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RoyalStar targeting Caribbean acquisition

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ROYALSTAR Assurance and its Trinidadian partner are targeting a Caribbean acquisition that is expected to close before year-end 2019 as part of a regional expansion strategy.

Sir Franklyn Wilson, the Bahamian property and casualty insurer’s chairman, told Tribune Business it was seeking to exploit its partnership with Guardian Group - a part-owner of RoyalStar - to diversify and seize Caribbean growth opportunities that will “make a difference to the bottom line”.

Revealing that their acquisition target should “be reflected in the 2019 accounts”, Sir Franklyn

SIR FRANKLYN WILSON added that RoyalStar was determined to escape the “eggs in one basket philosophy” due to the hurricane-prone nature of The Bahamas and wider region.

He added that the insurer’s strategy was “consistent” with that of Sunshine Holdings,

majority owner of RoyalStar’s 53.05 percent controlling shareholder, and which is “increasingly seeing itself as a blue chip company from The Bahamas” eyeing Caribbean possibilities of its own.

Speaking after RoyalStar’s 2018 profits increased by 13.51 percent year-over-year, Sir Franklyn identified one such opportunity as Gateway Financial, the distressed mortgage acquisition and restructuring firm, which is already in Turks & Caicos and seeking to expand into another Caribbean jurisdiction he declined to name.

Arguing that the RoyalStar/Sunshine Holdings regional outlook “just makes sense”, he said the group was seeking to leverage its existing relationships and partnerships to give

its regional growth plans a head-start.

“Within RoyalStar a significant partner is Guardian Group from Trinidad, the biggest property insurer in the region,” Sir Franklyn told Tribune Business. “It’s quite natural that we can do some of this by partnering with Guardian Group.

“That’s a strategic advantage we have. We don’t have to go in there and reinvent the wheel. The Guardian Group and ourselves are co-operating on a possible acquisition that will be reflected in the 2019 accounts. There’s an agreement the lawyers are drafting.”

Sir Franklyn declined to identify RoyalStar’s acquisition target and, when asked about potential impact on the Bahamian insurer’s net income and

financial performance, said: “It’s enough.”

“We have a criteria for whether we will make an investment or not,” he added, “and that criteria is it has to be big enough to make a difference to the bottom line. If it does not make a big difference to the bottom line, why do it? This is one that meets that criteria.”

RoyalStar has built up significant assets with which to finance acquisitions, with its balance sheet holding some $48.772m in cash and other investments at yearend 2018. And it has already implemented the diversification aspect of its Caribbean expansion strategy by reducing its reliance on The Bahamas for the bulk of its underwriting portfolio.

SEE PAGE FIVE

SECURITY FIRM TO ‘RAISE BAR’ AS LEGAL WOE ENDS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN security firm is now focusing on “raising the bar” for itself and wider industry after settling a legal battle with its former partner on the criminal ankle bracelet monitoring contract.

Stephen Greenslade, founder and president of ICS Security Concepts, confirmed to Tribune Business that both sides had agreed “to walk away” from their long-running dispute relating

to how the $12m proceeds from the contract with the Ministry of National Security had been split.

Secure Alert (now renamed Track Group) last week filed a dismissal notice, which the Puerto Rico federal court approved on April 17, to end the fight with ICS and leave both parties bearing their own legal costs and fees.

“We agreed to just walk away,” Mr Greenslade told Tribune Business, adding that both parties had also consented “to not discuss anything about the action”

or its ending. But, explaining their rationale, he said: “Battling a legal case is very expensive potentially. That is one part of it.

“The other part is we came to a point where we decided not to fight as persons who were in partnership before. ICS has a culture of fostering peace and harmony in our relationships. We’re happy it’s coming to an end, and we can continue with our vision plan for the next decade in operating our business.”

Describing the legal battle with Track Group as

“a major distraction” from ICS’ core business and operations, Mr Greenslade added: “We’re already operating in a tough economy and environment as it is, and distractions are not helpful.”

Track Group, Secure Alert’s successor, filed its action with Puerto Rico’s federal court in January in a bid to uphold a $689,613 arbitration award in its favour and against ICS. This move came after the Bahamian security firm successfully convinced the arbitrator, Stuart Weinstein-Bacal, that he had

made “a mathematical error” in that award resulting in an “overpayment” to Track Group.

Mr Weinstein-Bacal, on October 22, 2018, amended his calculations to find that ICS owed “zero” to its former partner over the ankle bracelet monitoring contract that they secured in 2009-2010.

Now able to put their fight behind him, Mr Greenslade said he and ICS could now turn their attention to their own corporate SEE PAGE SIX

DON’T ‘REINVENT THE WHEEL’ OVER ABACO MEGA PROJECT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN Abaco realtor yesterday queried why the Government was “reinventing the wheel” with new multi-million dollar resort projects when existing ones were for sale at a fraction of these sums.

Ed Newell, a broker with Abaco Estate Services, told Tribune Business he was at a loss to explain why the Minnis administration did not steer the developers behind the $580m Tyrsoz Family Holdings project to look at the Treasure Cay resort he is currently marketing for sale.

Pointing out that, at $62m, the property is available for a fraction of the

AN ARTIST’s impression of the site in South Abaco. sum that the south Abaco developer is proposing to invest in a greenfield site, Mr Newell said Treasure Cay already possesses many of the amenities - hotels, marina and golf course that it wants to develop.

Revealing Treasure Cay’s appearance on the

market has already resulted in approaches from the Radisson hotel group and several private equity firms, he described the 650-acre property as “a diamond in the rough” that required refreshing and new investment.

SEE PAGE FOUR

$4.86 EIA FINDINGS CRUCIAL FOR $580M PROJECT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Abaco Chamber of Commerce’s president says the fate of the $580m mixed-use resort project proposed for the island’s south will be decided by the environmental impact findings.

Ken Hutton told Tribune Business that while the Tyrsoz Family Holdings development “covers a lot of the necessary bases”, and has the Chamber’s support from an economic impact perspective, much depended on the Environmental Impact Assessment (EIA) and subsequent Environmental Management Plan (EMP).

Confirming that he had personally met with the project’s development manager Ronnie Ben-Zur, chief executive of French Quarter Holdings, and members of his team, Mr Hutton said: “I think the project itself looks like a very good project.

“I think they’ve got a lot of the necessary bases covered, but I think it all comes down to the Environmental Impact Assessment and Environmental Management Plan to make sure what they’re proposing will not be destructive to the environment.

SEE PAGE SEVEN

DECADE TO END ‘SOCIAL WELFARE’ SYSTEM IN GOVT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A GOVERNANCE reformer has predicted it will take between five to ten years to eliminate “the social welfare system” that much of the public sector has become.

Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that multiple ministries, departments and agencies were bloated and over-staffed because previous administrations had used public sector hirings to solve both their employment and political issues.

He called for a “vision and plan” that would produce sufficient GDP growth to enable the Government to shift excess public workers to private sector employment, and warned: “We can’t turn around and fire 20 percent of the public service.”

Speaking after the International Monetary Fund (IMF) last week called for the Government to “further rein in recurrent spending”, Mr Myers said: “We’ve got to get some of the social SEE PAGE EIGHT

PAGE 2, Tuesday, April 23, 2019

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THE TRIBUNE

Translating faith to the workplace AS we bring this sacred season of Easter to a close, it has provided a wonderful opportunity for many to reflect on their faith. One of the greatest points of question, and concern, for many who follow JudeoChristian teachings and practice is how much of our expression of faith should we include in our corporate and civic lives.

Does the text: “Render to Caesar the things that are Caesar’s” provide a licence to drop faith when we enter the workplace?

Or does Jehovah expect us to carry our faith into the world of work and wear it

By IAN FERGUSON as a badge of honour?

Many today have accepted the view that a schizophrenic approach

to living with faith is not 1. Work with Excellence. advised. There cannot be a The scriptures clearly warn church self, a work self, a people of faith to work hard home self and a neighbor- as unto the Lord. No matter hood self. In these parts the workplace, the efforts we label that “hypocrisy”. are first and foremost workWhat we have begun to ing for an audience of One. accept now, and embrace, is 2. Have integrity. If the an inclusion of faith at work first point holds true, then or “Marketplace Ministry”. this second point must Marketplace ministry as well. Having integtypically refers to evange- rity means being honest lism or other and possessChristian ing strong There cannot activities moral printhat are tar- be a church self, ciples and geted towards a work self, a convictions. the secular home self and a What people workplace, see is what as opposed neighborhood they get. The to homes, self. In these salt of the churches or parts we label Earth and the specialised Light of the venues.

The that “hypocrisy”. world must simplest defi- What we mean somenition is to be have begun to thing to the a disciple and marketplace witness for accept now, minister.

Christ in and and embrace, 3. Seek disthrough your is an inclusion cernment. work or busiThe book of ness.

Some of faith at work Proverbs is a might say it is or “Marketplace great place to having the atti- Ministry”. start when we tude of being a consider the full-time minisimportance ter in the workplace. of wisdom. Believers in Most view marketplace the workplace must always ministry as very important first be seeking the voice of in this age since so many God as they navigate faith persons have opted to in the workplace. Wisdom exclude themselves from must be exercised in knowtraditional religious/church ing how, when, who and activities. The only place where faith must be shared. they will see a life of faith Certainly, the goals and lived out is in the lives of objectives of the business living epistles. Some might must never be comproeven argue that the most mised or otherwise the effective form of evangelism purpose of marketplace and outreach is in the very ministry has been thwarted. organic environment where you share your faith with • NB: Ian R Ferguson is others. The staged per- a talent management and formances in churches, organisational developconferences, revivals and ment consultant, having crusades are often viewed completed graduate studies as shows of choreographed with regional and internaforms of worship. The more tional universities. He has authentic experience is served organsations, both when a true believer enacts locally and globally, prowith another in love, faith, viding relevant solutions to forgiveness and acceptance. their business growth and Here, then, are some tips development issues. He for effective marketplace may be contacted at iferguministry: son@bahamas.com.

THE TRIBUNE

Tuesday, April 23, 2019, PAGE 3

2,500 entrepreneurs awaiting centre’s aid

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

AROUND 2,500 budding entrepreneurs are in the queue to access the Small Business Development Centre’s (SBDC) services, its executive director saying: “We are trying to set companies up for sustainable success.”

Speaking with Tribune Business at a recent SBDC Town Hall meeting, Davinia Blair said: “Out of

DAVINIA BLAIR the hundreds of people who showed up, most of them had not signed up. If they

sign-up now they will see a November date now if they are a start-up, and I think September or October if you’re an existing business.

“It’s important for people to understand the process; that people who think they can walk in day one and walk out with a cheque a week later, that’s not the type of programme we have. We are trying to set companies up for sustainable success.”

Ms Blair continued: “We are happy to have

announced a partnership with BICA (Bahamas Institute of Chartered Accountants) so that persons already in business, but who don’t quite have their financials together and are waiting to see us, can go and get that done.

“I don’t think people quite appreciate just how many people we are serving simultaneously. In the pipeline, meaning people who have already been trained or seeing advisors right now, there are hundreds

of people. We also have another 2,500 or so waiting. I think people need to appreciate that and appreciate the hours involved.

With free services sometimes there is a level of waiting that happens.”

The centre, which is designed to strengthen the Bahamian micro, small and medium-sized enterprise (MSME) sector, is a partnership between the Ministry of Finance, University of the Bahamas (UB) and the Bahamas

Chamber of Commerce and Employers’ Confederation (BCCEC).

Ms Blair said the SBDC currently has about 15 advisors, and seven to eight full-time staff.

“That doesn’t include the partners and agencies that are coming together on this.

There is a massive team being mobilised to help small businesses. For me I stop looking at how overwhelming it is and I’m just reaching out for partners,” added Ms Blair.

INVESTOR DEALS ‘SHOULD GO BEYOND JUST JOBS’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Government wants all investor Heads of Agreements to go beyond job promises and create entrepreneurial opportunities that will help The Bahamas retain more of foreign direct investment (FDI) inflows.

K Peter Turnquest, deputy prime minister, speaking with Tribune Business following a recent Small Business Development Centre (SBDC) town hall meeting, said: “One of the

things we have been very active in is ensuring that when we do these agreements with various foreign direct investments they pay particular attention to, and set aside opportunities for, Bahamian entrepreneurs to ensure that not only do we create jobs for Bahamians but we create wealth opportunities for Bahamians, and that we get to retain a bit more of that US foreign dollar here in The Bahamas.

“We are paying particular attention to all of the Heads of Agreements to ensure that they

include traditional Bahamian employment but also entrepreneurial opportunities for Bahamians to provide goods and services to their guests and persons who would be utilising those services.”

Mr Turnquest explained that the SBDC initiative is ultimately intended to create a new class of entrepreneurs, and inspire creative ideas that include using native resources to create products for domestic use and export.

“We want to provide services that visitors to our shores will enjoy, and

ELEUTHERA CHAMBER CHIEF WARNS OVER INFRASTRUCTURE

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

ELEUTHERA’S infrastructure must keep pace with foreign direct investment, the island’s Chamber of Commerce president is warning, with a study of its needs required “as soon as possible”.

Speaking with Tribune Business ahead of the Eleuthera Business Outlook on May 17, Thomas Sands said: “I think that one of the first challenges we have to be honest with ourselves about is that we have an economy that has been stagnant for a very

long time. There has been some limited improvement in the infrastructure over those years.

“What is taking place in terms of the level of development that we will see over the next 18 months to ten years is significant.

It is significantly greater than we would have thought possible 12 months ago. In reality we need to re-evaluate what that means and do so quickly. There are some very tight timelines in the delivery of these projects.”

Mr Sands warned that projects such as Disney’s $250m-$400m Lighthouse Point development threaten to impose a “strain on

resources” in the absence of the necessary planning.

He added: “Essentially what we have in infrastructure today, from my understanding and interpretation, will not facilitate what is coming. The assessment of what is needed, and how quickly it is needed, must happen as soon as possible.

I think the follow-through in the execution of whatever is needed must happen. That is speaking to traditional civil infrastructure in terms of business infrastructure.”

Mr Sands also reiterated the need for government to consider economic empowerment legislation for areas such as south and central Eleuthera.

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memorable experiences that they will tell others about,” he said.

“In so doing, by particularly empowering underprivileged and underserved communities, we believe that we will be able to empower people to take care of themselves as well as help develop their communities.

“We pay particular attention to the Over-theHill communities. At the end of the day, we are hoping to diversify the economy, and encourage persons who feel marginalised outside the scope of economic activity to come

into the sector in a formal way.

“It’s about diversifying the economy, spreading the wealth, creating opportunities in some of these disadvantaged communities and ensure that we create generational wealth across our country.”

Turning to the SBDC’s funding, Mr Turnquest said: “We are committed to multi-year funding and are working with the financial institutions, which will give it the kind of sustainability that we are looking for.

“We believe that through this initiative, and

over the next three to five years of sustained results, that we would be able to cut our funding and the private sector will see the value in sustaining this project because - at the end of the day - it is generating quality client for them.”

The Government in February signed a deal which increased the available funding pool for local entrepreneurs to $9m.

The government had previously committed to investing $25m to help develop small and mediumsized enterprises over a five-year period.

PAGE 4, Tuesday, April 23, 2019

THE TRIBUNE

DON’T ‘REINVENT THE WHEEL’ OVER ABACO MEGA PROJECT from page one

“Why reinvent the wheel?”

Mr Newell asked after Tribune Business revealed details of the Tyrsoz Family Holdings proposal last Thursday.

“There’s a reason nobody develops in south Abaco.

It’s so exposed and is not

conducive to what they want to do.

“There’s no labour pool for them there, and I just can’t see the BEST Commission allowing them to develop the marina where they want to do it.” He added that the project site was also perilously close to the Abaco parrot’s breeding and nesting grounds, while the Sandy Point airport was

meant for domestic - not international - traffic.

A four-page booklet produced by Tyrsoz Family Holdings Ltd, which has been obtained by Tribune Business, details plans to construct multiple hotels, residential homes, a 136slip marina, golf course, water park, nature preserve and other amenities spread across almost 1,100 acres

that is split into two separate land parcels.

The project’s two potential real estate holdings include the 620-acre Lantern Head parcel, which according to renderings seen by Tribune Business appears to be especially close to the National Forest. The other 467-acre tract, called “South-West Point”, lies further south on Abaco’s south-western tip.

Much of Tyrsoz Family Holdings’ booklet was devoted to reassuring Bahamians of the company’s environmental sensitivities.

It is promising to create “a world-class, environmentally-sustainable luxury island retreat with local appeal via the participating community while, importantly, maintaining South Abaco’s natural charm”.

However, Tribune Business understands that concerns are indeed building among environmental activists due to both the size and location of the proposed development, which is in close proximity to the 20,500-acre Abaco National Forest and the prime breeding ground for the endangered Abaco parrot.

Mr Newell yesterday questioned why Tyrsoz

Family Holdings was willing to sink massive amounts of capital into developing the necessary infrastructure on a ‘virgin’ site, sums that have often made it impossible for similar Bahamas-based developments to generate the necessary investment returns and profits, when existing mixed-use resorts were available for sale.

“For that amount of money, why not come and buy something that is a long-established, marina resort community in The Bahamas?” he asked. “Why not purchase the longestablished Treasure Cay resort - 650 prime waterfront development acres with a 1,200 home owner base and exclusive 3.5 mile beach marina/ golf course located in the calm protected waters of the Sea of Abaco?

“It’s a diamond in the rough. Spend some money, dust it off and you’ve got a private peninsula and calm sea of Abaco. It needs new blood and new life. It drives the commercial and economic engines of all the surrounding cays - Elbow Cay, Man O’ War Cay and Green Turtle Cay. It is also between two international

To advertise in The Tribune, contact 502-2394

airports and two of the island’s highest-populated areas, which would supply the labour pool.”

Mr Newell said the sales process had been “a learning curve” for Treasure Cay’s owners, with the property broken up into nine separate parcels that are available for sale individually or collectively. The latter option will cost $62m.

“I’ve been speaking to the Radisson hotel group and a number of private equity firms,” he told Tribune Business. “The reason the owners broke it up into small pieces was to make it more affordable and economically viable. It comes with the option to increase land acquisitions at a later date.

“I don’t see why the Government - the Prime Minister, Brent Symonette, Dionisio D’Aguilar - don’t steer people towards Treasure Cay because economically for the island and surrounding cays it makes sense.

“You have an exclusive 3.5 mile beach, can put a number of hotel brands with it, couple that with a marina and golf course, and have airlift from Marsh Harbour and Treasure Cay and a labour pool. Why not point people wanting to do a $600-$700m project in Treasure Cay’s direction? I just don’t get it,” Mr Newell continued.

“You have a homeowner base that wants to spend money on amenities. As far as boating is concerned, it’s the boating capital of The Bahamas but they’re not utilising the moorings in the anchorage.”

Mr Newell suggested a new owner could invest in creating a new, high-end community on nearby Clipper Cay and place mega yacht docks in front of homes and condos, raising fees collected from $75 a night to $500 a night.

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THE TRIBUNE

Tuesday, April 23, 2019, PAGE 5

RoyalStar targeting Caribbean acquisition from page one

The property and casualty underwriter’s Bahamas gross insurance premiums fell from 80 percent of the total in 2017 to 67 percent last year, while the Cayman Islands’ share of RoyalStar’s total book rose from 11 percent to 16 percent year-over-year. The Turks & Caicos and British Virgin Islands (BVI) round out the territories in which RoyalStar underwrites risk.

“RoyalStar is expanding its geographic coverage in the Caribbean,” Sir Franklyn confirmed. “We are diversifying and expanding regionally. In the case of RoyalStar itself, it’s good business strategy, we think, to diversify risk in a hurricane-prone region. It’s based on the ‘eggs in one basket’ philosophy and the implications of that. It just makes strategic sense.

“It’s consistent with the larger corporate strategy at Sunshine Holdings, which is increasingly seeing itself as a blue chip company from The Bahamas as opposed to a blue chip Bahamian company. When I say from The Bahamas, it makes clear we have ambitions to more business inside and outside the country.”

Sir Franklyn said one expansion opportunity currently being pursued involved Gateway Financial, the distressed mortgage acquirer, whose owners include Sunshine Finance, RoyalStar, Royal Bank of Canada (RBC) and the Mexican firm, Ascendancy.

He added that Gateway had “pioneered the distressed home model in The Bahamas, and enjoyed success already in other jurisdictions in the region” such as Turks & Caicos.

“We see the opportunity to grow that even more,” Sir Franklyn said. “We’re negotiating another one in another jurisdiction, but that is pending regulatory approvals.

“We’re pleased that major, major institutions see Gateway as having done a credible enough job, and the fact RBC and Ascendancy are partners gives us a tremendous amount of credibility with the major banks.”

“It’s made a hell of a difference,” he added of Gateway’s impact in The Bahamas. “If you notice the IMF, not long ago in every report they wrote the subject of distressed mortgages was a matter of comment.

They’re not doing that with

as much focus now, and a large part of that is due to Gateway Financial.”

Asked about Sunshine Holdings’ own regional growth plans, Sir Franklyn responded: “We’ve got to do them before we say we’ll do them. I can assure you that what is happening is that Sunshine Holdings has obviously caught the attention of people who do business throughout the region.

“As more and more of them learn about us, they’re coming to see us and are interested in doing things. Recently we hosted the chairman of a big bank for a working lunch, and we are pleased that one of the better known banks initiated conversations with us.

“We’re exploring a lot of stuff. The fact is that Sunshine Holdings as a company has attracted the attention of the capital markets throughout the region. The fact that we’re approaching 50 years from such humble beginnings is opening up opportunities for us. We’re listening and looking.”

Sir Franklyn’s comments came as RoyalStar Holdings, the insurer’s parent company, unveiled a 13.51 percent year-over-year

profits increase for 2018 from $4.607m to $5.23m.

Net written premium rose by $654,000 compared to year-before levels.

Writing in the group’s annual report, he said: “During 2018, RoyalStar Assurance increased its property aggregates in various islands where the pricing margins were favourable compared to 2017. Remaining disciplined in its underwriting approach, RoyalStar accepted business from new opportunities in the British Virgin Islands (BVI), which contributed to the overall profitability of the group.”

Sir Franklyn added that the predicted reinsurance market “hardening”, and increase in premium rates charged to Bahamian insurers and others, in the aftermath of some $140bn in losses incurred during the 2017 hurricane season did not occur as forecast.

“The continued

availability of worldwide reinsurance capacity resulted in minimal increases in property catastrophe prices at renewal. There was, however, some significant upward movement in original property pricing, which was limited to the Caribbean region, especially on islands that were devastated by the 2017 events,” he said.

Picking up on the reinsurance theme, Anton Saunders, RoyalStar’s managing director, said fears of a “change in the market cycle” were overblown.

“Reinsurers maintained their capacity levels, resulting in no noticeable changes in the market fundamentals,” he said.

“Consequently, pressure on the existing business models of reinsurers and insurers will continue, due to years of inadequate pricing and low investment yields. Insurers that did not change their risk appetite and renewed their portfolio

of business in the Caribbean had marginal success in increasing rates, mainly in the territories which were damaged by the 2017 hurricanes.”

Mr Saunders said RoyalStar’s 2018 results had beaten internal forecasts, with underwriting profits standing at $3.204m and investment income at $2.0267m. Return on equity was “an acceptable” 12.04 percent compared to the prior year’s 11.29 percent.

“The results for 2018 continue to validate that our core business model of disciplined underwriting, fair claims settlement, focused customer service and quality reinsurance protection is still an effective business strategy for the group,” Mr Saunders wrote. “We will continue to embrace profitable opportunities as they are presented, especially those which further diversify the profit stream of the group.”

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Fidelity Bank invites applications for the position of:

MARKETING COORDINATOR Duties & Responsibilities:

THE PUBLIC HOSPITALS AUTHORITY

NOTICE

TENDER FOR THE PROVISION OF SECURITY GUARDS SERVICES AT THE SANDILANDS REHABILITATION CENTRE TENDERS ARE INVITED FROM QUALIFIED COMPANIES FOR THE PROVISION OF SECURITY GUARDS SERVICES AT THE SANDILANDS REHABILTATION CENTRE, PUBLIC HOSPITALS AUTHORITY, FOR A PERIOD OF ONE (1) YEAR. TENDER DOCUMENTS, WHICH INCLUDE INSTRUCTIONS TO TENDERERS, SPECIFICATIONS AND OTHER RELEVANT INFORMATION, CAN BE COLLECTED 9 AM - 5:00 PM MONDAY TO FRIDAY AT THE PUBLIC HOSPITALS AUTHORITY, CORPORATE CENTRE BUILDING “B”, THIRD & WEST COLLINS AVENUE. A TENDER MUST BE SUBMITTED IN DUPLICATE IN A SEALED ENVELOPE OR PACKAGE IDENTIFIED AS A TENDER FOR THE PROVISION OF SECURITY GUARDS SERVICES AT THE SANDILANDS REHABILITATION CENTRE, PUBLIC HOSPITALS AUTHORITY” AND ADDRESSED TO:

THE CHAIRMAN, TENDERS COMMITTEE THE PUBLIC HOSPITALS AUTHORITY CORPORATE CENTREBUILDING “B” THIRD AND WEST TERRACES COLLINS AVENUE P.O. BOX NB8200 NASSAU, BAHAMAS

TENDERS ARE TO ARRIVE AT THE PUBLIC HOSPITALS AUTHORITY NO LATER THAN 12:00 P.M.

on Friday May 17th, 2019

All submissions must be accompanied by (i) a current Business License Certificate which states that your company is in Good Standing for one (1) year from the Business License/Valuation Unit of the Ministry of Finance to provide security guard services; (ii) three (3) references from current or previous clients; (iii) a copy of the Ministry of National Security license indicating that your company is authorized to perform Security Guards Services; (iv) a copy of Insurance Policy Certificate indicating that your company is insured against loss of life, injury or damages; (v) a copy of your company Value Added Tax (VAT) Registration Certificate; (vi) an up-to-date (not less than one (1) month old) V.A.T Compliance Certificate and (vii) a letter from the National Insurance Board (NIB) stating that your company is up to date and in good standing in the payment of its NIB contributions on behalf of those persons employed in your company.

The Public Hospitals Authority reserves the right to accept or reject any or all Tender(s).

Reporting to the Marketing Manager, the Marketing Coordinator will offer clerical and marketing support in the Marketing and PR Department for the ongoing development, preparation and implementation of their activities for the Fidelity Group brands and business lines across all territories.

• Media placement to pre-set budgets and the development/maintenance of a range of media traffic charts for all business lines and territories • Organize/maintain/manage an inventory system to update, track and distribute print materials, promotional and collateral • Check branches/outlets for correct presentation of collateral, and furnish with marketing materials/promotional items as needed • Develop reports from branch inspections, meeting notes, media releases • Set up and assist at events and seminars • Log Marketing GL’s and liaise with accounts for timely payment of vendors • Press clippings for various reports, as needed • All other necessary duties in support of the departments’ business, territory-wide

Requirements / Qualifications: • • • • • • • • •

Degree in Marketing, Communications or a business-related field Some work experience in the marketing and communications fields Proficiency in the Microsoft Office Suite of programs & electronic filing systems Strong communication skills: written, oral and presentation Ability and willingness to learn on the job Organized, productive and responsible Ability to multi-task effectively and to deliver to set deadlines Car and Passport owner, able to travel as needed A personable, pro-active, helpful working manner and team spirit in support of the members and infrastructure of a very busy marketing & advertising department

PLEASE SUBMIT BEFORE April 26st, 2019 to:

HUMAN RESOURCES Re: Marketing Coordinator & PR Department., careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.

PAGE 6, Tuesday, April 23, 2019

THE TRIBUNE

SECURITY FIRM TO ‘RAISE BAR’ AS LEGAL WOE ENDS from page one objectives and those of the wider private security industry.

“We’ve always had an objective to raise the bar with private security services in the country,” he told Tribune Business, “and that particular project [ankle bracelet monitoring] was a part of that plan where we saw a need for the service in The Bahamas.

“Again, the thing we want to do in The Bahamas is really see the private

STEPHEN GREENSLADE security sector take its responsibility in society to

another level.” Pointing out that private security firms played a key role in crime prevention and supporting law enforcement, Mr Greenslade said ICS planned to exploit its international partnerships to bring new technologies and techniques to The Bahamas.

“We want to put more assets on the ground, modernise security in The Bahamas, and bring in technology from other jurisdictions we operate in to The Bahamas as we see the benefit,” he said.

“We have partnerships all

across the world, including south Florida.

“We want to see that type of benefit come to The Bahamas so that we have a country that is saying to people coming to visit us, do business with us, and legally migrating to us that we are raising the bar to another level, and bringing peace and prosperity to The Bahamas.

“There’s a lot more to come from ICS. We are already going to the next level. Our appeal to Bahamian society is that we want the level of appreciation for the private

security sector as a whole to increase.

“We have a wide archipelago of islands, our demographics and population are growing, pushing higher and higher every year. This sector is one of the primary industries in the country to keep peace and harmony, and that’s what our objective is.”

The arbitration battle was sparked after Mr Greenslade and ICS accused Track Group, and the other partner on the ankle bracelet monitoring contract, of “deceiving” them into unjustly parting with twothirds of the $12m contract proceeds.

Their arrangement, which won the first ankle bracelet contract after it was put out to bid in 2009, provided for an even threeway split of the monies paid by the Ministry of National Security - each receiving one-third - for monitoring accused Bahamian criminals released on bail.

Mr Greenslade, though, alleged that Secure Alert (now renamed Track Group) and International Surveillance Services (ISS) deliberately concealed how close they were - and the fact they were effectively one and the same company following a July

2011 “merger” - to obtain a greater share of the contract revenues than they were entitled to.

Upon discovering the extent of his partners’ ties in 2015, Mr Greenslade stopped remitting them two-thirds of the ankle bracelet contract revenue and cut it to 50 percent to reflect ICS’ belief that it was now a 50/50 joint venture with Secure Alert.

This sparked the legal battle which continued even after the ICS joint venture lost the ankle bracelet contract when it was put out for renewal by the Christie administration and subsequently awarded to Migrafill, which is headed by former assistant police commissioner, Grafton Ifill Snr, in late 2016.

The ankle bracelet monitoring contract was hailed as a landmark initiative for The Bahamas’ criminal justice system when it was first unveiled, billed as a way to supervise accused criminals released on bail and ensure they complied with the conditions imposed on their movements/activities by the courts to keep Bahamian society safe.

Besides preventing such persons from engaging in further criminal activity, the ankle bracelets’ introduction was also designed to reduce overcrowding at Fox Hill Prison by enabling the release of remand prisoners while awaiting trial.

However, concerns over the ankle bracelets’ effectiveness surfaced almost immediately. Several persons wearing them were murdered, while it was reported that the bracelets’ could be removed by those wearing them and/or disabled by placing tin foil around them.

Mr Greenslade, though, defended ICS as giving “very good service”.

NOTICE

EXXONMOBIL EXPLORATION AND PRODUCTION LIBERIA (HOLDING) LIMITED ____________________________________________

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 14th day of May, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 23rd day of April, A.D., 2019.

M. Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

N O T I C E

EXXONMOBIL EXPLORATION AND PRODUCTION LIBERIA (HOLDING) LIMITED _____________________________________

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

EXXONMOBIL EXPLORATION AND PRODUCTION LIBERIA (HOLDING) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 17th day of April 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is M Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

Dated the 23rd day of April, 2019.

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

THE TRIBUNE

Tuesday, April 23, 2019, PAGE 7

EIA findings crucial for $580m project from page one “Economically, of course, we’re definitely in favour of it. I think it would be a tremendous benefit to south Abaco, just the employment and economic development in the area and at Sandy Point. Having another economic engine for Abaco so that everything isn’t concentrated in Marsh Harbour and Treasure Cay, and more development in the north and south, is always welcome.”

Mr Hutton added that “spreading the economic footprint” of Abaco, which is centred on the hub of Marsh Harbour and flows out from there, would benefit the island in terms of better distributing jobs and economic activity.

A four-page booklet produced by Tyrsoz Family Holdings Ltd, which has been obtained by Tribune Business, pledges to create 600 full-time jobs and inject $2bn into the area’s struggling economy during its first 10 years in operation.

It details plans to construct multiple hotels, residential homes, a 136slip marina, golf course, water park, nature preserve and other amenities spread across almost 1,100 acres that is split into two separate land parcels.

The project’s two potential real estate holdings include the 620-acre

KEN HUTTON Lantern Head parcel, which according to renderings seen by Tribune Business appears to be especially close to the National Forest.

The other 467-acre tract, called “South-West Point”, lies further south on Abaco’s south-western tip.

Much of Tyrsoz Family Holdings’ booklet was devoted to reassuring Bahamians of the company’s environmental sensitivities. It is promising to create “a world-class, environmentally-sustainable luxury island retreat with local appeal via the participating community while, importantly, maintaining South Abaco’s natural charm”.

“Tyrsoz Family Holdings Ltd’s financial advisor and real estate developer, Ra’anan ‘Ronnie’ Ben-Zur, is proposing a low-density, ultra-luxury hotel, residential and marina development

for the secluded undeveloped coastal region of South Abaco, Bahamas,” the booklet added.

“Based on sound economical footing, yet designed with great care and responsibility to the environment and original nature of the area, it is intended to provide significant ongoing and expanding employment opportunities for the community and important infrastructure improvements for the benefit of residents and visitors alike.”

Yet Tribune Business understands that concerns are indeed building among environmental activists due to both the size and location of the proposed development, which is in close proximity to the 20,500-acre Abaco National Forest and the prime breeding ground for the endangered Abaco parrot.

“Everyone is absolutely concerned about the environmental impact from this,” Mr Hutton told Tribune Business. “At the same time we have to be able to leave it up to people that are more educated and informed, and whose job it is to ensure the integrity of the environment here.

“Everything looks good on paper, but we’re waiting for the proper hoops to be jumped through in the Environmental Impact Assessment and Environmental Management Plan.

NOTICE LEGAL NOTICE

ACHILLES INTERNATIONAL LTD. (In Voluntary Liquidation)

Notice is hereby given that the above—named Company is in dissolution, commencing on the 17th day of April, 2019. Articles of Dissolution have been duly registered by the Registrax.

The liquidator is (Amicorp Bahamas Management Limited, whose address is Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.0. Box N-4865, Nassau, Bahamas).

Dated this 17th day of April, 2019 (AMICORP BAHAMAS MANAGEMENT LIMITED) LIQUIDATOR

Legal Notice

NOTICE

PANTHEON LIMTED (In Voluntary Liquidation)

In accordance with Section 218 of The Companies Act, NOTICE is hereby given that by Written Consent of the Shareholders of the Company dated the 1st day of April A.D., 2019 the following Resolutions were passed: 1. That Pantheon Limited be wound up voluntarily; and 2. That Virginia Bullard nee Thompson be appointed the Liquidator for the purposes of such winding up.

Dated the 23rd day April A.D, 2019 VIRGINIA BULLARD nee THOMPSON Liquidator Legal Notice

NOTICE

PANTHEON LIMTED (In Voluntary Liquidation)

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned at P. O. Box N-476 on or before Friday the 31st day of May A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the liquidator.

Dated the 23rd day of April A.D., 2019

VIRGINIA BULLARD nee THOMPSON Liquidator

To advertise in The Tribune, contact 502-2394

If those pan out I’m all for it. It definitely will be a significant impact for south Abaco without a doubt.”

The Tyrsoz Family Holdings, which was mentioned by the Prime Minister in a recent national address, is at the very early stages of going through the various environmental, planning and investment approvals processes, including negotiation of a Heads of Agreement with the Government.

NOTICE LEGAL NOTICE

AEFISA LIMITED. (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 17th day of April, 2019. Articles of Dissolution have been duly registered by the Registrar.

The liquidator is (Amicorp Bahamas Management Limited, whose address is Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, PO. Box N-4865, Nassau, Bahamas).

Dated this 17th day of April, 2019 (AMICORP BAHAMAS MANAGEMENT LIMITED) LIQUIDATOR

PAGE 8, Tuesday, April 23, 2019

THE TRIBUNE

B18BUSINESS

PUBLIC NOTICE

PAGE 18, Thursday, April 18, 2019

Decade to end ‘social welfare’ system in govt

THE TRIBUN

INTENT TO CHANGE

BY DEED POLL LEGALNAME NOTICE

The public is hereby advised that I, CASURAÉ CHAAVIA TICHINA FOX JOHNSON of #6 Bay Cedar Avenue Sea Breeze, P.O. Box N-3193, Nassau, Bahamas, intend to change my name by Deed Poll to CASURAÉ HSJ FOX HOLDINGS CHAAVIA JOHNSON. If thereLIMITED are any objections to the change of name by deed poll, you may write such N O T I CtoEthe ISChief HEREBY GIVEN follows: objections Passport Officer,as P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the (a) HSJ HOLDINGS LIMITED is in voluntary date ofdissolution this publication notice. under the provisions of Section 138

NOTICE

(4) of the International Business Companies Act 2000.

PUBLIC NOTICE

(b) The dissolution of the said company INTENT TO CHANGE NAME DEED POLL commenced on the 15th BY April, 2019 when the Articles of Dissolution were submitted to The public is hereby advised that I, TAMEKA SMITH and registered by the Registrar General.

of Lumumba Lane, Kool Acres Subdivision, P.O. Box N-9175, Nassau, Bahamas, to change is myBukit name (c) The Liquidator of theintend said company

by Deed Poll Limited, to ANYA The TAMEKA SMITH. If there are Merah Bahamas Financial Centre, Shirley & Charlotte any objections to the change of nameStreets, by deedP.O. poll,Box you N-3023, Bahamas may write such Nassau, objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty Dated 18th A. D. 2019 (30) daysthis after theday dateofofApril, this publication notice. _________________________________ Bukit Merah Limited Liquidator

NOTICE

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

JUNO INTERNATIONAL HOLDINGS LTD.

from page one NOTICE IS HEREBY GIVEN as follows:

(a) JUNO INTERNATIONAL HOLDINGS LTD., is welfareininvoluntary the public sector under the provisions of dissolution out of the system.

Section 138 (4) of the International Business “That over-employment Companies Act 2000. is the Government’s social welfare they’ve (b) Thebecause dissolution of the said Company commenced on been unable to stimulate the 17th April, 2019 when its Articles of Dissolution growthwere in submitted the economy. to and registered by the Registrar We have many of these General. ministries and stateowned enterprises (SOEs) (c) The Liquidator of the said Company is Shareece E. that are It’s& Trust Limited, ROBERTDeltec MYERSHouse, Scottover-staffed. of Deltec Bank become a social welfare Lyford Cay, P.O. Box N-3229, Nassau, Bahamas. over-staffed and system and we’re not get- still ting anythis more efficiency Dated 18th day of April, under-performing.”

A.D. 2019.

Camille Johnson, the out of these SOEs, ministries and agencies. They’re ShareeceCabinet E. Scott Secretary and Liquidator

NOTICE

NOTICE is hereby given that D’SHAWN ANTIONE SANDS of Sunshine Way, Sunshine Park, P.O. Box N-9997, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that ABNER PIERRE of Golden Isles Road off Carmichael Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE

NOTICE is hereby given that GEORGIA ANN LILY JARMOLKIWICZ of Sandyport, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that EMMANUEL JOSEPH of Bacardi Road , Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT WEDNESDAY, 17 APRIL 2019

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

BISX ALL SHARE INDEX: CLOSE 2,155.21 | CHG 6.76 | %CHG 0.31 | YTD 45.76 | YTD% 2.17 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.35 1.70 3.35 10.60 6.60 4.64 12.50 2.74 1.81 9.02 6.63 15.60 7.25 4.30 14.00

52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.80 6.10 3.54 9.75 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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 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

52WK LOW 100.00

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 ##########

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

SYMBOL LAST CLOSE AML 4.25 APD 17.43 BPF 6.00 BWL 5.39 BOB 2.35 BBL 1.60 CAB 2.15 CIB 10.50 CHL 6.16 CBL 4.42 CBB 10.64 CWCB 2.52 DHS 1.79 EMAB 9.38 FAM 6.60 FBB 15.57 FIN 7.25 FCL 3.50 JSJ 14.00 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL 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)

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.25 17.43 6.00 5.39 2.35 1.68 2.15 10.50 6.16 4.47 10.64 2.53 1.79 9.47 6.60 15.57 7.25 3.50 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.08 0.00 0.00 0.00 0.05 0.00 0.01 0.00 0.09 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

3,000 20,900 15,375

VOLUME

EPS$ 0.167 0.932 -0.306 0.323 0.098 0.000 -0.431 0.708 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.834 0.578 0.205 0.631

DIV$ 0.130 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.240 0.500 0.200 0.090 0.600

P/E 25.4 18.7 N/M 16.7 N/M N/M -5.0 14.8 12.8 29.0 17.0 24.8 8.6 N/M 13.7 18.7 12.5 17.1 22.2

YIELD 3.06% 7.23% 0.00% 4.45% 0.00% 1.19% 0.00% 6.76% 3.57% 2.68% 5.83% 2.37% 3.35% 0.89% 3.64% 3.21% 2.76% 2.57% 4.29%

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 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%

MATURITY 19-Oct-2022 ############### 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

MUTUAL FUNDS 52WK HI 2.20 4.24 2.04 184.51 158.55 1.61 1.75 1.70 1.14 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.55 1.68 1.64 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.22 4.22 2.04 184.51 147.81 1.61 1.75 1.70 1.14 7.54 8.73 6.65 10.66 11.79 10.48 9.92 8.69 11.79

YTD% 12 MTH% 0.58% 3.94% -0.39% 1.53% 0.43% 2.52% 3.26% 3.26% -3.65% -3.65% 1.15% 4.41% 0.59% 4.31% 0.92% 4.16% 2.79% 4.80% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

NAV Date 28-Feb-2019 28-Feb-2019 22-Feb-2019 31-Dec-2018 31-Dec-2018 31-Mar-2019 31-Mar-2019 31-Mar-2019 31-Mar-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 30-Sep-2018 30-Sep-2018 30-Sep-2018

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

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

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

A&A ASSETS MANAGEMENT government’s top offi- on the wider LTD. economy and

cial, last year In told an Bahamian society.

Voluntary Liquidation Inter-American Develop“It’s not that we go and ment Bank (IDB) report lay-off hundreds of people is herebycivil given accordance with thatNotice the Bahamian ser-thatinin government rightSection now,” 138(4) of the International Business Companies vice was “overstaffed by as he explained. “We’ve Act. got much as 40A&A percent”. to have a vision LTD. and a isplan 2000, ASSETS MANAGEMENT in However, Brensil Rolle, 16,to shift those people, the dissolution as of April 2019 minister of the public ser- excess in the public sector, vice, recently confirmed and shift them to the prithatInternational a large number of Services vate sector we stimulate Liquidator Inc.assituated at 3rd the Floor 9,000 Whitfield people that the 4792 growth there. Drive, Belize Tower, Coney Christie administration was “We can’t turn around City, Belize is the Liquidator. criticised for hiring had and fire 20 percent of the been re-engaged by the public sector. We have to public sector. grow the private sector, and While arguing that the LIQ U I start D A shifting T O R those employpublic sector was “still ees over to the private ______________________ over-staffed and under- sector when we gain real performing”, Mr Myers GDP growth. A critical part said the Government could of that, understanding and not simply engage in mass appreciating a major part of lay-offs because of the that shift, is it is not a shortLEGAL NOTICE hardship it would cause to term issue. It will take five individuals and their fami- to ten years if that’s when lies, as well as the impact we focus on it.”

NOTICE

Matrix Strategies Ltd

NOTICE

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Act. NOTICE is herebyCompanies given that 2000, Matrix Strategies Ltd is in dissolution as STAPHARA SALLIE MATTHof March 8, 2019 JEROME of Market Street, Young

Close, Nassau, Bahamas is applying to the Services Minister Inc. responsible International Liquidator situated atfor 3rd Nationality and Citizenship, for Floor Whitfield Registration Tower, 4792 Naturalization Coney Drive, as Belize a City, Belize is thecitizen Liquidator. of The Bahamas, and that any person who knows any reason why registration/naturalization should granted, should send a Lnot I Q be UID ATOR ______________________ written and signed statement of the facts within twentyeight days from the 16th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE

NOTICE is hereby given that NOTICE is herebyofgiven that ASSEFISE CADET Kemp of Deep LOUISIUS VINCENT Road, New Providence, Bahamas Eleuthera, Bahamas is Creek applying to Nassau, the Minister is applying to the Minister responsible for Nationality and responsible for for Nationality and Citizenship, Registration Citizenship, as aforcitizen Registration Naturalization of The Naturalization a person citizen who of The Bahamas, and thatasany Bahamas, and that any person who knows any reason why registration/ knows any reason why registration/ naturalization should not be naturalization shoulda written not be granted, should send granted, should send a written and signed statement of the facts within twenty-eight andfrom signed ofApril, the facts within twenty-eight days thestatement 23rd day of 2019 to the Minister April, 2019 to the days from the 18th day of and responsible for Nationality Citizenship, P.O.Minister Box responsible for Nationality and Citizenship, N-7147, Nassau, New Providence, The Bahamas.P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE

NOTICE is hereby given that NOTICE is hereby CORNISH, given that VALENCIA REMILDA CHANAN of #22 ofRICHARD General Delivery Marsh Harbour Pinewood Gardens, P.O. Box Abaco, Bahamas is applying to theSS6884, Nassau, Bahamas is applying Minister responsible for Nationality to Citizenship, the Ministerforresponsible and Registrationfor Nationality and Citizenship, Naturalization as a citizen of Thefor Registration Naturalization as a Bahamas, and that any person who citizen of The Bahamas, and that knows any reason why registration/ any person who knows any reason naturalization should not be why registration/naturalization granted, should send a written should not be granted, should and signed statement of the facts within twenty-eight send a written th and signed statement of the facts days from the 15 day of April, 2019 toth the Minister within twenty-eight days from the 11 dayP.O. of Box April, responsible for Nationality and Citizenship, 2019 to the Minister responsible for Nationality and N-7147, Nassau, The Bahamas.

Citizenship, P.O.New BoxProvidence, N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE

NOTICE is hereby given that NOTICE is hereby given of that JEAN EDDIE DORSAINVIL MONIQUE of Bahamas #613 Blue Johnson Road,LESLIE Nassau, road south, Bahamas is Hillapplying to Nassau, the Minister is applying the Minister responsible for to Nationality and responsible for and Citizenship, for Nationality Registration Citizenship, as for Registration Naturalization a citizen of The Naturalization a citizen The Bahamas, and thatasany person of who Bahamas, and that any person who knows any reason why registration/ knows any reason why registration/ naturalization should not be naturalization should not be granted, should send a written granted, should send a written and signed statement of the facts within twenty-eight andfrom signed ofApril, the facts within twenty-eight of 2019 to the Minister days thestatement 15th day April, 2019 to the days from the 11th day of and responsible for Nationality Citizenship, P.O.Minister Box responsible for Nationality and Citizenship, N-7147, Nassau, New Providence, The Bahamas. P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE

NOTICE is hereby given that NOTICE is hereby given that TIA JACQUELINE GABRIEL of Golden BIMAL of Sea View Drive, P.O. Gates #2, Nassau, Bahamas is BOX SP-60563 Nassau, Bahamas applying to the Minister responsible is applying to the Minister forresponsible Nationality and Citizenship, for for Nationality and Registration Naturalization as a Citizenship, for Registration citizen of The Bahamas, and that Naturalization as a citizen of The any person who knows any reason Bahamas, and that any person who why registration/naturalization knows any reason why registration/ should not be granted, shouldnot sendbe naturalization should a written and signed statement of granted, should send tha written day of the facts within twenty-eight days from the 16 and signed statement of the facts within twenty-eight April, th day ofresponsible April, 2019fortoNationality the Minister days2019 from to thethe 12Minister and Citizenship, P.O. Box Nassau, P.O. New responsible for Nationality N-7147, and Citizenship, Box Providence, The Bahamas.

N-7147, Nassau, New Providence, The Bahamas.