04122017 business

business@tribunemedia.net

WEDNESDAY, APRIL 12, 2017

$4.10

$4.14

$4.16

‘No complaints’ on 72% profits decline

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bahamas First’s chief executive was yesterday “not complaining at all” despite a 72 per cent fall in total comprehensive income for 2016, driven by a one-third increase in net claims stemming from Hurricane Matthew.

Patrick Ward told Tribune Business that the insurer was

happy to still be “trading with an unencumbered balance sheet”, after the Category Three/Four storm produced by the largest gross payout in its history.

Despite total comprehensive income declining year-overyear from $8.982 million in 2015 to just $2.543 million, Mr Ward said the Bahamas First Holdings group had maintained shareholder dividends

BoB bail-out debtors block property access

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Three of the ‘bad’ Bank of the Bahamas’ debtors involved in its bail-out are refusing to grant access to their properties, with the total portfolio transferred now worth 55.6 per cent less than the original valuation.

James Smith, chairman of Bahamas Resolve, the special purpose vehicle (SPV) to which 13 ‘bad’ Bank of the Bahamas loans were transferred in October 2014, said its recovery efforts to-date had enjoyed limited success.

Reiterating that the 13 loans were secured by real estate, mainly high-end residential or commercial properties, or a mixture of the two, Mr Smith said the “tight” market and bank lending conditions were making disposal difficult.

“We sold, I think, two of the properties, and one is See pg b4

Resolve chief: Lawyers talk to avoid ‘stalemate’ Bad loans’ worth cut up to 55% to $20-$30m Limited, mixed success in collateral disposal

James Smith

Bahamas First in ‘exclusive’ Cayman patient refer deal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bahamas First’s chief executive yesterday said it “definitely has no intention” of entering the local health insurance market, despite a subsidiary obtaining ‘exclusive rights’ to refer Bahamian patients to a Cayman hospital.

Patrick Ward told Tribune Business that the property and casualty insurer wanted to work with Bahamian health insurers and service providers to exploit its subsidiary’s agreement with Health City Cayman Islands (HCCI).

He added that Bahamas First was “very keen to develop” the deal, involving its BFH Services (Cayman) affiliate, given the potential boost to its growing medical portfolio in that Caribbean nation.

While unable to projections on the likely financial benefits to Bahamas First, Mr Ward said the group intended to promote HCCI

Insurer ‘very keen to develop’ deal for Bahamians But no plans to enter Bahamas health insure market Will work ‘in tandem’ with providers, insurers and the Cayman Islands as “an alternative” destination for Bahamians seeking medical care abroad.

“It’s a developing scenario, and one we are very keen to develop in connection with local business partners, meaning our counterparts in the health insurance market and health services providers in the Bahamas,” Mr Ward told Tribune Business of the HCCI deal.

“Our intention is to work in tandem with health insurers and providers here, See pg b5

at two-thirds of the prior year figure.

“We were able to maintain the dividend payout at twothirds of the prior year, which was particularly pleasing,” he confirmed. “In 2016 it was eight cents per share, compared to 12 cents in 2015.”

Bahamas First’s ability to maintain profitability despite such a catastrophic event was due to its geographical See pg b7

Bahamas First happy still in black, after $131m claims Cayman, Commonwealth mitigate Matthew Storm-hit properties face ‘localised’ premium rises

Insurer promises to tackle ‘affordability’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bahamas First yesterday pledged to work with the next government on a plan to increase insurance “penetration”, and reduce the devastation caused by Bahamians’ inability to afford adequate coverage.

Patrick Ward, the insurer’s president and chief executive, told Tribune Business that Hurricane Matthew had exposed the extent of the Bahamas’ so-called “coverage gap”, meaning Bahamian homeowners and businesses who either had no property or casualty coverage or were under-insured.

Bahamas First in ‘micro insurance’ product talks Solution will ‘definitely move needle’ on penetration Pledges to engage new Govt on post-Matthew plan He revealed that Bahamas First was currently in talks with reinsurers over the provision of “micro insurance” products, which have proved See pg b6

$4.16

Vacation rentals ‘explosion’ threat to hotel business Realtor: 20% of stopovers already using Airbnb Forecasts major tourism market shift ‘Increasing volume of calls’ for Exuma, Abaco’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The “exploding” vacation rental market will likely eat into hotel occupancy rates, a Bahamian realtor predicted yesterday, estimating that 20 per cent of this nation’s stopover visitors are currently using such accommodation.

Arlington (Ali) Capron, principal of RE/MAX Luxury Properties Bahamas, told Tribune Business he was fielding an ever-increasing volume of calls from investors seeking vacation rental-type properties in Abaco and Exuma.

“Because of the explosion of the vacation rental market, people are calling in saying can I get 6,8,9 per cent return on my investment, and which areas will yield this,” Mr Capron told Tribune Business.

“I’m guiding them to those areas.

More people are calling about Exuma and Abaco than ever before. The word is getting out that those are the places to be. High net worth individuals speak to each other and are going to do what others are doing.”

He added that private islands and luxury properties in the Exuma islands chain were becoming especially popular, and said: “The volume of calls in that area See pg b4

PAGE 2, Wednesday, April 12, 2017

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Junkanoo Carnival Costumed Models

Tourism parties for Bahamian culture The Ministry of Tourism held a ‘party in da backyard’ to introduce residents, industry partners and media in the Washington D.C. area to Bahamian culture.

The event, held at the Oxon Hill Manor in Oxon Hill, Maryland, that was filled with Bahamian ‘tings’, including food, drink, music and local culture.

“These Bahamian-themed parties that the Ministry of Tourism is hosting around the country give our partners a real feel for Bahamian culture” said Gabrielle Archer, area manager for the Bahamas Tourism Office, Washington DC. “We invited travel agents, media, indus-

try partners, and Bahamians living in the DMV to experience Bahamian culture at its best.”

Performing entertainers were Ira Storr and the Spank Band, Juice Unit, Atlanta Junkanoo Group and Geno E. Sponsors included Courvoisier, Eastern Motors, and the Pure Media Group.

“This was a great event and the perfect way to establish, sell and show the Bahamas brand,” said Willie Young, president of the Pure Media Group. “The Bahamian cuisine served, peas n’ rice, conch fritters and guava duff, added to the authenticity of the event.”

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Wednesday, April 12, 2017, PAGE 3

Bahamas targets US west coast The Bahamas has targeted US west coast travel agents with presentations and cultural shows in Los Angeles and San Diego, California.

Both events were held outdoors in Los Angeles, against a backdrop of Bahamian recording artists. Prescott Young, the Bahamas tourist office area manager for the west coast, said he had intended to “provide an unforgettable experience of a cultural taste of the Bahamas”.

Mr Young, who is based in Los Angeles, said his aim had been to “provide more fun and entertainment, and less talk. The idea was to ensure that the agents get the feel of a beautiful afternoon, and then dinner under the stars in our country.”

In addition to the entertainment, the events included a mini trade show where agents were able to network with the Bahamas team and participating partners.

Mr Young gave brief but comprehensive presentations at both functions, sharing with agents the latest developments in the Bahamas. Highlights included Baha Mar, which

will have a soft opening on April 21; the all-inclusive Warwick Hotel, which recently opened on Paradise Island; the Lighthouse Pointe all-inclusive resort on Grand Bahama; and the Hilton Resorts World on Bimini.

Agents were also updated on the upcoming sporting events in the Bahamas, including the IAAF World Relays; the FIFA World Cup Beach Soccer; and the Popeyes Bahamas Bowl, all set to take place in Nassau. Also featured was the upcoming Bahamas Junkanoo Carnival Festival, which will take place in both Nassau and Grand Bahama.

Mr Young’s Los Angeles-based team includes Eureka Glinton and Larnelle Johnson. Additional team members were led by the senior director of sales for the Ministry of Tourism, Greg Rolle, along with senior director, Valery Brown.

Also present were Chrystal Bethel, based in New York; Antoinette Neely and Nicholas Wisdom, both based in Atlanta; and Jeannie Gibson from Fort Lauderdale.

Carnival bands ‘cross fingers’ over profits

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Junkanoo Carnival band owners were yesterday said to have their “fingers crossed’” they will still make a profit from this year’s event, with the postponement reversal having driven away both international and local revellers.

Dario Tirelli, the Bahamas Carnival Band Owners Association’s (BCBOA) president, told Tribune Business: “We have definitely lost some international revellers. I really can’t give a percentage on that right now.

We have lost persons coming with the revellers who would not have actually participated on the parade; friends and family members of revellers who were just going to tag along.

Mr Tirelli added: “We are trying to do a joint marketing effort with all the bands to get back on track. Every band is trying to build up their crowd.

“We feel as though the festival will be a success. We will be at the parade as one unit. All the bands will hit this parade and go out as one unit. We had crowds coming in from every continent in the world, some of the major cities that have a Carnival.

“We are also hoping that the Festival Commission will build a better relationship with us. We have our fingers crossed that it will be a success.

It should be a profit but I think it will less than we anticipated.””

The Grand Bahama Carnival kickoff is back on its original April 28-29 aschedule, with the main event set for

May 4-6 in Nassau. The Government intervened last week to put Junkanoo Carnival back to its original dates, just days after its organisers announced a two-week postponement because of the upcoming general election.

The Bahamas National Festival Commission (BNFC) had previously announced it had made the “difficult decision” to postpone the Nassau leg to May 18-20, pushing it back two weeks from the original May 4-6 date.

The potential conflict with general election rallies was cited as the reason, with the Grand Bahama leg of Junkanoo Carnival originally scrapped.

The announcement, though, triggered a major backlash from the local and international community. The Ministry of Tourism, in a statement last week, explained that the festival will take place on the original dates of May 4-6 and April 28-29.

This came after Obie Wilchcombe, minister of tourism, intervened in the matter after consultation with Prime Minister Perry Christie. The statement indicated that the Ministry of Tourism plans to work with the Bahamas National Festival Commission as it ramps up marketing and promotion in New Providence and Grand Bahama.

PUBLIC NOTICE TOWN HALL MEETING April 12, 2017 6:30 pm Garden of Eden Eastwood Subdivision

The Bahamas Team. Pictured L to R are Nicholas Wisdom; Valery Brown, senior director, New York; Prescott Young, area manager, west coast; Chrystal Bethel, New York; and Larnelle Johnson, Los Angeles. Also present but not pictured were Greg Rolle, senior director, sales; Antoinette Neely; and Jeannie Gibson.

Cable Bahamas Limited will be holding a public town hall meeting for the residents of Eastwood Estates, to discuss the erection of an electronic communications tower at No#4 Casuarina Court. All interested residents are invited to attend.

PAGE 4, Wednesday, April 12, 2017

Vacation rentals ‘explosion’ threat to hotel business From pg B1 have definitely increased.

“High net worth individuals want anonymity, to get away from it all. They want seclusion and a place with low density, like Abaco and Exuma. They want to experience a true island lifestyle, they want to feel different and walk the beach by themselves, and not see anyone.”

Mr Capron said the increasing popularity of vacation rentals would completely alter the Bahamian stopover tourism market, both in terms of visitor profile and their preferred ac-

commodation.

He predicted that it would result in fewer tourists opting to stay in hotels, with the demand for a ‘true Bahamian experience’ also attracting developers and second home investors, who will rent out their properties when not in this nation themselves.

“People really want the island experience; to engage themselves in the culture of island living,” Mr Capron told Tribune Business. “They don’t want to go from city to city.

“That’s why people are calling for Abaco, Exuma

and Eleuthera, because they can buy a beachfront property for $200,000. A lot of investors are looking for beachfront properties to build vacation rentals and capitalise on the explosion of the vacation rental experience.

“Hotel occupancies are going to diminish as the years go on,” Mr Capron predicted.

“More people will stay in the likes of Airbnb. I would say that 20 per cent of people vacationing are staying in Airbnb-type accommodations, and that number is going to increase annually.”

He added that research had shown the global spend on vacation rental accommodation was set to increase to $180 billion by 2019, and said: “The real estate market is changing.

“People are looking for opportunities that are beachfront, one block from the beach, or with an ocean view - not the city. They’re looking for an island experience where they can paddle a boat, catch fish and snorkel.”

Mr Capron is not the only Bahamian realtor to note the implications of vacation rental growth for both the tourism product and the Government’s tax revenues.

Mario Carey, president and chief executive at Better Homes & Gardens MCR Bahamas, told Tribune Business earlier this year that the Government needed to better regulate the Airbnb market, both to protect its revenue base and ensure there were entrepreneurial opportunities for Bahamians.

He explained then: “Airbnb is going to shift the tourist experience in the Bahamas; in fact, it’s already doing it. Many people are not into the hotel experience any more. A lot of people want to experience the islands; they want to stay in a house and have a cultural experience, and not have to pay for every single meal.

“The Airbnb model is very good for our business, and I think that the Government needs to get a handle on that because

BoB bail-out debtors block property access From pg B1 somewhere in the process where the lawyers are working on it,” he told Tribune Business.

“We worked out an agreement with one of the commercial loans to reduce the payments and lower the debt, because there was a rental property with a store, and another we were trying

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to work with by restructuring and resuscitating the business.”

Mr Smith then revealed that some of the troubled borrowers were being uncooperative, suggesting this stemmed from legal advice they had received due to previous disputes with Bank of the Bahamas.

“There are three that are not allowing us on the property,” he told Tribune Business. “Their lawyers are instructing them not to co-operate, but our lawyers have asked them to talk, because we can’t have this stalemate.”

Mr Smith added that all other properties in Bahamas Resolve’s portfolio had been advertised for sale, but all offers received to-date

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they are missing a lot of revenue. They know that hotel revenue is down because the owners of Airbnb aren’t paying room tax, and there is no reason why they should not be able to collect that.

“There has to be a system whereby those persons renting out their homes are paying room tax to the Government,” Mr Carey emphasised.

“The Airbnb business in Harbour Island is explosive.

It has always been. There needs to be an understanding of the market, and incentives set to balance the investor’s ability to buy and the Government’s ability to receive revenue.”

While the 10 per cent room/occupancy tax was eliminated at end-2014, the Government is likely to be losing out on other revenue streams as a result of Airbnb’s growth, especially the 7.5 per cent Value-Added Tax (VAT) that replaced it.

Airbnb is an online marketplace and network that enabled homeowners to

list/rent short-term stays in their residential properties, with the cost set by the property owner.

Sensing these issues, the Caribbean Tourism Organisation (CTO) had already reached an agreement with Airbnb, in a proactive bid to ward off any problems that may emerge.

Mr Capron, meanwhile, said his newly-launched franchise agreement with RE/MAX was already paying dividends as he “reached out” to luxury property investors.

“I had a RE/MAX agent call me, who had a client coming in on a private jet and who wanted to look at Andros property,” he recalled.

“We’re not advertising yet, and are already starting to get lots of calls. We have a product. We have quality homes at Ocean Club Estates, people want to invest in Albany, Lyford Cay and Old Fort Bay. They’re going to continue to invest in this location and product.”

had been “really low ball”, and the SPV did not “want to get caught in a position where the owners might accuse us of a fire sale”.

The Bank of the Bahamas ‘bail out’ saw 13 ‘bad’ loans transferred from its balance sheet to Bahamas Resolve, in exchange for $100 million in government promissory notes (bonds).

This filled the hole in the BISX-listed institution’s balance sheet, while also enabling it to ‘write back’ some $55 million in ‘special retained earnings’, bring its capital ratios back into compliance with the Central Bank’s requirements.

The initial ‘value’ of the transferred loans was said to be a net $45 million, but Mr Smith yesterday said a revaluation exercise conducted by Bahamas Resolve and its manager, Deloitte & Touche, found the underlying collateral was worth less

than half of that sum.

“The big story with Resolve is that in exchange for a $100 million note from the Government, the bank took something like $55 million back on to its books,” Mr Smith told Tribune Business.

“We took the underlying collateral and had a valuation done on the properties.

We took discounts based on the possibility of recovery, and did a range from low to high.

“What we ended up with on the books was a low valuation of probably between $20-$30 million. We can only recover the value of the collateral given to us.”

Mr Smith said several recent developments might aid Bahamas Resolve’s recovery efforts on behalf of Bahamian taxpayers.

He identified these as recent moves by commercial banks, such as Scotiabank (Bahamas), to sell part of their non-performing mortgage portfolio at “a really deep discount”.

Mr Smith explained that such actions would make it more acceptable for Bahamas Resolve to do likewise to get properties “off the books”, while recent increased real estate market activity and signs of slackening by the banks on lending criteria could also help.

“Resolve could be a beneficiary of that type of movement,” Mr Smith said. “The pathway has been established and it’s about waiting for improvement in the rest of the economy. Land is not going anywhere.”

call 502-2394 to advertise today!

NOTICE

NOTICE is hereby given that SABRINA KNOWLES of

Grace Avenue, P.O.Box AB-20446, 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 twentyeight days from the 12th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Wednesday, April 12, 2017, PAGE 5

Bahamas First in ‘exclusive’ Cayman patient refer deal From pg B1 rather than enter into competition with them... Our intention is not to get into the health insurance market in the Bahamas as a carrier.

That’s definitely not our intention.”

Asked about the financial benefits for Bahamas First’s Cayman business, Mr Ward replied: “It’s a little bit difficult to say precisely, but there is clearly a certain level of demand for medical services outside the Bahamas that’s already extensive.

“Our intention is to provide an alternative outside the Bahamas for persons to look at. We want to make sure these benefits are known, so people look at this alternative as a viable option.”

Bahamas First inherited a health insurance portfolio when it entered the Cayman Islands market via acquisition several years ago, and its 2016 expansion efforts focused largely on expanding this business line.

Bahamas First’s 2016 annual report revealed that Cayman First, its underwriting affiliate on the island, acquired a health insurance portfolio generating $1.2 million in annual premiums last February.

And, following the model established by the group in the Bahamas, its whollyowned BFH International subsidiary acquired a Cayman-based intermediary, Brac Insurance Associates, last October.

Brac’s $3.8 million in annual premiums will continue to be underwritten by Cayman First, and the annual report said the purchase allows “for the continuation of an important revenue stream, while adding value

to our bottom line, both now and in the future”.

The HCCI agreement is detailed in Bahamas First’s just-released 2016 annual report, which revealed: “During 2016, our business development initiatives in Cayman, resulted in the execution of an Agency Agreement with Health City Cayman Islands (HCCI).

“To facilitate this transaction, the group established a separate subsidiary entity, BFH Services (Cayman), which is wholly-owned by BFH International, to carry out the duties and obligations as detailed in the executed contract. Under the terms of the agreement, BFH Services (Cayman) will have the exclusive right to refer patients to HCCI from the Bahamian market.”

HCCI is a prominent hospital facility that has helped to position the Cayman Islands as a medical tourism destination - a market where the Bahamas is also trying to make a name for itself.

The 104-bed facility, which has Joint Commission International (JCI) accreditation, is said to have treated more than 14,000 patients from the Caribbean, Latin America, US and Canada since opening in early 2014.

Despite the increased health insurance focus in the Cayman Islands, Bahamas First has yet to translate this model to the Bahamas.

While potential synergies may exist, the competition posed by more established life and health underwriters is likely deterring such a move. The uncertainty created by the proposed National Health Insurance (NHI) scheme is likely to be

another factor.

The Cayman Islands business is also providing important geographical diversification for Bahamas First, which in 2016 worked to minimise Hurricane Matthew’s impact on the group’s financial performance, notwithstanding the devastation in this nation.

Bahamas First’s Cayman medical portfolio generated $736,673 in profits for the group in 2016, based on net underwriting income of $3.838 million, although the bottom line figure represented a 56.5 per cent drop on the prior year’s $1.692 million.

“The gross premiums for the health account exceeded both our budget and the prior year result, finishing at $24.1 million in 2016,” Bahamas First’s annual report said of the health portfolio.

“The loss ratio for the year was 76.9 per cent, which was elevated from the prior year result of 71.5 per cent, but nevertheless sufficient to provide positive returns for yet another year.

“Commencing in the last quarter of 2016, a number of specific underwriting and pricing actions were initiated in order to contain the loss ratio at or below 75 per cent.”

Mr Ward, meanwhile, confirmed that Bahamas First remained on the lookout for agent/broker acquisition opportunities in both this nation and the Cayman Islands, but only if they were “the right fit”.

“We’ll take a very serious look at opportunities to make sure they fit the profile we’re after,” Mr Ward told Tribune Business.

“There are potential opportunities that don’t fit the profile, and we will not take them any further, but if there are some that might fit the bill, we’ll take those further.”

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Responsible for monitoring all financial transactions as it relates to the Banking Department Responsible for overseeing the efficient day to day operations, and ensuring the department is in Compliance with Regulatory and Operational Policies and Procedures.

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The VP will be responsible for the management of all banking product lines, including, that the marketing and sales of products offered are being done in accordance with best practices.

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Multilingual and have excellent information and communication skills.

Salary and benefits will commensurate with qualifications and experience.

Suitable candidates should submit resumes to: c/o The Tribune P.O. Box N-3207 DA# 113774 Nassau, Bahamas

PAGE 6, Wednesday, April 12, 2017 COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division

2015 CLE/gen/1103

IN THE MATTER of an Indenture of Mortgage made the 29th day of May, A.D. 2007 between Adrian Denise Glinton and Finance Corporation of Bahamas Limited

From pg B1

Dated the 12th day of April, A.D. 2017

HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, The Bahamas Attorneys for the Plaintiff

to advertise today in the tribune call @ 502-2394

AND IN THE MATTER of The Mortgages Act, Chapter 156 of the Revised Laws of the Commonwealth of The Bahamas BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED Plaintiff AND ADRIAN DENISE GLINTON Defendant TO:

Insurer promises to tackle ‘affordability’ successful in other countries in terms of making coverage more affordable.

Pledging to work with the next administration on the initiative, Mr Ward said the proposal would “definitely move the needle” on insurance coverage penetration in the Bahamas, provided all parties involved were “committed to the cause”.

Describing the proposal as a public-private partnership (PPP), Mr Ward told this newspaper: “We have engaged in discussions with some reinsurers that are global in their nature, and that have provided micro insurance options in other markets.

“We think there are possibilities that some of these solutions are suited to elements of the Bahamian market.... It will definitely move the needle if implementation is done properly, and the level of take-up depends on how committed stakeholders are to the cause.

“This is a public-private partnership opportunity that might provide a lot of benefit to people who don’t have the means to buy insurance.”

The problem of insurance penetration is especially acute on the Family Islands, where coverage levels tend to fall-off the further they are located from Nassau.

This was exposed by Hurricane Joaquin in October 2015, which devastated the south-eastern Bahamas, leaving more than $105 million in damages in its wake, most of which was either uninsured or inadequately insured.

Similar issues were revealed in Hurricane Matthew’s aftermath, with total damages estimated at $600-

AND IN THE MATTER of an Indenture of Further Charge made the 9th day of February, A.D. 2010 between Adrian Glinton and Finance Corporation of Bahamas Limited

Adrian Denise Glinton

TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Nassau, New Providence, Bahamas, in which the Plaintiff’s claim is set out in the Originating Summons filed in this action on the 29th day of July, A.D. 2015 seeking, inter alia, an order to direct you to deliver up possession of Mortgaged Property being ALL THAT piece or parcel or lot of land lying within the Subdivision called and known as Garden Hills Estates No. ” situated in the Southern District of the Island of New Providence being Lot Number 838 in the said subdivision, to Finance Corporation of Bahamas Limited within Twenty-Eight (28) days of the order and judgment for the sums outstanding under the Indenture of Mortgage dated the 29th day of May, A.D. 2007 and the Indenture of Further Charge dated the 9th day of February, A.D. 2010 AND THAT an Affidavit in support of the Originating Summons and Notice of Appointment to Hear the Originating Summons were filed herein on the 25th day of August, A.D. 2015 AND THAT it has been ordered that service of the said documents filed herein be effected on you by way of this advertisement.

The Originating Summons will be heard before the Honourable Mr. Justice Gregory Hilton, Judge of the Supreme Court, at The Supreme Court, Swift Justice Building, Bank Lane, Nassau, Bahamas on Wednesday, the 17th day of May, A.D. 2017 at 9:30 o’ clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the court thinks just.

A copy of the said Originating Summons, Notice of Appointment to Hear the Originating Summons, Affidavit in Support and Order of the Court may be obtained from the Supreme Court Registry, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, Bahamas, or from the Attorneys of the Plaintiff below mentioned.

MARKET REPORT TUESDAY, 11 APRIL 2017

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

$700 million, but the Bahamas Insurance Association (BIA) projecting total gross claims at $400 million.

Around $409 million in gross claims have been submitted, according to the BIA’s latest data, leaving some $200-$300 million worth of damages that have no insurance coverage.

Mr Ward said yesterday: “Our intention, as soon as the new administration is in place, is to engage the Government in discussions to see if we can assist in that regard down the road.

“I think it’s a valid part of the solution. Some of it requires input from government in a variety of different ways.”

He added that the postMatthew experience, where insurance payouts started flowing quickly to stormbattered New Providence and Grand Bahama claimants, showed the insurance industry was a far better mechanism than the Government for bringing quick financial relief following a disaster.

“There’s no question that the insurance industry is more efficient at bringing a level of relief when there are hurricanes,” Mr Ward said.

“If you look at the claims paid by the insurance industry compared to the money spent by the Government initially, we bring relief to people very quickly. It shows the private sector is more efficient at bringing relief to people following a disaster.”

Insurance affordability has become an increasing problem for Bahamian homeowners and businesses, especially given the tight economy and strained financial circumstances that have, in many cases, persisted since the 2008-2009 recession.

The Bahamas’ location in the hurricane belt means that it is exposed to natural disasters on an annual basis, with each catastrophe bringing with it the possibility of increased premiums as insurers and their global partners seek to recover their losses.

This is exacerbated by the relatively thin capital bases of Bahamian property and casualty insurers, which forces them to buy huge

NOTICE

BISX ALL SHARE INDEX: CLOSE 1,894.59 | CHG 0.05 | %CHG 0.00 | YTD -43.62 | YTD% -2.25 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

52WK LOW 3.20 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 7.11 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 2.28 1.55 5.83 9.75 9.00 9.25 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 105.12 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.86 2.33 1.55 5.83 9.75 9.00 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 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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

107.71 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

2.59 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

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 22.8 19.4 19.4 18.8 9.4 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%

INTEREST 7.00% 6.00% Prime + 1.75%

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

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

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

YTD% 12 MTH% 4.30% 4.30% 3.82% 3.82% 2.73% 2.73% 3.95% 3.95% 6.77% 6.77% 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%

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% 2.58% 3.87% 4.12% 4.10% 0.00% 3.57% 2.03% 5.33% 0.00%

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

NOTICE is hereby given that CRYSTAL ALICIA SWEETING of Infant View Rd., 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 twentyeight days from the 12th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, Monalisa Cooper and Levi Palmer of Pindling Estates, Nassau, Bahamas intend to change our child’s name from DIAMOND SUSAN BROWN to DIAMOND SUSAN PALMER.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.

INSURANCE MANAGEMENT (BAHAMAS) LIMITED. INSURANCE BROKERS & AGENTS

IS SEEKING TO FILL A VACANCY IN OUR

ACCOUNTS DEPARTMENT We are looking for driven and self-motivated individuals with knowledge and experience in the Accounting field.

Requirements for a suitable candidate include: • • • • •

Minimum 2 years of experience in the Accounting field A Degree in Accounting preferred Proficiency in Excel, Word, and processing Accounts Receivable/Payable Strong oral and written communication skills Able to work well as part of a dynamic team

Interested persons should hand deliver their resumes to: Human Resources Insurance Management (Bahamas) Limited Rosetta Street East Nassau, Bahamas

Or email to: hr@imbbah.com 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

quantities of reinsurance to enable them to underwrite billions of dollars worth of risks.

As a result, it is the reinsurers who ultimately end up determining the premium rates paid by Bahamian homeowners and businesses.

Tribune Business was yesterday told by one homeowner, requesting anonymity, how their insurance premium had more than tripled over the past 14 years, going from just over $1,000 in 2003 to more than $3,000 this year.

Bahamas First’s 2016 annual report acknowledged the affordability problems posed to many by current premium rates, pointing out that the issue was not confined solely to this nation.

It noted that total economic losses from natural catastrophes totalled $150 billion worldwide last year, but just one-third of this sum - some $50 billion - was covered by insurance.

“This gap between total economic losses, which includes both insured and uninsured losses, and those losses that are covered by some form of insurance policy, indicates that there is still a significant gap in coverage requirements on a worldwide basis,” Bahamas First said.

“Our experience with Hurricane Matthew in the Bahamas proved that this coverage gap is very much a feature of the Bahamian market. This coverage gap manifested itself in the form of minor to major degrees of under-insurance, and in more extreme cases there was no insurance protection at all.”

Turning to its proposed solution, Bahamas First said: “There is a fairly well developed understanding of the value of insurance protection in the Bahamas, but the primary reason for the coverage gap is the issue of affordability.

“Regardless of the underlying reason, this situation inevitably leads to a negative customer experience and so we must redouble our efforts, industry wide, to improve the penetration rate to the extent where significantly higher numbers of the insuring public have adequate levels of cover, when needed. There is clearly a business opportunity here, but our success will depend to a large degree on external factors that are largely outside of our control.”

THE TRIBUNE

Wednesday, April 12, 2017, PAGE 7

‘No complaints’ on 72% profits decline From pg B1 diversity, with the 2016 results showing the benefits its move into the Cayman Islands via acquisition several years ago.

While its Bahamas business produces a small loss of $158,283 for the 12 months to end-December 2016, a $6 million negative ‘reversal’ compared to 2015,the Cayman Islands more than compensated by generating $1.554 million in net profits for the year.

This took Bahamas First Holdings’ profits to $1.397 million for the year, still representing a sharp decline on the prior year’s $9.209 million.

The $2.543 million comprehensive income was achieve by adding in a $644,253 gain on property revaluations, and a $502,441 increase in the value of securities available for sale.

Bahamas First’s bottom line was also boosted by a near-$3 million increase from an ‘unrealised gain’ on its investment in Commonwealth Bank shares, due to an increase in the latter’s year-end price from $7.84 the year before to $10.50.

“The group’s net underwriting income reduced to $17.6 million, which is 38 percent below the prior year’s total of $28.5 million,” Mr Ward told Bahamas First shareholders in the annual report.

“The financial impact of the hurricane losses, whilst substantially mitigated by a strong reinsurance programme, was reflected in the decline in the group’s profit for 2016 to $1.4 million, compared to a profit of $9.2 million in 2015.

“The hurricane related claims, which slightly exceeded 2800, amounted to a gross loss of approximately $80 million and, when combined with the other property and casualty (P & C) and health account claims, produced a total gross claims incurred of

$131 million for 2016.”

Mr Ward described this as “an unprecedented level of claims spend” for Bahamas First, but reinsurance coverage dropped its net claims - money it pays out - to $36.4 million.

That still represented a 33 per cent increase over the prior year’s net claims of $27.3 million, with Mr Ward attributing the increase entirely to Hurricane Matthew.

Breaking down storm-related claims, the Bahamas First annual report said: “We adjudicated over 2,300 homeowners’ claims, over 200 commercial property claims, 232 motor claims and over 50 claims from various other lines of business.

“Just over 70 per cent of these claims were related to risks in New Providence, while Grand Bahama accounted for the second largest total, at 23 per cent.

“As at February 28, 2017, over 90 per cent of the claims reported had been paid and closed, and we

expect to have virtually all of the remaining claims concluded by the end of the first quarter of 2017.”

Mr Ward yesterday confirmed to Tribune Business that Bahamas First was “more than 95 per cent complete” on settling Hurricane Matthew claims, “We’re happy we’ve dealt with that and closed off the vast majority of claims,” he added, explaining that those outstanding were the bigger, more complex ones that “hopefully will be done in the next month or so”.

Mr Ward, though, reiterated that property premium rates within its portfolio were likely to be impacted by “localised events”, meaning Hurricane Matthew, going forward.

“We have put forward rate revisions for New Providence and Grand Bahama, particularly with a focus on properties that had hurricane damage or places we think are overly exposed,” he told Tribune Business.

Mr Ward said it was “impossible” to give any numbers or “range” for properties that may be impacted by a premium rate increase, although he emphasised

WHERE HIT MUSIC LIVES W W W .

1 0 0 J A M Z

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@100JAMZ242

Vacancy

Club House Manager

essential Functions The Club House Manager is responsible for providing leadership and management for the Beach Club Operations, including all Culinary, Restaurant, Beverage, Bar, Catering and Banquet Operations, and integrate its functions to serve. The Clubhouse manager will work closely with the Food and Beverage Director & the Outdoor Pursuits team.

The number one focus is to ensure member satisfaction.

Duties and responsibilities • Coordinates the selection, purchasing, storage, inventory, maintenance and usage of all related food and beverage supplies and equipment according to Company guidelines.

• Coordinates and administers schedules, assigns daily work and prioritizes side-work to ensure guest satisfaction while maintaining costs.

• Assists in continuing a culture where all staff is committed to consistency understanding that “Everything Matters”.

• Hosts and participates in the service delivery of key parties and events • Responsible for training for all areas of responsibility – This is a key element to the success of the position • Develops and maintains effective communications between all operating departments.

• Possesses the ability to communicate with all levels of personnel and guests.

Maintains a professional relationship with all personnel and guests while protecting the interests of the Company.

Minimum experience Credentials • College degree in Business Administration or Management preferred.

• Five (5) years or more in the Food & Beverage industry.

• Excellent computer skills including mastery of Microsoft Word and Excel programs • Must have good written and verbal communication skills.

• Must be able to think, speak and give instructions in a clear and concise fashion • Excellent time management skills • Strong budgetary, projections, cost control skills and understanding of financial statements • Must be self-motivated and results oriented.

• Ability to work cohesively with other departments and co-workers Interested applicants can forward their information to www.hr@bakersbayclub.com on or before Friday, april 14, 2017 Only applicants contacted will be responded to.

that the exercise was confined to the Matthew-hit islands of New Providence and Grand Bahama only.

Going forward, the Bahamas First chief told shareholders via the annual report that the group will have to “continually ensure that we have the capacity to handle major natural catastrophe events that trigger a coverage response for our policyholder base both in the Bahamas and Cayman”.

He added that the carrier “had to marshal considerable human and financial resources” to respond to Hurricane Matthew, which produced a “sharp increase” in Bahamas First’s loss ratio.

This rose to 63 per cent in 2016, compared to 46 per cent and 43 per cent in the prior two years, respectively. This also drove Bahamas First’s combined ratio to 107 per cent, compared to 89 per cent for 2014 and 2015.

“The group’s expense ratio increased slightly, partly as a result of the additional administrative expenses incurred in handling the hurricane claims, when compared to our original expectation,” Mr Ward said.

“While the 38 per cent ratio is higher than the prior year level of 37 per cent, it should be noted that the dollar value of the expenses measured by this metric are actually lower in 2016 than in 2015.”

He added: “The 2016 Return on Equity (ROE) is 4.2 per cent, down from the

prior year figure of 15.4 per cent, but the rolling threeyear average remains at an attractive 12.5 per cent.

“The book value per common share dipped just slightly to $1.41 in 2016, compared to the prior year result of $1.44, with total equity remaining near the $60 million mark.”

PAGE 8, Wednesday, April 12, 2017

NOTICE

NOTICE is hereby given that KENTON MICHAEL DEAN of Ambrister Street, Fox Hill, 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 twentyeight days from the 12th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that GLORI KNOWLES of

Grace Avenue, P.O.Box AB-20446, 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 twentyeight days from the 12th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

(In Voluntary Liquidation) Company No. 1796220 NOTICE is hereby given pursuant to Section 204, subsection (b) of the BVI Business Companies Act, 2004 that the Company is in voluntary liquidation. The voluntary liquidation commenced on 22nd March, 2017.

The Liquidator is Natalya Konnik, c/o Landstrasse 37, 9490 Vaduz, Liechtenstein

NOTICE is hereby given that CHRISTINE PINDER of #11 Coach Road, 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 5th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE

NOTICE is hereby given that SIR ALFORD THOMAS HOUSTOUN-BOSWALL of Fox Hill, 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 5th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

FIRELEZA INVEST LTD. NOTICE is hereby given as follows:

(b)

The dissolution of the said Company commenced on the 7th April, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(c)

The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

(a) Fireleza Invest Ltd. 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 Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 6th day of April, A.D., 2017

Shareece E. Scott Liquidator

Beatus Limited Liquidator

Legal Notice NOTICE PARROTFISH LTD.

NOTICE

FANDA INVEST LTD.

NOTICE IS HEREBY GIVEN as follows: (a) Parrotfish Ltd., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

NOTICE is hereby given as follows:

(b)

The dissolution of the said Company commenced on the 7th April, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(c)

The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 5th of April, 2017 BERNHARD LORENZ Voluntary Liquidator

Shareece E. Scott Liquidator

Seedan Investments Limited Company No. 1626602 (In Voluntary Liquidation)

Diadora Investments Limited Company No. 1626581 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that Seedan Investments Limited is in voluntary liquidation. The voluntary liquidation commenced on 5th April, 2017 and Andreas Schlumpf of Stockerstrasse 8, 8002 Zurich, Switzerland, has been appointed as the Sole Liquidator.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that Diadora Investments Limited is in voluntary liquidation. The voluntary liquidation commenced on 7th April, 2017 and Andreas Schlumpf of Stockerstrasse 8, 8002 Zurich, Switzerland, has been appointed as the Sole Liquidator.

Dated this 6th day of April, 2017 Sgd. Andreas Schlumpf Voluntary Liquidator

Dated this 10th day of April, 2017 Sgd. Andreas Schlumpf Voluntary Liquidator

PERMATEMPS TRADING CORP. Company No. 372680 (In Voluntary Liquidation)

NOTICE GICHA LIMITED In Voluntary Liquidation

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that PERMATEMPS TRADING CORP. is in voluntary liquidation. The voluntary liquidation commenced on 21st March, 2017 and Ursula Guss of Holbeinstrasse 20, 8008 Zurich, Switzerland, has been appointed as the Sole Liquidator.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GICHA LIMITED is in dissolution as of April 7, 2017

Dated this 22nd day of March, 2017 Sgd. Ursula Guss Voluntary Liquidator

#55 London Ave., Carmichael Rd.,New Providence, Bahamas is applying to the Minister responsible for

NOTICE IS HEREBY GIVEN as follows: (a) Redsnapper Holdings Ltd., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(Signed) Natalya Konnik Voluntary Liquidator

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that FENLEY PARTICIPATION LTD. is in voluntary liquidation. The voluntary liquidation commenced on the 5th of April, 2017 and JACQUELINE BINGGELI at Dammstrasse 8, 8610 Uster, Switzerland has been appointed as Sole Liquidator.

NOTICE is hereby given that FRANCISCO VALCIEN of

Legal Notice NOTICE REDSNAPPER HOLDINGS LTD.

Dated 22nd day of March, 2017

FENLEY PARTICIPATION LTD. Company No. 1837227 (in voluntary liquidation)

NOTICE

NOTICE is hereby given that DAYSHA DARLING of Fox Hill, 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 5th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Notice of Appointment of a Liquidator under Section 204 of the BVI Business Companies Act.

Verismo Trading Inc.

THE TRIBUNE

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

(a) Fanda Invest Ltd. 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 Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 6th day of April, A.D., 2017 Beatus Limited Liquidator

NOTICE

CULLEY INVEST LTD. NOTICE is hereby given as follows: (a)

Culley Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 6th day of April, A.D., 2017 Beatus Limited Liquidator NOTICE

ESSEDARIUS INVEST LTD. NOTICE is hereby given as follows: (a) Essedarius Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 6th day of April, A.D., 2017

LIQUIDATOR ______________________

Beatus Limited Liquidator