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TUESDAY, AUGUST 21, 2018

$4.94

Ginn developers eyes tenyear VAT ‘deferral’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE $2.8bn developer of the former Ginn project may be in line for a tenyear VAT “deferral”, two decades of property tax breaks and “special fuel concessions”, according to leaked papers.

A draft copy of the Government’s heads of agreement with Skyline Investments discloses the now-standard “taxes for jobs” trade-off in return for the developer creating 1,395 permanent posts and 1,025 in the construction phase.

KP Turnquest, deputy prime minister, and other Cabinet members did not respond to messages seeking comment yesterday, but a well-placed source familiar with the project in Grand Bahama’s West End indicated it was a genuine document by confirming it corresponded with the incentives the Torontobased developer had been seeking.

“Those things, that subject matter, would definitely be on the radar,” the source, speaking on condition of anonymity, said.

“Those things will definitely be part of the discussion, and I knew they were on the radar. All those items were discussed.

“A lot of the things you mentioned were part of the [original] Ginn agreement.

The new twist was going to be VAT, and I knew they [Skyline] would like to get the same thing Baha Mar did.”

The draft document is not signed or dated, and it is likely to have been tweaked further prior to any signing.

Tribune Business understands that the Government has undertaken “painstaking due diligence” on the heads of agreement, with the clauses reviewed by multiple persons, amid its anxiety to avoid a repeat of the Oban Energies debacle.

Another contact familiar with developments, and speaking on condition of anonymity, suggested the Government may have quietly signed the Skyline agreement as much as four weeks’ ago, but that could

SEE PAGE 4

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$4.93

BTC revenue revival after 10k client loss

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Bahamas Telecommunications Company’s (BTC) owner is targeting a 2018 second half turnaround for its slumping top line, after it lost another 10,400 mobile customers due to “competitive intensity”.

Balan Nair, Liberty Latin America’s (LiLAC) chief executive, told analysts on a conference call to “check back in two quarters” as the communications provider looks to a new management team to halt the decline in BTC’s revenues.

He said the latest executive line-up, headed by Garry Sinclair, a Jamaican, had a “top line growth mission” as part of LiLAC’s “second phase” plans for BTC following years of cost-cutting and staff downsizing.

Mr Nair’s comments came after BTC lost a further 10,400 mobile subscribers during the three months to end-June 2018, although this was said to represent a near-60 percent decline on the attrition experienced during the same period in 2017.

The incumbent carrier

* Owner targets 2018 second half turnaround * Tells analysts: ‘Check back in two quarters” * Mobile customer attrition down near 60%

A DAMAGES award of $9.67M has been upheld against the Bimini Bay resort’s original developer over its demolition of a tenant’s beach club in defiance of a Supreme Court order.

The Court of Appeal, in a 2-1 majority verdict, reinstated $6.8m in “general damages for consequential loss” that had been awarded to Therapy Beach Incorporated for the loss of its bar and restaurant facilities at the Bimini-based resort.

Gerardo Capo’s RAV Bahamas and Bimini Bay Resort Management entities had successfully appealed to the Supreme Court against this aspect of the damages, which were initially awarded by retired Supreme Court justice,

Owning home ‘impossible for some’ after hike

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

GARRY SINCLAIR lost some 24,000 mobile customers during the 2017 second quarter, and its latest figures indicate that Aliv continues to steal market share and business following its aggressive market entry in November 2016.

“In The Bahamas, competitive intensity continued to drive subscriber declines totalling 10,000 in the second quarter as compared to a loss of 24,000 in the 2017 second quarter,” confirmed BTC’s immediate parent, Cable & Wireless Communications (CWC),

BTC headquarters on JFK drive. which is now owned by LiLAC. A breakdown provided

by LiLAC shows BTC lost 10,000 pre-paid, and 4,000 post-paid, subscribers during the 2018 second quarter. This leaves the carrier, which is 49 percent owned by the Government, with 240,700 customers the bulk of which, some 89 percent, consist of 214,700 pre-paid customers.

Post-paid mobile users, who typically represent the more lucrative and high net-worth market, account for just 11 percent or 26,000

of BTC’s subscriber base.

Given that LiLAC showed BTC as having 315,000 total mobile customers when Aliv launched, this indicates the incumbent has lost almost 24 percent - nearly one in four of its subscribers - since competition arrived.

Such pressures resulted in a 14.8 percent year-overyear drop in BTC’s total 2017 revenues, which fell from $306.6m in 2016 to $261.3m last year. The latter figure is almost $100m

SEE PAGE 5

$10m damages against Bimini developer upheld

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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* Capo faces reinstated $6.8m award * Defied court order on Beach Club demo * But ex-CJ blasts ‘manifestly unfair’ sum Cheryl Albury.

She acted as arbitrator in the developer’s dispute with Therapy Beach, but Justice Ian Winder remitted 70 percent of the damages award back to retired justice Albury for “reconsideration” on the basis that a “serious irregularity” had occurred in determining the $6.8m.

But Therapy Beach, whose principal is Miamibased entertainment owner/promoter, Garrick Edwards, persuaded Appeal Court president, Sir Hartman Longley, and appeal justice Jon Isaacs, to find that the Supreme Court had failed to show any irregularities resulted

in “substantial injustice” to Mr Capo and RAV Bahamas - as required under the Arbitration Act. The developer’s only ally at the Court of Appeal hearing was acting justice Sir Michael Barnett, who blasted the $6.8m award as “manifestly unfair and ambiguous” given that Therapy Beach and Bimini Bay had agreed in the original lease that the former would incur a “maximum estimated loss” of $7,500 per month if the Beach Club was to close.

He found that “the sum is so high that no arbitrator acting reasonably could properly have come” to such a conclusion,

suggesting that ex-justice Albury must have included factors “she ought not to have taken into account” in calculating the award.

Yet the majority Court of Appeal verdict represents a triumph for Mr Edwards and Therapy Beach in their five-year legal battle with Mr Capo and RAV Bahamas following the demolition of their business, trading as Sakara Beach Club, in July 2013.

Sir Michael, as the thenchief justice, had already heard the Bimini Bay developer’s claims that Therapy Beach’s December 31, 2011, lease was “null and void”,

SEE PAGE 2

THE VAT rate increase has made home ownership “almost impossible for some and a lot harder for others”, a prominent developer said yesterday.

Franon Wilson, pictured, Arawak Homes president, told Tribune Business: “From where we sit right now, the demand for home ownership is very strong. The change in VAT is a challenge for a lot of people in that some persons are no longer able to qualify.

“There are others who were initially able to get a home in a certain area at a certain size, but may now have to look at a smaller home in another area. There is also the fact that developers are still no longer able to claim their input credits. That would have an effect on the cost of a home. As a result, that now has to be added to the cost when we purchase the property and will increase the price of homes moving forward.”

While the 60 percent hike in the VAT rate will raise construction costs, the government has also decided to revert to the old real estate transaction tax structure going back to ten percent stamp duty from the previous 7.5 percent/2.5 percent split between duty and VAT. Mr Wilson, a former Bahamas Real Estate Association (BREA) president, continued: “We are optimistic. Demand is strong notwithstanding what people are faced with relative to VAT. People are now being forced to make some decisions they wouldn’t ordinarily have to.

“We can say for sure the change in VAT rate has definitely made home ownership not possible for a lot of people, and harder for others, because of the fact that many no longer qualify for as much as they did.

“Some people are forced to build smaller homes as some areas have restrictive covenants where your home has to be a certain size. That has forced some people to look at having to sell their property and go and build somewhere else. These are real issues that people are having to deal with.”

Inside the BPL board break-up

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Power & Light’s (BPL) Board split was sparked by disputes over generation technology for the new, low-cost power plant and executive appointments, Tribune Business can reveal.

The increasingly bitter row, which led to the former Board’s dissolution after it fractured into two factions, pitted former chairman, Darnell Osborne, and fellow directors Nicola Thompson and Nick Dean, against chief executive Whitney Heastie and ex-vice chairman, Patrick Rollins.

While the latter two were backed by Desmond Bannister, the minister of works who has responsibility for

DARNELL OSBORNE

WHITNEY HEASTIE

DESMOND BANNISTER

BPL, Mrs Osborne and her group found an ally in the energy monopoly’s two unions - the Bahamas Electrical Workers Union (BEWU) and Bahamas Electrical Utility Managerial Union (BEUMU).

All parties to the dispute have danced around the real reasons for the debacle, but Tribune Business can disclose that Mrs Osborne

was infuriated by Mr Bannister’s decision to appoint Mr Rollins as an executive director.

Mr Bannister, in explaining the move to Tribune Business in late July, said: “We thought the new chief executive needed some assistance in certain areas, and guidance from somebody with the kind of expertise Mr Rollins

has. Mr Rollins is an engineer by training, and former fraud control manager at BTC. “He was the most appropriate person, and someone we have tremendous confidence in for critical control areas that are very important to BPL, particularly now.”

SEE PAGE 6

PAGE 2, Tuesday, August 21, 2018

THE TRIBUNE

$10m damages against Bimini developer upheld FROM PAGE ONE and that Mr Edwards had to vacate the lease.

“In March 2013, the respondent [RAV Bahamas] commenced proceedings by originating summons seeking a declaration that the lease agreement entered into with the respondent [Therapy Beach] was void, illegal and of no effect because its terms violated the International Persons Landholding Act,” the Court of Appeal judgment recorded.

“The action came on for hearing before Sir Michael Barnett, (chief justice as he then was), who reserved judgment and ordered the status quo remain. In the interim, and before awaiting the judgment, the respondent demolished the premises, the subject of the lease. Subsequently, the Chief Justice ruled that the lease was valid.”

Tribune Business previously revealed how Mr Edwards and Therapy obtained permission to apply to commit Mr Capo, and other Bimini Bay executives, to prison for alleged contempt of court because the demolition violated the Supreme Court’s order.

The Therapy Beach principal also alleged in court documents that the restaurant and beach club facilities were bulldozed to pave the way for Mr Capo’s new partner, the Genting-owned Resorts

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World Bimini, to operate its own food and beverage facility - which opened two days after Sakara’s destruction.

Ultimately, the two sides agreed to resolve the dispute over Therapy Beach’s “forcible eviction... from premises during the currency of a valid lease” through arbitration proceedings before ex-justice Albury, which took place in 201.

She ultimately awarded Therapy Beach some $9.67m in total damages, with interest running at five percent, from July 18, 2013 - the date of demolition.

While this sum included $2.5m in exemplary damages and $370,000 in special damages, it was the $6.8m balance that Mr Capo and RAV Bahamas were able to successfully challenge in the Supreme Court.

“The learned judge remitted the consequential damages component of the award in the amount of $6.8m back to the arbitrator for reconsideration, and he did so on the basis of his finding pursuant to section 90 of the Act that the consequential damages component of the award was seriously irregular because the arbitrator did not consider the issue of whether Therapy could claim losses occurring not only in the remaining term of the current lease but also in the renewal period,” the Court of Appeal said.

Justice Winder also found that the $6.8m award was “ambiguous”, and that it was “unfair” for the Bimini Bay developer not to have an opportunity to air its case on certain aspects of the arbitrator’s decision.

This led to a “two-fold attack” on the Supreme Court verdict by Therapy Beach, which successfully argued that Justice Winder had failed to meet the Arbitration Act provisions that required him to determine whether the developer

would suffer “substantial injustice” from any “irregularities” in the damages calculations.

The Court of Appeal agreed that RAV Bahamas had failed to prove this would happen, noting that the developer had left it late to plead that the option to renew Therapy Beach’s lease “was void and unenforceable for uncertainty, and was illusory”.

But Sir Michael, in his dissenting judgment, focused on the lease renewal option as an “essential issue” that the arbitrator had failed to consider when awarding damages. He found that the failure to do so naturally led to a “substantial injustice” against Bimini Bay’s original developer.

“It seems to me that this award is manifestly unreasonable and unfair; $6.8m as damages for a breach of a lease agreement was ambiguous. It is unclear how that sum was determined, [and] the respondents ought to know the basis upon which the sum was arrived at by the arbitrator,” he wrote.

“If the parties at the beginning of the lease agreed that the sum of $7,500 per month represented an estimate of the maximum loss the appellant would suffer as a result of the closure or non-operation of the club, the sum of $6.8m as consequential damage as a result of the closure of the club over six years is manifestly unfair and ambiguous, and the arbitrator must have taken into account matters which she ought not to have taken into account.

“The sum is so high that no arbitrator acting reasonably could properly have come to the conclusion that it was a fair reflection of the loss suffered by the appellant. The arbitrator could not have properly considered all of the issues that she was obliged to consider.”

THE TRIBUNE

Tuesday, August 21, 2018, PAGE 3

Auto repairers demand Japan report’s release

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamian Auto Repair Association (BARA) yesterday called for the release of a promised report on Japanese auto import inspections, questioning if some industries have a “hidden agenda”.

Dwaine Scavella, the BARA president, said: “What happened to the report the Bahamian motorists have been waiting on, or is it they found nothing so they could not give a report. If the trip was really about safety, which of the delegates can explain what a structural repair process is for a vehicle to be roadworthy again, or which one can explain the importance of changing a bad wheel bearing?”

He added: “Many motorists believe that the trip to Japan was a smokescreen to satisfy the motor dealers’ appetite to control and force high interest loans for vehicles they can’t afford.

As I receive feed back from

used car dealers, the one thing that sticks out is the word ‘reject’.

“The thing is the price of new cars is out of reach for the poor, so when they import a used vehicle or even a damaged vehicle it’s labelled a ‘reject’ or it’s unworthy. More and more members of the public are having less trust in the motor dealers because they believe they have a hidden agenda.”

Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chief executive, earlier this month warned that The Bahamas is serving as a “dumping ground” for vehicles that have been rejected as unsafe by other nations.

He added that more than 17,000 vehicles are being exported to The Bahamas from Japan on an annual basis, despite concern over their “roadworthiness” and possible “radioactive contamination”.

Mr Sumner, who also serves as deputy chair of the

Bahamas Bureau of Standards and Quality (BBSQ), said during a Rotary Club of South East Nassau that the agency’s trip to Japan - which he went on in January - had assessed preexport inspection processes for used vehicles shipped to The Bahamas. It focused on one vehicle testing company, EAA Company, to determine whether its facilities were compliant with International Standards Organisation (ISO) 1725 certification.

That trip sparked claims of a “conspiracy” to “squeeze the small man”’ and force Bahamians to purchase more expensive vehicles, claims Mr Sumner again sought to dispel. The delegation’s findings have never been published.

Labour Minister Dion Foulkes, who has responsibility for the BBSQ, confirmed he had received a report and that its contents would be made public, although he indicated that the person responsible for handling the report is on leave.

A Financial Institution Seeks to fill the position of

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Key responsibilities include but are not limited to: • New clients acquisition • Develop existing and new client relationships • Management of Private Banking Team • Provision of investment solutions • Marketing strategy development and implementation Qualifications and Experience: • Bachelor’s Degree in Business or Finance • Minimum 7 years advanced experience in, and excellent knowledge of private banking • Exceptional track-record in business development/client relationship management • Thorough knowledge of compliance, regulatory and risk issues • Has established networks with existing portfolios of HNW individuals • Commitment to quality and service excellence • Willing to travel • Ability to meet deadlines and manage expectations • Experience in managing a team • Flexibility in office hours and hands-on approach when required • Goal oriented, self-motivated, positive attitude and outlook • Excellent oral and written communication, presentation and client relationship management skills • Proficiency in Microsoft Office • Fluent in English, Spanish, French and Italian Interested persons should submit their curriculum vitae along with a cover letter

by August 24th 2018.

Private & Confidential Head of Private Banking c/o The Tribune Box DA 110505 P.O. Box N-3207 Nassau, The Bahamas

PAGE 4, Tuesday, August 21, 2018

THE TRIBUNE

Ginn developers eyes ten-year VAT ‘deferral’ FROM PAGE ONE not be confirmed.

The draft, though, appears to give Skyline equal treatment as Baha Mar’s new owner, Chow Tai Fook Enterprises, by giving it a similar VAT “deferral” on its input costs until construction is completed and

the project operational.

This means that all VAT due, and accumulated, over the next decade will not become payable until 2028.

“In an effort to alleviate the developer’s cash flow burden, uphold the VAT legislation and establish and maintain an audit trail, the developer wants to enter into a VAT Relief

NOTICE IN THE ESTATE OF VIRGINA ETHLYN FERGUSON a.k.a. ETHELYN VIRGINIA FERGUSON late of Maple Street, Pinewood Gardens in the Southern 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 claim or demand against the above-named Estate are required to send the same to the undersigned on or before the 14th day of September A.D. 2018 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit of any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 20th day of August A.D. 2018 GIBSON & ASSOCIATES Chambers, Deanna House Dowdeswell Street P.O. Box N-4377 Nassau, The Bahamas

Scheme with the Department [of Inland Revenue],” the document states.

“The scheme will provide a mechanism to account for VAT in relation to the overall project, while removing the need to physically pay VAT on transactions between approved participants of the programme.”

The draft document then says the Government agrees to “defer payment of VAT on the importation of goods, materials and equipment” used in construction activities at the 2,012-acre West End project “until the anticipated completion in December 2028”.

A similar deferral will apply to VAT payable on land purchases, although this is no longer applicable to end-user sales as this was removed from the “transaction tax” structure in the Budget - indicating the draft may be slightly old.

Still, it provides a good insight into the negotiations between the developer and the Government, with a host of renewable energy items and fuels being eyed for VAT “exempt” and “zero rated” status. The

renewable energy concessions are designed to facilitate the creation of the project’s 200-acre “Smart City”, which is intended to attract technology companies to Grand Bahama.

While the ten-year VAT “deferral” may spark a knee-jerk reaction among some, Skyline Investments and its affiliates would suffer a huge cash flow drag if they have to pay the tax on their upfront construction inputs.

The developer has no “output” VAT to collect that will offset this, and it would only slow the project down. The Government will instead collect something of a “tax windfall” when the project starts operating and collecting VAT from guests and customers.

Baha Mar received similar treatment from the former Christie administration, the only difference being that it is a resort while West End is more akin to a real estate play. “In order to make the project viable and competitive in a greenfield development, stamp duty and VAT are required to be treated in the manner set

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Attorneys for the Personal Representatives

out below,” the draft states.

“In order to make the project viable and competitive, special concessions are required with regard to fuel in light of the magnitude of the project and its proximity to South Florida as well as the proximity to the city of Freeport where reduced fuel prices are available due to the provisions of the Hawksbill Creek Agreement.”

Other investment incentives laid out in the draft include a 20-year exemption from real property taxes, along with the imposition of any tax on a “taxable supply, sales, earnings or revenues derived” from the developer’s operations.

And, under a clause headed “No increase in taxes”, the document adds: “The Government will ensure that the concessions, investment incentives and benefits granted to the project are not diminished in any way by the imposition of any new taxes or increase in existing taxes payable by or in relation to the project for a period of ten years.”

The draft also outlines Bahamian laws that will be changed to facilitate the Skyline Investments project. These include legislation that will be enacted to allow payment of an annual cruising permit for vessels docking in local marinas, regardless of how many times they travel outside The Bahamas.

And legislative changes will also enable the West End developer to enter into net billing deals with Grand Bahama Power Company to “facilitate the purchase and selling of renewable energy”. The price involved

in both selling and buying will be at a ten percent discount to existing GB Power rates, with “no limits” on the amount of power Skyline can produce or the MW size of its renewable plant.

The renewable energy focus is designed to support the proposed 200-acre “Smart City” hub for technology companies, which will be developed in phase three of the build-out. The draft says its development will be placed under control of a Bahamian-owned management company, although there is no mention of who will own this.

“The developer shall co-operate with the management company and the Government in the formation of ‘The Bahamas Global Blockchain Council’ to lead and guide implementation, and provide direct consultation to the Government, on the implementation of Blockchain technology to enhance Government efficiencies and operations throughout the entire Commonwealth of The Bahamas,” the document adds.

“The Smart City international marketing plan and campaign will also be finalised during Phase three with a strategy to include a global promotional tour to strategic cities, countries and technology companies to highlight the benefits, incentives and competitive advantages of Grand Bahama as an international technology hub; The Bahamas as a high-tech jurisdiction; and establishment of offices, businesses and corporate structures within the Smart City.”

N O T I C E

N O T I C E

N O T I C E

BAHA MAR JOINT VENTURE LTD.

BAHA MAR JV HOLDING LTD.

BAHA MAR INFRASTRUCTURE COMPANY LTD. (In Voluntary Liquidation)

(In Voluntary Liquidation)

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned at P. O. Box N-7776 (Slot 193), New Providence, The Bahamas on or before the 4th day of September, 2018. In default thereof, they will be excluded from the benefit of any distribution made by the Liquidators.

Dated the 21st day of August, 2018

(In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN as follows:-

A. In accordance with Section 138(4) of the International Business Companies Act, 2000 (No. 45 of 2000) BAHA MAR JV HOLDING LTD. (the “Company”) is in dissolution.

B. The dissolution of the Company commenced on the 20th day of August, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar of Companies of the Commonwealth of The Bahamas.

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned at P. O. Box N-7776 (Slot 193), New Providence, The Bahamas on or before the 4th day of September, 2018. In default thereof they will be excluded from the benefit of any distribution made by the Voluntary Liquidators.

Dated the 21st day of August, 2018

C. The Liquidators of the Company are TONI Y. GODET and CELESTE F. MITCHELL both of Lyford Cay House, 6th Floor, Western Road, Lyford Cay, P. O. Box N-7776 (Slot 193), New Providence, The Bahamas.

Dated the 21st day of August, 2018 __________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

__________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

________________________________________ TONI Y. GODET and CELESTE F. MITCHELL Joint Voluntary Liquidators

N O T I C E

N O T I C E

N O T I C E

BLUE SANDPIPER LTD.

BAHA MAR CSO LTD.

BAHA MAR JV HOLDING LTD.

(In Voluntary Liquidation)

(In Voluntary Liquidation)

Creditors having debts or claims against the abovenamed company are required to send particulars thereof to the undersigned at P. O. Box N-7776 (Slot 193), New Providence, The Bahamas on or before the 4th day of September, 2018. In default thereof, they will be excluded from the benefit of any distribution made by the Liquidators.

Creditors having debts or claims against the abovenamed company are required to send particulars thereof to the undersigned at P. O. Box N-7776 (Slot 193), New Providence, The Bahamas on or before the 4th day of September, 2018. In default thereof, they will be excluded from the benefit of any distribution made by the Liquidators.

Dated the 21st day of August, 2018

Dated the 21st day of August, 2018

(In Voluntary Liquidation)

Creditors having debts or claims against the above-named company are required to send particulars thereof to the undersigned at P. O. Box N-7776 (Slot 193), New Providence, The Bahamas on or before the 4th day of September, 2018. In default thereof, they will be excluded from the benefit of any distribution made by the Liquidators.

Dated the 21st day of August, 2018

__________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

__________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

N O T I C E

N O T I C E

BAHA MAR JOINT VENTURE LTD.

BAHAMAS FUNDCO FOUR LTD.

(In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN as follows:-

A. In accordance with Section 138(4) of the International Business Companies Act, 2000 (No. 45 of 2000) BAHA MAR JOINT VENTURE LTD. (the “Company”) is in dissolution.

A. In accordance with Section 138(4) of the International Business Companies Act, 2000 (No. 45 of 2000) BAHAMAS FUNDCO FOUR LTD. (the “Company”) is in dissolution.

B. The dissolution of the said company commenced on the 20th day of August, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar of Companies.

B. The dissolution of the Company commenced on the 20th day of August, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar of Companies of the Commonwealth of The Bahamas.

C. The Liquidators of the said company are TONI Y. GODET and CELESTE F. MITCHELL both of Lyford Cay House, 6th Floor, Western Road, Lyford Cay, P. O. Box N-7776 (Slot 193), New Providence, The Bahamas.

C. The Liquidators of the Company are TONI Y. GODET and CELESTE F. MITCHELL both of Lyford Cay House, 6th Floor, Western Road, Lyford Cay, P. O. Box N-7776 (Slot 193), New Providence, The Bahamas.

__________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

COMPANIES ACT, 1992 (CH. 308)

NOTICE OF VOLUNTARY WINDING UP

(In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN as follows:-

Dated the 21st day of August, 2018

__________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

BAHA MAR INFRASTRUCTURE COMPANY LTD. (In Voluntary Liquidation) (Registration No. 54586 C) TAKE NOTICE that the above-named Company was put into liquidation on the 20th day of August, 2018 by a resolution passed by its shareholders on the 20th day of August, 2018.

AND FURTHER TAKE NOTICE that TONI Y. GODET and CELESTE F. MITCHELL both of Lyford Cay House, 6th Floor, Western Road, P. O. Box N-7776 (Slot 193), Lyford Cay, New Providence, The Bahamas, Telephone: 242-702-2000, have been appointed joint voluntary liquidators of the said Company.

Dated this 21st day of August, 2018.

Dated the 21st day of August, 2018 __________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

TONI Y. GODET Voluntary Liquidator

CELESTE F. MITCHELL Voluntary Liquidator

THE TRIBUNE

Tuesday, August 21, 2018, PAGE 5

BTC revenue revival after 10k client loss FROM PAGE ONE down on the revenues BTC enjoyed pre-mobile liberalisation, highlighting just why Mr Nair is so eager to reverse the company’s plummeting top-line.

While praising Mr Sinclair’s immediate predecessor, Dexter Cartwright, a Bahamian, for boosting BTC’s profits and margins via cost cutting, the LiLAC chief admitted that this had not solved the “top-line revenue challenge” at its Bahamian subsidiary.

“On the BTC management front, we made a big change late last year where we changed out the management and brought in a team that really focused on the cost structure there,” Mr Nair said.

“I think [they] have done a really good job on it.

We’ve seen the improvement and expansion in our margins with the bottom line. It did not solve our top-line revenue challenge, so we’ve now got to the second phase of what we want to do with BTC. “We’ve made - this is, by the way, a natural progression - the management team we moved there had a mission, and they’ve accomplished their mission. Now we’re moving them to another part of our business.”

Mr Nair continued: “We’re bringing another team in there with a very different mission, which is the top-line growth mission.

Gary [Sinclair] has a proven track record with creating value on the top-line.

“Gary is coming into The Bahamas, and is going to take over from Dexter and

focus on the top-line. We feel good about it, but it is still early for us to say much about it. Check back in two quarters.”

Mr Nair’s comments indicate that LiLAC wants to refocus BTC on growth following years of cost-cutting and realignment since its 2011 privatisation. But achieving top-line expansion will be far from easy, given the continuing erosion of its once-lucrative mobile monopoly by Aliv, while BTC has struggled to make inroads into the TV and Internet markets dominated by its rival’s controlling shareholder, Cable Bahamas.

For the 2018 second quarter, while BTC saw a 1,500 expansion in its fixed-line customer base to 48,400 subscribers, its TV and Internet numbers both declined. The former fell by 300 to just 6,700, while Internet subscribers dropped by 700 to 26,400 at end-June 2018 even though BTC’s fibre-to-thehome infrastructure passes 128,900 residences.

This highlights the scale of the challenge faced by Mr Sinclair, who is viewed as “a heavy hitter” given his track record as a leading Jamaican investment banker and then as head of CWC’s regional business.

Some observers have interpreted his appointment as both a sign of BTC’s importance to its current owner, Liberty Latin America (LiLAC), and an indication of the latter’s concern at its Bahamian asset’s performance in the face of the competition from Aliv and Cable Bahamas.

LiLAC also revealed that

CWC’s revenues year-todate were slightly down on 2017 comparatives due to a five percent decline in mobile residential revenue that was “primarily driven” by the performance of BTC and its Panama subsidiary.

BTC’s parent is also targeting growth in the business-to-business (B2B) market region-wide, with 32 percent - almost one-third - of its 2018 second quarter Bahamas revenues of $58m generated by this segment.

Tribune Business earlier this year revealed how BTC’s net profits fell by at least $30m, or 75 percent, year-over-year in 2017 as a result of competition’s pressure on not just subscriber numbers but pricing and margins.

BTC’s 2017 full-year net earnings were down 71.3 percent at $11.4m, compared to the $39.7m profit it enjoyed for the last nine months of 2016 - the last period in which it enjoyed a mobile monopoly prior to Aliv’s launch in November 2016.

This suggests that BTC’s full year-over-year profits comparison could have

been down by as much as 80 percent, given that the telecommunications carrier was likely on track for a near-$50m “bottom line” in 2016 based on its ninemonth performance.

The figures also revealed that the Government and “BTC Foundation”, as non-controlling BTC shareholders, received no dividend in 2017 compared to the $12.6m payout they collectively enjoyed in 2016.

And BTC lost over 60,000 mobile customers, almost 20 percent of its market, in just over one year as a result of competition. Data released

by LiLAC revealed that at end-2017 its Bahamian subsidiary had 228,100 prepaid subscribers and 26,800 post-paid customers, giving it a total base of 254,900 persons.

This compared to the 282,000 pre-paid and 33,000 post-paid subscribers that Liberty’s 2016 accounts showed it as possessing one year earlier, which was just after BTC’s first-ever mobile rival launched in November 2016.

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YOUR

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

N O T I C E

BAHAMAS FUNDCO THREE LTD. (In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN as follows:A. In accordance with Section 138(4) of the International Business Companies Act, 2000 (No. 45 of 2000) BAHAMAS FUNDCO THREE LTD. (the “Company”) is in dissolution.

B. The dissolution of the Company commenced on the 20th day of August, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar of Companies of the Commonwealth of The Bahamas.

C. The Liquidators of the Company are TONI Y. GODET and CELESTE F. MITCHELL both of Lyford Cay House, 6th Floor, Western Road, Lyford Cay, P. O. Box N-7776 (Slot 193), New Providence, The Bahamas.

Dated the 21st day of August, 2018 __________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

N O T I C E

N O T I C E

N O T I C E

BAHA MAR CSO LTD.

BAHAMAS FUNDCO THREE LTD.

BAHA MAR INFRASTRUCTURE COMPANY LTD. (In Voluntary Liquidation) (Registration Number: 54586 C)

(In Voluntary Liquidation)

A. In accordance with Section 138(4) of the International Business Companies Act, 2000 (No. 45 of 2000) BAHA MAR CSO LTD. (the “Company”) is in dissolution.

B. The dissolution of the Company commenced on the 20th day of August, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar of Companies of the Commonwealth of The Bahamas.

C. The Liquidators of the Company are TONI Y. GODET and CELESTE F. MITCHELL both of Lyford Cay House, 6th Floor, Western Road, Lyford Cay, P. O. Box N-7776 (Slot 193), New Providence, The Bahamas.

(In Voluntary Liquidation)

Creditors having debts or claims against the above-named company are required to send particulars thereof to the undersigned at P. O. Box N-7776 (Slot 193), New Providence, The Bahamas on or before the 4th day of September, 2018. In default thereof, they will be excluded from the benefit of any distribution made by the Liquidators.

Dated the 21st day of August, 2018

Dated the 21st day of August, 2018

NOTICE IS HEREBY GIVEN that an extraordinary general meeting of the Shareholders of BAHA MAR INFRASTRUCTURE COMPANY LTD. is hereby called to be held at Lyford Cay House, 6th Floor, on the 18th day of September, 2018 at 10.00 o’clock in the morning of that day.

The object and purpose of the said meeting is to have laid before the shareholders of the Company the final accounts of the Voluntary Liquidators showing the manner in which the winding up of the Company has been conducted, the property of the Company distributed and the debts and obligations of the Company discharged, and also to hear any explanation that may be given by the Voluntary Liquidators.

Dated this 21st day of August, 2018.

__________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

__________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

N O T I C E

N O T I C E

N O T I C E

BLUE SANDPIPER LTD.

BAHAMAS FUNDCO ONE LTD.

BAHAMAS FUNDCO FOUR LTD.

(In Voluntary Liquidation)

A. In accordance with Section 138(4) of the International Business Companies Act, 2000 (No. 45 of 2000) BLUE SANDPIPER LTD. (the “Company”) is in dissolution.

B. The dissolution of the Company commenced on the 20th day of August, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar of Companies of the Commonwealth of The Bahamas.

C. The Liquidators of the Company are TONI Y. GODET and CELESTE F. MITCHELL both of Lyford Cay House, 6th Floor, Western Road, Lyford Cay, P. O. Box N-7776 (Slot 193), New Providence, The Bahamas.

Dated the 21st day of August, 2018

(In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN as follows:A. In accordance with Section 138(4) of the International Business Companies Act, 2000 (No. 45 of 2000) BAHAMAS FUNDCO ONE LTD. (the “Company”) is in dissolution.

B. The dissolution of the Company commenced on the 20th day of August, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar of Companies of the Commonwealth of The Bahamas.

TONI Y. GODET Voluntary Liquidator

CELESTE F. MITCHELL Voluntary Liquidator

(In Voluntary Liquidation)

Creditors having debts or claims against the abovenamed company are required to send particulars thereof to the undersigned at P. O. Box N-7776 (Slot 193), New Providence, The Bahamas on or before the 4th day of September, 2018. In default thereof, they will be excluded from the benefit of any distribution made by the Liquidators.

Dated the 21st day of August, 2018

C. The Liquidators of the Company are TONI Y. GODET and CELESTE F. MITCHELL both of Lyford Cay House, 6th Floor, Western Road, Lyford Cay, P. O. Box N-7776 (Slot 193), New Providence, The Bahamas.

Dated the 21st day of August, 2018

__________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

__________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

__________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

N O T I C E

N O T I C E

N O T I C E

BAHA MAR JOINT VENTURE HOLDINGS LTD.

BAHA MAR JOINT VENTURE HOLDINGS LTD.

BAHAMAS FUNDCO ONE LTD.

(In Voluntary Liquidation)

(In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN as follows:A. In accordance with Section 138(4) of the International Business Companies Act, 2000 (No. 45 of 2000) BAHA MAR JOINT VENTURE HOLDINGS LTD. (the “Company”) is in dissolution.

B. The dissolution of the said company commenced on the 20th day of August, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar of Companies.

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned at P. O. Box N-7776 (Slot 193), New Providence, The Bahamas on or before the 4th day of September, 2018. In default thereof, they will be excluded from the benefit of any distribution made by the Liquidators.

(In Voluntary Liquidation)

Creditors having debts or claims against the abovenamed company are required to send particulars thereof to the undersigned at P. O. Box N-7776 (Slot 193), New Providence, The Bahamas on or before the 4th day of September, 2018. In default thereof, they will be excluded from the benefit of any distribution made by the Liquidators.

Dated the 21st day of August, 2018

Dated the 21st day of August, 2018

C. The Liquidators of the said company are TONI Y. GODET and CELESTE F. MITCHELL both of Lyford Cay House, 6th Floor, Western Road, Lyford Cay, P. O. Box N-7776 (Slot 193), New Providence, The Bahamas.

Dated the 21st day of August, 2018 __________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

__________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

__________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

PAGE 6, Tuesday, August 21, 2018

THE TRIBUNE

Inside the BPL board break-up FROM PAGE ONE But Mrs Osborne is understood to have viewed the move, which gave BPL’s vice-chairman a role in the utility’s management, as a snub and attempt by the Minister to undermine her authority as chairman.

This was brought home to Tribune Business when it asked her about Mr Rollins’ new role. Mrs Osborne responded tersely that the appointment was neither the decision of herself nor the Board, and that this newspaper needed to contact Mr Bannister about the matter.

Mrs Osborne and her former Board allies, in their weekend statement, were likely referring to Mr Rollins’ appointment and Mr Bannister’s involvement when they said “interference by the political directorate in a board whose very existence was chartered to be devoid of such activities” lay at the root of the dispute.

The Boardroom rift then deepened, and hit the point of no return, while threatening to undermine and derail the prospect of lower cost, more reliable energy for New Providence residents and businesses from the proposed new power plant.

While Shell North America was selected as the preferred bidder to construct, own and operate a 270 megawatt (MW) multi-fuel plant at Clifton Pier, negotiations with BPL to formalise commercial terms via a memorandum of

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MARKET REPORT MONDAY, 20 AUGUST 2018

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

BISX ALL SHARE INDEX: CLOSE 1,940.53 | CHG -26.68 | %CHG -1.36 | YTD -123.04 | YTD% -5.96 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.10 1.39 0.19 3.92 9.17 6.60 5.30 12.00 2.71 1.77 8.21 6.21 12.00 7.00 13.67 13.00

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.12 2.75 8.55 6.09 3.33 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 ##########

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

SYMBOL LAST CLOSE AML 4.01 APD 17.43 BPF 9.09 BWL 4.06 BOB 1.00 BBL 0.18 CAB 2.90 CIB 9.17 CHL 6.15 CBL 3.75 CBB 12.50 CWCB 2.76 DHS 1.75 EMAB 7.85 FAM 6.21 FBB 12.00 FIN 6.36 FCL 3.75 JSJ 13.00 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 108.28 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 3.90 17.43 9.09 4.06 1.00 0.18 2.75 9.17 6.15 3.57 12.50 2.77 1.75 7.81 6.21 12.00 6.36 3.75 13.00

CHANGE -0.11 0.00 0.00 0.00 0.00 0.00 -0.15 0.00 0.00 -0.18 0.00 0.01 0.00 -0.04 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 1.00

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

CLOSE 100.00

CHANGE 0.00

108.39 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME 2,000

21,089 12,000 1,000

VOLUME

EPS$ 0.268 0.932 -0.306 0.283 -0.973 0.000 -0.996 0.638 0.573 0.171 0.627 0.102 0.231 0.000 0.545 0.679 0.719 0.277 0.631

DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.070 0.084 0.320 0.500 0.200 0.120 0.590

P/E 14.6 18.7 N/M 14.3 N/M N/M -2.8 14.4 10.7 20.9 19.9 27.2 7.6 N/M 11.4 17.7 8.8 13.5 20.6

YIELD 2.56% 6.48% 0.00% 5.67% 0.00% 5.56% 0.00% 7.74% 3.58% 3.36% 4.96% 2.17% 4.00% 1.08% 5.15% 4.17% 3.14% 3.20% 4.54%

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

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

MATURITY 19-Oct-2022 ############### 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

MUTUAL FUNDS 52WK HI 2.16 4.16 2.00 180.30 157.58 1.56 1.70 1.64 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.45 11.20

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.50 1.62 1.58 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.16 4.12 2.00 180.30 155.10 1.56 1.70 1.65 1.09 7.27 8.32 6.48 11.32 11.71 10.31 9.93 8.45 11.20

YTD% 12 MTH% 1.87% 3.98% -0.44% 4.28% 1.05% 2.26% 0.90% 3.44% 1.11% 6.05% 2.14% 4.33% 0.17% 4.01% 1.67% 4.18% -0.96% 0.73% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.61% 0.75% 1.13% N/A 2.95% N/A

NAV Date 30-Jun-2018 30-Jun-2018 29-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018

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

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

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

understanding (MoU) and power purchase agreement (PPA) became embroiled in the Board battle.

The infighting escalated over the selection of generation technology for the proposed new power plant, Tribune Business can reveal, and whether it should be Shell or BPL who had responsibility for this.

This newspaper understands that while one Board faction was vehemently opposed to General Electric (GE) supplying the turbines for the Shell plant, and favoured either Wartsila/ Burmeister (BWSC) and MAN Diesel, its rival took the opposing view.

Tribune Business previously revealed that GE, the leading multinational and electricity turbine manufacturer, was complaining that it “cannot get a fair hearing” and was being shut-out of the process to supply both the new Clifton plant and short-term generation.

It is understood that GE has taken its complaints as high as the Trump administration’s US State Department, having offered to provide 80 MW of shortterm generation to BPL to “bridge the gap” between now and when the new Shell power plant comes on stream.

Tribune Business can reveal that GE and its Bahamian partner, Providence Energy Partners, an affiliate of the same-name investment bank headed by Kenwood Kerr, touted their offer as saving BPL and its customers around $75m per annum through reduced fuel costs alone.

And, to sweeten the pot, GE offered a $110m funding facility to upgrade BPL’s transmission and distribution infrastructure. But Mr Heastie, in an interview with Tribune Business last month, dismissed the GE short-term offer as “making no economic sense” because the narrow three-year timeline to the new power plant’s completion made it impossible to generate a viable investment return.

He also suggested that GE’s aeroderivative gas turbine engines do not work well in hot and humid environments such as The Bahamas - a charge GE is known to vehemently dispute, and it has provided evidence to refute Mr Heastie’s position.

The Board dispute also resulted in the leaking of material, such as the Bahamas Chamber of Commerce and unions’ letters, as one faction sought to undermine the other by calling into question the process used to select Shell as the preferred bidder.

Messrs Bannister and Heastie have said a review

by Ernst & Young (EY), the accountants, largely gave the process a clean bill of health, but its contents have yet to be revealed publicly as a process designed to lower the long-standing energy burden borne by the Bahamian people became caught in the crossfire.

Mrs Osborne’s group also received backing from BPL’s two unions, which were unhappy with Mr Heastie’s efforts to transform the utility’s management and culture by bringing in outsiders as consultants and managers.

They also criticised some appointments for having connections to Sancon Consulting, the entity that advised on the process that ultimately selected Shell.

“For the record, the union have no problem with Darnell Osborne becoming chairman again because she has proven to us that her heart is for the employees of BPL and the public,” one BEWU executive told Tribune Business.

“She really wanted to make electricity more affordable and reliable for The Bahamas, but was met with a lot of resistance from others at her level. Asking the Board to resign was a good thing because the inhouse fighting was affecting all staff and had employee morale very low at BPL.

NOTICE Notice is hereby given that STANLEY BRIAN WILLIAMS JR. of Wild Guava Ave., Pinewood Gardens, 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 signed statement of the facts within twenty-eight days from the 21st August, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.