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business@tribunemedia.net

WEDNESDAY, JUNE 21, 2017

$4.15 $100M STAMP DUTY FOREGONE ON BAHA MAR ASSET TRANSFERS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Christie administration gave up $100 million in Stamp Duty on Baha Mar’s two ‘asset transfers’ in return for securing the project’s construction completion and Bahamian creditor payouts. The ‘Heads of Terms’ between the former government and the China Export-Import Bank, released by the Prime Minister yesterday, confirmed that a multi-million sum in tax/ investment incentives was granted in return for the $101 million to make local creditors whole. “In consideration for the valuable concessions and consents that the Government will grant to China Export-Import Bank now (and to the ultimate purchaser of the project in the future), China Export-Import Bank has committed to making the capped sum of $101million unconditionally available in order to compensate Baha Mar’s unsecured creditors,” the Heads of Terms, unsealed

Deal confirms tax concession tie to payouts CCA got $145m, 1,200 work permits for mobilising Deal altered to allow for later CTFE closing by the Supreme Court on Thursday, state. No monetary value is given for the tax concessions’ collective worth, but the Heads of Terms confirms that Baha Mar’s construction completion is VAT and import-duty free, while two transfers of its real estate assets do not attract Stamp Duty or the 7.5 per cent levy. “The Government will waive Stamp Duty and VAT on the transfer of assets from the Baha Mar companies to the SPV Group,” the Heads of Terms state. The ‘SPV Group’ refers to See PG B9

‘SWIFT EXECUTION’ KEY TO GOVT PRIVATISATION By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was yesterday urged to move swiftly on the Prime Minister’s pledge to sell-off the Government’s interests in the Bahamas’ two mobile operators, a financial analyst warning: “Execution is key.” Kenwood Kerr, Providence Advisors’ chief executive, told Tribune Business that the Minnis administration had to translate “language” into action to ensure it gave the credit rating agencies confidence the Bahamas’ can reverse its fiscal decline. He was speaking after Dr Hubert Minnis confirmed to the House of Assembly that the Government will See PG B7

$4.20

$4.27

Contractor Act ‘urgent’ for contract clean-up By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CONSTRUCTION industry regulation will eliminate the typical 50-100 per cent cost overruns on public works projects, Tribune Business was told yesterday, creating instant multi-million dollar taxpayer savings. Leonard Sands, the Bahamian Contractors Association’s (BCA) president, told Tribune Business that the Construction Contractors Act would “absolutely” eliminate the wastage and cronyism highlighted by the Minister of Works on Wednesday night. Desmond Bannister, in his Budget debate presen-

Debacle shows it must be ‘No.1 priority’ BCA chief: Would ‘cease’ 50-100% overruns Taxpayer will ‘reap’ multi-million savings LEONARD SANDS tation, revealed how the $6.5 million construction contract for the new Lowe Sound Primary School was given to three “inexperienced” persons, with the Christie administration ignoring warnings from Min-

istry of Works officials that this endangered the project’s success. Mr Bannister said one had never been involved in construction, while the other two were a plumber and someone who had only

worked on much smaller construction projects. He added that all three, whom he described as Progressive Liberal Party (PLP) supporters, had initially submitted individual bids that were all rejected. However, the Christie administration told them to work together as a team and awarded the trio a contract, under the supervision of a contractor “who had not finished the last big job he received from the Government”. Mr Sands said the Lowe Sound primary contract debacle highlighted why construction industry regulation should be the Minnis administration’s “number See PG B5

Grand Lucayan sale can’t be ‘slow death’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

CAREY LEONARD

THE Government was yesterday urged not to permit the Grand Lucayan’s sale to become “a slow death”, the resort having suffered an $11.18 million loss in 2016. Carey Leonard, the

Grand Bahama Port Authority’s (GBPA) former inhouse counsel, told Tribune Business that Hutchison Whampoa needed to “stop playing games” and commit to the property’s sale to a bona fide buyer who could meet its purchase price. Now an attorney at Callenders & Co, Mr Leonard See PG B4

Attorney: Hutchison must ‘stop playing games’ Hotel lost $11.18m in 2016 Tax, master plan give Govt ‘leverage’

Vital to rating agency confidence Minnis confirms Aliv, BTC sale plans

KENWOOD KERR

BPL pulls together $125m loan facility By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHAMAS Power & Light (BPL) is seeking to borrow $125 million by endAugust 2017, despite the receipt of $32 million in Baha Mar receivables cutting operating expenses by almost 40 per cent. Desmond Bannister, minister of works, revealed in his 2017/2018 Budget communication that the utility’s total operating expenses were down 37 per cent compared to the prior year due

to the Baha Mar creditor payout. He said the payment “resulted in the reversal of the provision for doubtful accounts against bad debt expense”, the accounting treatment enabling BPL’s net profit to hit $42.3 million for the first eight months if its current financial year. Mr Bannister added that BPL, a wholly owned subsidiary of the Government’s Bahamas Electricity Corporation (BEC), has entered into an agreement with JP Morgan and CIBC FirstCaribbean to secure a loan facility of $125 See PG B4

URCA BITS Utilities Regulation & Competition Authority Frederick House, Frederick Street Nassau, Bahamas Main: 242-393-0234 Consumer Hotline: 242-393-0236 Family Islands: 242-300-8722 (Toll Free) “Improving lives through effective utilities regulation”

Small Scale Renewable Generation (SSRG) applications are being accepted for consideration for customers connected to the Bahamas Power and Light (BPL) electricity grid. This means that persons who wish to generate electricity using renewable sources for their own use and sell any excess electricity to BPL, can now apply to do so. Residential customers should apply to BPL directly, while commercial customers should apply to URCA. For more information about SSRG, visit http://www.urcabahamas.bs. Applications forms are available at: http://www.bahamaselectricity.com/SSRG%20 Application%20-%20FINAL%20ver%202.1.pdf (residential), and http://www.urcabahamas.bs/download/084907900.pdf (commercial). Fax further inquiries to: (242) 393-0153, Facebook at www.facebook.com/URCA242, or Twitter at www.twitter.com/URCA242

PAGE 2, Wednesday, June 21, 2017

THE TRIBUNE

BISX adds Leno as 6th sponsor member THE Bahamas International Securities Exchange (BISX) yesterday announced that Leno Corporate Services (LENO) has become its sixth Sponsor Member. BISX Sponsor Members are agents that bring mutual funds to list on the exchange. They also perform an initial review of mutual funds seeking such listings. Keith Davies, BISX’s chief executive, said: “We are extremely pleased that Leno decided to add this new service to their product offerings. Leno joined BISX as a Broker Member in 2014, and since that time we have seen them evolve and grow to offer multiple new business lines. We eagerly anticipate Leno bring-

ing mutual funds to the exchange.” Sean K. Longley, Leno’s president, added: “Becoming a BISX Sponsor Member is another milestone and proud moment for Leno. This important step reflects our commitment to the industry as a financial services provider, both locally and internationally. “Our intention is to contribute to the further growth of the financial services sector with our new ability to list mutual funds on the exchange, while doing our part to enhance the industry. Leno has successfully introduced a few local mutual funds, and is currently in the process of finalising one of three international funds that will eventually be listed on the exchange.

“Leno has always believed in growing the pension and investment industry with diverse product offerings. Given the impact we have made over our seven years, Leno will always be embracing our role and responsibility to grow with our ever-changing industry in an appropriate and professional manner.” Mr Longley added: “Leno’s focus remains on providing financial and investment services that add value to our domestic and international clients. We are proud of the impact we have made in the various areas of pension investment management services, corporate services and wealth management. “Though Leno has grown, our business model

still embodies the investment boutique philosophy that we started with years ago – professional service with a personal touch. It is our beliefs towards adding value, and our unwavering commitment to our clients, that will continue to guide our growth over the years to come” BISX’s Mutual Fund Listing Facility recently surpassed 50 listings with a mixture of domestic and local funds. It includes funds such as Segregated Account Companies, Limited Duration Companies and Investment Condominiums. The BISX listings are designed to provide Bahamian and international fund investors with increased transparency and regulation.

Bahamas receives new aviation award THE Bahamas has received the 2016 Caribbean Sapphire Pegasus Business Aviation Award for Outstanding Country Promotion, the first award of its kind for the region. The Sapphire Pegasus Award is a symbol of gratitude for superb performance in an industry segment. The award was introduced to the region during the Caribbean Aviation Meetup in St Maarten on June 13-15. “Based on expert advice and the long record of outstanding performance, we decided that the Bahamas should be awarded for the excellent promotion of the Caribbean over a longer period of time in the business aviation industry,” said Antonia Lukacinova, founder of the Sapphire Pegasus Awards. “It is not just about the presence and presentations at international conferences and exhibitions, but also about the available online information and hard copy documentation. The explanations are so well done and comprehensive that they hardly leave an opening for questions. We believe that this needs to find international recognition and honouring.” Joy Jibrilu, the Ministry of Tour-

ism’s director-general, was presented with the award on Tuesday, June 13, during the Caribbean Aviation Meetup. She also delivered the keynote address at the conference. “I am excited and thrilled by the announcement that the Bahamas has won the award for our outstanding promotion in business aviation,” Mrs Jibrilu said. “We at the Bahamas Ministry of Tourism and Aviation work tirelessly to create new strategic partners in key markets across the world to increase airlift and new routes to the country. That is our goal. “We also go above and beyond to promote our destination, and position ourselves as the best in the region. As a team, we have accomplished many mammoth tasks and this award is vindication of that hard work. Thank you.” Finalists for the Sapphire Pegasus Awards are nominated by companies and individuals in the business aviation sector. They recognise the outstanding performance of companies, teams and business individuals from the EMEA region and Russia. This is the first year that four awards are being given out for excellence in the Caribbean.

EMPOWERING LICENSEES: Kwasi Thompson, minister of state for Grand Bahama in the Office of the Prime Minister (1st left), and GBPA president, Ian Rolle (2nd left). Mr Thompson gave the keynote address, opening the Business Innovation Boot Camp.

OVER 200 BUSINESSES AT E-COMMERCE ‘BOOT CAMP’ MORE than 200 licensees and aspiring entrepreneurs attended the Business Innovation and e-Commerce Boot Camp, hosted by the Grand Bahama Port Authority (GBPA) and its Invest Grand Bahama Small Business Bureau (IGBSBB), on June 8. Ian Rolle, the GBPA’s president, said: “We were indeed impressed by the turnout of local businesses for this event. I believe it clearly demonstrates that the business community is ready to embrace the use of e-commerce. “And, although we are a small community, local merchants are quite capable of offering their goods and services within the global marketplace. Additionally, we sought to inspire new ideas and encourage innovation within the SME sector, with presentations by Shopify and AeroFarms.” Attendees had ample opportunities for networking and interaction with both Bahamian and international presenters. Nicola Kelly, creative ideas officer for Nikki’s Trinkets, said: “Entrepreneurship is not for small minds, the lazy or quitters. It’s for the go-getters who fight for their success; fuelled by faith and a belief that their dream will happen with guidance and support.” She has been working to create her own website with Shopify, and added: “I know I have a great product made here in the Bahamas, and e-commerce is the best way

to get my treasures around the world. I am motivated to spread love and joy, one authentically made Bahamian craft at a time.” Marvin Johnson, president of Place Builders and Coastal Supplies and Services, said he has consistently attended the IGBSBB training events. He added: “The sessions are very informative, and the fact that we as licensees of GBPA can experience this level of professional development initiatives at home is a true testament to the value of a GBPA business license. “These sessions are also good because they provide continued motivation to develop and strengthen the online presence of my businesses, and thereby increase our ability to attract more customers.” Derek Newbold, senior manager of business development for the GBPA and Invest Grand Bahama, said: “Local businesses are enthusiastic about global opportunities through e-commerce. That said, our efforts are designed to reveal what is possible both locally and abroad. “As the entity responsible for business licensing within Freeport, we will continue to introduce meaningful and impactful training initiatives, so that Grand Bahama remains the ideal destination not only for foreign investment, but one that allows domestic investors to diversify, innovate and grow their businesses.”

THE TRIBUNE

WTO ACCESSION ‘GRINDS TO A HALT’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas’ accesion to full World Trade Organisation (WTO) membership has come to a “grinding halt”, a Cabinet Minister yesterday arguing that private sector and public involvement is now key to how this nation moves forward. Brent Symonette, in his contribution to the 20172018 Budget debate, said the Bahamas first applied for full WTO membership back in 2001. “We are at the stage now where we have to engage the public as to

where this WTO process will go,” the Minister of Financial Services, Trade and Commerce, and Immigration said. “The process seems have come to a grinding halt. We need to bring that whole process forward to discuss where we want to go with the WTO.” Mr Symonette highlighted concerns expressed by Bahamian manufacturers about the need to protecting local industry via tariff barriers. “We manufacture paint here. It’s about 5 per cent of the paint industry. We seek to reduce the duty on paint. This is the type of discussion that we have to have,

Wednesday, June 21, 2017, PAGE 3 and also with juices. If we want to provide protectionism or duties that allow for Bahamians to manufacture we need to have that discussion relative to the WTO,” said Mr Symonette. He added that WTO accession has traditionally meant the lowering of import duties to provide “a level playing field”. “That’s a discussion that my ministry will be having over the next few months,” Mr Symonette said. “We will meet with the business community, the manufacturing community to see what are their needs, the difficulties and how we can make this all work to provide employment for Bahamians in the manufacturing industry.” Bahamian juice drink manufacturers have warned they face “irreparable harm” if the Government eliminates the 60 per cent duty on rival imports, with one warning up to 20 jobs

are at stake. Former Tall Pines MP Leslie Miller, himself a paint supplier via Sunburst Paints, recently told Tribune Business that the tariff reductions on imported paint and associated prod-

THE Government has teamed with the United Nations’ Food and Agriculture Organisation (FAO) to capture data vital to preserving the Bahamas’ fish stocks. Rena Glinton, the Ministry of Agriculture and Marine Resources’ permanent secretary, told Tribune Business: “We need statistical data on how much we have, how much is caught, where they are and how they spawn.” Speaking with Tribune Business following a presentation at an FAOfunded workshop on bill

fish, Ms Glinton said: “ This is the fourth in a series of workshops funded through the FAO and the World Bank on the Bill Fish. It is a species that we really don’t deal with, like the tunas and wahoo, but it’s important for us to pay attention to their usage and to know exactly what is happening for capacity building and sustainability.” She added: “We just finished a project with FAO, and just hired some 29 fisheries superintendents. We have many places where we land fish, so we need to go where the landing is to find out how many fish is being landed by our fishermen - being casual or commercial - as well as the tourists who come here.

We are keeping statistical data on all of those to see what our stocks look like and how we use it.” Ms Glinton said the superintendents, who were hired between July 2016 and February this year, have been strategically placed in major fishing areas. “This is something FAO has done for us. Each superintendent will be getting a laptop. They will be bringing them in in the next two to three weeks on how to use the software to input the data as they collect it,” said Ms Glinton, noting that all fisheries - including conch and sponge - would be included in the data.

IN THE MATTER OF property comprised in an Indenture of Mortgage dated the 21st day of May A.D. 2012 between Jason Raynold Culmer and Kayshalla Enjoi Culmer (nee Charlton) of the one part and Commonwealth Bank Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 11902 at pages 366 to 383. BETWEEN

COMMONWEALTH BANK LIMITED AND JASON RAYNOLD CULMER AND

• Ensure campaigns are executed locally according to Caribbean regional marketing and brand calendar for all business lines • Manage inventory of all signage and brand collateral to enhance the clients’ experience • Coordinate activities relating to offsite promotions, trade shows and business expositions • Coordinate local focus groups as required • Provide regular industry-related information including any regulatory changes that may impact local operations • Lead donations and sponsorships process to ensure compliance with corporate strategy • Ensure that budgets are managed and expenses tracked. Prepare budget reconciliation reports and explain any budget variances in a timely manner

That the Court further Ordered that the existence of further proceedings be deemed to be served on you by way of similar advertisements You must within 14 days from the publication of this advertisement inclusive of the day of such publication, acknowledge service of the Originating Summons and Affidavit by filing a Memorandum of Appearance on the Attorneys, Messr. GrahamThompson whose name and address appear below, otherwise judgment may be entered against you.

Dated the 15th day of June A.D.2017 GRAHAMTHOMPSON Chambers, Sassoon House, Shirley Street & Victoria Avenue, Nassau, Bahamas Attorneys for the Plaintiff

ALIV

Employment Opportunity Chief Operating Officer (Chief ALIV Guardian) The Chief ALIV Guardian is responsible for directing, administering, and coordinating the internal operational activities of the organization in accordance with policies, goals, and objectives established by the Chief ALIV Officer and the Board of Directors. Other Core Responsibilities As a Senior Executive member of the ALIV Team this person leads and directs the following functions and/or business unit: key operations, key commercial partners, information systems, traffic and change management initiatives. Assist the CAO in the development of organization policies and goals and cover operations, business performance and growth of the functions and or business units mentioned above. Ensures all activities reinforce and exemplify the corporate image and brand of ALIV. Job Responsibilities 1.

Directs internal operations to achieve budgeted results and other financial criteria and to preserve the capital funds invested in the enterprise.

Participates in the development and preparation of short-term and longrange plans and budgets based upon board organization goals and objectives. Recommends their adoption to the Chief ALIV Officer.

What do you need to succeed? Must-have • Undergraduate degree in Marketing or Social Sciences or equivalent education/training • Minimum 2 years advertising and market research required • Working knowledge of delivery channel management principles and technologies • Sound analytical & research skills • Expert working knowledge of Microsoft Office –Word, Excel, PowerPoint • Very strong planning, organizational, and communication skills • Results-oriented, strategic thinker

Nice-to-have • Experience in digital marketing • Marketing experience within the Financial Services sector

Ensures that all activities and operations are performed in compliance with local regulations and laws governing the business.

What’s in it for you?

Develops and maintains a sound plan for the organization. Establishes policies to ensure adequate functions or business for relevant units.

We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual. • A comprehensive Total Rewards Program of flexible benefits, and pension options • World-class training programs and career development opportunities • The advantage of working with a dynamic, collaborative, and high-performing team where initiative and hard work are recognized and rewarded • Flexible work/life balance options • Opportunities to do challenging work Interested persons are to submit their resume to the following email address by June 28, 2017: ttrecruitmentjobpostings@rbc.com

www.rbcroyalbank.com/caribbean ® Registered trademark of Royal Bank of Canada ™ The Lion & Globe symbol and RBC are trademarks of Royal Bank of Canada

First Defendant

TO: Jason Culmer & Kayshalla Culmer TAKE NOTICE that: 1. An Originating Summons and Affidavit filed herein on the 5th January 2017 have been issued in the Supreme Court of The Bahamas by Commonwealth Bank Limited the Plaintiff herein. 2. AND THAT by an Order made in the Supreme Court by Registrar in Supreme Court Action No. 2017/CLE/gen/0009 Common Law and Equity Division, it was ordered that service of the said Originating Summons and Affidavit and all other pleadings against both Defendants, Jason and Kayshalla Culmer be ef fected by way of this Advertisement.

(Northern Caribbean Market)

What will you do?

Plaintiff

KAYSHALLA ENJOLI CULMER (nee CHARLTON) Second Defendant

Assistant Manager for Products, Marketing and Channels The Assistant Manager for Products, Marketing and Channels will be responsible for supporting and executing all marketing and brand initiatives that drive growth for all lines of business (personal and business banking) for the Northern Caribbean Market which comprises The Bahamas, Cayman and Turks & Caicos Islands. Additionally, coordinate and oversee the execution of all corporate social responsibility activities across the Northern Caribbean that build brand and strengthen community relationships. All marketing and corporate social projects must be managed within scope, quality, timeline and budget supported by timely and accurate reporting.

2017/CLE/gen/0009

Common Law & Equity Division

RBC Royal Bank (Bahamas) Limited is presently considering applications for:

What is the opportunity?

minister of trade and industry, warned that the Government’s actions threatened the survival of existing manufacturers while also discouraging Bahamian entrepreneurs from entering the sector.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

BAHAMAS TEAMS WITH UN ON FISHERIES DATA

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

ucts, plus batteries, ran completely counter to the Free National Movement’s (FNM) ‘It’s the people’s time’ campaign slogan. By making imported rivals more competitive on price, Mr Miller, a former

Directs the development and installation of procedures and controls, to promote communication and adequate information flow, and thereby solidify management control and direction of the enterprise. Develops and establishes operating policies consistent with the CAO’s board policies and objectives and ensures their adequate execution. Appraises and evaluates the results of overall operations regularly and systematically, and reports these results to the CAO.

In conjunction with the Chief ALIV Officer, implement and appropriate organizational structure to effectively manage the business. Attracts, develops, and motivates an effective Senior Management team capable of achieving the Corporate objectives and provides for appropriate succession planning.

Works closely with the Board of Directors. Presents monthly, annual special reports to the Board of Directors as required ensuring the Board remains fully informed of all important activities pertaining to the business.

Plays a role in promoting a productive and positive environment for all employees and for developing and nurturing a corporate culture which encourages team work, open and honest communication, and excellence in performance.

10. Monitors all roaming agreements to ensure that they are aligned with industry standards. 11. Develops an efficient procurement, warehouse and logistic operations that supports the business. 12. Leads all customer experience and other change management programs as agreed with the Chief ALIV Officer.

Academic Qualifications & Experience + + + + + + + + + +

Bachelor’s and/or Master’s degree in Business Administration or related field. A minimum of ten (10) years experience in telecommunications. Exceptional oral and written communication skills. A minimum of five (5) years experience in budgeting, strategic planning, and business development. Demonstrated ability to work proactively and independently. Must be highly motivated, disciplined and sales driven. Able to embrace and utilize latest mobile industry technology and trends. Proven ability to work under pressure and within a targeted environment. Strong business acumen with demonstrated leadership success. Analytical and process-oriented mindset.

Qualified applicants should submit resumes on or before, June 29, 2017 electronically to the following email address: careers@bealiv.com with Subject: Chief ALIV Guardian.

PAGE 4, Wednesday, June 21, 2017

THE TRIBUNE

BPL pulls together $125m loan facility From pg B1 million. This does not have a government guarantee, and is expected to be funded by August 31, 2017. “Total assets of BPL stand at $763 million, up from $728.4 million at the start of the year. Cash balances remain high after the receipt of payment from the Baha Mar properties, and as the capital projects ap-

proved for the current year are progressing slowly,” said Mr Bannister. He added that BPL recorded total revenue for the eight-month period of $267 million, with fuel costs standing at $128 million or 48 per cent of revenue. This compared to prior year revenue of $270 million and fuel costs of $131 million - also 48 per cent of revenue.

Grand Lucayan sale can’t be ‘slow death’ From pg B1 said the Grand Lucayan’s sale and re-opening were “the critical first step” towards reviving the Freeport economy and fulfilling the Minnis administration’s ambitions for Grand Bahama. He suggested that the Government held leverage over Hutchison Whampoa via the potential imposition of real property tax and the Grand Bahama Development Company’s (DevCo) commitment to produce a master plan for its real estate holdings by end-April 2017.

DevCo, in which Hutchison Whampoa owns a 50 per cent stake, and has Board and management control, undertook to produce such a plan within 12 months of the April 26, 2016, Memorandum of Understanding (MoU) that was signed between the Christie administration, the GBPA and its related entities. It is unclear whether DevCo has complied with this obligation, with Deputy Prime Minister, K P Turnquest, referring Tribune Business questions on the matter to the Office of the Prime Minister.

Impressions Dental Center, a modern state of the art dental practice is looking for caring, energetic, outgoing individuals to join our fast-paced progressive team. We provide the highest quality dental care services in a safe and nurturing environment.

POSITION A Dental Assistant Requirements for the Dental Assistant position

Dental Experience Perfered Excellent interpersonal and communication skills Must love working, talking and caring for people in close settings. Must be good with your hands. Working knowledge of personal computers is a must. Please email your resume accompanied by a photo and 3 references to: workbahamas2017@gmail.com

On the generation front Mr Bannister noted: “BPL is taking a number of steps on the generation, transmission and distribution fronts to prepare the system for the peak demand period. Readiness on both the generation and transmission sides includes ensuring installed equipment is adequate to meet the expected loads imposed during the summer, and then performing the necessary maintenance and repairs to have that equipment both available and reliable for the summer peak. “Steps have been taken

to put BPL on a better footing to handle the summer demand in 2017, given the execution of projects in both generation and transmission since last summer. BPL has advised that while they are unable to state conclusively that all infrastructure will perform as expected, they believe that under normal circumstances BPL will be able to meet the peak.” Mr Bannister, though, said the Government would launch a new Request for Proposal (RFP) tender to address continued concerns over BPL’s generation ca-

pacity. “To this end I have met with a number of companies that have expressed interest in providing the generation capacity that is needed, and we expect that an RFP will be issued sooner rather than later,” he added. It is unclear whether this means the Minnis administration has rejected the proposal from New Fortress Energy, which was left behind by its predecessor, as Mr Bannister’s words seem to imply. The Minister added that

he would investigate whether there was any obstacle for BPL’s Management Services Agreement with its operator, PowerSecure, being disclosed along with the latter’s business plan for the utility. “A prepaid system is expected to substantially reduce bad debt expense, while providing customers with greater control over the timing and frequency of payments as well as energy usage,” he added, with the forgiveness of customer debts and reconnections also under discussions.

Mr Leonard, though, suggested this - and the threat of imposing real property tax on both DevCo and the Grand Lucayan - remained potential bargaining chips for the Government in negotiations with Cheung Kong Property Holdings, the company into which Hutchison Whampoa has spun-off its real estate assets. “They should think about selling this thing, selling it quickly and stop playing games,” Mr Leonard told Tribune Business of the Grand Lucayan. “Dealing with Hutchison is like a slow death. “In the meantime, no one has any employment, and Port Lucaya is suffering.” Mr Leonard said he had seen the disastrous consequences of the prolonged Memories and Breaker’s Cay closures for himself when he visited the Port Lucaya Marketplace after work on Monday evening. “I decided to take a walk round Port Lucaya, and got there at 5.30 pm,” he recalled. “I was the only person apart from the employees who was walking into the jewellery stores, like Colombian Emeralds International and John Bull.

“I also looked at a number of other stores that were closed, and apart from halfa-dozen tourists, those were the only persons I saw.” Mr Leonard said Port Lucaya Marketplace’s bars and restaurants had more activity, since their customer base included Grand Bahama residents as well as tourists. He added that these entities had fared well last week when the USS Iwo Jima, an amphibious assault ship, brought several thousand sailors to Freeport. “I think the most critical thing is that they have got to get this hotel sold and open, one way or another,” Mr Leonard told Tribune Business. “I don’t care how they do it; the right way, wrong way or the difficult way, but they’ve got to get this hotel open so business can rebuild.” While the Minnis administration has confirmed it is talking to potential Grand Lucayan purchasers, many observers are questioning if it is doing the same with Cheung Kong and Hutchison Whampoa - which is arguably the more important player. Some have suggested that the Grand Lucayan situation be handed to Di-

onisio D’Aguilar, minister of tourism and aviation, whose family background in hotel ownership and operation - combined with his experience in dealing with the Chinese at Baha Mar - is viewed as positioning him well for this task. The Grand Lucayan and Memories closures have taken 1,000 rooms out of action, leaving Grand Bahama with just 41 per cent of inventory currently active. As the resort industry’s largest or ‘anchor’ property, hundreds of direct and indirect jobs have also been lost. Cheung Kong’s 2016 annual report illustrates how the Grand Lucayan is a relative ‘blip on its radar screen’, with the resort and the Bahamas’ operation likely low on the conglomerate’s priority list amid its extensive real estate holdings in Hong Kong, mainland China, Singapore and the UK. The report makes no mention that much of the Grand Lucayan is closed, or of Hurricane Matthew’s impact. The sales process that Cheung Kong initiated for the property last summer is also ignored, along with the interest of pro-

spective buyers such as the Wynn Group. Cheung Kong does confirm that the Grand Lucayan lost $86 million Hong Kong dollars in 2016, a figure equivalent to $11.18 million. That is a slight increase upon the previous year’s $10.53 million loss. The 2016 performance was achieved on an average occupancy rate of 49.8 per cent, with average daily room rates standing at $97.63. Mr Leonard, meanwhile, argued that there needed to be “significant pressure” on DevCo and the GBPA’s Freeport Commercial and Industrial, as Freeport’s two largest landowners, to meet their infrastructure improvement obligations. “Failing that, they ought to be paying real property tax. The Government has some serious leverage there,” he told Tribune Business. “If they spend the money on infrastructure, they are the biggest beneficiaries since they are the largest landowners. Unfortunately, they’re not the ones spending the money. It’s the people paying the service charges.”

Legal Notice NOTICE MARITIME MANUFACTURING OPPORTUNITY LTD.

NOTICE IS HEREBY GIVEN as follows: (a) Maritime Manufacturing Opportunity Ltd., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 20th June, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas. Shareece E. Scott Liquidator

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT FAMILY DIVISION

2015/FAM/div/00259

BETWEEN

ELKINO LATHAN BENEBY

Petitioner AND CHANTAL KIMMONE BENEBY (nee MALCOLM) Respondent AND UNNAMED MAN Co-Respondent NOTICE OF INTENTION TO PROCEED WITH APPLICATION FOR ANCILLARY RELIEF The Petitioner having been granted a Decree Nisi on the 24th day of August A.D., 2016 IT IS the intention of the Petitioner to proceed with an Application for Ancillary Relief. TAKE NOTICE that the application will be heard by His Lordship The Honourable Justice Gregory Hilton in Chambers, Supreme Court Building, Bank Lane, on Wednesday the 5th day of July A.D., 2017 at 9:15 in the forenoon. TAKE NOTICE ALSO that you must send to the Registrar of the Supreme Court so as to reach him within 14 days after you receive this Notice an Affidavit giving full particulars of your property and income. You must at the same time send a copy of your Affidavit to the Attorney for the Petitioner. If you wish to allege that the Petitioner has other income, or property, you should do so in your Affidavit. Dated the 21st day of February A.D., 2017

LORD ELLOR & CO., Chambers, Chris Building, No 10. Nassau Street North, Nassau, N.P., The Bahamas. Attorneys for the Petitioner

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

CAROLIN LIMITED In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), CAROLIN LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 29th day of May, 2017.

Lutea Trustees Limited 9 Burrard Street, St Helier Jersey JE4 5UE Channel Islands Liquidator

THE TRIBUNE

Wednesday, June 21, 2017, PAGE 5

Contractor Act ‘urgent’ for contract clean-up From pg B1 one priority”. “What you have just read is the number one reason why there is an urgency, and need, for the Construction Contractors Act to be given number one priority by the Government,” the BCA president told Tribune Business. “There is a need to ensure practices like that cease, do not happen again, and do not happen in our country.” The Act, which was passed by the previous Parliament but has yet to be given effect, will register and license contractors according to capability, experience and the size of projects they can undertake. This, if enforced, would prevent the inexperienced, unlicensed contractors such as those selected for the Lowe Sound project being handed such a major contract. This, though, depends on the Government and Ministry of Works following the rules. The debacle outlined by Mr Bannister effectively

shows that the Ministry and its former minister, nowOpposition leader, Philip Davis, were in non-compliance with the very Act they were - at the same time - pushing through Parliament. “You can’t say you will get this contract because you’re a friend of the Minister or a friend of the party,” Mr Sands said, explaining how the legislation would work in practice. “He has to be a registered contractor, and that means he has to have a license. They only way he’s able to be granted a license is to be a practicing contractor for a number of years, and then he is grandfathered in based on qualifications, expertise and experience. “You can’t have someone who is inexperienced be awarded a contract for $6.5 million,” the BCA president continued. “That will not happen, because when the Act comes into force we will never have challenges like this in contract awards. “It will bring in higher

standards, it will bring in accountability, and cleans up the industry - including all the taxpayer dollars spent willy nilly on all manner of contracts.” Mr Sands emphasised that $6.5 million “is not a small contract”, with the level of financial management involved requiring a contractor who was familiar with “a detailed level of accounting” and cash flow management. “You need experience already to do a job of that nature,” he added. Mr Bannister’s address highlighted how cronyism in the awarding of public construction contracts, via awards to family members, friends and political supporters, has cost the Bahamian taxpayer dearly to the tune of hundreds of millions of dollars. The problem has been given sharper focus by the Bahamas’ fiscal crisis, with annual deficits above $300 million and the $7 billionplus national debt continuing to rise. The cost of politicallyled decision-making, and placing this above taxpayer ‘value for money’, has only served to exacerbate these problems, and shows the

need for the ‘change in governance culture’ repeatedly promised by the Minnis administration. “We see this as a clean up,” Mr Sands told Tribune Business, “and getting the Construction Contractors Act into force and running properly will help save millions from government expenditure in the future. “If the Act comes into force, the Government could see potentially a 50 per cent reduction in the capital Budget overruns. We need this legislation to be enforced, as every day the country will benefit economically. “You will see us as a country reap the benefits in terms of millions of dollars within the first 12 months of the Act being enforced.” Giving a numerical estimate for the loss to Bahamian taxpayers and the Government, Mr Sands took an annual Ministry of Works capital budget of $125 million. Suggesting that overruns on projects were often “at least 50 per cent, sometimes double”, the BCA president said the cost of no construction industry regulation could be as high as $312.5 million to $625 million over

a five-year period. Mr Bannister had previously told Tribune Business he wanted to make sure the Construction Contractors Act would work as intended, and was capable of being enforced, with all concerns addressed before the Minnis administration moved to implement it. Mr Sands said the BCA met Mr Bannister last week, with the Minister agreeing to bring the Act into effect as soon as possible. “Part of the communication and commitment he gave to us, the BCA, is that he is going to lay the document on the table [of the House], which is the final step for it to become the law of the land,” Mr Sands said. He explained that while the former Parliament passed the legislation, it had not been ‘gazzetted’ and laid in the House. The Board, and Registrar, who will oversee the registration/licensing process, and the self-regulating Act, also have to be appointed. Mr Bannister gave several other examples of alleged construction contract mismanagement, waste and inefficiency by the former Christie administration, particularly as it relates to

the Bahamas Agriculture, Marine and Science (BAMSI) Institute. Suggesting that the project was a construction “free for all”, Mr Bannister focused on the $2.6 million contract for BAMSI’s female student dormitory, which was awarded without competitive bidding to a company called Andarco. The company’s principals included former PLP Cabinet minister, Darrell Rolle, and the late Bishop Samuel Greene. The contract was eventually terminated, but Mr Bannister said the Christie administration “took the fool-hardy course” of paying Andarco’s sub-contractors when this was the company’s liability - not the Government’s. He added that the Bahamas Development Bank (BDB) also had to “absorb a loss” on the loan granted to the contractor for the project. As for the notorious male dormitory, which was destroyed by fire, Mr Bannister said the Government also offered to pay $220,000 to the sub-contractors involved - but, in so doing, offered a higher sum to persons who made claims as opposed to those who did.

PAGE 6, Wednesday, June 21, 2017

THE TRIBUNE

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STEWART TITLE LIMITED - BAHAMAS BRANCH Statement of Comprehensive Operations (Expressed in United States Dollars) Year ended December 31, 2016 Note

INCOME Gross premium written Written premium ceded to reinsurers Net insurance premium revenue

2016 $

2015 $

272,612 ( 16,698) 255,914

234,421 ( 14,675) 219,746

EXPENSES Underwriting expenses: Changes in outstanding claims provisions Net insurance claims and benefits incurred Premium tax Commission Total underwriting expenses Underwriting income before other income and expense Other income Operating expenses

( 24,774) ( 24,774) ( 8,178) (190,829) (223,781) 32,133 317 ( 75,965)

( 21,271) ( 21,271) ( 7,033) (164,095) (192,399) 27,347 10,000 (102,145)

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

( 43,515)

( 64,798)

See accompanying notes. Independent Auditorâ€™s Report pages 1 through 3.

THE TRIBUNE

Wednesday, June 21, 2017, PAGE 7

‘Swift execution’ key to Govt privatisation From pg B1 sell its 100 per cent interest in HoldingCo, the vehicle that owns the majority 51.75 per cent equity stake in Aliv, the new mobile operator. The Prime Minister added that his administration also intended to proceed with plans, left by the last Ingraham administration, to sell a 9 per cent stake in the Bahamas Telecommunications Company (BTC) to institutional and retail investors. The Aliv stake is valued at around $70 million, while the 9 per cent interest in BTC was valued at around $37 million based on the price Cable & Wireless Communications (CWC) paid for its controlling position during the 2011 privatisation. Together, this could potentially raise more than $100 million in much-needed revenue for the cashstrapped Public Treasury, with Dr Minnis suggesting the proceeds would be used to pay down the $7 billionplus national debt. In reality, the monies will be used to narrow the deficit, projected to be $323 million for 2017-2018. Dr

Minnis, meanwhile, blasted the former Christie administration for failing to follow through on its predecessor’s plans, and instead focusing on regaining a majority interest in BTC. He argued that the previous government had failed to ‘spread the wealth’ to Bahamians by reducing the Government’s equity stake for, had it done so, it would have enabled them to enjoy collective multi-million dollar dividend payments over the past six years. Mr Kerr, though, said it was vital that the Government backed up the Prime Minister’s talk with swift action, and follow through with the planned communications privatisations. “They need to in fact, not in language, pay down the debt to send the right signal to the rating agencies that this is what we are committed to do,” he told Tribune Business. “We have to send the right signal, and give them confidence we’re serious about righting the ship. If nothing happens in six months, 12 months or two years, they’re going to downgrade us. “The execution of these

PRIME MINISTER DR HUBERT MINNIS things is important. They can’t all be done at once, but we have to be swift.” The privatisation of stateowned assets is an obvious option for the Government, as it seeks an escape route from the Bahamas’ fiscal di-

NOTICE

NOTICE is hereby given that PERRY FRANCOIS of Carmichael Road, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th Day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

FINAL NOTICE

needed the Government to give the go-ahead. Should the full HoldingCo private placement be taken up, the $70 million raised would, for instance, match the $70 million demand by the Government’s lenders for extra loan security by the first week of July after the ‘junk’ downgrade by Standard & Poor’s (S&P) placed it on the wrong side of a derivative transaction. The $70 million generated by selling-off HoldingCo would also enable the Government to, finally, realise the proceeds from the $62.5 million spectrum license paid by Cable Bahamas. Those funds were immediately injected back into Aliv as HoldingCo’s share of its infrastructure build-out costs. HoldingCo was initially conceived as a vehicle that would pool Bahamian capital for investment in a variety of infrastructure-based developments throughout the country, with Aliv designed to be just its first holding. The institutions eyed as its first investors - pension funds, credit unions and mutual funds - have been targeted because they represent the broadest possible spectrum of Bahamian ownership through their members.

NOTICE Hattanhiska Ltd. In Voluntary Liquidation

NOTICE CAH Senegal Ltd. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CAH Senegal Ltd. is in dissolution as of June 16, 2017

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Hattanhiska Ltd. is in dissolution as of June 14, 2017

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

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:NEW ERA INVESTMENT FUND LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 7TH, SEPTEMBER 2016.

lemma. Dionisio D’Aguilar, minister of tourism, recently identified Nassau Flight Services as a privatisation candidate, while K P Turnquest, minister of finance, also described this as an option to reduce the $429 mil-

lion collective subsidy now being paid to government entities. Mr Kerr recently urged the Minnis administration to focus on privatisation opportunities, including going back to the former Ingraham government’s plan of selling off the 49 per cent equity stake in small tranches that the Bahamian capital markets can bear. Had the 9 per cent stake’s sale proceeded, it would have been valued at around $36-$37 million based on the price paid by CWC. However, BTC’s value is likely to have been eroded by the end of its lucrative mobile monopoly, which generates close to 75 per cent of its revenue, and entrance of competition via Aliv. As a result, its worth will be a lot less in any privatisation exercise. Mr Kerr said that apart from BTC, the Government’s equity stakes in Aliv and Arawak Port Development Company (APD) could also be sold “to raise cash and reduce government’s footprint, expand the capital markets and significantly boost/expand Bahamian ownership of national assets”. And Gowon Bowe, one of the Government’s advisers, recently said the $70 million Aliv placement was “trigger-ready” and only

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

LIQUIDATOR ______________________

MARKET REPORT TUESDAY, 20 JUNE 2017

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

BISX ALL SHARE INDEX: CLOSE 1,869.78 | CHG -0.02 | %CHG 0.00 | YTD -68.43 | YTD% -3.53 BISX LISTED & TRADED SECURITIES

Dillon Dean LIQUIDATOR MASS RALLY CAPITAL GROUP S.A. Company No. 625565 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that MASS RALLY CAPITAL GROUP S.A. is in voluntary liquidation. The voluntary liquidation commenced on 12th June, 2017 and Querube C. De Nuñez of MMG Tower, Ave. Paseo del Mar, Costa del Este, Panama City, Panama, has been appointed as the Sole Liquidator.

52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.56 8.60 6.10 10.60 14.49 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00

52WK LOW 3.40 17.43 8.19 3.50 1.64 0.12 3.80 8.35 5.70 10.05 10.02 2.18 1.31 5.80 7.55 8.56 7.50 6.35 11.92 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

Dated this 14th day of June, 2017 Sgd. Querube C. De Nuñez Voluntary Liquidator PHAZ BUSINESS LIMITED Company No. 1810861 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that PHAZ BUSINESS LIMITED. is in voluntary liquidation. The voluntary liquidation commenced on 7th June, 2017 and Oliver Billeter of Weingartenstrasse 7, 8805 Richterswil, Switzerland, has been appointed as the Sole Liquidator. Dated this 14th day of June, 2017 Sgd. Oliver Billeter Voluntary Liquidator

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.06 3.93 1.95 169.70 141.76 1.49 1.67 1.58 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.43 1.64 1.54 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.22 15.85 9.09 3.60 1.64 0.12 4.05 8.60 6.00 10.50 10.02 2.45 1.56 6.00 9.75 9.00 9.93 6.90 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 109.16 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.22 15.85 9.09 3.60 1.64 0.12 4.05 8.60 6.00 10.50 10.02 2.45 1.56 6.00 9.75 9.00 9.93 6.90 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

109.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

500

900

VOLUME

NAV 2.06 3.93 1.95 168.44 141.76 1.49 1.64 1.58 1.07 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.444 0.932 -0.510 0.383 -1.117 0.000 -0.406 0.587 0.190 0.540 0.570 0.102 0.197 0.753 0.763 0.330 0.830 0.600 0.697 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 9.5 17.0 N/M 9.4 N/M N/M -10.0 14.7 31.6 19.4 17.6 24.0 7.9 8.0 12.8 27.3 12.0 11.5 17.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 7.00% 6.00% Prime + 1.75%

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

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

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

YTD% 12 MTH% 1.57% 4.52% 0.39% 2.75% 0.77% 2.51% 3.95% 3.95% 6.77% 6.77% 1.45% 4.17% -1.59% 0.17% 0.49% 2.72% 1.29% 2.00% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 30-Apr-2017 30-Apr-2017 30-Apr-2017 31-Dec-2016 31-Dec-2016 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

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

YIELD 1.90% 6.31% 0.00% 5.83% 0.00% 0.00% 2.22% 3.49% 3.67% 3.43% 5.69% 2.45% 3.85% 4.83% 4.62% 0.00% 3.42% 2.03% 4.96% 0.00%

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

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

THE TRIBUNE

Wednesday, June 21, 2017, PAGE 9 that Baha Mar’s original developer, Sarkis Izmirlian, claimed it was due at the time of the project’s Chapter 11 filing. It is also higher than the $130 million CCA itself claimed to be owed in June 2015. In a further sign of the extent to which CCA’s interests have been protected throughout, the company was also granted up to 1,200 work permits to complete Baha Mar. This was despite previous claims by Mr Izmirlian that there were frequent manpower shortages, and the contractor never took up its previous 8,000 allocation. China Export-Import Bank itself received 30 work permits as part of the ‘Heads of Terms’. * The ‘Heads of Terms’ were amended on April 25, 2017, to allow further time for CTFE’s purchase to close. The Government’s tax concessions were originally set to terminate if Baha Mar’s purchase was not closed within 13 months of the agreement’s August 22, 2016, signing. That meant CTFE’s pur-

$100m Stamp Duty foregone on Baha Mar asset transfers From pg B1 the China Export-Import Bank’s Perfect Luck vehicle, and a similar ‘waiver’ has been granted for the second ‘transfer’ - primarily involving the project’s real estate assets - from Perfect Luck to the ultimate buyer, Chow Tai Fook Enterprises (CTFE). While VAT on commercial property acquisitions can be ‘netted off’ against business expenses, the 2.5 per cent Stamp Duty that the Christie administration agreed to forego is a different matter. Using a conservative $2 billion valuation for Baha Mar’s real estate assets, the two ‘transfers’ would have each generated around $50 million in Stamp Duty. The collective $100 million sum would have come in especially handy for the cashstrapped Public Treasury, given its $160 million pay-

ments ‘backlog’ that was exposed in the Budget. This sum is almost equivalent to the $101 million provided by the China Export-Import Bank, and many observers will likely suggest this shows the Bahamian creditor payouts are effectively a wealth transfer from taxpayers. Other highlights in the ‘Heads of Terms’ include: * China Construction America (CCA), whose failure to complete Baha Mar on time and on budget sparked the project’s initial crisis, appears to have received what it wanted and more. The Beijing-owned contractor was paid a $145 million remobilisation sum by September 15, 2016, last year. While some of this will likely have been used to pay its Bahamian subcontractors, this sum is way more than the $75 million

chase had to close by November 22, 2016, this year, but the deal’s consummation is dependent on Baha Mar’s construction completion by CTFE. The letter, signed by Creswell Sturrup, thenpermanent secretary in the Prime Minister’s Office, extended the Baha Mar purchase closing to December 1,2017. The same document also clarified the “reasonable endeavours” China ExportImport Bank has to make to show it is complying with the ‘Heads of Terms’, identifying this as a full payout to Bahamian creditors. * The ‘Heads of Terms’ states that the Government “expects” Baha Mar’s Bahamian retail and restaurant tenants to retain their leases on “the same terms and conditions as currently exists”. However, it falls short of a ‘cast iron’ guarantee, especially as the China Export-Import Bank is mandated only to “encourage” CTFE to do the same. * The Government, having obtained the appointment of joint provisional

liquidators, should have financed their costs as there were not enough assets left at Baha Mar to pay them. However, the Heads of Terms stipulate that the costs are being shared 50/50 with the China Export Import Bank. It is unclear how the ‘Heads of Terms’ could be construed as containing commercially confidential information, or why they were sealed to - as Justice Ian Winder put it - “preserve the integrity” of the Baha Mar sales process. Most of the figures relate to how the creditor payout process will work, with $51 million allocated to pay debts owed to Government entities and the former Baha Mar employees, and the remaining $50 million for other Bahamian creditors. The National Insurance Board (NIB), Bahamas Telecommunications Company (BTC), Bahamas Power & Light (BPL) and the Water & Sewerage Corporation, along with outstanding occupancy taxes, were to be made whole up until October 31, 2015.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 89° F/32° C Low: 74° F/23° C

TAMPA

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Partly sunny with a shower in spots

Partly cloudy

A blend of sun and clouds

Some sun with a passing shower

A mix of sun and clouds

Times of sun and clouds

High: 93°

Low: 79°

High: 93° Low: 81°

High: 93° Low: 78°

High: 92° Low: 79°

AccuWeather RealFeel

100° F

84° F

100°-89° F

98°-86° F

101°-86° F

102°-86° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

ABACO

High: 85° F/29° C Low: 80° F/27° C

8-16 knots

High: 89° F/32° C Low: 79° F/26° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 88° F/31° C Low: 80° F/27° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 90° F/32° C Low: 78° F/26° C

High: 88° F/31° C Low: 78° F/26° C

MIAMI

High: 91° F/33° C Low: 81° F/27° C

8-16 knots

KEY WEST

High: 88° F/31° C Low: 82° F/28° C

ELEUTHERA

NASSAU

High: 93° F/34° C Low: 79° F/26° C

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

5:39 a.m. 6:19 p.m.

2.7 3.4

11:53 a.m. -0.6 ---------

Thursday

6:37 a.m. 7:14 p.m.

2.8 3.6

12:46 a.m. -0.2 12:48 p.m. -0.7

Friday

7:33 a.m. 8:08 p.m.

2.8 3.7

1:42 a.m. -0.4 1:43 p.m. -0.8

Saturday

8:29 a.m. 9:01 p.m.

2.9 3.7

2:37 a.m. -0.6 2:37 p.m. -0.9

Sunday

9:24 a.m. 9:54 p.m.

2.9 3.7

3:30 a.m. -0.6 3:32 p.m. -0.8

Monday

10:19 a.m. 10:46 p.m.

2.9 3.5

4:23 a.m. -0.6 4:26 p.m. -0.6

Tuesday

11:15 a.m. 11:39 p.m.

2.8 3.3

5:16 a.m. -0.5 5:22 p.m. -0.3

sun anD moon Sunrise Sunset

6:21 a.m. 8:03 p.m.

Moonrise Moonset

4:06 a.m. 5:29 p.m.

New

First

Full

Last

Jun. 23

Jun. 30

Jul. 8

Jul. 16

CAT ISLAND

High: 86° F/30° C Low: 79° F/26° C

7-14 knots

8-16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 93° F/34° C Low .................................................... 79° F/26° C Normal high ....................................... 87° F/31° C Normal low ........................................ 74° F/23° C Last year’s high ................................. 86° F/30° C Last year’s low ................................... 74° F/23° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 5.42” Normal year to date ................................... 11.98”

High: 86° F/30° C Low: 80° F/27° C

The total sum owed to Baha Mar employees was pegged at $8.7 million, along with $2.9 million in pension benefits that were deducted from their salaries. As for the $50 million, Bahamian creditors - and local sub-contractors of foreign companies other than CCA - were to be made whole if owed less than $500,000. Those said to be owed more had to negotiate settlements with the claims committee. Any funds left over were to compensate foreign creditors. “The valuable concessions that the Government has provided must redound to the benefit of the people of the Commonwealth of the Bahamas,” the ‘Heads of Terms’ said, “and it is therefore essential that the monies that China ExportImport Bank has agreed to make available for the settlement of unsecured creditors’ claims should primarily be paid to unsecured Bahamian creditors.”

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 80° F/27° C

High: 86° F/30° C Low: 79° F/26° C

High: 88° F/31° C Low: 80° F/27° C

W S

LONG ISLAND

insurance management tracking map

High: 87° F/31° C Low: 80° F/27° C

8-16 knots

MAYAGUANA High: 87° F/31° C Low: 81° F/27° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 85° F/29° C Low: 80° F/27° C

High: 86° F/30° C Low: 80° F/27° C

GREAT INAGUA High: 89° F/32° C Low: 81° F/27° C

8-16 knots

10-20 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS SE at 7-14 Knots ESE at 6-12 Knots SE at 7-14 Knots ESE at 7-14 Knots ESE at 8-16 Knots E at 8-16 Knots E at 10-20 Knots E at 8-16 Knots ESE at 8-16 Knots E at 7-14 Knots SE at 7-14 Knots ESE at 6-12 Knots SE at 8-16 Knots E at 8-16 Knots E at 10-20 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots E at 10-20 Knots E at 8-16 Knots ESE at 6-12 Knots E at 6-12 Knots E at 8-16 Knots E at 8-16 Knots SE at 8-16 Knots E at 8-16 Knots

WAVES 4-7 Feet 3-6 Feet 1-3 Feet 1-3 Feet 3-6 Feet 3-5 Feet 4-7 Feet 4-7 Feet 3-6 Feet 3-6 Feet 2-4 Feet 1-3 Feet 1-3 Feet 1-3 Feet 4-7 Feet 4-7 Feet 3-5 Feet 2-4 Feet 5-9 Feet 4-8 Feet 2-4 Feet 1-3 Feet 3-5 Feet 3-5 Feet 2-4 Feet 2-4 Feet

VISIBILITY 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles

WATER TEMPS. 82° F 82° F 83° F 83° F 82° F 82° F 83° F 83° F 81° F 81° F 84° F 84° F 83° F 83° F 83° F 83° F 83° F 83° F 83° F 83° F 82° F 82° F 83° F 83° F 82° F 82° F