Issuu

business@tribunemedia.net

MONDAY, OCTOBER 16, 2017

$4.25

$4.41

$35m GB Power buy out ‘win-win for all’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Canadian utility has branded its near-$35 million offer to buy-out all Bahamian shareholders and acquire 100 per cent of Grand Bahama Power Company as “a win-win for all”. Emera, responding to Tribune Business’s questions, said the proposal was tantamount to a ‘vote of confidence’ in

designed to “streamline” GB Power’s corporate structure while also giving local investors options that for generating increased investment value. Emera is offering the Bahamian minority investors in ICD Utilities, the

Web shops: Banks ‘fell down big time’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BISX-listed holding vehicle for a 50 per cent equity interest in GB Power, three ‘exit route’ options. They can accept a price of $8.85 per share for their holdings, representing a 26.25

WEB shops have filled the money transfer void because commercial banks “fell down big time”, a Chamber of Commerce director is arguing. Roderick Simms, chair of the Chamber’s Family Island division, told Tribune Business that the banks failed to provide the necessary e-banking platform and consumer education as they retreated physical locations in Family Islands, allowing the numbers houses to fill the gap. He argued that both elements were important to transform what remains a largely cash-based

SEE PAGE 7

SEE PAGE 9

* EMERA OFFERS FOR 100% OF ICD UTILITIES * CONFIDENCE IN GB DESPITE 10% SALES FALL * SAYS GENERATION AVAILABILITY OVER 98% Grand Bahama’s troubled economy despite a 10 per cent year-over-year sales decline as a result of Hurricane Matthew. It added that its offer, which could potentially end Bahamian ownership in the utility monopoly, was

$4.39

* FAILED TO PROVIDE E-BANKING, EDUCATION * NUMBERS HOUSES FILL ‘INTENTIONAL VOID’ * CHAMBER DIRECTOR: ‘HOW DO YOU BANK’

RODERICK SIMMS

Activists ‘absolutely oppose’ 100% GB Power takeover By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN outspoken advocacy group will today warn the Prime Minister of its “absolute opposition” to Emera’s potential acquisition of 100 per cent of Grand Bahama Power Company (GBPC). Pastor Eddie Victor, president of the Coalition of Concerned Citizens (CCC), told Tribune Business that the group will “mobilise” against the proposed

transaction (see other article on Page 1B) because “no Bahamian utility should be fully-owned by a foreign entity”. Pastor Victor, who has led the campaign for lower electricity costs in Grand Bahama, expressed concern that the proposed buy-out of the minority 19.63 per cent Bahamian equity interest in GB Power would give Emera total dominance over the island’s energy market. Arguing that Emera and GB Power had failed to deliver lower

* COALITION: LETTER TO PM BY TODAY * OPPOSES FULL OWNERSHIP BY ‘FOREIGN ENTITY’ * URCA REGULATORY TAKEOVER EVEN MORE VITAL cost, more reliable energy for Grand Bahama to-date, he suggested they would be even less likely to do so if the Canadian utility giant converts its majority shareholding into 100 per cent ownership. Pastor Victor also railed against the failure of GB Power’s primary regulator, the Grand

Bahama Port Authority (GBPA), to properly protect consumers from electricity prices the Coalition believes should be lower. He reiterated previous calls for the Utilities Regulation and Competition Authority (URCA) to replace the Port Authority as GB Power’s primary regulator, arguing that this was needed more

than ever should the Bahamian minority shareholder buyout proceed. GB Power is still challenging URCA’s authority to regulate it in the Supreme Court, and Pastor Victor also expressed surprise that the Government - through the Bahamas Investment Authority (BIA)- had approved the Emera buy-out prior to the transaction’s disclosure.

SEE PAGE 2

Let Bahamians drive 35% East, West End electricity cost drop By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government is being urged not to renew Grand Bahama Power Company’s East and West End supply agreements, an advocacy group head arguing there is a Bahamian group that can replace it at 35 per cent lower costs. Pastor Eddie Victor, the Coalition of Concerned Citizens’ president, told Tribune Business that the proposal by a group of Bahamian engineers - who he declined to identify - was “not pie in the sky”.

* COALITION CHIEF: ‘THIS NOT PIE IN THE SKY’ * URGES EXPIRING GB POWER DEALS’ NON-RENEWAL * EMERA POINTS TO ‘ECONOMIES OF SCALE’ Emphasising that both this group and the Coalition had done the necessary research to make their case, Pastor Victor said they were due to meet with Kwasi Thompson, minister of state

SCHOLARSHIP PROGRAMME

SEE PAGE 4

IMF’s ‘well-managed’ financial contraction findings premature By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE IMF is premature in its conclusion that the Bahamas has “managed” the financial sector’s contraction well, a senior attorney warning of further job losses and consolidation to come. Michael Paton, a former Bahamas Financial Services Board (BFSB) chairman, told Tribune Business that “by no stretch” have the global regulatory and

* ATTORNEY WARNS ON MORE JOB LOSS, CONSOLIDATION * ‘BY NO STRETCH’ HAS PROCESS FINISHED FOR BAHAMAS industry trends impacting this nation come to an end. The Lennox Paton attorney and partner said both still had “a long way to go”, pointing out that the

SEE PAGE 19

Family Guardian Insurance Company is seeking students majoring in Actuarial Science, Nursing, Business (Marketing) or Information Technology who are interested in a career in Insurance.

PAGE 2, Monday, October 16, 2017

THE TRIBUNE

ROBERTS STEPS DOWN AS BAHAMAS REALTY CHIEF BAHAMAS Realty has announced that W. Larry Roberts, a two-term president of the Bahamas Real Estate Association (BREA), has stepped down as its vice-president and chief executive after a career that spanned nearly half-a-century. Mr Roberts will remain a director and consultant with the company founded by his father in 1949. Donald ‘Donnie’ Martinborough, who has managed Bahamas Realty’s growing commercial division for 30 years, has been named chief executive. The announcements were made by the company’s president, Robin Brownrigg. “No one could have served the real estate industry with more integrity and dignity than Larry Roberts,” said Mr Brownrigg. “He was the first to recognise the power of the Internet, the partner who

ensured that we would be the first to have a website, the first to computerise all our office systems and listings, and a strong and powerful proponent of the Multiple Listing Service which is now an essential part of how the industry functions. We are pleased that Larry will enjoy more well-deserved leisure time with his wife and soulmate, Liz, and very pleased that he has agreed to remain a director and active consultant.” Mr Brownrigg said the appointment of Mr Martinborough allowed for a seamless transition, and fulfilled a well-conceived succession plan. “Bahamas Realty, having established itself as a leader in the Bahamas real estate industry, is now at an exciting threshold as younger stars are rising to take over the leadership of the company,” said Mr Brownrigg. “It brings me tremendous

DONALD ‘Donnie’ Martinborough, centre, has become the new chief executive at Bahamas Realty after W Larry Roberts, second from right, stepped down as vice-president and chief executive. (Photo by Iona Henderson) pride to announce that Donald Martinborough is now assuming leadership as chief executive. “He brings fierce determination, loyalty and trust, and gives us enormous confidence that our future will remain very bright. Donnie’s energised, competitive

and focused spirit, coupled with his wealth of expertise in the commercial management department, have proved invaluable to the success of this business. We all wish him the very best in his new role of leadership.” Mr. Martinborough, as managing director of NAI

Bahamas Realty Commercial, handles more than one million square feet of rental space. “Donnie has continually grown the commercial side of the business while maintaining valuable personal relationships with owners, tenants, vendors and suppliers,” said Mr Brownrigg. “Balancing all of that and doing it well has prepared him for performing well at the helm of this company, with its spectrum of services and diverse range of residential, resort and commercial clientele.” Mr Martinborough, who began at Bahamas Realty immediately after leaving high school, is an internationally-recognised Sunfish sailing star. He has won the Sunfish World Championship three times, and holds the record for the most wins in the 20th Century in the Sunfish class in Bermuda Race Week, a record that can never be challenged.

“It has been such an honour and a pleasure to work alongside Larry Roberts all these years,” said Mr Martinborough. “He has done such a great job managing and successfully leading this firm, even while he was serving in other roles, whether as president of BREA, or addressing international meetings in Rome or serving as president of the Rotary Club of Southeast Nassau or on one of the many civic boards – Safe Bahamas, Nassau Tourism & Development Board, Downtown Nassau Partnership, Princess Margaret Foundation – that he was appointed to. These are mighty big shoes to fill, and I am proud and humbled by the level of confidence my partners have expressed in me by appointing me the new chief executive of Bahamas Realty.” Mr Martinborough’s appointment is effective immediately.

Activists ‘absolutely oppose’ 100% GB Power takeover FROM PAGE 1 ]”I don’t have to talk to my leaders. I can say this,” Pastor Victor replied, when informed by Tribune Business of the proposed deal. “Our Coalition is absolutely opposed to Emera obtaining 100 per cent control of that company. “By Monday a letter will be in the Prime Minister’s

Office on this. We believe there is a need for another power company on the island. And we believe that company [GB Power] need to be sold to another entity other than Emera. “This is typical of Emera. If you follow what they have been doing in other jurisdictions, they seek to take control and dominate. The only reason why they want 100 per cent has a lot to do with them wanting to

take control of the energy market.” Emera on Friday unveiled its proposal to buy-out the 39.26 per cent minority Bahamian equity interest in BISX-listed ICD Utilities, the holding vehicle for a 50 per cent stake in GB Power, the island’s electricity monopoly. The Canadian utility has form for such transactions in the Caribbean, having performed a similar buy-out

of local interest in its Barbados-based power company. It told Tribune Business at the weekend that the GB Power offer is “a win-win” for all stakeholders. Pastor Victor, though, is far from convinced. “We’re very concerned,” he told this newspaper. “We should have no utility entity in the Bahamas that is owned 100 per cent by a foreign entity. “The evidence is out there on Grand Bahama. Emera’s energy policies and mode of operations on this island have had a negative effect on the business community, where many businesses have closed altogether due to the cost of electricity. “It has also resulted in - we don’t know the exact number, but it’s in the hundreds - people living without electricity on the island, and it’s a major impediment to investment.” Pastor Victor said the ICD Utilities buy-out appeared designed to further strengthen Emera’s position on Grand Bahama, and he hit out at a regulatory regime the Coalition believes favours GB Power as opposed to consumers. “They’re not regulating as a regulator ought to do; protecting the consumers and looking out for the consumer,” he told

Tribune Business of the Port Authority (GBPA). “That’s why we have a problem with the present regulatory regime. It’s not set up to protect the consumer like regulation should do.” Pastor Victor said the Coalition and its consultants, one of whom was a Bahamian-born engineer with experience in power generation and distribution, had met three times with the regulatory committee over GB Power’s last rate application. Despite presenting research that the Coalition president said showed Grand Bahama residents were paying higher base tariffs than BEC customers, the GB Power application was approved. “We relayed in our meetings that the regulatory regime was working in favour of Emera,” Pastor Victor said. “Despite our efforts, we were really probably wasting our time.” Arguing that monopolies have “a greater responsibility to deliver customer satisfaction” because they have no competition, Pastor Victor said GB Power had failed to meet this standard. He said the utility’s push for higher base rates, and a fuel charge that had failed to decrease in line with

the reduction in global oil prices, showed GB Power and its controlling investor were more concerned about shareholder profits than Grand Bahama’s economic welfare. “If they’re not doing it now, it’s not going to happen with a 100 per cent controlled company,” Pastor Victor told Tribune Business on the need for cheaper, more efficient energy. “We’re going to see a deepening of control, and it will give them more power to do things that are not working in the best interest of the Bahamian people. We can’t let that happen. “The pattern these companies have shown is they’re not really concerned with developing our economy. Things are not good here, and the cost of electricity is a major part of the problem. We believe that if we bring down the cost of power, we change the economy. “We’re trying to change the dynamics of the economy,” the Coalition president added, “so that businesses operate with greater profitability and people have more jobs, and can have their lights on. We’re fighting for the needs of the island; a vital utility. We’re going to oppose it.”

THE TRIBUNE

Monday, October 16, 2017, PAGE 3

E-procurement system to launch in December By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedian.net THE Government expects to roll-out its electronic procurement tendering system by mid-December 2017, according to its main co-ordinator. Daniel Ferguson, who heads this part of the Public Financial Management and Performance Monitoring Reform project, said: “Every activity for procurement

will be done electronically throughout the public service”. He noted that companies seeking to provide goods and services to the Government must register with the e-tendering system, so the Government know who can provides what to meet its requirements. The project’s public procurement component is aimed at providing better ‘value for money’ for the Government and Bahamian taxpayers. The

Labour Dept tackling Club Land ‘Or pay By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Minister of Labour says the Government is seeking to resolve “numerous complaints” from Club Land ‘Or staff about back pay owed to managers and line staff. Dion Foulkes said his Ministry had met with the general manager and one of the owners of the Paradise Island-based property last week in a bid to resolve “this very serious outstanding issue”. “The basic issue is that there is a significant amount of back pay owed to the line staff and managers at the hotel,” he added. “I can assure the workers at Club Land ‘Or that we are doing everything in our power to get this matter resolved.” Mr Foulkes said the Labour Department has also received complaints from workers on private islands in the Exuma Cays, at “three major resorts” in the Abacos, and on Harbour Island. He added that it was working to deal with all matters.

The Minister added that the Labour Department is also taking its employment exchange unit “to the people”, after finding that too often it receives work permit applications and there are no qualified Bahamians listed on the exchange as available for the post. Mr Foulkes, who was addressing the Senate on Friday, said: “We plan to take our employment exchange to various neighborhoods in Nassau and Grand Bahama to sign-up as many unemployed persons as we can. We are going on the blocks, on the basketball courts, and outside of popular business establishments like foods stores and wash houses. We are taking our Employment Exchange unit to the people.” He continued: “Too often we have applications for work permits in a number of areas and we do not have qualified Bahamians on our list at the exchange to refer to the employers.” Mr Foulkes noted that among the jobs where work permits are often sought are housekeepers, gardeners, engineers, nurses, food and beverage managers and wealth managers.

Inter-American Development Bank (IDB) has estimated the Bahamas could save $13.1 million per year through such improvements. The Government’s public procurement process has become so decentralised, different ministries have paid different prices for the same product, the IDB has found. And the US, in its annual country investment reports, has repeatedly criticised the system as opaque and susceptible to corruption.

Mr Ferguson, while addressing a recent project forum, said new legislation was being drafted to provide transparency in the tender process and modernise it. The legislation will call for the establishment of a public procurement office. “In order to achieve greater economies of scale the Government has decided to centralise the procurement of commonly used items, such as office supplies, cleaning supplies and food supplies,” said Mr

Ferguson. He added: “We are expected to roll-out an e-tender system by mid-December. What it means is that any activity for procurement will be done electronically throughout the public service. “It means that if you are a business that wishes to provide goods or services to the Government, you will have to register and we will then create a supplier register. We will automatically know who is providing what.”

Statistics Dept needs far more ‘autonomy’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A ‘revamp’ of the legislative framework for national statistics will be undertaken as a part of the InterAmerican Development Bank (IDB)-funded Public Financial Management & Performance Monitoring Reform project. Terrance Fountain, coordinator for the national statistics section, said current legislation does not provide the Department of Statistics with the necessary level of ‘autonomy’. He added during a recent project forum that the Statistics Act 1973 will be revamped, as it does not give the Department

of Statistics the level of freedom that a national statistical office requires. “They have to be able to publish their information according to accepted standards, without having to let those in authority see the information before it is released,” said Mr Fountain. He added that the Bahamian public would be given comfort that the information being disseminated is valid and of use. Mr Fountain said there are many government and quasi-government agencies producing statistics. but their efforts are uncoordinated. “A lot of government and quasigovernment agencies are collecting data for their own specific purposes. The format it is collected in

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does not serve the needs beyond that department,” he added. Mr Fountain said there was increased demand for statistics. “This is happening in an environment of declining resources, and the result is data gaps. We need to stay relevant and provide timely and user-friendly data,” he said. “All too often a lot of data is produced but key performance indicators are not captioned. Data can

be captured but might not be analysed. A lot of data is being captured and analysed, but not to the level of detail required. We need a stronger focus on strategic planning. “The Modernisation of Statistics Act will improve quality of information, but not by itself. One of the things we are doing is a very comprehensive assessment of national statistics systems, to identify strengths, weakness and a lot of the gaps.”

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PAGE 4, Monday, October 16, 2017

THE TRIBUNE

Let Bahamians drive 35% East, West End electricity cost drop FROM PAGE 1 of state for Grand Bahama, at 10am today to push the plan. Pastor Victor revealed that the Coalition had written to Prime Minister Dr Hubert Minnis on May 29,

urging the Government not to renew GB Power’s 25-year agreements to supply electricity to Grand Bahama’s East and West Ends, which expire on June 23 and August 31 of next year, respectively.

“We believe that this represents a critical point to introduce new and additional energy companies to stimulate competition and more efficiency for consumers on Grand Bahama,” Pastor Victor told Dr Minnis in that letter.

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However, many believe that Bahamas Power & Light (BPL), let alone GB Power, tends towards a ‘natural monopoly’ given that the size of the consumer market makes direct utility-scale competition non-viable. This was asserted by Emera, GB Power’s 80.37 per cent majority shareholder, when it told Tribune Business that “economies of scale” meant renewal of the East and West End supply agreements was the natural choice. “We remain committed to providing power for the entire island of Grand Bahama, and we believe that a single service provider offers economies of scale that benefit all customers,” Emera said. Not surprisingly, Pastor Victor, a long-time GB Power and Emera critic, vehemently disagreed. “We’re going to be advocating that a Bahamian company supply power to East and West End, and this company will bring down prices by 35 per cent,” he told Tribune Business. “We’ll have lower rates in force in the east and west, and Freeport will be higher... We have a Bahamian company, made up of Bahamian engineers, that’s ready to build plants to supply the east and west. All they need to be given is

a license and opportunity to do it. “What we’re going to come face to face with is: Is the Government going to allow a Bahamian company to deliver power to the Bahamian people? That’s what we will come face to face with, and that’s what we’ll be dealing with on Monday [today] when we meet with the Minister of State in the Prime Minister’s Office.” Pastor Victor gave few specifics on the Bahamian group and its proposal, but questioned whether the East and West End supply agreements in their entirety had been complied with. In particular, he pointed to a clause that appears to tie electricity prices to inflation via the Consumer Price Index (CPI), with any increases in excess of this requiring approval from the Cabinet Minister responsible for electricity. “That’s where URCA comes in,” he told Tribune Business. “The regulatory function vested in the Minister is now vested in URCA.” However, as revealed by Tribune Business, GB Power has initiated a Judicial Review challenging the Utilities Regulation & Competition Authority’s (URCA) right to regulate it. It is insisting that the Hawksbill Creek

Agreement (HCA) gives the Grand Bahama Port Authority (GBPA) the responsibility of regulating it and all utilities in the Port area, although it never mentioned approval by the GBPA - or the need for it in the list of regulators that has approved its buy-out of ICD Utilities (see other article on Page 1B). Pastor Victor, meanwhile, argued that the Coalition’s research suggested energy costs on Grand Bahama could be reduced by 40 per cent if the monopoly utility’s equipment and operations methods were changed. “We have done our technical research,” he told Tribune Business. “We can back it up. We know right now, at this very moment, if we change this model and its operation, the cost of power can be brought down by 40 per cent. “We have the technical data; we can prove it. This is not pie in the sky. Our consultants have shown us it can be done. It means equipment changes, but it can be done. Their [GB Power and Emera’s] mode is not to bring prices down; it’s to deliver profits for their shareholders, which is contrary to the mandate of the Hawksbill Creek Agreement when it comes to the delivery of electricity services.”

THE TRIBUNE

Monday, October 16, 2017, PAGE 5

MARKET REPORT FRIDAY, 13 OCTOBER 2017

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

BISX ALL SHARE INDEX: CLOSE 1,967.54 | CHG 4.79 | %CHG 0.24 | YTD 29.33 | YTD% 1.51 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.96 0.15 5.83 8.60 6.30 4.30 14.49 2.59 1.60 6.00 10.00 11.00 3.85 7.25 12.51 11.00

52WK LOW 4.06 17.43 8.19 3.50 1.26 0.12 3.80 8.40 5.83 3.15 10.00 2.18 1.40 5.80 8.75 7.01 3.35 6.61 11.93 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 105.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00

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

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

SYMBOL FBB17 FBB18 FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

MUTUAL FUNDS

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

Finance Manager What is the opportunity

Finance Manager will provide strong support to both the regional Finance team and our business partners in Northern Caribbean through analysis, reporting and processing financial information.

What you will do

• Perform monthly, quarterly, and annual analysis as required • Oversee day-to-day accounting and month end routines • Provide strong support to management team and Northern Caribbean Finance • Manage and review daily and monthly reconciliations for multiple accounts • Provide strong support in managing (internal and external) audit deliverables of all entities of Northern Caribbean and prepare IFRS financial statements • Play a key role in supporting Finance’s participation in various projects and initiatives • Assist in managing routine office administrative duties

What you need to succeed

• Undergraduate degree in Accounting • CPA with membership in BICA or similar accounting organization • Minimum seven years banking or similar experience • Strong interpersonal and communications skills • Strong analytical and problem solving skills • Excellent organizational skills • Ability to work under pressure • Proficiency in Microsoft Office suite of products

Nice-to-have

• Financial Planning designation or equivalent certification in Financial Planning. • Previous successful sales experience in a financial industry • Experience in creating a referral network or possesses a current extensive network of centres of influence

What’s in it for you?

We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual: • A comprehensive Total Rewards Program including competitive compensation, bonuses, and flexible benefits • Continued opportunities for career advancement • World-class sales training, coaching, and development opportunities • Support from a dynamic, collaborative, progressive, and high performing team, as well as world-class tools and training • Opportunity to achieve great success and grow your career with RBC

www.rbcroyalbank.com/caribbean ® / ™ Trademarks of Royal Bank of Canada. Used under license.

52WK HI 2.09 3.96 1.97 170.77 146.34 1.50 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.44 1.63 1.55 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.28 17.43 9.09 3.65 1.26 0.15 3.92 8.60 6.10 4.20 10.01 2.59 1.40 6.00 9.75 7.08 3.80 7.01 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 100.00 100.00 109.72 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.28 17.43 9.09 3.65 1.26 0.15 3.92 8.60 6.10 4.22 10.01 2.59 1.40 6.00 9.75 7.08 3.85 7.01 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.05 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 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

109.86 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

12,000

1,615

VOLUME

NAV 2.09 3.95 1.97 174.30 146.25 1.50 1.63 1.58 1.08 6.92 8.03 6.15 10.52 11.46 10.01

EPS$ 0.444 0.932 -0.223 0.540 -1.373 0.000 -0.857 0.611 0.574 0.196 0.582 0.102 0.392 1.217 0.743 0.575 0.310 -0.668 0.543 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.120 0.570 0.060 0.050 0.290 0.450 0.000 0.113 0.140 0.600 0.000

P/E 9.6 18.7 N/M 6.8 N/M N/M -4.6 14.1 10.6 21.5 17.2 25.4 3.6 4.9 13.1 12.3 12.4 -10.5 23.0 0.0

YIELD 1.87% 5.74% 0.00% 5.75% 0.00% 0.00% 0.00% 3.49% 3.61% 2.84% 5.69% 2.32% 3.57% 4.83% 4.62% 0.00% 2.94% 2.00% 4.80% 0.00%

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 7.00% 6.00% Prime + 1.75%

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

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

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

YTD% 12 MTH% 2.92% 4.43% 0.98% 1.19% 1.54% 2.45% 3.48% 4.01% 3.17% 7.00% 2.15% 4.22% -1.93% -1.89% 0.81% 2.21% 2.28% 1.30% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 31-Aug-2017 31-Aug-2017 25-Aug-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 31-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017

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

PAGE 6, Monday, October 16, 2017

THE TRIBUNE

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

Elckom Ltd.

In Voluntary liquidation

It was RESOLVED as follows:

The date of commencement of dissolution is the 6th day of October, 2017.

2. that Messrs. Mark E. Munnings and Raymond L. Winder be appointed the liquidators for the purpose of such winding up.

Legal Notice

that the Company be wound up voluntarily; and

Dated the 16th October 2017. Mark E. Munnings and Raymond L. Winder Joint Liquidators c/o Deloitte & Touche Dehands House 2nd Terrace West, Centreville Nassau, N.P., The Bahamas

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

RAYTON COMPANY LTD.

Sincor Ventures Ltd.

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). RAYTON COMPANY LTD., is in Dissolution.”

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). Sincor Ventures Ltd., is in Dissolution.”

The date of commencement of dissolution is the 6th day of October, 2017.

ROCKWELL LTD., of 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator

The Public is hereby advised that I, Kechino Lester Collie intend to change my name to Nubian Moor13 Bey™ . If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that UASEAN BAILEY of #17, Glendale Subdivsion, P.O. Box CB11441 is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PUBLIC NOTICE

Legal Notice

NOTICE

In Voluntary liquidation

INTENT TO CHANGE NAME BY DEED POLL

NOTICE IS HEREBY GIVEN that at an Extraordinary General Meeting of the Shareholders of the above-named Company duly convened and held on the 9th day of February, 2017 the following resolutions were passed:

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). Elckom Ltd., is in Dissolution.”

ROCKWELL LTD., of 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator

PUBLIC NOTICE

NOTICE CIT (BAHAMAS) LIMITED (In Voluntary Liquidation) ______________________________

Legal Notice

INTENT TO CHANGE NAME BY DEED POLL

In Voluntary liquidation

ROCKWELL LTD., of 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator

The Public is hereby advised that I, FREDERICK JOSEPH STURRUP of East Bay Street, P.O. Box N-10711, New Providence, Bahamas intend to change my name to FAREED YUSUF ABDULLAH. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CLEMENT STANLEY RUSSELL JR intend to change my name to Am-eric 5 Nubian Moor Bey™ . If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOW HIRING! Asst. Site Manager Cruise line with Private Island in the Berry Islands is seeking an Assistant Site Manager to work on the Cay. Applicant must have at least 5 years’ experience in resort management with at least 3 years operational experience in food and beverage, front office and housekeeping. Applicants should be able to provide at least three references. Interested persons should email their resumes to: info@shipmateltd.com

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

THE TRIBUNE

Monday, October 16, 2017, PAGE 7

$35M GB POWER BUY OUT ‘WIN-WIN FOR ALL’ FROM PAGE 1 holdings, representing a 26.25 per cent premium to the current $7.01 BISX price, and 33 per cent premium to the “24-month volume-weighted average price ICD Utilities. Alternatively, Bahamian shareholders can trade their ICD Utilities shares for 0.913 Emera depository receipts, enabling them to switch their narrowlyfocused investment in GB Power for an international stock with worldwide utility investments. By taking this option, where four depository receipts will equal one Emera share, Bahamian investors will have exposure to the potential upside generated by the Canadian utility’s spread of assets in Canada and the Caribbean. The third and final choice is for the Bahamian investors, who hold a combined 39.26 per cent of ICD Utilities (translating into 19.63 per cent of GB Power), to take a combination of cash and depository receipts (DRs). Those who fail to specify their choice by November 27, 2017, will also be deemed to have chosen this option. “We believe this is a win-win for all involved,” Emera told Tribune Business of the deal, which was “unanimously recommended” by ICD Utilities’ ‘independent’ directors. “Emera’s proposal to increase its ownership stake from 60 per cent to 100 per cent of ICD Utilities would help streamline the company’s ownership structure. At the same time, it would provide liquidity and value for current ICD Utilities shareholders. And it goes without saying that by way of this action, Emera also believes that the growth prospects for Grand Bahama are promising.” The Canadian utility added that its offer, should it be accepted, would enable it “to meet its objective of increasing investment in the region and streamlining the ownership structure of its companies here”. Explaining why the Depository Receipt (DR) choice has been offered, it said: “Shareholders who choose the DR option would benefit through the unique opportunity to have an interest in Emera, which is a much larger and diversified company than ICD Utilities. “Emera’s shares trade on the Toronto Stock Exchange, and provide shareholders several benefits over ICD Utilities’ shares, such as improved liquidity, a higher historical dividend yield and a stronger historical share performance. These benefits are in keeping with Emera’s strong focus on value creation for its shareholders.”

Should all Bahamian shareholders accept the cash option, the payout value will total $34.746 million. Emera said this valued the whole of ICD Utilities at $88.5 million, meaning that 100 per cent of GB Power - a company with Cdn$400 million in assets - is worth $177 million in its eyes. A senior capital markets source, speaking on condition of anonymity, told Tribune Business that based on the terms presented to-date the Emera offer was “a good deal” for ICD Utilities’ Bahamian shareholders. “Would you rather hold an international share? Is there more upside in an Emera share than ICD Utilities and GB Power?” they asked. “If you’re swapping to a more global security, is that more beneficial for you? “The upside outside Freeport may be larger. Would you rather buy Emera shares, or take the cash or something else? If it was me, I’d swap it for Emera shares and move on. To me, I think it’s a good deal.” The offer, if it proceeds, will effectively initiate a ‘corporate restructuring’ of GB Power’s ownership structure. Once the Emera transaction goes through, ICD Utilities will cease to exist, and be delisted from BISX- meaning that its accounts, and those of GB Power - will no longer have to be published in such detail. That will reduce the costs incurred by Emera and GB Power from having a public company in the Bahamas, but also lowers the amount of scrutiny that the Bahamian public can apply to the utility’s performance and actions. ICD Utilities’ shares will be replaced by Bahamian Depository Receipts (BDR) that will be listed on BISX. Initially, ICD Utilities will be merged into IUL Ltd, an Emera affiliate, with the former’s shareholders given preference shares in the latter. These will then be exchanged for either cash, the BDRs or a combination of the two. These BDRs, a derivative of Emera shares, are identical to those held by Bahamian investors in Consolidated Water, the reverse osmosis plan operator. They will also fulfill exactly the same function as the BDRs issued by Kerzner International, the former Atlantis owner, prior to the company delisting and going private. Given the Bahamas’ economic circumstances, and especially Grand Bahama’s current plight, the suspicion remains that most ICD Utilities shareholders - especially retail investors - will elect to take the cash payout, giving them

liquidity they can apply to bills and debts. The offer, which requires approval by a majority of non-Emera shareholders at ICD Utilities’ annual and special meeting on November 8, 2017, will potentially end Bahamian ownership in GB Power if all accept the cash payout. Emera acknowledged this “could be sensitive” from a Bahamian nationalist standpoint, but reiterated to Tribune Business: “We believe this is a win-win for all involved. “While to some it may be viewed as a reduction of ownership in GB Power directly, this transaction creates an opportunity for Bahamians to have a greater share of ownership in GB Power’s parent company, Emera, and in so doing will continue to have an indirect investment in GB Power.” Emera added that it had delivered on promises of improved service to GB Power customers, with generation plant availability over 98 per cent for 2017 year-to-date. “Over the past five years, Emera has improved service to customers through a three-point plan; to first improve reliability, then stabilise power rates and, finally, to introduce renewables to our energy mix,” it told Tribune Business. “That plan included the construction of a new generation facility that has now been operational for several years, and generating plant availability in 2017 is over 98 per cent year-to-date. We are now working to strengthen our transmission and distribution infrastructure to improve reliability and make it more resistant to storms.” Hurricane Matthew’s impact on Grand Bahama’s economy and society continues to impact GB Power’s performance, with Emera revealing: “Sales are down roughly 10 per cent year-over-year, as the island continues to recover from the aftermath of Hurricane Matthew. “Despite this, Emera has confidence in the economy rebounding, which is part of the reason this offer is being made to the ICD Utilities shareholders.” The Canadian utility revealed it was working with General Electric (GE) “ to assess renewable options for Grand Bahama – options that can assist with stabilising rates, can assist with increasing grid resiliency, and do not result in grid instability”. It added: “Investing in renewable energy is a core strategic objective for Emera, and we are exploring options to act on this strategy in Grand Bahama.”

Some observers will also argue that the buy-out culminates the shedding by the Grand Bahama Port Authority (GBPA) of one of its key Hawksbill Creek Agreement responsibilities, namely the “sole right to construct and operate utilities” such as electricity within the Port area. This process began when the late Edward St George and Sir Jack Hayward transferred the GBPA’s productive assets from the Port Authority into Port Group Ltd, and began treating them as private, profit-making assets. This led to ICD Utilities’ creation, and the sale of Sir Jack’s interest to Bahamian investors, together with the partnership with Southern Energy (Mirant). Southern eventually sold its GB Power interest, at the time just over a 50 per cent stake, to Marubeni. Emera, though, has played ‘the long game’ in relation to GB Power. It entered the market by acquiring Lady Henrietta St George’s 50 per cent interest in ICD Utilities, with the deal’s proceeds used to finance the St George estate’s then-litigation with

the Haywards over their GBPA interest. It then acquired the Marubeni interest under the last Ingraham administration, making it GB Power’s majority shareholder. The only other remaining equity interest remains the Bahamian minority shareholders in ICD Utilities. Emera appears keen to reduce, if not remove, the Bahamian interest as part of a strategy to deepen its investment in the Caribbean. Yet transactions such as its ICD Utilities offer are commonplace in more developed countries’ capital markets, where controlling/majority shareholders move to buy-out minority interests all the time - and are sometimes compelled by law and regulations to do so. The Emera/ICD Utilities deal follows the same practices, with all Emeraconnected directors on the BISX-listed entity’s Board recusing themselves from deliberations on the deal. The ‘independent’, nonexecutive directors form a committee to discuss the transaction with their

own lawyers and financial advisers, before deciding to recommend whether minority investors accept the offer. The ‘independent’ directors in ICD Utilities case will be former BEC executive chairman, Michael Moss; attorneys Robert Adams and Brenford Christie; and Pharmachem chief executive, Randy Thompson. Emera said the Government has already approved the ICD Utilities buyout through the Bahamas Investment Authority (BIA), while the Central Bank has also approved it in principle for exchange control purposes. The Securities Commission has also issued a letter of ‘non-objection’. The Canadian utility is hoping to close the deal this September. It also hinted that the ‘fairness’ opinion on the buy-out, from the KPMG accounting firm, which backed the transaction will be made available to Bahamian shareholders for their scrutiny. GB Power’s management and operations, said Emera, will not be impacted by the deal.

NOW HIRING!

Certified Lifeguards Cruise line with Private Island in the Berry Islands is seeking certified lifeguards to work on the Cay. Applicant must have at least 1 years’ experience as a lifeguard, and must be able to pass a standard monthly fitness test. Applicants should be able to provide at least two references. Interested persons should email their resumes to: info@shipmateltd.com

PAGE 8, Monday, October 16, 2017

THE TRIBUNE

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THE TRIBUNE

Monday, October 16, 2017, PAGE 9

Web shops: Banks ‘fell down big time’ FROM PAGE 1 Bahamian society, and especially questioned why the Canadian-owned banks had not implemented the common platform used in their home country. “What has not happened in this country is that the traditional banks have not created an online platform that can transfer money to any account,” Mr Simms blasted. “In the US and Canada, you can transfer money to anyone regardless of what bank they bank at, but we have not done that. “They [the web shops] don’t fill a vacuum. In my opinion, they filled an intentional vacuum that the retail banks left because e-banking, e-commerce did not evolve.” Mr Simms continued: “The web shops came in, had a service and the islands took advantage of that service. In my opinion, the clearing banks have not evolved, and they cannot use the web shops as an excuse. They argue that the web shops encroached on their business, but no, you fell down. “If the clearing banks had developed this platform, the web shops may not have entered into it. The retail banks fell down. They did not evolve, and are pulling out of the Family Islands and not putting this platform in place where someone in Inagua can purchase from Freeport by transferring the money from Scotiabank to Royal Bank of Canada. “The commercial banks are to blame for what we have today. They are not without fault in this situation. The clearing banks fell down big time. They can’t blame the web shops for filling the void.” Mr Simms was speaking after Dionisio D’Aguilar, the minister responsible for gaming, warned that web shops’ unlicensed and unregulated money transfer activities threatened to undermine the wider financial services industry by attracting the attention of ‘blacklist’ happy international regulators. He added that he would be working with the Central Bank to address the issue, with the latter having

previously looked to license electronic payments solutions providers as means to ensure remote Family Island communities still had access to financial services. No such licenses have been issued, despite regulations having been passed, and Mr D’Aguilar challenged the web shops’ assertion that they adhere to the highest Know Your Customer (KYC) standards by arguing that they did not verify sources of customers’ income. The web shops have argued that they only deal with relatively small amounts, less than $300 per customer per day, and that this - together with the Bahamian-dollar denomination of most currency, means they present a ‘low risk’ of money laundering abuse. Mr Simms, though, said Family Island residents and businesses were being left with little choice but to turn to the web shops due to the speed of commercial bank withdrawals and the absence of alternative, electronic banking channels. He added that education was especially important in a cash-based society, but little was being done to transition Bahamians to e-banking and e-commerce. “You’re dealing with a cash society that has always been so, yet the banks are pulling out in 60 to 90 days,” Mr Simms told

Tribune Business. “How does that work? “If I’ve been cash all my existence, how does that work? You have a society with a lot of cash holdings, nowhere to put it. Do you have to jump on a plane to Nassau? How do you conduct your transactions without a bank present? How do you bank?” Mr Simms said he had written to the Clearing Banks Association, copying the Central Bank and Ministry of Finance on the issue, as to why the banks - especially those Canadianowned - had been unable to implement a common online platform, connecting all institutions, in the Bahamas when the same had been present in the US and Canada for 10-20 years. And, given the negative social implications of web shop gaming, the Chamber director said better data and statistics were needed to address problems such as gambling addiction. “It’s my understanding that part of the Gaming regulations and Act have mandated the web shops to do educational initiatives on the effects of gaming and gambling addiction,” he said. “I’m not sure who monitors that and oversees the actual implementation and effect of it. We need to be able to monitor things, and have better data and statistics to speak to these things intelligently.”

Mr Simms continued: “It’s a social issue, and every island I visit, people are concerned about it [web shop gaming]. The effects of gambling addiction are affecting other persons in the community in that they

have to help people out by putting food on the table, feeding their children or give them lunch money. “It’s a social challenge that has to be addressed.... It’s a conversation we need to have. They’re [the web

shops] offering a service in one breathe, but on the other we have a social issue on the islands. We have to weigh them up. The social issue is long-term, and we will only see the effects 15 years down the road.”

NOTICE

Telcom Infrastructure Holdings, Limited NOTICE IS HEREBY GIVEN as follows: (a) Telcom Infrastructure Holdings, Limited is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 11th day of October, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

NOTICE TO SHAREHOLDERS OF ICD UTILITIES LIMITED (the “Company”)

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

__________________ Notice is hereby given that the Annual and Special Meeting of the Company (the “Meeting”) will be held at the Pelican Bay at Lucaya, Sea Horse Road, Freeport, Grand Bahama on Wednesday, the 8th day of November, 2017 at 5:00 p.m. Holders of the Company’s common shares (“Common Shares”) of record as of the close of business on the business day immediately prior to the mailing to the Company’s shareholders of the proxy statement relating to the Meeting will be entitled to vote at the Meeting. Pursuant to its obligations as a listed company on the Bahamas International Securities Exchange (“BISX”), the Directors of the Company wish to inform shareholders that the Company has entered into a definitive agreement with Emera Incorporated (“Emera”) and Emera Utilities Holdings Ltd. (“EUHL”), a wholly owned indirect subsidiary of Emera which currently owns a 60.74% controlling interest in the Company, pursuant to which Emera would indirectly acquire all of the Common Shares that it does not own (the “Transaction”) for consideration, at the election of each shareholder, of (a) BSD$8.85 in cash per common share of the Company (the “Cash Alternative”) or (b) 0.913 depository receipts (“DRs”) per common share of the Company (the “DR Alternative”), or a combination of the Cash Alternative and the DR Alternative for each common share of the Company. Each DR initially represents an interest in one quarter of a common share in the capital of Emera. An application has been made to list the DRs on the BISX upon successful completion of the Transaction. Shareholders who wish to receive the Cash Alternative or a combination of the Cash Alternative and the DR Alternative must submit a valid election to Colina Financial Advisors Limited (the “Manager”) by 5:00 p.m. (Freeport time) on November 27, 2017 to one of its addresses listed below, or at one of the Shareholders’ Forums described below. Shareholders who do not make a valid election will be deemed to have elected the DR Alternative. The implementation of the Transaction will be subject to approval by the holders of the Company’s Common Shares at the Meeting. The Transaction will be subject to approval by a majority of the votes cast by shareholders other than EUHL in addition to approval by 75% of the total holders of the Company’s Common Shares including EUHL. The Transaction also will be subject to applicable regulatory approvals and certain closing conditions customary in transactions of this nature. Copies of the proxy statement and related documentation are available on the BISX website at www. bisxbahamas.com. The proxy statement will also be mailed out to shareholders on or prior to October 18, 2017. Shareholders are advised that it is in their best interests not to make any decision on the sale of their Common Shares until they have carefully reviewed the proxy statement with their legal and financial advisors. Shareholders are invited to attend one of the Shareholders’ Forums which will be hosted by senior executives of Emera and of the Company on the 23rd day of October, 2017 at 5:30 p.m. EST at the Pelican Bay Resort in Freeport, Grand Bahama or at the British Colonial Hilton, Nassau, One Bay Street, Nassau, Bahamas on the 24th day of October, 2017 at 12:00 p.m. EST to provide additional information regarding the Transaction and the attributes of the DRs and the underlying Emera common shares. Any questions or requests for assistance in connection with the Transaction may be directed to the Manager by mail at 308 East Bay Street 3rd Floor, P.O Box CB-12407 or East Mall and Poinciana Drive, P.O. Box F-42643, Freeport, Grand Bahama or by telephone or by email as follows: Anthony Ferguson President aferguson@cfal.com 242.502.7010

Dwayne Swann Client Relations Manager dswann@cfal.com 242.351.8928

Nicholas Higgs Research Analyst nhiggs@cfal.com 242.502.7067

Dated the 13th day of October, 2017 By Order of the Board Archibald Collins President and Chief Executive Officer

PAGE 18, Monday, October 16, 2017

THE TRIBUNE

Monday, October 16, 2017, PAGE 19

IMF’s ‘well-managed’ financial contraction findings premature FROM PAGE 1 Bahamas had yet to see the impact from implementing the Common Reporting Standard (CRS) on automatic tax information exchange and further upgrades to its anti-money laundering counter-terror financing regimes. Mr Paton said Bahamas-based institutions were informing him that while client numbers were reducing, assets under management were increasing, indicating that volumes are down but margins/yields up. Warning that a drop in client numbers might result in further sector downsizing, he reiterated that the Bahamas needed to position itself as “the Singapore or Hong Kong” of the Western

Hemisphere when it came to private wealth management. The International Monetary Fund (IMF), in a paper accompanying its full Article IV report on the Bahamas, suggested that the financial services sector’s economic impact had “remained broadly stable” despite a 65 per cent contraction in bank and trust company assets under management in the five years to 2016. This, the Fund added, suggested that the Bahamas had coped well in minimising the ‘spillover’ effects from such a reduction, but Mr Paton said: “I think we still have to reserve comment on that because I don’t think we can say the consolidation, the shake-out is over. “The impact of the CRS and its Multilateral Convention, and its implementation, is yet to be

seen. I would say there’s going to further consolidation in the sector. On the positive side, the reports I’m getting from some of the people in the industry that I speak to are that, notwithstanding the number of clients is shrinking, the aggregate of their assets may be going up because they’re dealing with high-end, complex structures. “It shows a reduction in volumes but an increase in assets from what I’m hearing; assets in the structures they’re [financial institutions in the Bahamas] administering.” Despite the seemingly positive increase in assets, Mr Paton warned that a reduction in client numbers could translate into further downsizing in the traditional ‘second pillar’ of the Bahamian economy, which has largely been

responsible for building a middle class. “The question becomes that, if there are less clients, what does that do to headcount in back and middle offices,” he queried to Tribune Business. “I suspect there are still going to be personal reductions, and what options are there going to be for persons affected? “We may be managing the process better than others, but it’s too early to say yet, as this process has not finished.” Mr Paton urged the Bahamas to look ahead “to the next stage and position ourselves as a serious place for private clients from a wealth management standpoint. “The number of jurisdictions we are looking to compete with are going to be at the high-end of the market, rather than the low

end. We need to be positioning ourselves as the alternative in this hemisphere; as a Hong Kong and Singapore type of marketplace.” The ex-BFSB chair said the Bahamas needed to reverse any negative perceptions of itself to achieve such status, and reiterated: “I don’t think I can agree that we’ve come out of this thing. “I think there’s still a long way to go. A lot of attention is being paid to the FATF and regulations associated with that; it’s still going to be changing times for us. “I don’t think by any stretch have things settled down for us yet. Expect more rules and whatever enforcement of those regulations is necessary going forward. It’s a place we need to get to. It’s going to cause some industry ramifications, but that’s what we need to do.”