON’, BUT CAPITAL INCOMING

ROYALFIDELITY’s Prime Income Fund was yesterday said to have become “a victim of its own success” after enjoying 35 per cent growth over the past year.

Joseph Euteneuer, the investment bank’s mutual fund manager, told Tribune Business it was increasingly challenging to find appropriate fixed income securities for a fund with “almost” $150 million in assets under management.

Given the relatively small size of the Bahamian capital markets, and limited supply of new preference share and bond issues, Mr Euteneuer said RoyalFidelity’s ‘flagship’ fund often had to guard against returns dropping to the level of low-yielding bank deposits.

community” feel at the heart of Paradise Island where all residents, workers and retail operators knew each other.

He disclosed that Sterling has already invested “six figures” in upgrading Hurricane Hole’s existing 90-slip marina post-acquisition, repairing and upgrading docks; “doubling” employee numbers and enhancing the electricity supply for larger boats.

It is now targeting January 2019 to begin vertical construction, subject to

SEE PAGE 7

$4.44

AN artist’s rendering of the Hurricane Hole development.

Yet with the Bahamas’ ‘low interest rate’ environment having driven many retail investors “out of their comfort zone”, the investment bank is “starting to see net positive capital inflows” across its mutual funds as fragile economic confidence improves.

Mr Euteneuer said that while he was “not going to jump on the IMF

SEE PAGE 4

Fishermen: We’re just QC: ‘WHAT IS GOV’T HIDING’ OVER GB POWER BUY-OUT? scratching surface on * Bid to knock out Judicial Review * Gov’t brands ‘fishing exercise’ our exports potential * Smith cries ‘obstruction tactic’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

FISHERMEN yesterday backed a Cabinet Minister’s goal of doubling Bahamian fisheries exports to near-$200 million, telling Tribune Business: “We don’t fish our ocean, only our banks.”

Keith Carroll, the Bahamas Commercial Fishers Alliance’s (BCFA) vicepresident, agreed that this nation was only scratching the surface of its fisheries potential. “We don’t fish our ocean; only our banks,” he said.

“From Abaco to Inagua is our territorial waters. We

SEE PAGE 3

Ex-GB Chamber chief hits ‘fringe environmentalists’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER Grand Bahama Chamber of Commerce president yesterday hit out at “fringe environmental groups” for slamming an industrial sector that has proven the island’s “life support”.

Kevin Seymour, emphasising that he was not speaking for Pharmachem Technologies, told a

AN outspoken QC last night slammed the Government’s bid to strike out his legal challenge to the $35 million GB Power buy-out, and asked: “What do you have to hide?”

Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that the February 26, 2018, summons seeking to overturn the permission given to launch Judicial Review proceedings amounted to

* INDUSTRIAL SECTOR ISLAND’S ‘LIFE SUPPORT’ * BAHAMAS FAILING ON SUSTAINABLE GOVERNANCE * ADMITS ‘GRAVE CONCERNS’ ON FREEPORT MODEL

50 per cent equity interest in GB Power. The deal enabled Emera to acquire 100 per cent of GB Power, but Mr Smith and his client, SeSaChe Ltd, a former ICD Utilities shareholder, obtained Supreme Court permission to challenge this - something the Government is now seeking to reverse.

Legal documents obtained

“Government obstruction and stalling tactics”.

The Judicial Review challenge is seeking to overturn the approvals that enabled Emera, the Canadian utility, to proceed with its buy-out of all Bahamian minority investors in BISXlisted ICD Utilities.

The latter, which has since been delisted, was the holding vehicle for a

by Tribune Business show it is advancing its arguments on multiple grounds, including the claim that the Judicial Review is “premature” because alternative legal remedies were available to SeSaChe via the Companies Act sections dealing with unfair ‘shareholder oppression’.

The Government’s summons also alleges that Mr Smith’s action is “a fishing exercise” seeking to find a basis for Judicial Review, and claims that the approvals cannot be challenged via

SEE PAGE 5

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PAGE 2, Friday, April 6, 2018

THE TRIBUNE

Ignore worker emotional intelligence at your peril MUCH emphasis has historically been placed on skills and competencies in the workplace, and the direct correlation they have to productivity and efficiency. Since the 1990s, though, greater emphasis has been placed on the emotional intelligence of employees and the impact this has on their ability to lead, serve and perform their various tasks and assignments.

Emotional intelligence (EQ) is the

ability to identify and manage your own emotions, and the emotions of others.

It is generally said to include three skills: Emotional awareness; the ability to harness emotions and apply them to tasks such as thinking and problem solving; and the ability to manage emotions, which includes regulating your own emotions and cheering up or calming down other people.

So why the focus and shift towards EQ? Why so much talk about ensuring that team members are emotionally whole and well? There are any number of reasons why this is important.

For starters, workers with high EQ are better able to work in teams, adjust to change and be flexible. No matter how many degrees or other on-paper qualifications a person has, if he or she does not have certain

emotional qualities, they are unlikely to succeed. As the workplace continues to evolve, making room for new technologies and innovations, these qualities may become increasingly important. Here is what research from Daniel Goleman (a leading author on the topic) says about hiring and retaining employees with higher EQ. Self-awareness: If a person has a healthy sense of self-awareness, he understands his own strengths and weaknesses, as well as how his actions affect others. A person who is self-aware is usually better able to handle and learn from constructive criticism than one who is not.

Self-regulation: A person with a high EQ can maturely reveal her emotions and exercise restraint when needed. Instead of squelching her feelings, she expresses them with restraint and control.

Motivation: Emotionally intelligent people are selfmotivated. They are not motivated simply by money or a title. They are usually resilient and optimistic when they encounter disappointment, and are driven by an inner ambition.

Empathy: A person who has empathy has compassion and an understanding of human nature that allows him to connect with other people on an emotional level. The ability to empathise allows a person to provide great service and respond genuinely to others’ concerns.

People skills: People who are emotionally intelligent are able to build rapport and trust quickly with others on their teams.

They avoid power struggles and backstabbing. They usually enjoy other people, and have the respect of others around them.

Start assessing the Emotional Intelligence of your

IAN FERGUSON BY

team today and, more critical than this, begin the journey of implementing - in your sourcing and recruitment patterns - ways of detecting those who are emotionally balanced and healthy as a means of building above-average EQ teams.

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

Bahamas bids for nine World Travel Awards

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas is competing for nine different awards at the upcoming 25th World Travel Awards.

This nation is vying with rival destinations for awards in the categories of: Caribbean’s Leading Beach Destination; Caribbean’s Leading Cruise Destination; Caribbean’s Leading

Cruise Port 2018; Caribbean’s Leading Destination; Caribbean’s Leading Dive Destination; Caribbean’s Leading Honeymoon Destination; Caribbean’s Leading Luxury Island Destination 2018; Caribbean’s Leading Tourist Board 2018; and Caribbean’s Most Romantic Destination.

The global public will decide who gets top spot by voting at www.worldtravelawards.com. Voting is open for Africa, Asia, Australia,

the Caribbean, Central America, Indian Ocean, North America and South America. The deadline for voting for the Bahamas is August 12. Votes are cast by travel professionals and consumers, ensuring that only the most deserving destinations win. The World Travel Awards are recognised globally as the ultimate hallmark of quality, with winners setting the benchmark to which all others aspire.

THE TRIBUNE

Friday, April 6, 2018, PAGE 3

‘Everyday Bahamians’ to lobby on natural resources

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A FOUNDATION formed by “everyday Bahamians” plans to lobby for legislative changes to ensure Bahamians receive direct economic benefits from the country’s natural resources.

The Bahamas Natural Resources Foundation (BNRF), launched in February 2018, has a three-fold agenda according to its president and local attorney, Dana Munnings.

She told Tribune Business it is aiming to educate Bahamians on the country’s natural resources, push for Sovereign Wealth Fund legislation that will ensure Bahamians receive direct benefits, and the creation of a Ministry to properly document the country’s natural resources.

Ms Munnings described the BNRF as a non-partisan organisation, concerned about the country’s natural assets and resources, including its airspace, fishing flats, aragonite, pine forests and salt. “This is not a

politically-motivated endeavour,” she said.

“It is just every day Bahamians who have decided that this country is too rich in natural resources for people to be losing their homes, not being able to keep their lights on and having to work a full 40-hour work week with nothing to show for it.

“We want to be able to educate people on this country’s resources.

We know that is needed when we have people asking what is aragonite and calcium carbonate, for instance. We want to be the voice

where we educate people on what resources this country has, and be a lobbying body to ensure we have some legislation that will ensure Bahamians ultimately benefit from these resources.”

Calling for the creation of a Ministry of Natural Resources, Ms Munnings said this would ensure the proper documentation of the Bahamas’ riches. “We need an in-depth analysis of what resources we have, an account for what contracts have been in place or are in place as it relates to the mining of our natural resources,”

said Munnings, adding: “We have to hold our government accountable”.

She said the BNRF has been gaining traction, and has received a strong response from the public.

“So far we have gotten an overwhelming response,” Ms Munnings said.

“People are really interested in our message.”

The BNRF, according to its website, has a $1 monthly membership fee and wants to register a minimum of 20,000 Bahamians and international activists.

A VIEW of the fish vendors and their stalls at Potter’s Cay dock, Montagu.

Fishermen: We’re just scratching surface on our exports potential FROM PAGE 1 have tuna, sword fish and all other kinds of other fish in these waters that we could export. We need to look at other types of fish and not just concentrate on lobster, grouper and snapper.

“You have fish pass through our waters and Americans in the windward passage are just waiting to catch them.”

Mr Carroll added that many of these fish species found in Bahamian waters end up in the restaurants of major local resorts.

But he said they are not caught by the country’s fishermen.

He said the reason Bahamian fishermen do not exploit the likes of tuna and swordfish is due to the controversy surrounding long-line fishing methods.

Long-line fishing involves setting steel line,

usually for several miles, with baited hooks every few feet.

However, Mr Carroll said more jobs could be created in the fisheries sector - and more revenue generated via exports if the Bahamas was to exploit other fish resources.

Earlier this week Renward Wells, minister of agriculture and marine resources, said he had set himself the “goal” of doubling the Bahamas’

annual $90 million fisheries exports.

He added that this nation’s fisheries exports - $70 million of which are spiny lobster and crawfish, and the remaining $20 million conch, stone crab and snappers - represented an important avenue to increase the Bahamas’ foreign currency earnings.

Mr Wells also suggested there is the potential to catch other fish such as tuna and wahoo for export.

ADVERTISE TODAY IN THE TRIBUNE, CALL 502-2394

PAGE 4, Friday, April 6, 2018

THE TRIBUNE

Fund ‘a victim of its own success’ with 35% growth FROM PAGE 1 bandwagon” that the Bahamian economy has ‘turned the corner’, his data and private sector feedback suggested there was “more optimism in what’s going on now than there has been for some time”.

He added that the Prime Income Fund, the most popular among conservative, risk-averse local investors, now faced the challenge of converting cash into returns as there was “not too much to buy”.

“We do have challenges trying to find sufficient issues to purchase for the fund,” Mr Euteneuer told Tribune Business. “There’s almost $150 million in the Prime Income Fund, and

when cash comes in you have to do something with it.

“If you sit on it, it becomes like a fixed deposit. That becomes a challenge for us at times.

The corporate finance team then have to seek out opportunities, bring new issues to the market - not just for us but other investors and broker/dealers.

“It’s an ongoing thing,” he added. “In this case, you can be the victim of your own success.... There’s an overall desire for more issues to come to market.

All the investment houses out there, there’s a genuine desire to have more things to invest in; that’s been the case for a long time, but how do you go about fixing it? This remains an issue in the marketplace.”

Mr Euteneuer said RoyalFidelity’s Prime Income Fund had grown by 35 per cent in the 12 months to end-March 2018, via a combination of returns and new assets, with its fixed income portfolio most closely resembling the traditional Bahamian reliance on bank deposits.

Yet the two other members of RoyalFidelity’s local fund family both experienced redemption outflows of around $5 million over the past year, as nervous investors took fright at negative returns produced by declining stock market prices.

The Targeted Equity Fund, which focuses on equity investments in listed companies, produced a negative -2.64 per cent return for the 2017

full-year, but Mr Euteneuer urged investors to focus on the ‘bigger picture’ rather than react to short-term volatility.

“Investors see that and say: ‘Oh, I’m losing money’; and make redemptions,” he said. “We’ve seen net outflows from the Targeted Equity Fund and are not concerned; we understand it.

“But one thing investors miss is that equities, by their very nature, go up and down. There’s not necessarily a pick up yet, but it will come.

“People that get out, one thing they forget is that mutual funds are longterm investments, so they can ride these upturns and downturns and be invested at a time when share prices go up again.”

NOTICE

AB LX (BAHAMAS), LP (the “Partnership”)

IN THE ESTATE OF REBECCA BAIN late of Bain Town in the Island of Cat Island one of the Islands of the Commonwealth of The Bahamas, deceased.

(In Voluntary Liquidation) NOTICE OF DISSOLUTION Pursuant to the provisions of Section 15 (1) of the Exempted Limited Partnership Act, 1995, (as amended) of The Commonwealth of The Bahamas, Notice is hereby given that:

NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the Undersigned on or before the 3rd day of November, A.D., 2017 after which the Executor will proceed to distribute the assets having regard only to the claims which he 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 date hereinbefore mentioned.

DELEVEAUX GODET & CO Attorneys for the Executor Chambers P.O. Box SP-63971 No. 72 Nassau Street Nassau, Bahamas

1.

The Partnership is winding-up as its business purpose has been concluded.

2.

The Partnership is, and will continue to be, able to discharge or pay or provide for the payment of all claims, debts, liabilities and obligations in full.

3.

The winding-up will commence on 29 March, 2018.

4.

The Liquidator is authorized to carry on the business of the Partnership.

5.

The Liquidator will be Moore Advisors, Ltd., One Montague Place, East Bay Street, P.O. Box N-4906, Nassau, Bahamas.

6.

The Liquidator is not required to send to all Limited Partners a Statement of Account prepared or caused to be prepared by the Liquidator in respect of his actions or transactions.

investor sentiment makes a big difference in inflows and outflows.

“I know the IMF said we’d ‘turned the corner’ from an economic standpoint,” the RoyalFidelity executive added. “I’m not going to jump on that bandwagon necessarily, but looking at the data in front of me it appears there’s more confidence in what’s going on now than there has been for some time. That’s a good thing. We cannot sit around stagnating for too long. It’s not healthy.”

RoyalFidelity’s Prime Income Fund is up 0.71 per cent for the first two months of 2018, while Mr Euteneuer said its US dollar-denominated investment funds were continuing to enjoy “a great year”.

Its Equities Sub-Fund was up 16 per cent for 2017, and continued strong global markets meant it finished up 1.69 per cent for the first two months this year.

And the High Yield Income Fund was ahead 0.28 per cent for the same period, having closed 2017 up 4.72 per cent.

NOTICE

NOTICE is hereby given that VERNEL CHARMANT of Murphy Town, Abaco, 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, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

BVI BUSINESS COMPANIES ACT, 2004 BARKMERE GROUP LTD. (the “Company”) a BVI Business Company BVI Company N° 1010725 ________________________________________________________ NOTICE OF LIQUIDATOR’S APPOINTMENT ________________________________________________________ NOTICE IS HEREBY GIVEN pursuant to section 204(1)(b) of the BVI Business Companies Act, 2004 that I, Didio Fausto Carrizo Rodriguez with domicile at Betania, Dos Mares, Circunvalacion 13500, F-28, Panama City, Republic of Panama, has been appointed as the voluntary liquidator of the Company pursuant to a resolution of the directors of the Company dated February 7, 2018 and the resolution of the member of the Company dated February 7, 2018.

GLINTON | SWEETING | O’BRIEN Counsel to the Liquidator

MARKET REPORT THURSDAY, 5 APRIL 2018

Mr Euteneuer thus warned that investors exiting now are in danger of ‘locking in’ their losses, and reiterated: “You have to be in it for the long haul.”

RoyalFidelity’s Targeted Equity Fund is down 79 basis points, or 0.79 per cent, for the first two months of 2018, but still contains $22 million in investor assets under management. Its Secure Balanced Fund, featuring a mixed equity/fixed income investment portfolio, is off 0.14 per cent for the same period, but remains $88 million strong.

“All it’s going to take is one or two of the bigger holdings of that fund to surge forward and that situation will change very quickly,” Mr Euteneuer warned Targeted Equity investors. “We’re only in February, so I’m cautiously optimistic that the remainder of the year will see stronger and stronger returns to positive territory.

“We’re starting to see net positive inflows into these funds. You can read whatever you want into that, but the way we look at it is

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

BISX ALL SHARE INDEX: CLOSE 1,956.14 | CHG -2.51 | %CHG -0.13 | YTD -107.43 | YTD% -5.21

Dated on this 7th day of February, 2018,

BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 7.50 3.76 1.64 0.19 4.50 8.80 6.30 5.30 11.50 2.59 1.56 9.25 6.10 10.55 9.00 13.67 12.51 11.00

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.30 8.40 6.00 3.15 9.00 2.18 1.40 7.30 6.00 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 2.13 4.14 1.99 178.69 153.40 1.54 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 1.48 1.62 1.57 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.23 17.43 9.09 3.34 1.00 0.18 3.41 8.80 6.10 3.94 10.07 2.75 1.50 7.85 6.10 10.44 6.43 4.47 12.51 10.00

CLOSE 4.23 17.43 9.09 3.34 1.00 0.18 3.41 8.80 6.10 3.92 10.07 2.74 1.50 7.97 6.10 10.44 6.43 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 -0.02 0.00 -0.01 0.00 0.12 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

109.96 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.09 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

109.87 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 Royal Fidelity Int'l Fund - High Yield Fund Strategies Fund

VOLUME

1,000

VOLUME

EPS$ 0.361 0.932 -0.306 0.281 -1.133 0.000 -1.465 0.638 0.583 0.171 0.631 0.102 0.330 0.000 1.129 0.743 0.832 0.293 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.690 0.060 0.050 0.084 0.300 0.500 0.150 0.120 0.570 0.000

P/E 11.7 18.7 N/M 11.9 N/M N/M -2.3 13.8 10.5 22.9 16.0 26.9 4.5 N/M 5.4 14.1 7.7 15.3 23.0 0.0

YIELD 1.89% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.64% 3.61% 3.06% 6.85% 2.19% 3.33% 1.05% 4.92% 4.79% 2.33% 2.68% 4.56% 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% 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%

NAV 2.13 4.12 1.99 178.69 153.40 1.54 1.69 1.62 1.09 7.16 8.40 6.29 11.28 11.60 10.21

YTD% 12 MTH% 0.31% 4.30% 0.16% 5.93% 0.17% 2.36% 4.66% 3.89% 5.58% 6.65% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

MATURITY 31-May-2018 19-Oct-2022 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 NAV Date 31-Jan-2018 31-Jan-2018 26-Jan-2018 31-Dec-2017 31-Dec-2017 31-Jan-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017

Didio Fausto Carrizo Rodriguez Liquidator

KEY FACTOR GLOBAL LIMITED (In Voluntary Liquidation) Company No. (1818540) NOTICE is hereby given pursuant to Section 204, subsection (1)(b) of the BVI Business Companies Act, 2004 that the Company is in voluntary liquidation. The voluntary liquidation commenced on 16th February, 2018. The Liquidator is Jeppe Jorn Nygaard of Fonnesbechsgade 16, 7400 Herning, Denmark.

Dated 16th February, 2018 (Sgd.) Jeppe Jorn Nygaard Voluntary Liquidator

Legal Notice NOTICE INDELL HOLDINGS LIMITED (the “Company”) NOTICE IS HEREBY GIVEN as follows: (a)

INDELL HOLDINGS LIMITED is in dissolution under the provisions of the International Business Companies Act, 2000.

(b)

The dissolution of the said Company commenced on the 5th day of April, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Clemente Mauricio Magalhaes da Silveira of Avn Afranio de Melo Franco 20/402, Leblon, Rio de Janeiro, RJ 22430-060, Brazil.

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

4 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

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

Clemente Mauricio Magalhaes da Silveira Liquidator

THE TRIBUNE

Friday, April 6, 2018, PAGE 5

QC: ‘What is Gov’t hiding’ over GB Power buy-out?

FROM PAGE 1 this means because they “involve private law contractual rights between a company and its shareholders” - not the decision or public law actions of a government body.

Audirio Sears, an attorney in the Attorney General’s Office, alleged in an affidavit that Mr Smith’s Judicial Review bid was “not simply to challenge any alleged administrative deficiency”.

He added: “I note that the applicant submits, but does not aver, that there exists no adequate alternative remedy. Notwithstanding the applicant’s assertion of inadequacy, section 159 of the Companies Act coupled

with Section 280 allows the applicant to apply to the court for an order against a company to restrain any action that is oppressive or unfairly oppressive, or that unfairly disregards its interest as a shareholder.”

Mr Sears also claimed that SeSaChe Ltd’s standing to bring Judicial Review proceedings was “doubtful”, given that the majority of ICD Utilities minority shareholders had voted in favour of accepting Emera’s offer.

Mr Smith, though, questioned why a government that campaigned “on transparency and accountability” should “attempt to hide in a case that is so high profile in regard to Bahamian ownership in the energy sector in the Bahamas”.

He also dismissed the notion that the Judicial Review action was ‘null and void’, given that Emera had already completed the buyout and ICD Utilities was now de-listed from BISX. “This is a financial matter and, as I have always said, I can be offered shares directly in GB Power as opposed to being forced to own shares in Emera in Canada,” Mr Smith told Tribune Business.

“This action has traction, and the court can provide appropriate remedies to SeSaChe and hundreds of other persons that fall into the same category: All those same shareholders that do not wish to sell their shares and become owners of shares on the Canadian stock exchange, and do not

want to be divested of their ownership in GB Power.”

The basis of Mr Smith’s Judicial Review is that the Bahamas Investment Authority (BIA) and Central Bank approvals granted to Emera are “ultra vires, irrational and procedurally unfair”.’

He is also arguing that since the BIA is not created by law it has “no authority over the personal shares owned by Bahamian citizens”, and thus had “no power” to approve Emera’s purchase of SeSaChe’s shares.

Mr Smith last night again hinted that no Judicial Review proceedings would have been brought if Emera had allowed minority Bahamian investors to hold shares directly in

GB Power, bypassing ICD Utilities in the former corporate structure.

“Just like many Bahamians currently owning preference shares in GB Power directly, an outcome in this case would be to quash the permits granted, which will allow a reversal of the transaction and, hopefully, then Emera and the Government will see the wisdom of offering the option of direct ownership than continuing to litigate,” he told Tribune Business.

“This case is really an attempt by a Bahamian shareholder not to be compulsorily divested of its shares.”

Mr Smith then hit out at the Government for seeking to block his action, adding: “What does the

Government have to hide?

What’s all the secrecy about?

“Why are they resisting producing the permits?

“This is government by secrecy, not free enterprise, free trade, transparency and above-board business.

This is exactly the kind of behaviour that causes investors from abroad and Bahamians to flee from investing in the Bahamian economy.”

Calling on the Minnis administration to allow SeSaChe to “have its day in court”, Mr Smith said: “Judicial Review is supposed to be about quick access to the court for adjudication of public law rights and good governance.

They’re hiding. What are they hiding?”

Ex-GB Chamber chief hits ‘fringe environmentalists’ FROM PAGE 1 University of the Bahamas (UoB) conference that “properly regulated and controlled” industrial activity could create major economic benefits for this nation.

“Despite the arguments and extreme views proffered by certain fringe environmentalist groups, commercialisation and industrialisation which is properly regulated and controlled has the potential to provide significant benefits to developing countries such as the Bahamas, which place heavy reliance on foreign direct

investment,” Mr Seymour said.

He pointed to the employment and economic benefits created by the likes of the GB Shipyard; Buckeye Partners (BORCO); Statoil; the Freeport Container Port; Polymers International; and Bradford Marine, and added: “These companies, certain of which are frequently criticised by fringe environmental groups for various reasons, including environmental degradation, have been the life support of the island’s economy in recent years.”

Mr Seymour did not identify the environmental groups he

was referring to, although some observers may link his comments to recent criticisms of BORCO or the $5.5 billion Oban Energies project. The former GB Chamber chief, who was addressing the topic of ‘sustainable governance’, said the “right safeguards” to protect workers and natural resources were “critical”.

He argued, though, that many companies had adopted the ‘triple P’ model of ‘people, planet and profit’, recognising this was essential to their success.

Seeking to define sustainable governance, Mr Seymour said

this was rooted in governments “safeguarding at all times the long-term health of their societies’ economic, social and environmental systems” - something the Bahamas, he strongly suggested, was failing to do.

“Assuming that you agree with the aforementioned ideals,” he said, “and having regards to our country’s burgeoning national debt, which currently exceeds $7.2 billion, our double digit rate of unemployment nationally, currently hovering at 10 per cent.... the country’s less than stellar overall ranking of 119 out

190 countries with respect to the World Bank’s Ease of Doing Business Index, our recent ‘blacklisting’, the lack of a generally accepted National Development Plan, [all] begs the question: Has the country’s model for governance been faithful to the ideals of sustainability?” Mr Seymour said.

He also acknowledged “grave concerns about the future viability of Freeport” and the Hawksbill Creek Agreement’s governance model, given that economic growth had “stalled” in recent years.

PAGE 6, Friday, April 6, 2018

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Friday, April 6, 2018, PAGE 7

Hurricane Hole to be $250m ‘PI downtown’ FROM PAGE 1

obtaining the necessary planning approvals, with the project set to generate around 600 construction jobs per year over the fiveyear period to 2024. An estimated 500 full-time jobs will be created once the new-look Hurricane Hole is completed.

Pledging that Sterling will move its offices to Hurricane Hole, which will be redeveloped in three phases over a five to seven-year period, with himself and his senior executives also living there, Mr Kosoy said: “We’re not going to get it wrong.”

Unveiling his vision for the property, the Sterling chief told Tribune Business: “I think it’s going to be the downtown of Paradise Island.... It’ll be like the village where you know the person in the supermarket. Can you get me this next week if you don’t have it? The meat you want, the cheese you want.

“It’s more like the old times; like a village in the UK. You know your butcher, you know your grocer. You don’t have to go over the bridge. It’s going to be like the downtown. It’s going to be a village. That’s why we called the retail part ‘Sterling Commons’.”

Mr Kosoy said Sterling intended for Hurricane Hole, which sits on the Nassau harbourfront adjacent to the ‘off bridge’, to become the community hub for Paradise Island.

Describing the property as “a gem”, he suggested it will become a location where persons can “hang out” and “take away somewhat from local people going to Atlantis”.

The project’s amenities are designed to complement Atlantis and other resorts, plus provide what Paradise Island currently lacks.

Among the retail options set for inclusion in the first phase are a grocery store, liquor store and dry cleaners - some of which were lost when Kerzner International demolished Hurricane Hole’s previous shopping plaza.

The former Atlantis’s owner’s plans to redevelop the site, which were similar to Sterling’s current intentions, never came to fruition as a result of the 2008-2009 recession and its own subsequent debt restructuring.

Kerzner International initially retained Hurricane Hole, but then entered into a land swap that saw ownership pass to current Atlantis owner, Brookfield Asset Management.

Mr Kosoy told Tribune Business it took Sterling nine months “from the start of negotiations” to complete Hurricane Hole’s acquisition from Brookfield, with the deal producing $30.9 million for the Government through Stamp Duties and recording fees.

He disclosed that himself and Stephen Tiller, Sterling’s chief operating

officer, were able to draw on previous relationships formed when they worked for Brookfield to seal the deal, given that the Atlantis owner was not actively seeking to sell.

“We were fortunate enough to be able to negotiate this in an offmarket deal. It wasn’t out to market,” Mr Kosoy said. “I felt it was an asset that was not integral to what they’re [Brookfield] doing.

“This [Hurricane Hole] is a small asset for a company like that. For us, it’s a major asset that will get 100 per cent of our attention, when historically it may have got 50 per cent of the owner’s attention.”

Mr Kosoy, when unveiling the proposed Hurricane Hole redesign to assembled media, said the property could become “a centrepiece for the whole country” if its redevelopment was “handled properly”.

He said Sterling planned to promote the project’s residential options at events such as the Cannes and Monaco boat shows, with prospective expatriate buyers already showing interest.

“With the pre-sales, we’ve had people coming up to us unsolicited, giving deposits for the condos and also the retail,” Mr Kosoy told Tribune Business.

“People sent us money for the retail. We’ve pre-leased, as of today, 50 per cent of the retail without going to market.”

The Sterling chairman has been involved with a number of other Paradise Island-based real estate developments, partnering with Aristo Development’s Jason Kinsale to finance the ongoing Thirty/Six condo project.

When asked why he loved Paradise Island so much, Mr Kosoy said his goal for Hurricane Hole’s redevelopment to “enrich the community” was motivated partly by “selfish reasons” given that he and his family already live on the island.

Describing the tourism destination as “a bubble” where residents can afford to leave their homes unlocked, he added that Sterling’s project will provide facilities that Paradise Island currently lacks while enhancing the quality of life for Bahamians and tourists.

“Instead of seeing a derelict parking lot,” Mr Kosoy said of guests at the nearby Warwick Paradise Island, “we will have something that is first world. Paradise Island is first world.”

Sterling is planning between 140-160 condo and town home units for Hurricane Hole, with buildings going no higher than seven storeys. Mr Kosoy said around 65 per cent of the units will be priced in the $500,000 to $800,000 range to make them “affordable for young professionals”.

The marina will be expanded and ‘squared off’ from its present circular shape, with Mr Tiller

AN artist’s rendering of the Hurricane Hole development. suggesting that docking space will likely expand from 4,400 lineal feet to 6,000 - a 36.4 per cent increase.

Green space, though, is key to Sterling’s masterplan for the property, which is being developed by international firm, EDSA. “We don’t need to squeeze every last dollar out of it, as that will affect the environment,” Mr Tiller explained.

“The general trend in the marketplace is ‘live, work and play’, and the village concept. That’s why there’s a lot of green space, and a lot of momentum to marina living. We could have put a lot of concrete and density, but that takes away from the village feel.”

Pointing to the improvements already made, Mr Kosoy said: “We’ve fixed the docks, increased security, almost doubled the employees, upgraded the electricity for bigger boats.

We’ve repaired a lot of the docks that had issues.

We’ve expanded the facilities not just for the boaters but the crew and captain.”

Mr Tiller added that Sterling had addressed much “deferred maintenance” that it inherited following the acquisition. Hurricane Hole’s fuel dock now has 12 slips, while those on its charter dock have expanded from 12 to 24.

“We’re very active and want to be in the ground on the first phase next January,” Mr Kosoy told Tribune Business. “We have the financing on the first phase already, and the next phases should be self-financing.

“Thirteen acres is a big property, and we’re not overbuilding.....

We’re not going to get it wrong.

I’m moving here, Steve is moving here, Bill [Green] is moving here. What’s good for us is good for our

neighbours. Office and home. We’re not going to get it wrong.”

The full Hurricane Hole build-out will cover around 300,000 square feet. Bill Green, Sterling’s chief investment officer, said the first phase will involve 50,000 square feet of retail, office and residential space, with two waterfront restaurants to be constructed “concurrently”. Retail will be on the ground floor,

office on the second and residences on the third.

Brent Symonette, minister of financial services, trade and industry and Immigration, who was in attendance, praised the restaurant plans for improving waterfront dining options that he suggested were lacking. Mr Green, meanwhile, suggested that Hurricane Hole had been “secondary for a little while, and the intention is to bring

it to the fore again”. All marina docks and much of the infrastructure will be replaced, while One Marina Place will include 40 new residential units in addition to the existing office and vessel dockage.

When completed, the Hurricane Hole project will generate an annual $3.2 million taxes and fees for the Government, including VAT and National Insurance contributions.

PAGE 8, Friday, April 6, 2018

THE TRIBUNE

INTERNATIONAL BUSINESS HIGHLIGHTS

By The Associated Press China-US tariff spat: Mostly losers, but some winners too BEIJING (AP) — China’s threat to raise tariffs on US goods could be a disaster for American soybean farmers but a boon to their Brazilian and Argentine competitors, European aerospace companies and Japanese whiskey distillers.

Regulators picked products China can get elsewhere when they made a $50 billion list including soybeans and small aircraft targeted for possible retaliation in a spiraling technology dispute with Washington.

Stock market is its old, volatile self again after long calm NEW YORK (AP) — Volatility is the name of the game in the stock market this year. Big swings in price are the norm, not only on a day-to-day basis but also hour to hour.

Wednesday’s turnaround from big early losses to solid gains is just one example.

Traders pin part of the blame on Washington, D.C., but they also see this rise of volatility as a return to normalcy following an unusually calm 2017.

As Trump tweets, Amazon seeks to expand its business empire WASHINGTON (AP) — Amazon is spending millions of dollars on lobbying as the global online retailer seeks to expand its reach into a swath of industries that President Donald Trump’s broadsides haven’t come close to hitting.

Amazon relies on an inhouse lobbying team as well as outside firms to influence the lawmakers and federal regulators who can help determine its success.

Overall, Amazon spent $15.6 million on lobbying in 2017.

AN Amazon fulfillment centre is shown in a commercial development near Interstate-15 and Tropical Parkway in North Las Vegas. Amazon is planning to build another warehouse distribution centre in the Las Vegas area. (AP)

Long-term US mortgage rates fall; 30-year at 4.40 percent WASHINGTON (AP) — Long-term U.S. mortgage rates fell this week, benefiting potential homebuyers with the spring buying season underway.

Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages dipped to 4.40 percent from 4.44 percent last week. The average rate on 15-year, fixed-rate loans declined to 3.87 percent from 3.90 percent last week.

US trade gap rises 6th straight month to 9 ½-year high WASHINGTON (AP) — The U.S. trade deficit rose for the sixth straight month in February, reaching the highest level since October 2008 and defying President Donald Trump’s efforts to rebalance America’s lopsided trade with the rest of the world.

U.S. exports and imports both set records.

YouTube shooter’s bizarre videos key to suspected motive MENIFEE, Calif. (AP) — Police say the videos posted by the woman who wounded three people in a shooting at YouTube headquarters are central to the motive.

Police and relatives say Nasim Aghdam was angry with YouTube’s policies.

She was virtually unknown in her native Iran, where people expressed shock that she would lash out violently in a country that has more social media freedoms.

Delta: Data of ‘several hundred thousand’ customers exposed ATLANTA (AP) — Delta Air Lines now says that payment-card information about “several hundred thousand” customers may have been exposed by a malware breach last fall.

The airlines says that the malware attack may have exposed customers’ names,

addresses, credit card numbers, card security codes and expiration dates.

Delta offered the additional details about the attack on Thursday, a day after saying that only a “small subset” of customers was affected.

Obama-era clean-air rule on methane emissions blocked again WASHINGTON (AP) — An on-again, off-again effort to restrict harmful methane emissions on federal lands is off — again.

A federal judge in Wyoming has halted the clean-air rule indefinitely.

The judge says it “makes little sense” to force oil and gas companies to comply with the Obama-era rule when the Trump administration has moved to roll back the 2016 regulation.

The Interior Department rule forced energy companies to capture methane gas burned or wasted at drilling sites on public lands.

Gov’t: Goodyear tires may have caused 95 deaths or injuries DETROIT (AP) — The U.S. government’s road safety agency says it has received allegations that defective Goodyear motor home tires caused crashes that killed or injured 95 people during the past two decades. The allegations were revealed in an information-seeking letter sent to Goodyear by the National Highway Traffic Safety Administration. Late last year, the agency began investigating whether Goodyear’s G159 tires are unsafe. Goodyear says it’s cooperating with the investigation.

Stocks jump as trade war fears ease; Amazon, Facebook rally NEW YORK (AP) — Global stock indexes kept climbing Thursday as investors around the world grew more optimistic that a trade dispute between the U.S. and China, the two

largest economies in the world, will resolve without too much damage. In the U.S., banks rose along with interest rates, retailers and consumer-focused companies kept rising, and industrial and technology companies turned higher. ___ The Standard & Poor’s 500 index climbed 18.15 points, or 0.7 percent, to 2,662.84. The Dow Jones industrial average rose 240.92 points, or 1 percent, to 24,505.22. The Nasdaq composite added 34.44 points, or 0.5 percent, to 7,076.55. The Russell 2000 index of smaller-company stocks rose 11.26 points, or 0.7 percent, to 1,542.93.

Benchmark U.S. crude added 17 cents to $63.54 a barrel in New York. Brent crude, used to price international oils, rose 31 cents to $68.33 per barrel in London. Wholesale gasoline and heating oil both remained at $1.98 a gallon.

Natural gas fell 4 cents to $2.68 per 1,000 cubic feet.