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Delinquent mortgage buyer gives insurer $8m ‘windfall’ • RoyalStar profits surge 158% on ‘one-off’ Gateway boost • Predicts 15% net income rise for 2022 with gain ‘stripped’ • Star General purchase likely to cost $4m with profits ‘hit’

A BAHAMIAN insurer yesterday said it is targeting a 15 percent profit increase for 2022 once the $8m “one-off windfall” it enjoyed last year from its investment in a delinquent mortgage buyer is stripped out.

Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business that much of the property and casualty underwriter’s 158 percent yearover-year net income increase for 2021 was driven by the revaluation of Gateway Financial’s

mortgage portfolio due to a change in accounting treatment.

While Royal Star’s parent company saw profits jump from $6.048m in 2020 to $15.605m for the year to end-December 2021, representing a more than $9.5m increase, he warned that this was a one-off gain that Gateway - in which the insurer holds a 45 percent ownership stake - will not repeat.

Stripping out this windfall, Mr Saunders predicted that RoyalStar Holdings will in 2022 match last year’s 15 percent profit

BISX-listed Fund ‘stabilises’ with commitments for $8m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BISX-listed Bahamas Property Fund has “stabilised” occupancies and rental rates at its flagship property “for the first time” in almost a decade amid expectations its current $8m capital raise will be fully subscribed.

Michael Anderson, RF Bank & Trust’s president, which acts as the fund’s administrator, told Tribune Business the preference share issue will give the Fund greater financial “flexibility” for both dividend payments and potential future acquisitions by replacing existing bank debt.

Priced at 5.5 percent, he added that the issue - which is expected to close in early May - has already obtained investor commitment to purchase the full $8m sum. While not cheaper than bank debt, Mr Anderson explained that the refinance will free up cash flow to permit the resumption of long-suspended dividend payments to shareholders by eliminating the lump-sum repayment of principal

• Property Fund’s raise likely fully subscribed • Gives ‘patient capital’ for acquistions, dividend • Targeting 80% Financial Centre occupancies and replacing it with what he termed “patient capital”.

And the removal of bank debt, the RF Bank & Trust chief said, will also free-up the Bahamas Property Fund’s balance sheet to take on

Biggest VAT increase from restaurants with zero rating elimination RESTAURANTS will likely be the sector that produces the biggest increase in VAT payments due to the elimination of zero ratings and exemptions, the Ministry of Finance’s top official has predicted.

Simon Wilson, the financial secretary, told Tribune Business in a recent interview that this industry had likely been the biggest beneficiary of the tax breaks introduced by the former Minnis administration in 2018 given that it purchased huge quantities of so-called ‘breadbasket’ foods that enjoyed the preferential ‘zero rated’ treatment.

The Davis administration has taken the view that this provided tax concessions to businesses that could

MICHAEL ANDERSON future borrowings to finance acquisitions that will add to its current three-building stable - the Bahamas Financial Centre on Charlotte Street in downtown Nassau; One Marina Drive on Paradise Island, and Providence House on East Hill Street.

“We hope to complete that by early May,” Mr Anderson told this newspaper of the preference share issue. “I think we already have

SEE PAGE FOUR

Economist omits IMF bail-out for Bahamas forecast after 2 years

afford to contribute more in VAT, with the revenues foregone outweighing any relief provided to low income Bahamian consumers. Mr Wilson said many ‘breadbasket’ items, such as eggs and bread, were used by restaurants and other food vendors as inputs to make the finished product.

“We think the removal of zero ratings on breadbasket items will have a bigger

A PROMINENT Caribbean economist yesterday omitted predictions that The Bahamas will require an International Monetary Fund (IMF) restructuring programme for the first time since the COVID-19 pandemic began.

Marla Dukharan, the former Royal Bank of Canada (RBC) chief economist for the Caribbean, in her April economic forecast projected that Bahamian economic output will expand by 5 percent this year and a further 4 percent in 2023, leaving the country some 7 percent below pre-COVID gross domestic product (GDP) at the latter year’s end.

These estimates are only slightly below the IMF’s, as she acknowledged, saying: “We expect the economy to grow 5 percent in 2022 and 4 percent in 2023, backed by reconstruction and continued tourism recovery, leaving the level of economic activity around 7 percent below its 2019 level. The IMF forecasts 6 percent growth for 2022, 4.1 percent for 2023, averaging 1.5 percent to 2027.”

However, what may be most important was what Ms Dukharan did not say. For there was no mention, for the first time since early 2020, of

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SIMON WILSON

increase - a figure that measures 2021’s year-over-year bottom line improvement without the benefit of the Gateway revaluation.

The insurer still enjoyed a $1.5m bottom line improvement in 2021 with this removed.

RoyalStar’s 2021 financial statements reveal that profits at Gateway Financial, in which Sir Franklyn Wilson’s Sunshine Finance also holds an equity interest, increased almost 17-fold year-over-year - rising from just $1.168m in 2020 to some $19.562m one year later. The company, which specialises in acquiring delinquent mortgages and then works with the borrowers to restructure the loans, also saw assets more than triple to $24.887.

The insurer, with its 45 percent stake, saw its share of Gateway’s profits rise from $525,386 in COVID-ravaged 2020 to $8.802m in 2021. The more than $8m increase thus drove the

SEE PAGE THREE

QC, husband embroiled in ‘cynical’ condo battle

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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A BAHAMIAN QC and her attorney husband have voiced hope that lengthy legal appeals can be avoided in their battle with a Nassau condo complex, which has accused them of “cynical” behaviour over $222,302 in disputed fees.

Krystal Rolle QC, in a statement to Tribune Business, said she and her husband, Wallace, were hoping to “arrive at a mutually agreeable accommodation” with Town Court and its Board/management so both sides could “bring this long outstanding matter to a close without the need of invoking the appellate process”.

She responded after Justice Ian Winder, delivering his verdict on a case filed some 17 years ago, and which only came to trial in 2021, dismissed the Rolles’ bid to obtain a Supreme Court declaration that the downtown

Nassau condominium is “not entitled to recover” the allegedly outstanding homeowner and maintenance fees it claims are owed.

However, the judge did award the legal duo a combined $26,000 representing lost rental income on the unit they own as well as pipe/plumbing repairs they personally paid for years ago. The Rolles alleged that Town Court, which is located on north Nassau Street opposite the Courtyard Marriott hotel, failed to rectify issues that saw waste water and sewerage leak into their apartment and the lobby resulting in “rodent infestation coupled with a constant foul odor”.

The Rolles’ dispute with Town Court’s Board and management began after they purchased its Unit A-5 soon after the 21st century’s start, intending to use it as a rental income-generating property. They argued

SEE PAGE TWO

PAGE 2, Tuesday, April 26, 2022

THE TRIBUNE

BTC SEEKING TO DEVELOP FUTURE TECHNOLOGY ‘STARS’ THE BAHAMAS Telecommunications Company (BTC) is giving more than 40 teenage Bahamian girls the chance to learn about coding and web development through its Future Tech Stars initiative.

The Bahamian carrier, through its ultimate parent company Liberty Latin America (LLA), launched the programme in partnership with the Society of Women Coders as part of its International Women’s Day initiatives. Girls in ICT Day (GICT) will be recognised this week, and the Future Tech Stars is focused on supporting the next generation of girls and young women in technology.

Andre Foster, BTC’s chief executive, said: “Future Tech Stars is an awesome initiative that our parent company, Liberty Latin America, introduced.

We are providing young women with a unique opportunity to learn about more about tech and the endless opportunities that this field has to offer.

“What’s even better is that they’re benefiting from this exposure in a global

NYAH SEYMOUR. FUTURE TECH STAR environment, interacting with peers from the Caribbean and Latin America.

This is just another way that we are investing in our youth and doing our part

to build a better future for The Bahamas.

“Women only make up 28 percent of the current global workforce in science, technology, engineering and math (STEM), and men still vastly outnumber

QC, HUSBAND EMBROILED IN ‘CYNICAL’ CONDO BATTLE FROM PAGE ONE that the entity assigned to manage the complex, and Real Estate International, the realtor to which this responsibility was assigned, did not have the authority to levy homeowners and maintenance fees or collect them.

This was based on Town Court’s 1978 Declaration of Condominium, which transferred responsibility for the complex’s management from the developer, Bethel Estates, to the unit owners.

Town Court Management Company, the defendant in the Rolles’ action, was named in the declaration as “the body corporate”.

The couple, in their statement of claim, argued that the law stipulates unit owners only form “the body corporate” if no such entity is named in the declaration.

This, they said, was not the case with Town Court. Yet on May 15, 1996, the agreement that outsourced fee collection responsibility to Real Estate International was made by Town Court

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Condominium Association, an entity representing the unit owners.

In addition, all fee billings issued by Real Estate International between that date and 2010 were in the name of Town Court Ltd, an entity that was struckoff the Companies Register on May 31, 2002, and never reinstated. As a result of all this, the Rolles alleged the management agreement with Real Estate International and all activities it had performed - including the billing and collection of fees - were “null and void” and they sought a Supreme Court declaration of this.

They also sought a Supreme Court declaration that the fees themselves were “null and void”, and that Town Court was “not entitled to recover.. the outstanding maintenance fees” being levied. However, Town Court and its attorney, Khalil Parker QC, interpreted this as attempting to exploit legal technicalities or loopholes to avoid paying the fee debt that was due.

Town Court, in its defence, accused the Rolles of “attempting to cynically capitalise on alleged

women majoring in most STEM fields in college. The gender gaps are still high in some of the fastest-growing and highest paid jobs of the future. So I can’t stress how important this program is.”

During the 20-week initiative, 800 participants will learn about digital and crypto literacy, web development and programming in python.

Teenagers aged between

13-16 years-old, and who are relatives or friends of BTC employees, were able to apply for the all-expenses paid virtual course. They were each allowed to invite a friend to participate in the programme, which began two weeks ago.

Nyah Seymour, a junior high school student, said: “I’ve recently become very intrigued with technology, and I knew the Future Tech Stars programme would be a great opportunity to explore this curiosity. I’m looking forward to learning how to code and create websites. I plan to become a web designer and I’m looking at other options in the field of coding and robotics.”

Ariel Johnson, a budding animator, said: “My cousin convinced me that I could further my knowledge of technology and the opportunities that are out there.

I’m really looking forward to learning how to build websites. I want to become an artist, a writer and I want to animate my books.

The program is really awesome.”

superficial irregularities on the face of the management contract and the defendant’s [Town Court] billing for outstanding contributions.... The court ought not to entertain their pettifoggery in attempting to justify their extreme and inexcusable delinquency and refusal to pay”.

Pointing out that the vendor who sold the Rolles unit A-5, William Fijnheer, had no issue paying his fees, Town Court asserted that the couple were placing “undue emphasis” on the fact Town Court Ltd’s name was used on billings and account statements, describing this as “clearly a clerical error which the plaintiffs, both practicing attorneys, are seeking to dishonestly exploit in order to avoid satisfying the arrears of contributions due and owing”.

Town Court counterclaimed for this sum, which it alleged stood at $222,302 as at October 1, 2019. “The plaintiffs admit that Unit A-5 is in arrears, and yet they are seeking to dishonestly and unreasonably avoid the lawful obligation to contribute to the maintenance and operation of Town Court condominium,” Town Court alleged.

“The plaintiffs have yet to explain how their spurious claims relieve them, as the self-proclaimed owners of Unit A-5, of their obligation to pay contributions towards the operation

and maintenance of Town Court condominium. The plaintiffs, particularly as attorneys, ought not to feign ignorance of the fact that the arrears of contributions were accruing, and were due and owing to the defendant with respect to Unit A-5.

“Instead of merely alerting the defendant to the typographical error in its billing, the plaintiff sought instead to rely on it as an excuse for not paying their lawful contributions.”

Lesia Hall, another Town Court unit owner, alleged that the Rolles’ unpaid fees had been “deliberately cultivated.... over the the years to the significant disadvantage of their fellow unit owners who have been forced to bear the burden of their selfish delinquency”.

She claimed that their fee delinquency was the sort of behaviour that would “financially destabilise” Town Court, branding the couple’s claim as “unfair and oppressive and damaging to harmony and good operation at the condominium. My fellow unit owners are understandably furious at the plaintiffs’ attitude and the sheer scale of their protracted and admitted delinquency”.

While finding both sides to be truthful witnesses, Justice Winder said Terrance Fountain, who served as Town Court’s chair when the deal with Real Estate International was executed, was the only person with first-hand knowledge of what transpired in 1996.

As a result, he agreed that the references to Town Court Ltd were “clerical

in nature” and rejected the declarations sought by the Rolles.

Justice Winder instead ordered a “proper accounting” be done of the charges levied on the Rolles and, once this is done, they will have to pay the outstanding sum due. Mrs Rolle, in her statement to Tribune Business, said the only fees in dispute were those that has been charged prior to 2011, when Town Court’s affairs were “regularised”.

And she added that the Supreme Court did not determine whether Town Court could delegate management authority, nor if the fees charged by Real Estate International were common area expenses under the law. As a result, Mrs Rolle said she hoped the accounting will address both issues.

“When we first bought into Town Court in 2001 we noted a number of irregularities, which included a failure to maintain the common areas, the fact that the developer, Town Court Ltd, had been managing the condominium and acting as the body corporate, and the fact that a company by the name of Real Estate International was managing and operating the condominium,” she added.

The Rolles enjoyed more success with their claim for loss of rental income due to the plumbing/pipe issues, and sewerage leaks, they met and which they paid to fix. Justice Winder ordered that they receive $20,000 for lost rental income and be reimbursed almost $6,000 for the repairs they financed.

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RAIL UNIONS REFUSING ADVANCE PAYMENTS IN FAVOR OF A NEW DEAL

By JOSH FUNK AP Business Writer OMAHA, Neb. (AP) — All the major railroads now plan to offer their employees up to $600 a month in advance of raises they expect to pay once the current two-year-old national contract talks are eventually settled.

But a coalition of unions that represents more than 105,000 railroad workers said Monday they'll refuse the payments partly because workers would be on the hook to repay some of the money if the eventual raises aren't big enough to cover the payments. The unions want the National Carriers' Conference Committee that represents more than 30 railroads to negotiate a contract instead.

"This latest proposal, somewhere between a loan and a payday advance, is just further evidence that the NCCC has no intentions of reaching a voluntary settlement any time soon," the unions said in a statement.

"You don't offer temporary proposals if you plan to offer a complete contract settlement."

The group that represents the railroads said they'll keep their offer on

the table because it would put money in the pockets of workers quickly at a time when inflation is soaring while other issues are sorted out at the bargaining table. The railroads said the pandemic has made it difficult to make progress in bargaining because few inperson meetings have been held.

"Rail employees work hard and deserve compensation increases that keep them among the best paid employees in the nation," the railroads said in a statement. "The railroads want to reach new national agreements with the labor organizations that provide those increases, but the issues on the national bargaining table are complex and there is more work to be done before complete agreements can be finalized."

The railroads all announced their payment proposal Friday a few days after CSX announced it had offered these payments to its unions. Executives at CSX and Union Pacific said when they announced their earnings last week that an overall contract with the unions is likely still some time away.

THE TRIBUNE

Tuesday, April 26, 2022, PAGE 3

BAIC CHAIR FOCUSES ON BETTER LOCAL DISTRIBUTION

By PAVEL BAILEY THE Bahamas Agricultural and Industrial Corporation’s (BAIC) executive chairman yesterday said the agency is focused on improving the distribution of local farm produce as a means to improve the country’s food security.

Leroy Major said that BAIC and related government agencies are seeking to boost agriculture across the Family Islands after the COVID-19 pandemic, and subsequent supply chain disruption and inflation, exposed just how vulnerable The Bahamas - with its $1bn annual food import bill - is to global shortages.

“We visited Abaco and Andros to engage and

support farmers in developing modern techniques like vertical farming, hydroponics and aquaponics to expand and sustain agribusiness in our country,” he said. “Our intention is to visit every island in The Bahamas and to engage the farmers and stakeholders, and to encourage them to make a contribution towards food security.”

Mr Major, also the Southern Shores MP, is hoping to reenergise the agricultural industry by encouraging young persons to see farming as a viable economic opportunity. He said BAIC is partnering with the private sector to strengthen local distribution, and hopes to have food processing units established throughout the Family Islands.

“We are building a relationship with The Bahamas’ food distributors and other stakeholders to implement a modern day distribution packing house system in our country,” he said.

“The aim and objective of the new administration of BAIC is to have a food processing unit established on the grounds of the corporation to be occupied by Bahamian food processors, and to have a food processing unit attached to every packing house throughout the family of islands.”

Mr Major said he envisions a day when store shelves are dedicated solely to Bahamian products, and is working with various agencies to see that through.

“The long run of this is that we want to see more of

our Bahamian products on the shelves of our country, and not only that. We will do our best hopefully in a number of years to ensure that our products are not only sold here locally, but also in the foreign market.

And this is one of the avenues we are using to bring our stakeholders together.

They can see what we have now, and they can help us better the product to move forward,” he added.

Mr Major acknowledged that buying Bahamian goods will prove more costly for local distributors and wholesalers. However, he believes the public will still demand them because of the confidence they have in its origins.

He was especially enthusiastic about BAIC’s upcoming poultry initiative,

which is designed to reduce The Bahamas’ reliance on foreign eggs.

“One of the areas that I’ll be focusing on next month is the poultry industry in the country where we’re going to look into the importation of chicken eggs coming into the country and see how best we can pull our farmers together, who are producing eggs, to stop the importation,” Mr Major said.

“Because, as we know, the eggs we import into the country, they are not fresh eggs, and so we have to take this step by step, but the doors have been opened here at BAIC and we have a lot of people coming in for opportunities and we are doing our best to meet the demand.”

As to the ability of Bahamian farmers to compete with foreign imports, Mr Major said there need be no direct rivalry between the two. He added that BAIC, as well as the Ministry of Agriculture, is working with farmers to ensure foods are produced on schedule and that they meet the public’s needs.

“The bottom line is this.

We don’t need our farmers to compare and compete with (imports),” Mr Major said. “And so once we know we can produce ‘x’ amount, my minister on the flip end of Parliament will ensure (to) put a stay on those particular produce coming to the islands.”

BAHAMIAN INSTITUTION LINKS WITH BLOCKCHAIN PLATFORM A BAHAMIAN financial institution has linked up with a blockchain data platform to help smooth its entrance into the digital assets space.

Capital Union Bank, which serves private and institutional clients, was said to have teamed up with Chainanalysis in a deal that will see the latter supply its risk management software and expertise to ensure the

safe, compliant roll-out of the Bahamian institution’s crypto currency solutions – including trading and custody – to its clients.

“As an independent bank in The Bahamas, Capital Union Bank is uniquely positioned to build a bridge between sophisticated investors and the crypto assets markets,” said Patrick Zbinden, its chief executive.

“With

Chainalysis by our side, we feel equipped to provide these new services in a safe and compliant way.”

“Financial institutions are integral to the overall growth of the crypto currency industry, and partnering with respected banks like Capital Union will help build trust in the industry,” said Jonathan Levin, cofounder and chief strategy officer, Chainalysis. “We’re

thrilled to partner with such a forward-thinking bank and look forward to enabling the further adoption of cryptocurrency safely.”

The shift to digital assets has been driven by growing demand from high net worth individuals, financial intermediaries and larger institutions to diversify their portfolios with crypto currencies. Capital Union Bank, which is regulated by

DELINQUENT MORTGAGE BUYER GIVES INSURER $8M ‘WINDFALL’ FROM PAGE ONE majority of Royal Star’s bottom line increase, but not all.

“Without the windfall we would still have been up about 15 percent over last year,” Mr Saunders told Tribune Business of RoyalStar Holdings’ profitability. “There’s two things going on. The overall results are trending in the right direction because of diversification. And, two, there was a windfall in the results due to the change in accounting treatment of Gateway’s loan portfolio.

“The change in treatment was, rather than the portfolio being treated or valued at cost, and accounting standards required that it be treated at fair value.

The windfall throughout the whole organisation resulted in an $8m increase in profitability. That is a one-off there, but based on the current trends, the organisation is very, very profitable.”

RoyalStar’s 2021 financial performance confirms the insurer’s diversification strategy, centred around the creation of the parent company and its subsequent investments into other industries, has so far worked in terms of delivering greater, more consistent profitability. No longer is it solely reliant on its legacy, core property and casualty underwriting business where the annual bottom line is largely determined by whether or not The Bahamas is struck by a major hurricane.

Sir Franklyn and Sunshine Holdings are also RoyalStar’s largest shareholder, owning the largest stake in the insurer’s majority 52.86 percent owner, SunStar Ensure Ltd. Besides Gateway Financial, RoyalStar Holdings also holds equity investments in fellow group affiliates, SFL RSA Ltd and Vanguard Risk Solutions, with 45 percent and 32.26 percent equity stakes, respectively.

SFL RSA holds a 50 percent interest in a Turks & Caicos-based delinquent mortgage purchaser/ restructurer, while Vanguard is the former Fidelity Insurance (Cayman) agency that RSA acquired in partnership with Trinidad’s Guardian Holdings.

And RoyalStar also holds a 19 percent ownership stake in Luxury Homes (Bahamas), an entity that holds around 100 acres of land near St Andrew’s School and Solomon’s Yamacraw in eastern New Providence.

These combined investments delivered a more than $10m year-over-year increase to RoyalStar’s 2021 bottom line, their total contribution hitting $10.535m compared to just $1.104m in 2020. Without this boost, RoyalStar’s profits would have been flat year-overyear, the property and casualty underwriting business delivering a $5.37m profit for the year to endDecember 2021 as opposed to $5.233m the year before.

Mr Saunders voiced optimism that RoyalStar will this year match 2022’s profit increase, minus the Gateway “windfall”, provided The Bahamas and its other major markets are not struck by a major hurricane. “Without the extraordinary windfall, and if the wind doesn’t blow, we expect profits to be 15 percent higher than in 2021,” he told this newspaper.

He forecast much of this growth would come from new Caribbean markets it has just entered, especially the US Virgin Islands and Anguilla, while revealing that RoyalStar Holdings will likely pay $4m for the acquisition of its 80 percent majority ownership interest in Bahamian insurance agent and broker, Star General.

The initial purchase price for a deal that closed on January 1, 2022, is $3.6m but this will rise by a further $400,000 if Star hits its agreed profit target for 2022 - something that Mr Saunders confirmed it is on track to achieve.

“We are now in the process of evaluating the

processes in Star and then, after that, we will make a decision on the way forward,” Mr Saunders said.

“We expect that, by the third quarter, Star will be fully integrated and operations will have improved.

“They’re not going to be exclusive agents of RoyalStar. They’re going to be dealing with other people (insurance carriers), and will have their own management executives and insurance representatives. We’ll be giving them pointers, and whatever improvements we can make to them operationally.”

Asked whether Star General will meet the profit target agreed by RoyalStar and the former’s ex-owners, James (JM) Pinder, and Herbert Thompson, Mr Saunders confirmed: “They’re going to hit it.

It’s very likely that they’re going to hit the profit target based on the agreement.

“When we did the negotiations, some people would have done it on your [policy] renewal rate being at 80 percent, but we decided if profits are sustained at what we agreed they’ll get additional money for the purchase.” Mr Saunders reiterated that RoyalStar acquired both Star General and Fidelity Insurance (Cayman) to prevent brokers, which acted as key distribution channels for the sale of its policies, from falling into the hands of rivals.

“In Cayman we have secured our distribution channels with Guardian and purchased the Fidelity agency,” he explained.

“Just like this one, we learned it was up for sale and determined Star was too important to RoyalStar to allow it to go to a competitor. The acquisition was to help secure a distribution channel.”

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THE TRIBUNE

BISX-LISTED FUND ‘STABILISES’ WITH COMMITMENTS FOR $8M

FROM PAGE ONE commitments for the $8m.

We have just put out an official document for it. The interest rate wouldn’t necessarily be lower [than existing debt]. The term has been extended out a bit further for the cash payment period.

“Part of the rationale for the cash flow around the Property Fund has always been based on the vacancy rate. Since late 2010 we’ve had higher vacancy rates at the Financial Centre and One Marina Drive, so as we look at our cash flow, while we have enough money to pay loans we’ve not really been able to grow the company and pay a dividend.

We’re generating reasonable income, but don’t have the cash flow to pay dividends to investors.

“As a Board we’ve been talking about getting back to paying dividends. As we look at that, we’ve seen the vacancy rates improving. At

the Financial Centre today, it’s over 70 percent occupied.

We have a fairly good expectation to get occupancies over 80 percent in the next three-six months and get back to paying a dividend.”

Mr Anderson said Bahamian investors typically gravitate to dividend-paying stocks, focusing on the shortterm as opposed to taking the longer view. Unable to recall when the Property Fund last paid a dividend, he added: “When the vacancies started increasing at the Financial Centre, we put the dividend on hold to get them back, and have not been able to get them back for the last 10-12 years.

“We’ve had them in the 60 percents, 50 percents, and have not got them up to 70 percent for the last ten years.

We said we will not pay a dividend until we get there.

Having addressed the occupancy levels, and getting investors to expect to receive

a dividend, as a Board, that’s a very important step.

“Even though the occupancy will drop now and then, we’ll have sufficient cash flow to continue paying dividends. There will be no fixed repayment on an annual basis, so there will be cash to pay dividends.”

Mr Anderson also explained that, by taking out existing bank debt with the $8m preference share proceeds, the Bahamas Property Fund will have freed up its balance sheet for new borrowings that will finance acquisitions.

“It’s creating a level of patient capital that will help create more certainty around an annual dividend flow to investors as well as provide more opportunity for us to go back to the banks in the event we want to acquire other assets or put bank debt back. It gives us flexibility,” he told Tribune Business.

“We’ve got significant equity in the company

ECONOMIST OMITS IMF BAIL-OUT FOR BAHAMAS FORECAST AFTER 2 YEARS FROM PAGE ONE her ‘doomsday’ prediction that The Bahamas will require an IMF bail-out and/ or restructuring within one to two years due to the likelihood of what she suggested would be a balance of payments “crisis”.

She had doubled down on her long-standing prediction that The Bahamas will have to restructure its debt and follow Barbados in seeking IMF help “in the next year or two” as recently as January 2022. Ms Dukharan said then: “We expect a debt restructure and an IMF

programme in the next year or two. The high level of external debt (43 percent of central government debt) would make a [currency] devaluation very costly in terms of the overall debt burden.

“In 2020, the IMF assessed that the currency was

against which to borrow bank debt. It sets us up well for future financing opportunities if we find the right one. That’s the whole premise behind it. We’ll see how it goes. There’s likely to be opportunities for the Fund to grow. We have the flexibility to do what we need to do. It creates that starting point.”

Mr Anderson said the Bahamas Property Fund was not presently negotiating any acquisitions to expand its portfolio. He added that the BISX-listed real estate investment trust was “a good risk that justifies the lower rate on the preference shares” of 5.5 percent, compared to the typical 6-7 percent coupons sought by Bahamian investors.

“We had a very good year last year,” the RF Bank & Trust chief said. “We had one of our better years. Our buildings had been dropping in value. For the first time in a while, we stabilised

occupancy, got the rental rates stabilised, so the valuation on the Financial Centre went up by $3m.”

Declining to give more details given that the Bahamas Property Fund’s 2021 year-end financials are due to be released imminently, he added: “We’ve managed to change the course from a fairly high vacancy rate that has been eating money, and been able to get it down to a more manageable level. We look forward to making further progress next year.”

However, occupancy rates at the One Marina Drive location on Paradise Island are presently hovering around 30 percent with its tourism-related tenants yet to recover significantly from the COVID-19 pandemic.

“How do you change the focus at One Marina Drive?

How do you get in shortterm rentals, smaller spaces, attract daily rentals?” Mr Anderson asked.

“We’re busy looking at that, and trying to address rental rates and be competitive and understand what opportunities there are in the market to get tenants in that space. We’re currently at around 50 percent and it has not come back significantly since COVID. We think this year will be the first that the tourism-driven tenants come back and that will help the roll-out of our strategy. Who wants to rent offices there?”

Mr Anderson said a small portion of the $8m preference share raise will be deployed for operational purposes and capital upgrades, such as elevators and windows at the Bahamas Financial Centre, which the Bahamas Property Fund is having to finance itself until occupancy rates and common area maintenance (CAM) payments improve.

overvalued by 6-9 percent.

The alternative to currency devaluation is an internal devaluation much like the IMF BERT programme in Barbados, lowering labour costs and the overall cost of doing business through reforms, and raising taxes.”

There was no mention of this yesterday. Ms Dukharan said February 2022’s stopover arrivals totalled 173,712, equivalent to 62 percent of pre-COVID levels from the same month in 2019. Cruise visitors recovered to 57 percent of pre-COVID numbers, standing at 528,751.

“Moody’s maintained its ‘ba3’ rating with a negative outlook in March, again highlighting climate risks as 72 percent of The Bahamas’ landmass is within five metres above sea level,” she said. “Moody’s highlighted low debt affordability, as the debt-to-revenue ratio reached 5.9 percent at the end of fiscal year 2021.

“Government has revised its revenue forecast for fiscal year 2022 upwards to 20 percent of GDP, largely by improving tax administration, removing some zero-rated VAT items and reducing leakages. The fiscal

consolidation is expected to return the deficit to less than 2 percent of GDP by 2024.

“The IMF projects that the primary deficit will decline from 9 percent of GDP to around 3 percent this fiscal year, mainly the result of an expanding denominator. Continued rehiring in tourism and job creation in construction associated with foreign direct investment (FDI) projects and hurricane reconstruction will help strengthen labour markets and boost activity. The IMF projects inflation will average 7.3 percent this year.”

BIGGEST VAT INCREASE FROM RESTAURANTS WITH ZERO RATING ELIMINATION FROM PAGE ONE impact than people think because breadbasket items are intermediate goods,” he explained, pointing out how bread is used to make sandwiches and sardines are used for filling.

“Breadbasket items are mostly used for intermediate consumption, and inputs in products that are VAT-able,” Mr Wilson continued. “Restaurants buy a huge amount of eggs. If you look at what is happening, and break it down by sector, you’ll see the biggest increase in VAT payments out there will come from the restaurants and so forth.

“If you account for the [post-COVID] re-opening, VAT rate reduction and normal operating hours, all things being equal you will find restaurants pay more in VAT because of the elimination of zero ratings. What you have to appreciate is most Bahamians spend a very large portion of their budget on cooked foods.

This is why this economy can stand on its own; KFC, Wendy’s, Popeyes, Bamboo Shack.”

Mr Wilson acknowledged that soaring inflation, which the International Monetary

Fund (IMF) has predicted will this year peak at 7.3 percent in The Bahamas, its highest level for 30 years, will be “a big factor we have to take into account” in crafting the 2022-2023 Budget that is due to be unveiled in a month’s time given the implications it will have for the increased cost of goods and services consumed by the Government, and therefore its spending.

The full impact of the VAT rate reduction to 10 percent, and the effect on government revenues and the wider economy, will not be known until early May when the returns for March which feature payments and filings from quarterly filers for the first time, as well as their monthly counterparts will be fully assessed.

“The thing is in this high inflationary environment we have to adjust to it,” Mr Wilson said. He argued that inflation was likely “a very small percentage” of the VAT revenue increase witnessed during the first two months of the 2022 calendar year, as compared to preCOVID figures from early 2020, because the sustained price rises that it brings typically lag for between

three-five months before they kick-in.

Addressing the press conference given by the Prime Minister’s Office earlier this month, the financial secretary said VAT revenues had “increased dramatically” despite the Davis administration cutting the rate from 12 percent to 10 percent with effect from January 1, 2022.

“For the period January and February 2022, total VAT collected was $212.6m,” Mr Wilson said, comparing this to the $165.5m collected during the same two months in 2020. “Even though we had reduced the VAT rate from 12 percent to 10 percent, we experienced a $47.1m or 25.8 percent increase in VAT collections.

“The VAT decrease has not led to an overall decrease in VAT revenue.

The VAT performance has actually increased dramatically. Some of that was because of the increase in economic activity because of the economy’s re-opening. Some of that is because of our revenue administration efforts, and some of that is because the lower VAT rate encouraged more consumption.”

THE TRIBUNE

Tuesday, April 26, 2022, PAGE 5

STOCKS RALLY, ERASE EARLY LOSS AHEAD OF BIG EARNINGS WEEK

By DAMIAN J. TROISE AP Business Writer NEW YORK (AP) — U.S. stocks stormed back from sharp losses in the morning to notch gains Monday, the latest round of turbulence for Wall Street.

The S&P 500 climbed 24.34 points, or 0.6%, to 4,296.12 after erasing an early 1.7% loss. Stocks of internet-related companies helped lead the way, including Twitter, which jumped 5.7% after agreeing to sell itself to Tesla CEO and tweeter extraordinaire Elon Musk.

The Dow Jones industrial average rose 238.06 points, or 0.7%, to 34,049.46 after earlier being down 488 points, while the Nasdaq composite rallied 165.56, or 1.3%, to 13,004.85 to lead the market.

Stocks have been shaky recently, with the S&P 500 coming off a three-week losing streak, amid worries about the quick jump in interest rates coming from the Federal Reserve as it tries to rein in high inflation. Strong profit reports

for the first three months of the year from big U.S. companies had been offering support, but even that was looking less solid following some mixed reports and forecasts last week.

Now Wall Street is in the midst of one of the most important stretches of the earnings season. Apple, Microsoft, Amazon and the parent company of Google are all on deck to report this week. And because they’re among the biggest companies by market value, their movements hold the most sway over the S&P 500.

Earlier in the morning, U.S. stocks had been on track to follow global markets lower, particularly in China, over worries that strict lockdown measures there might crimp the world’s second-largest economy and potentially hurt global economic growth.

Stocks in Shanghai slumped 5.1%, while Hong Kong’s Hang Seng fell 3.7%.

China’s capital, Beijing, began mass testing of more than 3 million people on Monday and restricted residents in one part of the

city to their compounds, sparking worries of a wider lockdown similar to Shanghai. That city has been locked down for more than two weeks and that has already prompted the International Monetary Fund to trim its growth forecast for China’s economy.

Worries are also high for the U.S. economy, which some investors believe is set to slow sharply or even fall into a recession because of the big interest-rate increases the Fed is likely to push through.

Yields for U.S. government bonds fell Monday, a turnaround from this year’s sharp jump in yields. The yield on the 10-year Treasury, which affects rates on mortgages and other consumer loans, dropped to 2.82% from 2.90% late Friday. It has recently been close to its highest level since 2018.

Lower yields tend to benefit high-growth stocks the most, because investors become more willing to pay high prices when they’re not losing much in interest if they’d bought bonds

A PEDESTRIAN walks past the New York Stock Exchange, Monday, Jan. 24, 2022, in New York.

Stocks are opening lower on Wall Street following drops in overseas markets, continuing a losing streak for U.S. markets that has brought the benchmark S&P 500 index down for three weeks in a row. Energy companies had the biggest losses in the early going Monday, April 26, 2022 as crude oil prices fell more than 5%.

Photo:John Minchillo/AP instead. Gains for several big tech-related stocks were the strongest forces lifting the S&P 500 Monday, including a 2.4% gain for Microsoft and a 2.9% rise for the Class A shares of Google’s parent, Alphabet.

Both are set to report their latest quarterly results on Tuesday.

“Today is definitely a very small rebound, but we are early in earnings season and the big ones are coming (Tuesday) and later this week,” said Robert Cantwell, portfolio manager at Upholdings.

Besides their bottom-line profit numbers, investors are also looking for a better sense of how big companies in the technology, industrial and retail sectors are handling rising inflation and supply chain issues.

“The plane is circling the airport,” Cantwell said.

“Volatility will be back, make no mistake.”

Inflation remains a key concern for investors.

Investors are worried about whether the Fed will be able to hike rates enough to quell inflation but not so much as to cause a recession. The chair of the

CHINA PROMOTES COAL IN SETBACK FOR EFFORTS TO CUT EMISSIONS

By JOE MCDONALD AP Business Writer BEIJING (AP) — China is promoting coal-fired power as the ruling Communist Party tries to revive a sluggish economy, prompting warnings Beijing is setting back efforts to cut climate-changing carbon emissions from the biggest global source.

Official plans call for boosting coal production capacity by 300 million tons this year, according to news reports. That is equal to 7% of last year’s output of 4.1 billion tons, which was an increase of 5.7% over 2020.

China is one of the biggest investors in wind and solar, but jittery leaders called for more coal-fired power after economic growth plunged last year and shortages caused blackouts and factory shutdowns.

Russia’s attack on Ukraine added to anxiety that foreign oil and coal supplies might be disrupted.

“This mentality of ensuring energy security has become dominant, trumping carbon neutrality,” said Li Shuo, a senior global policy adviser for Greenpeace. “We are moving into a relatively unfavorable time period for climate action in China.”

Officials face political pressure to ensure stability as President Xi Jinping prepares to try to break with tradition and award himself a third five-year term

as ruling party leader in the autumn.

Coal is important for “energy security,” Cabinet officials said at an April 20 meeting that approved plans to expand production capacity, according to Caixin, a business news magazine.

The ruling party also is building power plants to inject money into the economy and revive growth that sank to 4% over a year earlier in the final quarter of 2021, down from the full year’s 8.1% expansion.

Governments have pledged to try to limit warming of the atmosphere to 2 degrees Celsius (3.6 degrees Fahrenheit) above the level of pre-industrial times. Leaders say what they really want is a limit of 1.5 degrees Celsius (2.7 degrees Fahrenheit).

Scientists say even if the world hits the 2-degree goal in the 2015 Paris climate pact and the 2021 Glasgow follow-up agreement, that still will lead to higher seas, stronger storms, extinctions of plants and animals and more people dying from heat, smog and infectious diseases.

China is the top producer and consumer of coal.

Global trends hinge on what Beijing does.

The Communist Party has rejected binding emissions commitments, citing its economic development needs. Beijing has avoided joining governments that

NOTICE IN THE ESTATE OF PHILIP ROBERTS late of #58 McKinney Drive in the Western District of The Island of New Providence one of the Islands of The Commonwealth of The Bahamas.

Deceased.

NOTICE is hereby given that all persons having any claims against the above-named Estate are required on or before the 24th day of May A. D., 2022 to send their names and addresses and particulars of their debts or claims to the undersigned in writing or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are hereby requested to pay their respective debts to the undersigned on or before the date above mentioned.

AND NOTICE is hereby also given that at the expiration of the time period above mentioned, the assets of the late PHILIP ROBERTS will be distributed among the persons entitled thereto having regard only to the claims of which the Executor shall then have had notice in writing.

Dated this 22nd day of April, A.D. 2022 Roberts, Isaacs & Ward, Unit No.2, Cable Beach Court Professional Centre, West Bay Street, Nassau, Bahamas.

promised to phase out use of coal-fired power.

In a 2020 speech to the United Nations, Xi said carbon emissions will peak by 2030, but he announced no target for the amount. Xi said China aims for carbon neutrality, or removing as much from the atmosphere by planting trees and other tactics as is emitted by industry and households, by 2060.

China accounts for 26.1% of global emissions, more than double the U.S. share of 12.8%, according to the World Resources Institute.

Rhodium Group, a research firm, says China emits more than all developed economies combined.

Per person, China’s 1.4 billion people on average emit the equivalent of 8.4 tons of carbon dioxide annually, according to WRI. That is less than half the U.S. average of 17.7 tons but more than the European Union’s 7.5 tons.

Federal Reserve has indicated the central bank may hike short-term interest rates by double the usual amount at upcoming meetings, starting next week.

The Fed has already raised its key overnight rate once, the first such increase since 2018.

Wall Street will also get some key economic data this week. The Conference Board will release its measure of consumer confidence for April on Tuesday. The Commerce Department will release its first-quarter gross domestic product report on Thursday.

SMOKE and steam rise from towers at the coalfired Urumqi Thermal Power Plant as seen from a plane in Urumqi in western China’s Xinjiang Uyghur Autonomous Region on April 21, 2021. China is promoting coal-fired power as the ruling Communist Party tries to revive a sluggish economy, prompting warnings that Beijing is setting back efforts to cut climatechanging carbon emissions from the biggest global source.

Photo:Mark Schiefelbein/AP

China has abundant supplies of coal and produced more than 90% of the 4.4 billion tons it burned last year. More than half of its oil and gas is imported and leaders see that as a strategic risk. China’s goal of carbon neutrality by 2060 appears to be on track, but using more coal “could jeopardize this, or at least slow it down and make it more costly,” Clare Perry of the Environmental Investigations Agency said in an email.

Promoting coal will make emissions “much higher than they need to be” by the 2030 peak year, said Perry.

“This move runs entirely counter to the science,” she said.

Beijing has spent tens of billions of dollars on building solar and wind farms to reduce reliance on imported oil and gas and clean up its smog-choked cities. China accounted for about half of global investment in wind and solar in 2020.

Still, coal is expected to supply 60% of its power in the near future.

Beijing is cutting millions of jobs to shrink its bloated, state-owned coal mining industry, but output and consumption still are rising.

Authorities say they are shrinking carbon emissions per unit of economic output. The government reported a reduction of 3.8% last year, better than 2020’s 1% but down from a 5.1% cut in 2017.

PAGE 6, Tuesday, April 26, 2022

THE TRIBUNE

ELON MUSK TO BUY TWITTER FOR $44B AND TAKE IT PRIVATE

By TOM KRISHER AND MATT O’BRIEN Associated Press

ELON Musk reached an agreement to buy Twitter for roughly $44 billion on Monday, promising a more lenient touch to policing content on the social media platform where he — the world’s richest person — promotes his interests, attacks critics and opines on a wide range of issues to more than 83 million followers.

The outspoken Tesla CEO has said he wanted to own and privatize Twitter because he thinks it’s not living up to its potential as a platform for free speech.

Musk said in a joint statement with Twitter that he wants to make the service “better than ever” with new features while getting rid of automated “spam’’ accounts and making its algorithms open to the public to increase trust.

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” the 50-year-old Musk said, adding hearts, stars and rocket emojis in a tweet that highlighted the statement.

The more hands-off approach to content moderation that Musk envisions has many users concerned that the platform will become more of a haven

for disinformation, hate speech and bullying, something it has worked hard in recent years to mitigate.

Wall Street analysts said if he goes too far, it could also alienate advertisers.

The deal was cemented roughly two weeks after the billionaire first revealed a 9% stake in the platform.

Musk said last week that he had lined up $46.5 billion in financing to buy Twitter, putting pressure on the company’s board to negotiate a deal.

Twitter said the transaction was unanimously approved by its board of directors and is expected to close in 2022, pending regulatory sign-off and the approval of shareholders.

Shares of Twitter Inc. rose more than 5% Monday to $51.70 per share. On April 14, Musk announced an offer to buy Twitter for $54.20 per share. While the stock is up sharply since Musk made his offer, it is well below the high of $77 per share it reached in February 2021.

Musk has described himself as a “free-speech absolutist” but is also known for blocking or disparaging other Twitter users who question or disagree with him.

In recent weeks, he has proposed relaxing Twitter content restrictions — such as the rules that suspended former President Donald Trump’s account — while ridding the platform of

NOTICE

NOTICE is hereby given that charlene noreus of Gladstone Road, New Providence, The 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 19th day of april, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

TESLA and SpaceX CEO Elon Musk arrives on the red carpet for the Axel Springer media award in Berlin on Dec. 1, 2020. Musk says he has lined up $46.5 billion in financing to buy Twitter, and he’s trying to negotiate an agreement with the company. The Tesla CEO says in documents filed Thursday, April 21, 2022 with U.S. securities regulators that he’s exploring a tender offer to buy all of the social media platform’s common stock for $54.20 per share in cash.

Photo:Hannibal Hanschke/AP fake “spambot” accounts and shifting away advertising as its primary revenue model. Musk believes he can increase revenue through subscriptions that give paying customers a better experience — possibly even an ad-free version of Twitter.

Asked during a recent TED interview if there are any limits to his notion of “free speech,” Musk said Twitter would abide by national laws that restrict

speech around the world.

Beyond that, he said, he’d be “very reluctant” to delete posts or permanently banning users who violate the company’s rules.

It won’t be perfect, Musk added, “but I think we want it to really have the perception and reality that speech is as free as reasonably possible.”

After the deal was announced, the NAACP released a statement urging Musk not to allow Trump,

NOTICE

NOTICE is hereby given that ANTOLESHA ECCLESTON of P. O. Box N-7840, Orleander Avenue, South Beach, New Providence, The 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 19th day of April, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

MONDAY, 25 APRIL 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 53.00 2.05 2.90 2.60 6.05 10.05 3.55 9.02 3.10 7.50 14.00 2.71 10.25 11.25 10.75 15.00 4.00 10.00 16.50

52WK LOW 4.55 32.12 1.46 2.20 1.30 5.50 6.96 2.82 4.25 2.27 5.50 9.75 1.99 6.50 10.02 9.01 13.10 3.50 8.00 15.50

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank (Bahamas) Limited Focol Finco J. S. Johnson

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 1.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2276.48

-0.10

0.00

48.24

2.16

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.62 100.54 99.98 100.00 100.00 100.00 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.36 100.00 99.98 91.00 90.95 89.02 89.62 89.00 90.24 90.73

MUTUAL FUNDS 52WK HI 2.50 4.67 2.20 207.86 207.68 1.72 1.83 1.81 1.05 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.68 1.73 1.75 1.01 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS69023 BGRS FL BGRS79026 BGRS FL BGRS78024 BGRS FX BGR125238 BGRS FX BGR127139 BGRS FX BGR127149 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS690231 BSBGRS790262 BSBGRS780248 BSBGR1252380 BSBGR1271398 BSBGR1271497 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 5.30 39.95 2.04 2.31 2.25 6.05 9.25 3.25 7.60 2.66 7.16 14.00 2.23 10.13 12.30 10.75 15.00 3.99 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.62 100.54 99.98 100.00 100.00 100.00 89.62 100.00 100.00 100.00

CLOSE 5.30 39.95 2.04 2.31 2.25 6.05 9.25 3.25 7.60 2.66 7.16 14.00 2.15 10.13 12.26 10.75 15.00 3.99 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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

VOLUME

500

300

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.62 100.54 99.98 100.00 100.00 100.00 89.62 100.00 100.00 100.00

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 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

MARKET TERMS

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.08) 0.00 (0.04) 0.00 0.00 0.00 0.00 0.00

(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.080 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.59% 4.53% 4.50% 5.00% 5.00% 5.50% 5.55% 5.60% 5.65% 5.69%

NAV 2.50 4.67 2.20 204.67 199.97 1.72 1.83 1.81 1.01 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89

YTD% 12 MTH% 0.34% 4.30% -0.06% 5.21% 0.21% 2.72% 1.37% 3.18% 8.18% 14.94% 0.26% 2.76% 0.36% 2.37% 0.28% 2.51% -1.31% -3.43% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%

P/E 22.2 42.9 N/M 16.5 N/M N/M 25.1 -7.4 54.3 14.5 15.9 19.4 21.1 21.7 19.0 14.8 18.4 19.7 10.6 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 3.21% 3.15% 0.98% 3.46% 0.00% 0.00% 2.81% 0.00% 0.00% 4.51% 3.07% 5.14% 20.19% 0.59% 2.68% 2.23% 3.60% 3.01% 2.00% 3.94% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 9-Feb-2023 28-Mar-2026 22-Sep-2024 15-Oct-2038 15-Jan-2039 15-Jan-2049 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050

NAV Date 31-Jan-2022 31-Jan-2022 28-Jan-2022 30-Sep-2021 30-Sep-2021 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Mar-2021 31-Mar-2021 31-Mar-2021

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 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

the 45th president, back onto the platform.

“Do not allow 45 to return to the platform,” the civil rights organization said in a statement. “Do not allow Twitter to become a petri dish for hate speech or falsehoods that subvert our democracy.”

As both candidate and president, Trump made Twitter a powerful megaphone for speaking directly to the public, often using incendiary and divisive language on hot-button issues. He was permanently banned from the service in the aftermath of the Jan. 6 storming of the Capitol.

Advertisers, currently Twitter’s main customers, have also pushed for the stronger content rules Musk has criticized. Keeping them happy requires moderation limiting hate speech so that brands aren’t trying to promote their products next to “calls for genocide,” said Siva Vaidhyanathan, a media studies professor at the University of Virginia.

“If Musk either fires or drives away the team at Twitter that’s committed to keeping it clean and making it less hate-filled, he’ll see an immediate drop in user activity,” said Vaidhyanathan. “I think he’s going to find pretty fast that inviting

the bigots back in is bad for business.”

Some users said Monday that they were planning to quit the platform if Musk took it over. To which he responded on Twitter: “I hope that even my worst critics remain on Twitter, because that is what free speech means.”

Musk has also run into trouble with federal officials as a result of his own tweets, some of which he’s used to taunt regulators at the Securities and Exchange Commission.

In one August 2018 tweet, for instance, Musk asserted that he had the funding to take Tesla private for $420 a share, although a court has ruled that it wasn’t true. That led to an SEC investigation that Musk is still fighting. More recently, Musk appeared to have violated SEC rules that required him to disclose that he’d acquired a 5% stake in Twitter; instead he waited until he had more than 9%. Experts say these issues aren’t likely to affect his Twitter acquisition.

While Twitter’s user base of more than 200 million remains much smaller than those of rivals such as Facebook and TikTok, the service is popular with celebrities, world leaders, journalists and intellectuals.

Musk himself is a prolific tweeter with a following that rivals several pop stars in the ranks of the most popular accounts.

Last week, he said in SEC documents that the money would come from Morgan Stanley and other banks, some of it secured by his huge stake in Tesla, the electric-vehicle company he runs.

Musk has a fortune of nearly $268 billion, much of which is tied up in Tesla stock and SpaceX, his privately held space company.

It’s unclear how much cash Musk holds.

Musk began making his fortune in 1999 when he sold Zip2, an online mapping and business directory, to Compaq for $307 million. He used his share to create what would become PayPal, an internet service that bypassed banks and allowed consumers to pay businesses directly. It was sold to eBay for $1.5 billion in 2002.

NOTICE

NOTICE is hereby given that Yanique Chadene Laing of #17 Armada Road, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of april, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that KENLEY SANON of Dundas Town, Abaco, The 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, 2022 tothe Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ITALIA PHISSIEN-ST. FELIX of Harbour Island, Eleuthera, The 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, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.