business@tribunemedia.net
TUESDAY, AUGUST 28, 2018
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Bannister urges move on Shell deal
Tribune Business Reporter
nmckenzie@tribunemedia.net BAHAMAS Power & Light’s (BPL) incoming board was yesterday urged to close an agreement for more reliable, cheaper energy with Shell North America as “quickly as possible”. Desmond Bannister, minister of works, confirmed that BPL was “almost a month behind” in completing a memorandum of understanding (MoU) with the energy giant for the proposed 270 megawatt (MW) multi-fuel power plant at Clifton Pier. Speaking at yesterday’s introduction of the new BPL directors, Mr Bannister said: “The Government of The Bahamas has determined that BPL/ BEC will enter an agreement with Shell North America. That is not something you can change. That is a cabinet decision. “Your job now is to seek as quickly as possible to enter into a memorandum of understanding with Shell. That was the cabinet decision. We are almost a month behind with respect to that MOU and it is important for you to proceed with that.” Ferron Bethel was the only former director to retain his post on BPL’s board after the previous version was dissolved due to factional infighting. The new board will consist of chairman Donovan Moxey; deputy chairman, Stephen Holowesko; James Moss; Debra Wood; Viana Gardiner; and Robyn Lee Oglviie with Mr Bethell. Mr Bannister said BPL’s planned $500-$600m rate reduction bond (RRB) refinancing was another issue for the new board to address. “We have rate reduction bond legislation, and we are going to shortly appoint directors [for the special purpose vehicle that
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D’Aguilar backs web shops on ‘woefully unfair anomaly’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A
By NATARIO MCKENZIE
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* Courts need to ‘rule quickly’ on Bet Vegas * Minister ‘asks all the time’ on legal action * Pledge to address Gaming Act loopholes
CABINET minister yesterday slammed Bet Vegas’s continued operation as “woefully unfair” to rival licensed web shops because it was creating “an anomaly in the market”. Dionisio D’Aguilar, who has ministerial responsibility for gaming, told Tribune Business he found himself in rare agreement with the domestic gaming sector over that operator’s conDIONISIO tinued presence D’AGUILAR despite not being granted the necessary permits in 2015. Bet Vegas initiated a Supreme Court challenge to its licence application’s rejection some three years ago, and Mr D’Aguilar said the judicial system needed “to opine quickly” on whether this action had merit to ensure from closing down its busian orderly domestic gaming ness, and the Minister of Tourism said he was conmarket is maintained. The web shop chain also stantly being advised that obtained an injunction to this was still in place to prevent the Gaming Board block any action by the
industry regulator. Emphasising that he holds “no opinion either way” on whether Bet Vegas should be licenced, Mr D’Aguilar said the tenyear bar imposed by the Christie administration on new web shop entrants was not necessarily an obstacle should the courts rule in the chain’s favour. While the moratorium provides for eight licenced operators, the minister said one chain had since
A REJECTED landfill bidder last night urged the Government to ensure the winner offers “the same or more” as its $400m investment, up to 200 jobs and two renewable energy solutions. Fay Russell, president of the Bahamas WTP consortium, told Tribune Business that the group is “not going anywhere” despite failing to be awarded the New Providence landfill management contract as its solutions were a “scalable” fit for Family Island waste facilities. Confirming that the Ministry of Environment and Housing had sent the consortium formal notice that its bid was unsuccessful, Mr Russell disclosed that Bahamas WTP had offered both waste-to-energy and solar solutions as part of its offer to tame the landfill. He revealed that the proposed 80 megawatt (MW) waste-to-energy plant would have supplied
Bahamas Power & Light (BPL) with 60-65 MW per hour, diversifying the utility’s energy mix into cheaper, cleaner renewables while also eliminating present and past trash streams. Bahamas WTP also planned to “level the mountains of trash” and cap them, so that a solar farm producing two MW per hour could be placed on top and deliver two
renewable sources to BPL. Mr Russell said the consortium intended to create between 180-200 jobs at the Tonique Williams Highway site, with Bahamians accounting for 90 percent-plus of employment. Derelict vehicles and tires would have been collected and recycled from New Providence’s streets as part of a comprehensive solution to the island’s long-standing waste management woes.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Mr Russell’s confirmation of Bahamas WTP’s rejection means that the winning bidder is either BISX-listed Bahamas Waste or the consortium featuring Providence Advisors and its principal, Kenwood Kerr, and the Bahamian waste services providers who remain in the Waste Resources Development Group (WRDG). Mr Kerr last night said he had not received any confirmation or rejection notice from the Government. Bahamas Waste’s chairman, Peter Andrews, and Francisco de Cardenas, its chief executive, could not be reached for comment. Tribune Business sources previously suggested that the Providence Advisors/ WRDG consortium had been selected as the preferred bidder, and the
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gone out of business, creating potential room for Bet Vegas. Mr D’Aguilar also pledged to address legal loopholes that have rendered the Gaming Board impotent in dealing with unlicensed operators - and not just Bet Vegas. Tribune Business revealed last week that the Gaming Act only empowers the regulator to take action against licenced,
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* Bahamas WTP offered two renewable solutions * Promised 180-200 jobs; 90% + to be Bahamian * Winner Bahamas Waste or Providence/WRDG NASSAU LANDFILL
BPL board process overhaul called for A FORMER Bahamas Power & Light (BPL) director has called for an overhaul of board processes after finding “many glaring deficiencies” with the proposed $4m purchase of key parts. Nick Dean, who headed the board’s procurement committee under former chair, Darnell Osborne, said in a statement that BPL’s corporate governance mechanisms needed reform to “minimise external interference” and internal confusion among staff. Calling for a properly-articulated quality management system to be implemented throughout BPL, Mr Dean hit back at claims by Desmond Bannister, minister of works, that he and Mrs Osborne exposed the state-owned utility to a $10m-plus loss - and New Providence consumers to a summer of blackouts - by delaying and obstructing the purchase of critical replacement parts. Tackling the dispute over replacement turbochargers for a failed engine at BPL’s Clifton Pier power plant, Mr Dean said the proposal presented by chief executive, Whitney Heastie, lacked all necessary supporting documents and violated a procurement policy requiring all purchases over $100,000 to be put out to competitive bid. Arguing that Mr Bannister omitted “key information” in his allegations, Mr Dean said: “There were many glaring deficiencies in the turbocharger proposal that caused me to request additional information.” Alleging that the thenboard was not informed of the engine’s failure when it occurred on May 30 this year, the procurement committee head said he was not provided with the funding request from Mr Heastie until two months later - on July 25, 2018. “If there was such a heightened sense of urgency regarding replacement of this item, why the two-month delay between the failure’s occurrence and when the request to replace the parts was made?” Mr
Rejected landfill bidder: Beat our $400m offer By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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Grand Lucayan chairman blasts ‘lack of co-operation’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Grand Lucayan’s new chairman yesterday blasted Hutchison Whampoa’s “lack of co-operation” for threatening to delay the creation and release of a full sales prospectus for the resort. Michael Scott, who heads the Government-owned special purpose vehicle (SPV) acquiring Freeport’s anchor resort property, told Tribune Business that it was proving “very difficult” to assemble the necessary information all serious buyers will require because the current owner was not being helpful. Lucayan Renewal Holdings, the SPV, is scheduled to close the $65m purchase on September 11, but Mr Scott said the Government’s desire to effect a rapid sale to the right buyer
* Hutchison ‘very difficult’ on buyer info * Threatens to delay sales prospectus * Board ‘spear fishing, drilling down’
THE GRAND Lucayan Resort in Freeport, Grand Bahama. could be endangered if the sales prospectus was not released on time. Speaking after Lucayan Renewal Holdings’ first four-hour board meeting yesterday, Mr Scott said the newly-appointed directors
were “spear fishing into the accounts” and “drilling down” into the Grand Lucayan’s financial and operational condition in a bid to stabilise the resort and prepare it for sale. Describing completion
MICHAEL SCOTT of the sales prospectus as a “very, very high” priority for the board, he added: “What we’ve got so far is not useful. We have a draft from a consultant of the
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PAGE 2, Tuesday, August 28, 2018
THE TRIBUNE
REALTORS PARTNER WITH YACHT CHARTERING FIRM TWO Bahamas Realty agents have teamed with a yacht charter firm to marry high-end real estate with luxury cruising through this nation’s islands. Elite Bahamas Team, formed by Ana Wassitsch and Silvina Andrews, has
partnered with Island Yachts to fill the gap between land, sea and air for residents and visitors alike. “During our property tours, Ana and I are often asked about the best ways to experience the islands of
The Bahamas, and chartering a yacht is our immediate answer,” said Mrs Andrews. Their high-end clientele is interested in exploring the possibilities of island living, and Ms Wassitsch added: “Our clients want to fly to Andros for lunch,
ANA Wassitsch and Silvina Andrews or sail to Exuma for sunset dinners. They want to invite their friends and family to swim with pigs, turtles and sharks; to see the iguanas; dive through Grottos; powerboat through creeks and walk on ‘print-less’ powdersand beaches. They want to wake up, hop on and sail off.” The duo thus approached Peter Maury of Island Yachts with the idea to offer luxury charters as part
of their portfolio. “We frequently have clients asking about real estate investment opportunities in The Bahamas as well as tax and residency advantages,” Mr Maury said. “They also inquire about private islands and the best options for a second or third vacation home. Answers to these questions require the expertise of a local real estate agent.” The services provided by
both parties complement each other. Island Yachts has a fleet of yachts, powerboats, sports fishing vessels and a helicopter, covering a wide range of destinations and “experience” packages, while Bahamas Realty is a full-service residential and commercial real estate and appraisal company. Both Ms Wassitsch and Mrs Andrews are Certified International Property Specialists (CIPS), and have the added benefit of speaking three languages between them, having lived in six different countries. “We do the work together by successfully leveraging our individual strengths and specialties, and our new partnership further advances us with its added resources, people, ideas and solutions,” said Mrs Andrews. “By working as a team we are able to ensure our clients get the attention they deserve 100 percent of the time. There is not a moment that our clients can’t get in contact with us.”
Tourism unveils its new Florida marketing team THE Ministry of Tourism has launched a series of events to introduce its new Florida sales and marketing team to that state’s travel industry. Betty Bethel-Moss, newly-appointed director for marketing in Florida, told travel executives from Dade and Broward counties: “While technology is the most relevant platform from which to conduct business in our industry, we feel that the intimate ‘Mix and Mingle’ gathering is the ideal forum to begin conversations that will lead to sustainable relationships and partnerships.” She told the same attendees that “the newlyassembled Florida sales team is excited about the opportunity to quickly engage the travel and business communities, along with media and influencers, to explore opportunities for the islands of The Bahamas”. The “Mix and Mingle” events were also organised to bring together Ministry of Tourism partners from various industry segments, including travel agents, tour operators, hoteliers, ground tour operators,
LYFORD CAY PROPERTY
AUCTION 08 – 31 AUGUST 2018
THE MINISTRY of Tourism’s Florida marketing team from left: Adrian Kemp, senior marketing representative; Elke Pettiford, marketing representative; Betty Bethel-Moss, director of marketing for Florida; Phylia Shivers, senior marketing representative; and Tina Lee, district marketing manager. cruise and airline industry partners, and social media influencers. Tina Lee, the ministry’s district marketing manager, said: “We want to ensure that whatever we do is measurable, has the right blend of partners, sellers or bookers of travel, and that we are hitting all the consumer touch points before, during and after these initiatives.” She added that her team has identified a series of events “that speak to Floridians - lifestyle, recreational, art shows, marathons – events that have the demographics we are looking for, to really go out there and make our presence known”. Ms Lee said: “We are looking at Mercedes-Benz Corporate Run, Susan G Komen Race for the Cure, to name a few, in addition to mall dominations in several key malls in Florida. We are also working on a programme with Kalik,
currently on the shelves of Publix and Total Wines locally.” Other members of the Ministry’s Florida team include Adrian Kemp and Phylia Shivers, senior marketing representatives who are both fluent in Spanish, and Elke Pettiford, who serves as the group’s inside sales co-ordinator. The Florida travel community was provided with information on new hotel developments such as Baha Mar, which features the Caribbean’s largest casino and convention centre within three luxury properties - the Grand Hyatt, SLS and Rosewood. “Mix N’ Mingle” events have taken place at the Village at Gulfstream Park, Hallendale Beach, Florida, and aboard the Bahamas Paradise Cruise, Grand Classica, docked at the Port of Palm Beach. The final event will take place at the Gaylord Palms Resort, Kissimmee, Florida.
CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY
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YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.
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For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115
THE TRIBUNE
Tuesday, August 28, 2018, PAGE 3
D’Aguilar backs web shops on ‘woefully unfair anomaly’ FROM PAGE ONE not illegal, operators. Disclosing that the matter will be discussed at Cabinet level, the Minister said Gaming Board chairman, Kenyatta Gibson, was especially “anxious” to address the regulator’s enforcement powers such that it did not have to rely on the Royal Bahamas Police Force (RBPF) to shut down rogue operators. He described Bet Vegas as “the most clear example of avoiding the gaming laws”, while conceding that the chain’s Judicial Review and associated injunction meant the Gaming Board was powerless to intervene until the matter was settled. “It is woefully unfair for them to be allowed to operate outside the confines of the law. I completely agree with the licensed operators that this is unfair and needs to be addressed,” Mr D’Aguilar told Tribune Business of the industry’s complaints over Bet Vegas. “If the court needs to opine it needs to opine quickly because it’s creating an anomaly in the market that needs to be addressed. If the court opines that they’re entitled to a licence then they need to be licensed and pay the appropriate taxes. If the court
opines that they’re not entitled to a licence, then they need to be shut down, and we’ll invite the police to shut them down. “Bet Vegas has been involved in some legal action, and there’s been an injunction by the court to prevent the Gaming Board from shutting them down until the matter is adjudicated by the courts,” Mr D’Aguilar continued. “I ask about it all the time, and I’m advised it’s still a matter before the courts and we are prevented from acting until the court has opined on this issue. No one has advised me to the contrary.” Tribune Business revealed last week that legal web shops fear unlicensed rivals are expanding to exploit the imminent five percent patron tax that Mr D’Aguilar yesterday confirmed is still due to take effect on September 1. They alleged that Bet Vegas, in particular, was expanding to eight locations with the pending opening of a new site in the Carmichael Road area in anticipation of enjoying a competitive advantage when the five percent levy on gambler deposits and over-the-counter lottery sales takes effect. That chain, and other unlicensed
operators, will not have to impose this levy. Mr D’Aguilar reiterated that it was “woefully unfair” for unlicensed operators to remain in business but “pay no taxes”, adding: “I can’t understand how this situation is allowed to exist.” He argued that Bet Vegas should pay the same gaming-specific taxes as its licensed rivals until a decision was reached in the court case. “I hope they’re saving their taxes,” he told Tribune Business. “If they’re allowed to operate, we’ll go back for back taxes and collect them. I hope they’re setting the money aside. As time goes on, they’re owing more and more taxes. “If they’re not entitled to a licence they’ll be shut down and put out of business. If they’re entitled to be licensed, fair enough. I have no opinion either way. The court needs to direct the Gaming Board how to move on this issue. Either way, they’re being held up.” As a result, licensed operators believe their concerns that increased web shop taxation in the 20182019 budget will create an expanded gaming “black market” are about to come true, taking the sector back to its pre-regulation days when it was viewed as
“high risk” of being abused for money laundering and other financial crimes thereby threatening The Bahamas’ international reputation. Anthony Brown, Bet Vegas’s president, last week hit back angrily at criticism of his ongoing gaming operations, arguing that his business had been “wrongfully and illegally mistreated” over the rejection of its licence application back in 2015. “Other operators should not be jittery about Bet Vegas. We have been the operation that was wrongfully and illegally mistreated since the process to regulate the industry started back in January 2015,” he slammed. “While we were tied up in court, going back and forth, they were expanding. While our vendors were being threatened by the then-Gaming Board to end our service contracts, they were signing up exclusive contracts with those vendors.” Mr Brown said he will continue to defend his reputation, adding: “Your name is all you have, and that is even more important when you do business elsewhere. I have been in the financial services industry for 12 years in the US. This
whole saga has affected my livelihood. I’m not going to sit back and let my work be destroyed.” He subsequently told Tribune Business that Bet Vegas’s systems were the first to be certified by Gaming Laboratories International (GLI), the independent tester used by Bahamian web shops, ahead of all other operators who were licensed by the Government. Mr D’Aguilar, meanwhile, said the ten-year bar on new web shop industry entrants imposed by his predecessor, Obie Wilchcombe, was not necessarily an insurmountable obstacle for Bet Vegas should its court challenge prevail. “I’m not that legally minded and would have to take advice on this, but they granted eight licences and there are only seven in operation. That allows room for one more,” he told Tribune Business. “We’ll address that issue once we get over that issue of whether they’re allowed to operate or not.” The minister acknowledged, though, that the Gaming Board’s enforcement powers needed to be enhanced, and promised action to achieve this. “You’re absolutely right. The Gaming Board has no
enforcement powers. It just has the right to bring those that fail to obey the gaming laws to the attention of the police,” Mr D’Aguilar admitted. “There’s no doubt that the inability of the Gaming Board to enforce the gaming rules is an issue. “While I’m sure my cabinet colleague, the minister of national security, will say to call the police and they’ll take care of it, the fact we don’t have a dedicated department or section in the police force to deal with it means the matter sits in the queue. The Gaming Board’s position is that they keep asking and nothing happens. What my ministerial colleague and I discussed at our level is we have to ensure that at a lower level it’s a reality.” The minister continued: “It’s probably more efficient for the Gaming Board to enforce its own rules, so I will be bringing it to the cabinet and certainly discussing at that level whether to advocate a change. “At the moment I’ve not done that but it will be addressed. We’ve been dealing with the tax increases primarily, but I know the chairman of the Gaming Board is anxious for us to address that issue.”
Rejected landfill bidder: Beat our $400m offer FROM PAGE ONE Ministry is due to hold a press conference today to likely announce the winner. Romauld Ferreira, minister of the environment and housing, revealed on June 27 - some two months ago that the cabinet had chosen the winning landfill bidder from the three remaining offers, but nothing further was disclosed. Bahamas WTP, in a statement last night, joined environmental activists and others in questioning the delay in revealing the bid winner, saying: “What has been going on in the past two months since the selection was made in the cabinet?” Mr Ferreira last week attributed the delay to the need for the Attorney General’s Office to evaluate the bids prior to issuing a letter of intent. Mr Russell, a Bahamas permanent resident since 1998, told Tribune Business that the group hoped the winning bidder had offered “the same or more” than it had done. He described all three contenders as “good companies”, revealing that Bahamas WTP would have explored the possibility of working with its two rivals had it prevailed. “We sincerely wish that the successful bidder will provide this and more for the Bahamian people,” Bahamas WTP’s statement said of its proposal. “Bahamas WTP would provide for foreign investment estimated at $400m, with zero upfront
cost outlay from the government and payment, through a power purchase agreement (PPA), stretched out over 15 years. “The benefits outlined in The Bahamas WTP [proposal] to the Bahamian economy are significant: Zero amount added to the national debt... and a multimillion capital infusion to the economy over a threeyear period with no balance sheet off-set. “Further, projected employment of 180-200 employees (management & line) at above current management and labour rates, with up to 90 percent-plus of all facilities and services maintained/managed by skilled Bahamians.” Mr Russell, expanding on Bahamas WTP’s offer in an interview with Tribune Business, said it proposed supplying BPL with waste-toenergy priced at 25 cents per kilowatt hour for the plant’s first ten years. Describing this as a 50 percent reduction to present energy costs, he disclosed that the price paid by BPL would fall to ten cents per kilowatt hours after that decade as Bahamas WTP would have recovered its construction costs and be generating the necessary return on investment (ROI). Mr Russell added that ownership of the waste-toenergy plant would have been handed over to the Government long-term, with its original development by Bahamas WTP guaranteed and bonded (insured).
“We wanted to build a waste-to-energy plant; level the land down, those big mountains of trash there; cap it permanently and put a solar farm on top of it so we could have two sources of energy to deliver to BPL,” he told Tribune Business. Mr Russell said Bahamas WTP’s waste-to-energy plant would have been based on the one that exists in Palm Beach, Florida, which he described as “the premier model in the world”. Apart from Mr Russell, Bahamas WTP’s principals include Cedric Scott, the actor, producer and uncle of former Cabinet minister, Jerome Fitzgerald, and banker Ivylyn Cassar, whose Equity Bank & Trust acts as the company’s physical address in western New Providence. The consortium also featured two US companies, Delaware-incorporated Ameresco Ltd and Louisiana-based Furnace and Tube Services Inc. Ameresco is a financier and developer of energy efficiency and conservation projects, while Furnace and Tube Services provides engineering design, installation and maintenance. “No money was needed from the Government until we delivered the waste-toenergy plant within 24 to 30 months,” he explained. “We’d have taken over management immediately.” Furnace and Tube Services, which has built two renewable power plants in Mexico, had planned to train Bahamian employees to
standards where they could be internationally certified. Mr Russell said Bahamas WTP had intended to transform its workforce from an initial 7:3 ratio in favour of Bahamians to 9:1 in favour of locals, adding: “We planned to work with the University of The Bahamas and set up a technical school so we could train everyone working for us and they would be internationally certified. “We spent two years on this and a lot of money, and people ought to know what the other two bids offered. If awarded the contract, we would have reached out to the other two groups and find out if there were ways to work together. We had an incentive programme for the waste haulers to deliver straight to the waste-toenergy centre. “We thought the thing through very carefully. We met with the people of Jubilee Gardens and surrounding areas, and wanted to make those communities a bit better. You cannot live forever by digging a hole in the ground and stuffing trash in it, especially on an island the size of New Providence.” Looking to Bahamas WTP’s future, Mr Russell told Tribune Business: “There is nothing to stop us coming back and offering a wasteto-energy plant solution now the RFP is over. We’re not going away; we’re still very interested in the Bahamas. Hopefully we’ll get an opportunity to do something else. “We’re not going anywhere. We’re going to hang
around and see what else comes up. The problem needs to be resolved all over. We can scale units that work in the Family Islands, dealing with waste and providing power.” Bahamas WTP’s proposal also involved remediation of the landfill’s existing waste cells and deployment of a new leachate system, as well as the creation of a new cell
as a short-term solution for incoming waste. “In essence, our response addresses and satisfies every single item listed in the RFP and considerably more,” the group said. “For instance: Completion of the much-needed waste water treatment plant; recommended installation of micro grids throughout the island to avoid black-outs.”
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PAGE 4, Tuesday, August 28, 2018
THE TRIBUNE
GRAND LUCAYAN CHAIRMAN BLASTS ‘LACK OF CO-OPERATION’ FROM PAGE ONE
Government that is not useful. “We’re drilling down and trying to get copies of previous documentation, which is very difficult because Hutchison is not very cooperative. That [the sales prospectus] encompasses the state of the resort, so that encompasses detailed information on repairs and looking at estimates and things like that. “You can’t do your due diligence and show the property properly to informed buyers until we have that, and we’re not getting the
necessary co-operation from Hutchison. The information made available to me is of marginal utility.” Sales prospectuses for assets such as the Grand Lucayan typically contain a detailed history of the resort’s financial performance; reports on its physical structure; staffing and union contracts; and liens or charges over its real estate; operational details on indicators such as occupancies, room rates and airlift; and the state of the wider tourism market. Among the critical documents that the Lucayan Renewal Holdings Board
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.
will want to access is the post-Hurricane Matthew damages and repairs assessment, especially the one relating to the former Memories property, as the Government may have to renovate and re-open this if a qualified buyer does not emerge quickly. Mr Scott said board directors were still largely in the research and informationgathering stage, with several assigned to undertake specific tasks and inquiries at yesterday’s meeting. “We had a very productive meeting, but there’s not a lot I can say because we’re waiting for reports we’ve
not got,” he told Tribune Business. “We’re making some inquiries and deciding how we want to proceed. “I’m waiting for reports to come back from individual board members. I’ve assigned them certain things. We’re making some inquiries and I don’t want to prejudice them... We’ve got our forensic accountant [Ed Rahming] on it, and he’s drilling down into the accounts. Nothing is for certain, but we’re working very hard, very hard.” Tribune Business sources, speaking on condition of anonymity, said the board made no decision to appoint
Bannister urges BPL board move on Shell deal process FROM PAGE ONE
will issue the RRB],” he added. “It is going to be important for you as a board to move ahead with the Rate Reduction Bond.” The Minister urged the board to take a close look at the renewable energy proposals before BPL. “The Government and the people of this country expect that we are going to develop renewable energy at a level we have never done before,” he said. “You will have several proposals that are before you of some wonderfully creative ideas Bahamians have for renewable energy throughout the Family Islands. It’s going to be important for you to look at those and for us to implement them.”
Mr Bannister added: “You have some entities throughout the country interested in solar energy at a large scale, and can make a huge difference in the Family Islands. It’s important for you to look at them, get the advice and move on quickly. “It’s going to be important for you to work with the Ministry of Public Works because a number of the installers have been very concerned that my Ministry has been slow in the approval process. If that is the case it is going to be important for you to let me know so we can improve what we are doing at the Ministry of Works. Nothing ought to hold you back with respect to renewables in this country. That is absolutely critical for the Bahamian people.”
NOTICE
Would Rodlin Thervil or his relative contact Janice Miller or Monique McKenzie at the Placement Unit of The Department of Social Services, Sunshine Plaza, Baillou Hill Road at telephone contact number 376-3538
MARKET REPORT MONDAY, 27 AUGUST 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,976.42 | CHG -0.02 | %CHG 0.00 | YTD -87.15 | YTD% -4.22 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 13.00 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
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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 AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing)
LAST CLOSE 3.90 17.43 9.09 4.06 1.00 0.18 2.75 9.17 6.15 3.75 12.50 2.71 1.75 7.61 6.21 13.00 6.36 3.75 13.00
CLOSE 3.90 17.43 9.09 4.06 1.00 0.18 2.75 9.17 6.15 3.75 12.50 2.66 1.75 7.64 6.21 13.00 6.36 3.75 13.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.05 0.00 0.03 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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
108.62 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 108.60 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME 125
500
VOLUME
EPS$ 0.268 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 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 12.8 N/M N/M -2.8 13.1 10.7 21.9 19.9 26.1 7.6 N/M 11.4 19.1 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% 3.20% 4.96% 2.26% 4.00% 1.10% 5.15% 3.85% 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
a brand operator or management company for the Grand Lucayan, describing this as a “plan B” option. They explained that hiring an operator now made little sense, and would add to the Government’s and taxpayer’s costs, if a buyer could be found and sealed within the three-six month timeframe targeted by Mr Scott. “The core function is to sell,” one source said. “If they don’t sell within three to six months, I think then you arrange that. They may hire just an executive manager; someone reporting to the board.” Describing the Lucayan
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
overhaul called for FROM PAGE ONE
Dean asked. “The time to make a decision was artificially short. The plant had functioned since May 30 without the said engine in operation. The proposal presented to me was dated July 24, 2018, and sent to me on July 25, 2018. The proposal was only valid until July 31, and I was being urged by the chief executive and newly-appointed executive director Rollins to hurry up and make a decision.” Mr Bannister told Tribune Business last week that Mr Heastie has sought to provide Mr Dean with the information requested, but the latter said: “Only one turbocharger (of a pair) on one engine at Clifton Plant failed on May 30,” the former procurement head added. “The chief executive was requesting funding for replacement for both turbochargers on a second engine which was still in operation. The new turbochargers were purportedly more efficient than the ones they were replacing but were untested. Mr Dean said Mr Heastie presented just one offer, which contravened BPL’s procurement policy requiring competitive bids and tendering for purchases worth more than $100,000. The turbochargers proposal was worth $4m, but Mr Bannister said this equipment is “made to order” by just two companies worldwide. “I simply asked the chief executive for competing bids or a statement, in compliance
Renewal Holdings Board as being in “fact finding” mode, they agreed: “The main thing now is to get a proper prospectus done so they can go out to the market and see what comes. “They’re probably going to get loads of bottom feeders initially, and will have to go through them. This property is in a zero tourist market and is a very hard sell. Getting the Bahamian people to think all these properties, all of a sudden, have value is a mistake. They only have potential value.” “The main thing now is to get a proper prospectus done so that with the procurement policy, confirming that this was not possible. I never received either,” Mr Dean alleged. “The chief executive requested funding in the amount of $4m. The proposal which he presented in support of his funding request totalled some 1.4 million Euros (approximately $1.66m). This raised some loud alarms in my head. Even if the fund request was to replace the turbochargers for two engines, as suggested in the funding memo, the numbers did not add up... I simply asked for a full accounting of the funds being sought.” Mr Dean said one option presented in Mr Heastie’s funding request was to repair the engine by replacing the damaged casings - something that would have cost $600,000, as compared to the $4m turbocharger purchase. He argued that this option was “inadequately explored”, while criticising the funding request for failing to supply information on freight, insurance and installation costs - only the purchase price. “The absence of this information would have left BPL open to unacceptable risk with such a potentially large unknown factor after committing to the initial purchase,” Mr Dean said. “ Mr Dean said the episode showed BPL’s “system of checks and balances was working exactly” as it should, “as required by good corporate governance”. He added that he had not made a decision for or against purchasing the turbochargers, as there was “insufficient information” to do so. Referring to the former board’s breakdown and dissolution, the ex-procurement chief added: “This episode should be used as a teachable moment to seriously explore the mechanisms by which the BPL board operates, and to put more measures in place to minimise impacts from external interference and internal ambiguity.