04262019 BUSINESS

business@tribunemedia.net

FRIDAY, APRIL 26, 2019

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$1.5bn revenue target for Nassau landmarks

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN investor group believes it can generate $1.5bn in gross revenues during the 25 years in which it plans to transform key Nassau heritage sites into “world-class” landmarks.

Olvin Rees, a member of the Public Private Investments (PPIL) group, yesterday told Tribune Business it planned to invest between $30-$50m over that period to restore and revitalise locations that include Nassau’s three forts, the Queen’s Staircase (66 Steps) and Water Tower, and the Pompey Museum.

Describing the recent Memorandum of Understanding (MoU) signed with the Antiquities, Monuments and Museums Corporation (AMMC) as the “first step” in this process, Mr Rees said PPIL was now “pushing” to conclude a management agreement and formally take over operations at these sites by end-summer 2019.

It is aiming to make all the facilities financially self-sustainable by enhancing the visitor experience and “pre-selling”

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TWO-DECADE EFFORT TO ‘BANISH’ LEHDER LEGACY RESUMES

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government yesterday moved to revive a near two-decade effort to banish the legacy of Carlos ‘Joe’ Lehder by seeking Parliament’s approval for a two-way, nine acre land swap.

A resolution, brought to the House of Assembly but not debated, appears intended to facilitate the revival of efforts that first began in 2002 to develop a high-end, boutique resort on Norman’s Cay in the Exumas.

It calls for the Treasurer to exchange 8.488 acres of land, divided into

THE QUEEN’S STAIRCASE, which will be revitalised under plans for investment. tour packages to both cruise ship passengers and hotel tourists, reversing perceptions that Nassau is “boring” with little of interest to do amid “run down” attractions.

Voicing optimism that PPIL’s private-public partnership (PPP) with the Government will become “a model template” for similar joint ventures throughout The Bahamas, Mr Rees revealed that the

group was open to an initial public offering (IPO) of shares to the Bahamian public in three to five years’ time once its turnaround phase was completed.

Describing the condition of several historic sites as “a disgrace”, he said PPIL’s members had a shared determination to restore them to their proper status and unlock the monetary potential of heritage and cultural tourism.

“This is the first step, the signing of the Memorandum of Understanding (MoU), before we go to the management agreement,” Mr Rees told Tribune Business. “We have roughly two months to flesh out the management agreement and also to present the business plan and strategy for the capital expenditure, and the phasing of it.

SEE PAGE FOUR

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three parcels, along with the “right-of-way” over several roadways, with Exuma Resort Developers and its subsidiary, NC MacDuffs Ltd. In exchange, the Treasury will receive freehold title to some 8.617 acres of land, with all parcels involved in the swap located at Norman’s Cay’s southern end.

The “superseding” Heads of Agreement entered into between the Government and then-investors behind Exuma Resort Developers on April 23, 2008, requires parliamentary approval for any sale, lease or granting of easements/rights of way to the development.

SEE PAGE FIVE

GOVT TOLD: GO FURTHER ON MINORITY PROTECTION

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government needs to go further than its Companies Act reforms to truly protect Bahamian minority investors, an investment bank chief urged yesterday.

Michael Anderson, RoyalFidelity Merchant Bank & Trust’s president, told Tribune Business that while the Companies (Amendment) Bill was “a good start” it did little to address the key issues impacting minority investors in the

Bahamian capital markets.

He explained that the Bill, which was debated in the House of Assembly yesterday, focused more on transparency, disclosure and corporate governance weaknesses rather than concerns about minority investors obtaining a voice on the Boards of publicly-traded companies via independent directors and obtaining fair treatment when controlling/ majority investors were bought out.

SEE PAGE SIX

‘MORAL RESPONSIBILITY’ OVER CLICO PAYOUTS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A PROMINENT CLICO (Bahamas) policyholder yesterday said the Government has a moral responsibility to compensate victims because of the regulatory failings that aided the insurer’s collapse.

Bishop Simeon Hall, while “commending” the Government’s confirmation that it will allocate a further $10m in the upcoming 2019-2020 Budget to policyholder payouts, told Tribune Business it had to accept “some culpability” for the company’s collapse

into insolvency more than ten years ago.

“We commend the Government for keeping its promise in this area, and concomitant with those announcement it should come with ways it can protect unsuspecting Bahamians from falling into that trap again,” he said.

“It [the Government] must take some culpability in allowing it to happen in the first place..... On the one hand we want to commend the Government for putting out some money to remedy CLICO, but they must also make sure it does not happen again.

SEE PAGE SEVEN

GOVT EYES ‘20 PT’ EASE OF BUSINESS SCORE IMPROVEMENT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government is targeting a “20 point” improvement in its “ease of business” score to generate a “dramatic” improvement in the World Bank rankings, it was revealed yesterday.

Deputy Prime Minister K P Turnquest told the

House of Assembly that reforms to the Securities Industry Act, as well as the Companies (Amendment) Bill 2019, were intended to boost The Bahamas’ business ease standing as well as enhance minority investor protections.

Turning to the World Bank’s annual rankings, SEE PAGE EIGHT

PAGE 2, Friday, April 26, 2019

THE TRIBUNE

DPM to keynote Eleuthera Outlook THE deputy prime minister will be the keynote speaker for the seventh Eleuthera Business Outlook conference scheduled for May 17 at Frigate’s Bar & Grill in Rock Sound.

Besides K. Peter Turnquest, the speaker line-up features Adrian Gibson, Long Island MP and executive chairman, Water & Sewerage Corporation; Elliston ‘Tommy’ Thompson, deputy director-general, Ministry of Tourism; Dave Smith, managing director, Bahamas Development Bank; Davinia Blair, executive

director, Small Business Development Centre; Thomas A Sands Jr, president, Eleuthera Chamber of Commerce.

Ben Simmons, owner of The Ocean View Club on Harbour Island and The Other Side, a unique Eleuthera property, will also present at the conference. Mr Sands said: “In recent times, in the last 12-18 months, you’ve seen renewed interest in South Eleuthera. There are a number of projects in discussion or pending approvals.

“Some are further along

than others, but I think they are strong indicators that South Eleuthera is moving in a positive direction - positive growth, positive opportunities.”

Turning to the largest investment in the pipeline for south Eleuthera, Mr Sands said there was “a sense that the Disney project could have a positive impact on not only livelihoods, but the economy, as well as cement the longterm potential for the island of Eleuthera and south Eleuthera.

“I think, all in all, from the on-the-ground

perspective, the majority of the Eleutherans that I have interacted with were in support of it,” he added.

Joan Albury, TCL Group’s president and chief organiser of the seven-island Business Outlook Series, said: “At this promising time, it is essential for Eleutherans and other Bahamians to have the most accurate information and commentary from experts in order to plan the way forward for the island, and for personal involvement and benefit.

This is - and always has

been - the primary mission of the Business Outlook Series.

“We are grateful to continue to enjoy a highly productive partnership with the Eleuthera Chamber of Commerce, which has allowed us to host Outlooks from Cape Eleuthera in the deep south to Central Eleuthera to Harbour Island in the north.

“We have strategically chosen presenters who represent economic sectors and entities which must play a key role in the quality realisation of the

most significant investments that have come to Eleuthera, especially the south, in many a year,” she continued.

“Once again, the Ministry of Finance has graciously agreed to partner with TCL in continuing the highly beneficial ‘Ease of Doing Business Workshop’. We continue to be dedicated to bringing greater awareness to the challenges and opportunities for developing business and, consequently, for contributing to building The Bahamas as a whole with the accent on quality and sustainability.

BTC BACKS ‘GIRLS IN ICT’ SUMMIT THE Bahamas Telecommunications Company (BTC) is celebrating International Girls in ICT Day by sponsoring the all-girls conference for high school students organised by sector regulators.

Four BTC team members will take part in the Utilities Regulation and Competition Authority (URCA) event, which is being held under the theme Expand Horizons, Change Attitudes.

Vochelle Ferguson, senior manager of people; Carole Barnett, senior manager of advertising, sponsorships, events and branding; Lorraine Gay, manager of service of delivery; and Sherry Rolle, senior manager for business continuity, will participate in the day’s agenda. Also present will be Kiante Stuart, BTC’s junior achievement president.

Garry Sinclair, BTC’s chief executive, said: “We are happy to celebrate International Girls in ICT Day. BTC has proudly supported these annual celebrations since their inception locally.

“Vochelle, Carole, Lorraine, Sherry and

FROM left, Sherry Rolle, BTC’s senior manager, business continuity; Carole Barnett, senior manager, advertising, sponsorships, events and branding; Lorraine Gay, manager, service delivery; and Vochelle Ferguson, senior manager, people.

Kiante will do a great job talking to our team members across the business.” topics including ‘Marine Archaeology on students about the benefits of female parAccording to the International Telecom- the Blockchain’, robotics, programming ticipation in the ever-evolving ICT field. munications Union (ITU), more than and coding. There will also be a Shark Tank BTC remains committed to harnessing the 357,000 girls and young women have taken sales pitch. best talent in the world. Just last month part in 11,000 celebrations of Girls in ICT Hundreds of students have been invited we celebrated International Women’s Day, Day in over 171 countries. This year’s event to attend the event, which will take place at recognising the many contributions of our will feature speakers and workshops with the British Colonial Hilton.

THE TRIBUNE

OFFICIALS at Lynden Pindling International Airport (LPIA) yesterday reported a smooth Easter holiday weekend with 75,000 passengers moving through it over a five-day period.

Projected numbers for the period between April 18 and April 22 showed more than 75,000 passengers moving through LPIA’s three terminal buildings. Some 27,000 passengers were processed through the US departures pre-clearance facility, while Bahamas Immigration and Customs processed more than 30,000 arriving travellers over the Easter weekend.

Air Traffic Controllers reported just over 2,500 total aircraft movements (takeoffs and landings) during the same period.

Airport stakeholders executed newly-adopted Standard Operating Procedures (SOPs) during the peak period, mitigating congestion in the terminal and airside. Dionisio D’Aguilar, minister of tourism and aviation, credited this co-ordinated effort by key airport agencies for LPIA’s high levels of

Friday, April 26, 2019, PAGE 3

AIRPORT SMOOTHES WAY FOR 75,000 EASTER TRAVELLERS operational efficiency over Easter.

“We have been working diligently with primary stakeholders to ensure that the increased traffic being experienced at the airport is met with an effective plan to manage higher passenger numbers and aircraft movement at LPIA,” Mr D’Aguilar said.

“My ministry will continue to work directly with our partners at the airport to ensure that LPIA is equipped and prepared to meet new demands in air arrivals to the destination.

I’m proud to say that over the Easter holiday weekend all of the agencies worked together towards the common goal of providing a high level of service to persons arriving and departing from LPIA.” In February, passenger numbers were up 21.9 percent year-over-year, with March’s increase standing at 13 percent. Vernice Walkine, Nassau Airport Development Company’s (NAD) president and chief executive, praised LPIA stakeholders for adjustments made to accommodate the

significant increase in passenger numbers.

“Overall, we are quite pleased with how well the Easter holiday weekend went from an operational standpoint,” she said. “We saw improvements in efficiency - both in terminal and on the airside.

“There were a few incidents that were quickly mitigated, demonstrating further that all stakeholders at LPIA have indeed developed strategies and contingency protocols to ensure operations run smoothly even with strong passenger numbers.”

Ms Walkine added: “On the airside, the weekend saw a significant increase in aircraft movement, particularly on the Thursday before and the Monday after Easter. Even with the increased traffic on the airside, there were no significant delays or congestion issues. This demonstrates our capacity to handle heavy traffic on the tarmac.”

Over the Easter holiday weekend, LPIA’s operations plan focused on processing areas including pre-board screening in

MARGARITAVILLE RESORT REACHES HIGH POINTE THE Pointe’s Margaritaville Beach Resort at The Pointe has celebrated its progress with a topping-off celebration to mark reaching the highest floor with construction work.

“The topping off of Margaritaville Beach Resort at The Pointe is one more exciting step in nearing completion of The Pointe,” said Daniel Liu, its president. “Residents and guests will love our casual-luxe lifestyle that is synonymous with the Margaritaville

brand.”

The five-star Margaritaville Beach Resort is part of Margaritaville at The Pointe, a $250m, seven-acre luxury development located adjacent to the British Colonial Hilton in downtown Nassau.

Once completed in 2020, visitors will enjoy signature Margaritaville décor elements in the hotel lobby such as a largerthan-life flip flop sculpture.

Besides the 150-room Margaritaville Beach Resort,

Margaritaville at The Pointe will feature luxury residences at One Particular Harbour at The Pointe; a deep water marina and boardwalk; a water park; entertainment centre; upscale shopping; and signature Margaritaville food and beverage concepts.

The latest construction milestone comes a few months after One Particular Harbour at The Pointe celebrated its own topping off in December of last year.

the US departures terminal and the international/ domestic departures terminal. Agencies also paid close attention to staffing levels as well as queue management in US Customs and Border Protection, Bahamas Immigration and Bahamas Customs.

During the peak periods between 12pm to 3pm, Bahamas Immigration processed large families with young children and senior citizens on separate lines to keep wait times in the hall at a minimum. NAD deployed line management agents (LMAs) to provide support and manage passenger flow in the US departures terminal checkin hall.

LPIA stakeholders include Bahamas Immigration, Bahamas Customs, the Airport Authority, US Customs & Border Protection (USCBP), Nassau Flight Services (NFS), Air Traffic Services (ATS), airline operators, Nassau Airport Development Company’s operations and parking and ground transportation teams, airport police and the Road Traffic Department.

PAGE 4, Friday, April 26, 2019

THE TRIBUNE

$1.5bn revenue target for Nassau landmarks from page one “The management agreement will give us 25 years to manage the facilities in conjunction with the AMMC, as they will play an integral role with the technical expertise.

We will basically manage the facilities and inject the capital for the revitalisation, upkeep and maintenance of the facilities.”

Besides Fort Charlotte, Fort Fincastle and Fort Montague, and the Queen’s Staircase and Water Tower, Mr Rees said the management agreement will also see PPIL take over operational responsibility for the Botanical Gardens, Pompey Museum and the National Public Library.

He added that the group could be taking on “anywhere from 40 to 80”

direct employees “in the first instance”, along with indirect responsibility for between 300 to 500 workers - the straw vendors, taxi drivers, tour operators and others who all earn a living from providing goods and services to visitors attracted to these landmarks.

“The Government really wants us to get moving on this,” Mr Rees said. “A lot of these facilities are

CANDIDATES COMMITTEE REPORT April 5TH, 2019 LIST OF ENDORSED NAMES: EXECUTIVE MEMBERS: 1. Rosemary E. Burrows 2. Maralyn Genette Burrows 3. William Ingraham 4. Cyril Morris Jr. 5. Wayne Thompson 6. Kameisha Delique Wells 7. Judd T. Williams TRUSTEES: 1. Jacqueline Lorene Mckenzie 2. Bolinder Newbold – Munroe 3. Vernincha Louise Delcine Simmons 4. Lana Monique Williams-Smith 5. Haldane Alfred Stubbs AREA VICE PRESIDENTS: NORTHERN BAHAMAS: 1. Ann Marie Bullard 2. Eldecia Shaquincha Ethlyn Thompson GRAND BAHAMA: 1. Quintin Howard Laroda 2. George Austin Trevor Mills.

NEW PROVIDENCE: 1. Vernon Jemell Rodgers SOUTHERN BAHAMAS: 1. Ann Louise Strachan ASSISTANT TREASURER: 1. Catherine Knowles-Stubbs 2. Katress Wells SECRETARY – GENERAL: 1. Helena Cartwright 2. Dion Damien Johnson 3. Tiffany M. Delancy-Laing ASSISTANT SECRETARY – GENERAL: 1. Juanita T. Gaitor 2. Cedricka Rolle PRESIDENT: 1. Joan Knowles-Turnquest VICE PRESIDENT: 1. Tiffany Burrell-Roberts 2. Jason Haley From the desk of John Musgrove Secretary-General The Bahamas Union of Teachers.

beginning to run down and deteriorate. Some of them have to be more secure because the cruise ship have some concerns with respect to the main forts, and we have to upgrade and clean them up, and also train the staff.

“We will bring the staff up to world class standards.

Every employee - from the janitor right the way up will be trained to world class standards. We’re looking, over the 25 years, to spend between $30m to $50m of capital investment. We know we can generate projected gross revenues of $1.5bn over that period.” That is equivalent to $60m per year.

Mr Rees disclosed that PPIL originated from the shared interest, and concern, he and its chairman, Dr Nigel Lewis, had for Nassau’s major historical and cultural landmarks. In particular, he said the failure to properly maintain them and realise their true economic and tourism potential was what brought them together.

“Personally, I’ve been really looking at the Water Tower for a number of years and saying: ‘What a disgrace’,” Mr Rees told this newspaper. “It’s been sitting there for 25 years as a national monument and no one is doing anything with it.

“About a year-and-a-half ago Dr Lewis and myself met, and I said: ‘I’m looking to see if I can source some funding to restore this tower. He said: ‘Well, you know, I was looking at Fort Charlotte for some years’.”

With the Minnis administration just elected to office, Mr Rees added: “We started to put some minds and people together, and said: ‘Let’s approach the Government, because they have other priorities, and see if we can manage these facilities.

“We put a proposal to the Bahamas Investment Authority (BIA) and National Economic Council (NEC), and they basically said they’d approve it because these are the types of arrangement we’ll be dealing with going forward. A lot of these projects will be PPPs, so this will be a test model going forward. We’re very excited that the Government saw the vision and are prepared to execute this concession.”

Mr Rees said PPIL aimed to upgrade the visitor experience such that both tourists and Bahamians came back to Nassau’s key landmarks as repeat business, while “at the same

THE WATER TOWER time capturing history”.

“We have lots of history but we don’t tell it in a colourful way,” he added. “We want to tell the history of these forts, make it more a appealing, tourism-oriented and enjoyable experience.

“Right now, heritage tourism is selling all over the world. People really want to begin experiencing the culture, see how people live, feel and touch the culture. With these multiple offerings, if they can’t do everything this year they can come back next year.

Cultural tourism is very big around the world, and we haven’t done a very good job of maintaining and upkeep of our landmarks and historic sites.”

Many observers have long held the view that tourists are not being properly exposed to Nassau’s rich history, and Bahamian culture, at a time when travellers are increasingly seeking authentic experiences and true interaction with citizens of the countries they visit.

The Government has stated publicly that cultural and heritage tourism is a key component in its strategy to re-energise and diversify Bahamian tourism, and PPIL’s plans tie-in directly to this and the wider downtown Nassau revitalisation.

“The main strategy will be as a pre-selling package to the cruise ships as well as the hotels and other entities,” Mr Rees told Tribune Business of the business model, pledging that a significant portion of the revenues generated will be set aside for maintenance and capital investment in these sites.

“A lot of people are complaining that Nassau is boring; that there’s nothing to do, nothing exciting, there’s some run down

facilities with no expenditure and upkeep. We feel our project is in line with what the Government plans to do with the cruise port downtown, the new location for the Central Bank at the site of the old Royal Victoria Hotel, the imploding of the Post Office building and revitalisation of downtown up to the bridge. We feel now is the time for Nassau to take on a new look.”

Mr Rees said PPIL’s plans would also boost the communities around these historical sites, as well as encouraging others to look at cultural and heritage tourism opportunities in areas such as Fox Hill, Gambier Village and Bain Town.

He added that it was vital for Nassau, and the wider Bahamas, to place itself “on the cutting edge of change and transformation as far as the tourism product is concerned” given that hurricane-ravaged Caribbean rivals were likely to return with an enhanced, modernised offering.

“Three to five years down the road we will look at a public share offering once we get these facilities up and running,” Mr Rees said, “and allow other people to make investments.

“It’s a very positive thing, and we want to commend the Government for their foresight and seeing the vision. Hopefully this will be the template for other joint ventures going forward throughout the length and breadth of the country.

“This also signals the beginning of the revitalisation of the tourism product at cultural sites, and we look forward with great enthusiasm. Between June and August is when the handover of these facilities should be taking place.

We’re going to be pushing to make sure it happens.”

THE TRIBUNE

Friday, April 26, 2019, PAGE 5

Two-decade effort to ‘banish’ Lehder legacy resumes from page one The project, which has undergone several changes of investor and commercial terms, also committed under the former Christie administration that the Treasury would receive 5 percent “of the gross sales proceeds” from all lot and real estate sales by the developer as “a preferred return”.

The Government, and wider Bahamas, have long been keen to “erase the blot” - words employed by former prime minister Hubert Ingraham - of the 1970s-1980s, when Norman’s Cay was the hub for a major multinational drug smuggling operation led by the notorious Lehder.

The resolution’s tabling indicates that the longproposed resort project, which would be located on some of the former Lehder properties seized by the Government, may be back on again after stalling several times since it was first conceived.

The initial Heads of Agreement, signed in 2002, called for the development of a five-star Aman resort and capital investment of $25m, together with other amenities that included 40 luxury villas.

Exuma Resort Developers’ initial principals were Aman’s Adrian Zecha; his friend and business partner, Steven Manolis; and Jonathan J. Breene and John P. Conroy of the Setai Group. However, the project did not proceed as planned and little was heard from it until after the third Ingraham administration was elected to office in 2007.

The “supplemental” Heads of Agreement was then signed in 2008,

after Aman and Setai decided to acquire 100 percent ownership by buying out a Bahamian investor group that had initially been their equity partners.

That group comprised attorney R James Cole; Martin Solomon; accountant Greg Cleare; and top investment adviser, Mark Holowesko.

However, soon after the agreement was signed, the global financial crisis and subsequent 2008-2009 recession hit and the project once again did not proceed.

However, the Heads of Agreement was again amended around the time the Christie administration was elected to office.

A May 4, 2012, transaction saw Exuma Resort Developers pay the Government some $1m for real estate on Norman’s Cay. Tribune Business’s files show the project’s ownership appeared to change hands around this time, as it reported on November 27, 2012, that Fort Capital Management was now the lead investor and trying to negotiate the purchase of real estate owned by the four-strong Bahamian investor group that had previously been minority partners in the project.

Research by Tribune Business yesterday indicates that Fort Capital Management’s principal, Nadim Achi, remains the driving force behind efforts to revive the Exuma Resort Developers project.

NC MacDuffs Ltd, which is described in the resolution as a Bahamian International Business Company (IBC), featured in the multiple document leaks obtained by the International Consortium of Investigative Journalists (ICIJ).

Incorporated in 2012 by

the Lennox Paton law firm’s financial and corporate services provider arm, the ICIJ database shows Mr Achi as one of its three officers.

The others are Christopher Ansell, an attorney who has since left Lennox Paton, and Ernesto Scheutz.

This newspaper’s research uncovered that Mr Scheutz is part of the developer team at the Pink Sands resort in Harbour Island. He is described as “an economist and entrepreneur with 20 years of experience in the

manufacturing, real estate and media industries”, and is also a managing partner in Mr Achi’s firm, which has been renamed as Fort Partners LLC. The company’s resort properties include the Four Seasons Palm Beach, The Four Seasons Surf Club Residences & Hotel in Miami and The Four Seasons Hotel & Private Residences in Fort Lauderdale.

And Fort Partners’ website also references Norman’s Cay as

a development opportunity it is continuing to pursue, although no details on its plans are provided.

An “NC MacDuffs Ltd” was recently named as one of the entities that the court-appointed trustee for the ill-fated Fyre Festival wanted to examine to determine whether it had provided true value for the payment received from now-jailed organiser, Billy McFarland.

NC Macduffs Ltd was said to have received $115,351 from McFarland

and his Fyre Media entity between November 2016 and December 2017, but it is unclear whether this is the same company referenced in the House of Assembly and there is nothing to suggest it has done anything wrong in relation to the Fyre Festival.

Given that the Chapter 7 trustee, Gregory Messer, described it NC Macduffs Ltd as a “bar/restaurant”, he could equally be referring to MacDuffs Cottages and Restaurants on Norman’s Cay.

An entrepreneurial spirit, original thinking, and a passion to succeed.

If you have it, we want you.

An entrepreneurial spirit, original thinking, and a passion to succeed.

If you have it, we want you.

Fidelity Bank invites applications for the position of:

Fidelity Bank invites applications for the position of:

GRAPHIC DESIGNER

MARKETING COORDINATOR

Duties & Responsibilities:

Duties & Responsibilities:

Reporting to the Marketing manager, this person will provide support to the Marketing Department, by assisting with all aspects of graphic communications. Supports the department in inventory management, print production, video shoots and conference /event support.

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

Associate degree in Graphic Design Proficient in Adobe suite of products Proficient in both Mac/PC platform Working knowledge of Java Script, PHP, HTML, Flash and web design Strong Artistic and technical skills in design and layout Ability to handle multiple projects in a fast pace environment Strong print production skills Social media skills Organized and disciplined Knowledge of video production/video editing Excellent oral and written communication skills Personable and team player

Requirements / Qualifications:

Requirements / Qualifications: • • • • • •

Assisting the marketing team with various projects Researching, designing, and maintaining a variety of promotional materials and tools to support the company’s image, design standards and marketing goals Daily graphic log upkeep Management of promotional inventory Website maintenance Marketing event assistance

PLEASE SUBMIT BEFORE April 26st, 2019 to:

HUMAN RESOURCES Re: Graphic Designer 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.

• • • • • • • • •

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, Friday, April 26, 2019

THE TRIBUNE

GOVT TOLD: GO FURTHER ON MINORITY PROTECTION

from page one

Mr Anderson acknowledged that these issues may be dealt with elsewhere, such as in the Takeover Rules developed by capital markets regulator, the Securities Commission, and said he had seen a draft of the Companies (Amendment) Bill around one month ago.

The reforms were billed as “an Act to provide for enhanced protection of minority investors, shareholder governance and for matters connected thereto”, and Mr Anderson told this newspaper: “I think it’s a start.

“I looked at it and there were no major concerns on my part in terms of the changes being proposed.

It’s a good start for what they’re trying to achieve.

There are a number of matters that need to be addressed from a minority protection perspective, but that Bill sought to deal with disclosure issues and so on.

“In terms of requiring minorities to deal with companies in a certain way, there was not much I saw in terms of that issue. Even though my understanding was it was trying to provide protection to minorities, most of

MICHAEL ANDERSON it seemed to be straightforward around improved disclosure.”

While agreeing that improved transparency and corporate governance was important, Mr Anderson argued that the legislation failed to touch on key areas that have been highlighted before when it comes to minority investor protection.

“I didn’t see anything that made minorities better protected,” he argued. “There may be more disclosure. I think it’s a good start on the documentation around this issue, but there are other aspects to be dealing with from the minority protection point of view.”

He identified these as

“more directors linked to minorities, having representation on the Board and requiring companies where there are buy-outs of the majority to be forced to make the same offer to the minority”.

“They have to disclose more,” Mr Anderson said of the legislation’s impact for BISX-listed and publicly traded companies, “but they don’t have to change how they’re being run.

Most of what it’s talking about is disclosure. It was more a strategic document than looking out for the minority.”

Minority shareholder protection has long been seen as a weak point in Bahamian capital markets regulation, especially when it comes to takeovers of publicly-traded companies - including those listed on the Bahamas International Securities Exchange (BISX).

The issue first reared its head when Colina acquired the listed life and health insurer, Global (Bahamas), and continued with the changes of majority ownership/control at Bahamas Supermarkets (City Markets) and ICD Utilities/Grand Bahama Power Company.

In all three cases majority

Legal Notice

ownership and control was acquired by an outside entity, leaving minority investors holding shares in companies whose strategic direction and management was in different hands.

This is vastly different from more developed capital markets such as the UK, where the Takeover Panel requires bidders to make an offer to acquire 100 percent of a publicly-traded company’s outstanding shares once they build up an equity interest of more than 29.9 percent.

Colina’s purchase of the majority interest in the former RND Holdings from ex-Cabinet minister Jerome Fitzgerald is the only time when the same price and terms have been offered to Bahamian minority investors to determine whether they, too, wish to exit.

However, the draft Takeover Rules drawn up by the Securities Commission mandate that all shareholders, including minority investors, be supplied with the same information at the same time by potential acquirers, and that they are to be treated fairly and offered the same price, terms and conditions.

Another significant issue in the Bahamian capital

LEGAL NOTICE

NOTICE

NOTICE Pursuant to the provisions of Section 138 (4) of The Internation Business Companies Act, 2000, Notice is hereby given that: (a) NOVA ONE LTD. is in dissolution

THRIVE PROFITS INVESTMENTS LIMITED N O T I C E IS HEREBY GIVEN as follows:

(c) the name of the Liquidator is EDWARD B. TURNER of EDWARD B. TURNER & CO. 24 Leonie Place, Flax Terrace off Malcolm Road. P.O.Box N - 1375, NASSAU, BAHAMAS. EDWARD B. TURNER Liquidator

(b) The dissolution of the said company commenced on the 24th April, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

PUBLIC NOTICE

Dated this 26th day of April, A. D. 2019. _________________________________ Bukit Merah Limited Liquidator

THURSDAY, 25 APRIL 2019

Bahamas, intend to change my name to

QUATRENDA YVETTE SEARS. If there are any

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

BISX ALL SHARE INDEX: CLOSE 2,154.98 | CHG 0.01 | %CHG 0.00 | YTD 45.53 | YTD% 2.16

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

LAST CLOSE 4.25 17.43 6.00 5.39 2.39 1.87 2.10 10.50 6.16 4.47 10.64 2.57 1.79 9.38 6.60 15.57 7.25 3.50 14.00

CLOSE 4.25 17.43 6.00 5.39 2.40 1.87 2.10 10.50 6.16 4.47 10.64 2.53 1.79 9.35 6.60 15.57 7.25 3.50 14.00

CHANGE 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 -0.03 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

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

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

VOLUME 265 2,000 820

30 400

82

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 0.636 0.834 0.950 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 0.328 0.240 0.500 0.200 0.090 0.600

P/E 25.4 18.7 N/M 16.7 N/M N/M -4.9 14.8 12.8 29.0 17.0 24.8 8.6 N/M 10.4 18.7 7.6 17.1 22.2

YIELD 3.06% 7.23% 0.00% 4.45% 0.00% 1.07% 0.00% 6.76% 3.57% 2.68% 5.83% 2.37% 3.35% 3.51% 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

INTENT TO CHANGE NAME BY DEED POLL The Public is here by advised that I, QUNDINA YVETTE SEARS, of #6 Knowles Drive, Nassau,

BISX LISTED & TRADED SECURITIES 52WK LOW 3.50 19.17 4.90 3.50 1.00 0.19 2.10 8.80 6.11 3.54 10.05 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51

PUBLIC NOTICE

The Public is hereby advised that I, DAHANA SAINTFORT of #Minnie Street, New Providence, Bahamas intend to change my name to DAHANA ST FORT. 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.

MARKET REPORT 52WK HI 4.50 20.91 7.00 5.50 2.45 1.88 3.35 10.60 6.16 4.64 12.50 2.74 1.96 9.02 6.63 15.60 7.25 4.30 14.00

was improve disclosure.”

The Companies (Amendment) Bill’s changes, according to its “objects and reasons”, are designed “to support the growth of equity markets by providing for the enhanced protection of minority investors primarily as it relates to conflicts of interest, related party transactions, shareholder governance and matters connected thereto. It seeks to bring these aspects of the Companies Act in line with international best practice”.

The Bill requires nominee shareholders to identify the beneficial owners on whose behalf they are holding shares, with the information maintained at the company’s head office.

It also requires directors to specify the amount of shares or subscription rights they may grant, and give a timeline for when this expires.

Subsidiary companies are to be banned from holding shares in their parent once the Act passes as a means of enhancing corporate transparency. Such existing arrangements can continue but they will be stripped of their voting rights.

The Bill also aims to prevent insider dealing by directors and senior officers through requiring them to disclose their interest in any transaction or contract with the public company. Failing to do so could result in the court setting aside such deals.

INTENT TO CHANGE NAME BY DEED POLL

(a) THRIVE PROFITS INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) the date of commencement of the dissolution was April 24, 2019;

markets is that most BISXlisted companies are either controlled by a single majority owner or group of like-minded investors collectively own most of the shares.

This has made it difficult for minorities to intervene and influence how management are running their investments which, in the case of Bank of The Bahamas, were virtually wiped out. It was only after its near-collapse, and under minority investor pressure, that Bank of the Bahamas changed its Articles of Association to permit independent directors to be appointed to the Board. Previously, all were appointed by the Government as majority owner.

Mr Anderson, meanwhile, said “none” of the minority shareholder protections employed by the likes of the US and UK were addressed in the Companies (Amendment) Bill.

“From my perspective you know more about the company,” he added.

“People have to disclose more to you, but I don’t know how protected you are by these changes. If the intention was minority protection, there are a number of other issues to be addressed to achieve that.

“Maybe this is a start. The way it was put forward was to protect minorities, but all it did at the end of the day

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, New Providence Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that JENNIE CEPOUDY of Charles Saunders Highway , 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 26thday of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that RACHELLE NORCIN ADDERLEY of Taylor Street, Nassau Village, 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 26th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that GARTH VALENTINE BRADY of Jubliee Garden, P. O. BOX CR-56284, Nassau, 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 twentyeight days from the 26th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P. O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Friday, April 26, 2019, PAGE 7

‘Moral responsibility’ over CLICO payouts from page one “It’s rather distressing that there are some persons that died without receiving their rights and what was due to them. It’s like dying in the wilderness without entering the promised land.”

Among the identified regulatory failings that contributed to the life and health insurer’s collapse was the ability of CLICO (Bahamas) to transfer some $73m in assets outside The Bahamas, without ever obtaining exchange control approval from the Central Bank, for investment in a failed, illiquid Florida real estate project.

Dr Rodger Brown, the then-registrar of insurance, told Tribune Business at the time that CLICO (Bahamas) also simply ignored his efforts to supervise and

regulate it. Its February 2009 collapse into insolvency, and court-supervised liquidation, resulted in a major shake-up and overhaul of the Bahamian insurance regulatory regime.

Bishop Hall, meanwhile, said it had been extremely difficult for impacted CLICO (Bahamas) clients to obtain redress for their financial loss, contrasting the protections afforded by this country and its judicial system with those available in the US. “How do you fight CLICO and people like that?” he asked. “You can’t. Not in The Bahamas. If we were in the US every CLICO policyholder would be protected. They have ways by which the smallest person can say they were marginalised, disenfranchised and want my rights.

Here it’s so difficult to do that.

“I think the least the policyholders should expect is to get all our monies back as we invested it more than 10 years ago. We are moving towards first-world status and one of the ways we do that with a quantum leap is by protecting the ordinary citizen.”

Craig Tony Gomez, the Baker Tilly Gomez accountant and partner who serves as CLICO (Bahamas) liquidator, in his last report to the Supreme Court, said he was only able to recover $38m - just over half of the $73m invested - in selling the Wellington Preserve development to a host of real estate buyers.

This resulted in a $35.8m loss to CLICO Enterprises, with its parent, CLICO (Bahamas), suffering a $55.817m solvency deficiency at end-June 2017.

BISHOP SIMEON HALL

PAGE 8, Friday, April 26, 2019

THE TRIBUNE

Govt eyes ‘20 pt’ ease of business score improvement from page one he said: “To be clear, while the ultimate measure of improved ease of business that we seek will be evidenced by increased investments, more business activity and greater employment of Bahamians, the report provides a set of criteria and ratings that highlight where some of the greatest improvements might be achieved.

“For these reasons, as well as the fact that the jurisdiction’s reputation for ease of business will be formulated, by many, based on the report, the Government has made a conscientious effort to delve into the metrics and bring about or encourage changes to improve our rating and ranking.

“The Bahamas has realised improvements in its overall ranking and score on the Ease of Doing Business Index in recent years.

The country’s ranking has improved slightly, from 121 in the 2017 report, to 119 in the 2018 report and 118 in the most recent report,”he added.

“Over that period our rating, or ‘score’ has improved from 56.65 to 58.90. The Government, however, is actively pursuing a net increase of some 20 points, which would lift The Bahamas dramatically in terms of its rank on the list.”

Mr Turnquest added that the Companies (Amendment) Bill, in particular, will enable The Bahamas to “clean up” its Companies Registry and deal with non-compliant entities still conducting business even though they should have been struck off.

He added that the

TWO DAYS? TOO SLOW

DEPUTY Prime Minister Peter Turnquest.

Registrar of Companies will increasingly take on a regulatory, as opposed to an administrative role, with the Bill giving them the power “to remove companies that refuse or fail to maintain appropriate records and information.... This expands the current authority of the Registrar, which is limited to striking off companies for failure to pay fees only”.

“Moreover, the Bill provides that companies that have been delinquent in their filings for more than 20 years and fail to update their information within 90 days of the Act coming into force shall be removed from the register of companies,” Mr Turnquest continued.

“This, Mr Speaker, will mean that for the first time in decades the Register of Companies will actually reflect the status of corporations operating under the companies legislation.....

“This Bill also establishes clear and precise processes for the treatment of property owned by a company that is removed from the Register. The process vests all property in the Treasurer for a period of 20 years, after which the property is deemed ‘bona vacantia’ or ‘fully vacated,’ and shall belong to the Treasurer for the benefit of The Bahamas.

“The provision of processes for the treatment of property related to companies removed from the register enables the Registrar to move with alacrity in exercising power to remove companies from the register. It also serves to protect the assets of companies that are later restored to the register and limits the potential for misconduct by non-compliant company members and operators.”

NEW YORK Associated Press TWO-DAY delivery is going out of style.

Amazon, which hooked shoppers on getting just about anything delivered in two days, announced yesterdya that it will soon promise one-day delivery for its US Prime members on most items.

The company hopes that cutting delivery times in half will make its $119-a year Prime membership more attractive, since every other online store offers free deliveries in two days. Amazon also can’t compete with Walmart and Target, where ordering online and picking up at a store is becoming more popular with shoppers.

“It is a smart change, but it is also one that is becoming increasingly necessary,” said Neil Saunders, managing director at GlobalData Retail. “Other retailers have really upped their game in terms of delivery.”

Still, Saunders said the shift is likely to put even more pressure on Amazon’s retail rivals, as shoppers become

accustomed to even faster shipping times.

Amazon didn’t say when the change to its US Prime membership will happen, but it said yesterday that it in the past month it has been increasing its selection of items eligible for one-day deliveries.

In some other countries, such as the UK, Prime members are already offered one-day shipping.

Brian Olsavsky, Amazon’s chief financial officer, said the company is well equipped to offer one-day shipping, since it has spent more than 20 years adding warehouses around the country where orders are packed and shipped.

Amazon has also been delivering more packages itself instead of relying on UPS, the post office and other carriers. It has expanded its fleet of jets, has plans to open package sorting hubs at two airports and launched a program last year that allows contractors around the country to deliver Amazon packages in vans stamped with the Amazon smile logo.

Still, Amazon said yesterday that it expects to spend $800m in this year’s second quarter to speed up deliveries.