10182017 business

business@tribunemedia.net

WEDNESDAY, OCTOBER 18, 2017

$4.25

$4.41

$4.41

Homeowner Protection Act must be ‘fair to all’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Government plans to review the Homeowners Protection Act to ensure it “is fair to all concerned” following industry complaints, the Deputy Prime Minister has confirmed.

K P Turnquest told Tribune Business that the Minnis administration plans to consult with mortgage lenders and the Consumer Protection Agency over potential changes to legislation passed by its predecessor prior to the May 10 general election.

* GOV’T TO REVIEW LEGISLATION AFTER CONCERNS * ‘INTERVENTIONS’ UPSET THE PRIVATE SECTOR * DPM: WHY’S SIR FRANKLYN SPEAKING NOW? Disclosing that he had already received “representations” from the private sector, Mr Turnquest said the concerns centred on provisions seen as imposing overly-burdensome restrictions and ‘red tape’ that will further slow and already struggling mortgage/housing market.

The Deputy Prime Minister also expressed surprise that Sir Franklyn Wilson, Arawak Homes’ chairman, would express concerns about the Act now rather

than during the Bill’s early 2017 passage.

“It’s interesting that he would now comment on that when he was silent about it when they were passing it,” Mr Turnquest said in reference to a recent Tribune Business interview with Sir Franklyn.

“Be that as it may, I’ve had representation from other entities regarding some of the provisions.

We’re going to look at it, DPM K P TURNQUEST

SEE PAGE 6

$4.39

BPL chair warns Bahamians: ‘No pain, no gain’

By NATARIO MCKENZIE Business Reporter nmckenzie@ tribunemedia.net

REFORMNG Bahamas Power & Light (BPL) may cause “pain” for Bahamians, its chairwoman yesterday warning that its $600 million legacy debt and liabilities “cannot be ignored”.

Darnell Osborne, speaking at a press conference at BPL headquarters, said the Board of Directors’ finance committee was targeting savings in a bid to reduce the utility monopoly’s borrowing needs.

“We cannot ignore the legacy debt,” she conceded. “This is inherited.

It is something that is

* SAYS REFORMS MAY CAUSE ‘DISCOMFORT’ * UTILITY ‘CANNOT IGNORE’ $600M LIABILITIES * TARGETING SAVINGS THROUGH RFP PROCESS years in the making, and it must be addressed very shortly. We have had many discussions on this. We have a finance committee which has been working very hard, looking at ways to save, which will bring down the amount that we need to borrow.”

BPL unveiled a new chief executive and chief operating officer

SEE PAGE 4

BAHA MAR LIQUIDATORS DECLINE EXTENSION FOR BREEZES LAND TRANSFER

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHA Mar’s secured creditor wanted liquidators to remain in place until the land swap with SuperClubs Breezes is completed - a request they were reluctant to comply with.

Minutes from the September 20 meeting of Baha Mar’s creditors, obtained by Tribune Business, reveal that the China Export-Import Bank and its Perfect Luck Claims vehicle wanted the liquidation of Sarkis Izmirlian’s entities to continue until the land transfer between the two resorts was concluded.

Karen Chu, a Perfect Luck representative, told the meeting that the swap between Baha Mar and SuperClubs Breezes would be completed in mid-October at “earliest” - a date that has now been reached.

* CHINA BANK WANTED EXTRA TIME TO AID DEAL CLOSE * LIQUIDATION CONTINUING - BUT NOT FOR PERFECT LUCK * SWAP CRITICAL TO CLOSING NOT YET COMPLETED Tribune Business understands that the transfer agreement has yet to be completed, but the liquidators informed Perfect Luck at the meeting they did not want to extend their work because this would increase their remaining fees beyond the $806,000 already agreed with the Government.

The meeting minutes, referring to the land swap and “mutual releases” needed to effect it, imply that the deal’s conclusion is essential to sealing Baha Mar’s acquisition by Chow Tai Fook Enterprises (CTFE). “Karen Chu advised that the documents must be signed upon closing, and suggested extension of the liquidation to accommodate the

ALIV GETS 13,000 PORTS AT ‘ACCELERATED PACE’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ second mobile provider yesterday predicted it will complete its nationwide roll-out “well ahead” of target, having attracted 13,000 subscriber ‘ports’ at an “accelerating pace”.

Damian Blackburn, Aliv’s chief officer, told Tribune Business that it had attracted 9,000 ‘ports’ - customers electing to keep their existing number when switching from the Bahamas Telecommunications Company (BTC)

* GAINING SUBSCRIBER TRANSFERS AT 3,000 A MONTH * CONFIDENT NATIONAL ROLL-OUT ‘WELL AHEAD’ OF GOAL * AIMS TO CONNECT ‘AS MANY ISLANDS’ PRE-XMAS

THE Bahamas “has a ways to go” in ensuring Government Boards are staffed by suitably-qualified persons, a prominent accountant said yesterday.

Simon Townend, a KPMG (Bahamas) partner and head of the firm’s corporate advisory practice in the Caribbean, said improving corporate governance in the Bahamas will have a “direct beneficial impact” on the economy.

He added that the Bahamas was “moving in the right direction”, but still has

SEE PAGE 5

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“a ways to go” in ensuring that government corporation/agency Board positions are filled by well-qualified directors.

Speaking as a panellist at a Bahamas Institute of Chartered Accountants (BICA) conference on corporate governance and accountability, Mr Townend said: “We need to get past that every time

SEE PAGE 6

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of the corporate structure created by Mr Izmirlian, Baha Mar’s original developer, was continuing - but not to accommodate the China Export-Import Bank, Perfect Luck and the Breezes land swap’s conclusion.

This transaction is critical to the completion of CTFE’s purchase, because until it closes SuperClubs Breezes owns the land at the heart of Baha Mar’s 100,000 square foot casino - the largest in the Caribbean.

The land swap agreement was set out in a 2011 Letter of Intent between the two resorts. This involved swapping a 0.66 acre parcel, upon which SuperClubs Breezes wastewater treatment plant stood, for land of the same size, upon which Baha Mar was to build a replacement plant at its expense. The agreement also involved Baha Mar’s then-golf

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over the past three months.

This compared to the 4,000 ‘ports’ gained in the three months to July 20 this year, meaning that Aliv was now

BAHAMAS HAS ‘WAYS TO GO’ ON GOV’T BOARD GOVERNANCE

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net

signing of mutual releases,” the minutes said. “Ed Rahming questioned the expected date of the signing of the mutual releases.

Karen Chu advised that the earliest date was in mid-October.”

Mr Rahming, a Bahamian accountant and one of Baha Mar’s three liquidators, together with UK duo, Nicholas Cropper and Alastair Beveridge of Alix Partners, warned of the financial consequences of continuing their assignment.

“Ed Rahming advised that there is a budget in place, with an agreed shortfall,” the meeting minutes said. “He further stated that the fee payment amount is currently fixed, and had been agreed with the joint

receiver-managers and presented to the Government on the basis the liquidations would be completed with the next seven-14 days.

“Ed Rahming maintained that extending the conclusion date of the liquidations may result in unforeseen issues arising, which may result in accrued costs and [an increase upon] the fee amount previously agreed upon with the joint-receiver managers.

Karen advised Ed Rahming that additional costs should not be too high as the wording for the mutual releases has already been agreed upon.”

Mr Rahming responded by saying he needed to discuss the matter further, asking whether there were “any other matters that can possibly arise that might extend the liquidation’s conclusion”.

He yesterday confirmed to Tribune Business that the liquidation

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PAGE 2, Wednesday, October 18, 2017

THE TRIBUNE

BAHAMAS POWER AND LIGHT COMPANY LTD. EXTERNAL VACANCY NOTICE

FOREMAN – SAFETY & ENVIRONMENT SAFETY & ENVIRONMENT DEPARTMENT ENERGY SUPPLY DIVISION A vacancy exists in the Company for a Foreman in the Safety & Environment Department of the Energy Supply Division.

Responsibilities of the position include, but are not limited to the following: • • • •

• • •

Plans the daily work schedule and activities for subordinate staff.

This includes adjusting work schedules to accommodate staffing availability and emergency work; Makes budgetary recommendations to immediate supervisor for tools and equipment.

Directs subordinate staff in carrying out their duties. This involves instructing staff of guidelines and procedures to follow and achieve set deadlines (provides direct supervision and Quality Control); Performs environmental monitoring at all assigned facilities to ensure acceptable waste management and pollution mitigating measures.

This includes liaising with contractors involved in the waste removal process; Monitors the marine environment with a vessel and responds to oil spills according to statutory and the Corporation’s policies and procedures; Counsels staff to resolve informal complaints and/or employee relations issues. Seeks advice from higher level supervisor to address difficult situations; Appraises the performance of subordinate staff in accordance with the Corporation’s standard performance review system;

Job requirements include but not limited to: • • • • • •

Completion of a Formal Apprenticeship Program and 24-hour Hazardous Waste Operators Training (HAZWOPER) or equivalent qualifications; A minimum of 5-10 years of experience; Technical knowledge and operation of machinery and equipment and utilization for oil remediation and recovery; Thorough working knowledge of marine operations, repairs and the operation of tools and equipment use in basic marine repair; Written and verbal communication skills; Must be physically fit.

Interested persons should apply by completing and returning an Application Form to: Manager – Human Resources, Bahamas Power and Light Company Ltd., Blue Hill & Tucker, P. O. Box N-7509 Nassau Bahamas on or before: October 25, 2017.

Only candidates meeting the criteria will be contacted.

Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com

Bahamas Power and Light Company Ltd.

BAHAMAS POWER AND LIGHT COMPANY LTD. EXTERNAL VACANCY NOTICE

BAHAMAS POWER AND LIGHT COMPANY LTD. EXTERNAL VACANCY NOTICE

DRAUGHTSMAN DRAWING OFFICE DEPARTMENT TECHNICAL PLANNING DIVISION

UTILITYMAN – SOUTH ANDROS OPERATIONS FAMILY ISLANDS DIVISION

A vacancy exists in the Company for a Draughtsman in the Drawing Office Department of the Technical Planning Division.

Responsibilities of the position include, but are not limited to the following: •

•

•

•

Prepares schematic drawings of the Transmission and Distribution systems. This includes recording the location and properties of overhead and underground conductors, switchgear, transformers, and other significant system devices on the schematic drawings; Prepares drawings for substation layouts, wayleaves, plinths, and buildings. This includes surveying the proposed sites, laying out the conductors paths, and designing the various structures (i.e., buildings, plinths, walls, etc.); Locates and exposes underground cables by identifying the location of cables for fault excavation purposes, to prevent damage during excavation exercises by other Ministries, Corporations and the general public); Files drawings, maintains related mimic boards, and disburses copies of drawings to appropriate field staff.

A vacancy exists in the South Andros Operations - Family Islands Division for the position of Utilityman.

The Utilityman is responsibility for construction and maintenance of the overhead and underground distribution systems.

Responsibilities of the position include, but are not limited to the following: • •

• • •

Job requirements include but not limited to: • • • • •

•

• •

BUILDING FOR BETTER

Completion of a Technical School Program/degree (e.g., Associates) with concentration in Draughting/Architectural Drawing or relevant field, City & Guilds Technical Certificate (Levels I & II); A minimum of 2-4 years of experience or equivalent; Requires knowledge of draughting techniques and procedures, the Company’s transmission and distribution systems, and drawing conventions; Knowledge of underground cable locating procedures to assist in excavation exercises; Proficiency with the use of specialized tools such as: surveyor’s tools (e.g., theodolite, roller tape, etc.), drawing equipment (e.g., drawing boards, personal computers, plotters, etc.), and underground cable locators (e.g., Fisher, Bimec, Radio Detector etc.); The ability to use the AutoCAD software (CAD) system (Levels I & II). Requires written and verbal communication, and interpersonal skills to prepare reports and memos, and effectively interact with staff, co-workers and the general public; Require to have a driver’s license and knowledge of CB radio operations; Require to perform emergency response duty services (e.g., hurricane disaster response);

Interested persons should apply by completing and returning an Application Form to: Manager – Human Resources, Bahamas Power and Light Company Ltd., Blue Hill & Tucker, P. O. Box N-7509 Nassau Bahamas on or before: October 25, 2017.

Constructs extensions reinforcements to the overhead and underground distribution systems by extending mains and services and installing transformers and streetlights; Maintains the overhead and underground distribution system by carrying out repairs on power lines, maintaining street lights, replacing blown fuses, cutting trees and using equipment such as meggars and multimeters to diagnose and repair faults; Installs and maintains meters through the use of wiring diagrams; Performs duties related to revenue collection and protection such as meter reading and reconnection and disconnection of accounts; Investigates consumer complaints, cut trees, diagnose and repair faults;

Job requirements include but not limited to: • • • • • • • •

Successful completion of a formal Technical School or a Technical Apprenticeship Program or equivalent; A minimum of 2-3 years of experience; Knowledge of Electrical principles and skills; Excellent physical condition; Good written, verbal and math skills to communicate with customers and prepare reports; Climbing skills; Proficiency in the handling of heavy equipment and the use of meggars, multimeters and other tools; A valid driver’s license.

Interested persons should apply by completing and returning an Application Form to: Manager – Human Resources, Bahamas Power and Light Company Ltd., Blue Hill & Tucker, P. O. Box N-7509 Nassau Bahamas on or before: October 25, 2017.

Only candidates meeting the criteria will be contacted.

Only candidates meeting the criteria will be contacted.

Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com

Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com

Bahamas Power and Light Company Ltd.

Bahamas Power and Light Company Ltd.

BUILDING FOR BETTER

BUILDING FOR BETTER

THE TRIBUNE

Wednesday, October 18, 2017, PAGE 3

BPL makes provision for renewable funding

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net

BAHAMAS Power & Light (BPL) has set aside financing to incorporate renewables into its energy generation mix, its newly-appointed chief executive said yesterday.

Whitney Heastie, Grand Bahama Power Company’s former generation vice-president, who has swapped his BPL Board director post for a role in management, said: “As it relates to renewables, the Board of Directors - with the business plan that was previously put together - has looked at the implementation of renewables.

“We realise that renewables is the path to the

future, and we have in our capital planning set aside funds to implement renewables.”

Mr Heastie added: “When we talk about the generation that is going to be forthcoming in New Providence, we are looking at the opportunity to make sure that the generation is clean and green.

“As we move outside of New Providence we are looking at Abaco to make sure we can bring gas (LNG) to Abaco, or whether it be down in Ragged Island, which the Prime Minister has stated he wants to make a green island.”

Mr Heastie, speaking at a BPL press conference yesterday afternoon, also confirmed to Tribune

Business that the utility monopoly has issued a tender seeking bids for the five-year supply of 80 Mega Watt (MW) temporary rental generation units.

He said: “The current RFP (Request for Proposal) speaks to generation for up to five years. One of the things the Board is interested in is that we do need to shore up long-term generation.

“Depending on how the RFPs are positioned back to us, we will look at those RFPs and make a determination on whether or not that is something we want beyond five years or permanent generation.

We will be looking at it beyond five years.”

TRADE MISSIONS ‘BIG PART’ OF CHAMBER’S AGENDA

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net

THE Bahamas Chamber of Commerce and Employers Confederation (BCCEC) is pushing for more reciprocal trade arrangements, its chief executive describing this as a “big part” of the agenda going forward.

“We are trying to get organised for a trip to Cuba at end of the month, the Havana International Fair and Expo,” said Edison Sumner. “We are working on that with Bahamasair to see if we can get as many local business persons as we can get to attend. That is something that we are pushing very aggressively.

“We also have a trade mission scheduled for Washington in November.

Haiti is still on our radar.

We will probably seek to get in there in the first part of next year. There is a lot of interest from Canadian businesses on many levels, and so we want to take a delegation to Canada and let them know about business opportunities here.

What we are really pushing for with these missions is to bring about reciprocal arrangements. Trade missions will be a big part of our agenda in 2018.”

Mr Sumner added that the Chamber had decided to “reconfigure” its approach in terms of delivering assistance to businesses, particularly on the Family Islands, which were impacted by Hurricane Irma.

“We realised that there were some other things

in the pipelines as far as relief being made,” he said. “We are supporting some of those initiatives.

We are going to reconfigure our approach and, in this instance, provide more technical support rather than financial assistance.

We have decided to act in an advisory capacity rather than offer funding, and that gives us the opportunity to look at how to approach these things in the future,” said Mr Sumner.

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BACO FOUNDER: REGULATION IS ‘NO SUBSTITUTE’ FOR GOVERNANCE

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net

A FORMER Senator yesterday said regulation was “no substitute” for good governance at financial services institutions.

Cheryl Bazard, attorney and founding Bahamas Association of Compliance Officers (BACO) president, said: “In the Bahamas there has always been a heavy dependence on regulatory discipline. In 1999, when we were under the threat of blacklisting, we passed a slew of legislation.

“While regulation is important, it is no substitute for the need for entities to govern

themselves responsibly.

There can never be a substitute for that, and that cannot be stressed enough.

The real challenge is, internally, a culture of good governance.”

Addressing a Bahamas Institute of Chartered Accountants (BICA) conference on corporate governance and accountability, Mrs Bazard also advocated a ‘“bottom up” approach to cooperate governance.

“Directors may not fully understand the day-to-day workings of their organisations,” she explained. “If you have the guy in from the bottom up, then it will drive the concept of cooperate governance more deeply within an organisation.”

Mrs Bazard agreed that the financial services sector is “under siege”. “The financial services sector is under siege whether we wish to accept it or not, and we have to find new ways to reinvent the wheel or resurrect what once was the Switzerland in the Caribbean,” she added.

Having recently returned from Jamaica’s annual Anti-Money Laundering (AML)/ Counter-Financing of Terrorism (CFT) conference, Mrs Bazard said the Bahamas must be careful regarding its pronouncements on the web shop gaming industry, warning: “The international community is listening.”

PAGE 4, Wednesday, October 18, 2017

THE TRIBUNE

BPL chair warns Bahamians: ‘No pain, no gain’ FROM PAGE 1 yesterday, as it starts the process of transitioning to an all-Bahamian management team following the termination of PowerSecure’s five-year operating partner contract. Yet Whitney Heastie and Christina Alston, a Bahamian who recently served as director of supply chain services for Georgia Transmission Corporation, will face the same problems as PowerSecure and all previous Boards and management teams unless the legacy Bahamas Electricity Corporation (BEC) debts and liabilities are refinanced and moved off BPL’s balance sheet.

Besides some $320-$350 million in bank and bond debt, BPL and

its BEC parent are also burdened by a $110 million pension deficit and multi-million dollar environmental liabilities at its various power plants in New Providence and the Family Islands.

The former Christie administration passed legislation to facilitate BPL’s refinancing via a Rate Reduction Bond (RRB), which would have moved legacy debts off-balance sheet into a special purpose vehicle (SPV).

However, debt repayments to bond holders would have to be financed from a portion of customers’ bills, and both current and former governments have shown a reluctance to implement the RRB solution given the potential impact on Bahamian households,

businesses and general election votes.

Mrs Osborne yesterday warned that reforming BPL, and placing it on a sustainable, profitable footing, may ultimately cause discomfort to Bahamian consumers.

“It may be a bit of a bitter pill to swallow, but no pain, no gain,” she said. “We will definitely try to keep the pain at a minimum for the Bahamian people.” She did not specify what she meant by this.

Mrs Osborne, though, continued: “Not only do we need to address the legacy debt but also our generation needs going forward. We have tied down the capital expenditure budget. We

have issued proposals for the generation.

“We have had a lot of interest in terms of companies willing to provide energy solutions to BPL, and some of these have included financing options. Once the RFP for the generation is completed and bids are closed, we will look at the proposals and determine the lowest cost for the Bahamian people and also the reliability of energy. We have received some proposals and we want to hear from all that are interested.”

BPL’s former manager, PowerSecure, had planned to lay off between 200-300 employees, a move ex-Minister of Works, Philip Davis, said had been averted after

the former administration worked out a deal to increase consumer tariffs instead.

Speaking on the possibility of lay-offs, Mrs Osborne said: “ The business plan as it exists currently will be revised, and we will reserve our comments until we have had a revision of the business plan and after we have brought some savings through the RFP process to determine the way forward in terms of any reductions in staff.

“We will seek to bring about serious cost savings through our RFP process.

“We also intend on doing a human resources needs assessment, and then determining the way forward.”

BAHA MAR LIQUIDATORS DECLINE EXTENSION FOR BREEZES LAND TRANSFER FROM PAGE 1 course-owning affiliate, BMP Golf, transferring another 2.27-acre parcel to SuperClubs Breezes. The latter also agreed to change the leasehold boundaries of its property, surrendering two areas and gaining an equivalent-size piece of land, to help Baha Mar. But delays in executing the Letter of Intent impeded SuperClubs Breezes’ expansion plans, and even resulted in a legal battle erupting between the two when Mr Izmirlian was in office. The Supreme Court litigation was subsequently settled, but the two sides and their attorneys have yet to conclude the land swap with the December 1 deadline for CTFE’s

purchase closing just six weeks away.

“The liquidators are very near completion,” Mr Rahming told Tribune Business yesterday. “There are a few minor matters we are tying off at this point, and we’re hopeful we’ll be completed very shortly.

“There are a few minor matters we want to make sure we deal with, given the size and scope of the liquidation. We haven’t kept it open for that reason [the Breezes land swap]; we’ve kept it open because there’s a few minor things we have to close off given the size of this thing.”

Mr Rahming, though, said the liquidators were prepared to accommodate the deal with Baha Mar’s Cable Beach neighbour if

its closing aligned with the end of their work.

“If we find, upon completing this work, that we still have this thing out there, and it’s only a matter of a few days and weeks to allow that to be wrapped into the liquidation, we’ll do so,” he added.

“We’re fine with what we’ve done in relation to Breezes, and have signed off on all related matters. Our focus is the liquidation. I didn’t state we would keep the liquidation open; I haven’t given any approval on that.

“Our focus is to close out the minor things we need to do, and if at that time they’re still going through what they need to do with Breezes, they can wrap that into the liquidation.”

Mr Rahming said the liquidation’s size and complexity, coupled with the immense public interest in Baha Mar, required the liquidators to be extra thorough “before we seek a certificate of dissolution from the court” for the 24 companies that formed Mr Izmirlian’s corporate structure.

He added that one outstanding issue involved ongoing Industrial Tribunal claims against the former Baha Mar companies, which should have been halted after they were placed into liquidation.

“Ed Rahming advised that there are a number of ongoing litigation matters outside of the liquidation,” the September 20 meeting minutes noted.

“He said the liquidators’ attorneys will be filing an application with the court to have these matters set aside. The attorneys for the liquidators are currently working on this.

“Ed Rahming informed the creditors that these are mainly Industrial Tribunal matters that the Tribunal has allowed to continue in spite of the ongoing liquidation. The liquidations result in an automatic stay of all litigation matters, unless the stay is lifted by appearing before Justice Winder.

“Ed Rahming said the application is to have the court write to the Tribunal stating that the specific matters cannot be heard any place other than within the liquidation

proceedings, and at this time there is a stay in place.”

Mr Rahming yesterday described the Tribunal cases, and other outstanding issues, as “not material” to winding-up of Baha Mar’s former corporate structure.

“In order to close out 24 companies, if you will, you need to ensure these things are dealt with properly so they don’t come up again,” he told Tribune Business.

The liquidators’ remaining $806,000 fee is supposed to split 50/50 between the China ExportImport Bank and the Government. The September 20 minutes said they were “in the process of obtaining approval” from the Minnis administration.

NOTICE

NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000) PIERSISTERONE LTD. IBC No.152420 B (In Voluntary Liquidation)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000)

PIERONE LTD. IBC No.169439 B (In Voluntary Liquidation)

RIVIERA COAST LTD. IBC No.152419B (In Voluntary Liquidation)

NOTICE is hereby given that as follows:

NOTICE is hereby given that as follows:

(a) That PIERONE LTD. is in Dissolution under the provisions of The International Business Companies Act 2000.

(a) That PIERSISTERONE LTD. is in Dissolution under the provisions of The International Business Companies Act 2000.

(a) That RIVIERA COAST LTD. is in Dissolution under the provisions of The International Business Companies Act 2000.

(b) The Dissolution of the said Company commenced on the 16th day of October, 2017 when the Articles of Dissolution were submitted and registered by the Registrar General.

(b) The Dissolution of the said Company commenced on the 16th day of October, 2017 when the Articles of Dissolution were submitted and registered by the Registrar General.

(b) The Dissolution of the said Company commenced on the 16th day of October, 2017 when the Articles of Dissolution were submitted and registered by the Registrar General.

(c) The Liquidator of the Company is Sterling (Bahamas) Limited of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas.

(c) The Liquidator of the Company is Sterling (Bahamas) Limited of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas.

(c) The Liquidator of the Company is Sterling (Bahamas) Limited of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas.

(d) Any person having a Claim against the above name Company are required on or before the 16th day of November, 2017 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved.

(d) Any person having a Claim against the above name Company are required on or before the 16th day of November, 2017 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved.

(d) Any person having a Claim against the above name Company are required on or before the 16th day of November, 2017 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved.

Sterling (Bahamas) Limited Liquidator

Sterling (Bahamas) Limited Liquidator

Sterling (Bahamas) Limited Liquidator

BERINGTON BUSINESS LTD. Company No. 316201 (In Voluntary Liquidation)

NOTICE EL MALLIN CORP. In Voluntary Liquidation

FALBORA INVESTMENTS CORP. Company No. 120330 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that BERINGTON BUSINESS LTD. is in voluntary liquidation. The voluntary liquidation commenced on 13th October, 2017 and QUERUBE C. DE NUÑEZ have been appointed as the Liquidator.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, EL MALLIN CORP. is in dissolution as of October13, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

NOTICE is hereby given that as follows:

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that FALBORA INVESTMENTS CORP. is in voluntary liquidation. The voluntary liquidation commenced on 5th September, 2017 and NELLY FÄSSLER of Tössweg 24, 8805 Richterswil, Switzerland, has been appointed as the Sole Liquidator.

Dated this 13th October, 2017 QUERUBE C. DE NUÑEZ Voluntary Liquidator

LIQUIDATOR ______________________

Dated this 2nd day of October, 2017 Sgd. Nelly Fässler Voluntary Liquidator

NOTICE MEMOL DEVELOPMENT CORP. In Voluntary Liquidation

CONNOLINE INTERNATIONAL INC. Company No. 597747 (In Voluntary Liquidation)

SUNWING INTERNATIONAL LTD. Company No. 63024 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that CONNOLINE INTERNATIONAL INC. is in voluntary liquidation. The voluntary liquidation commenced on 6th October, 2017 and ALEXEJ MARTIN of Pflugstrasse 10/12, 9490 Vaduz, Principality of Liechtenstein, has been appointed as the Sole Liquidator.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that SUNWING INTERNATIONAL LTD. is in voluntary liquidation. The voluntary liquidation commenced on 10th October, 2017 and Walter Huber of Langstrasse 151, 8004 Zϋrich, Switzerland, has been appointed as the Sole Liquidator.

Dated this 9th day of October, 2017 Sgd. ALEXEJ MARTIN Voluntary Liquidator

Dated this 11th day of October, 2017 Sgd. Walter Huber Voluntary Liquidator

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MEMOL DEVELOPMENT CORP. is in dissolution as of October 13th, 2017.

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

LIQUIDATOR ______________________

THE TRIBUNE

Wednesday, October 18, 2017, PAGE 5

Aliv gets 13,000 ports at ‘accelerated pace’ FROM PAGE 1 gaining such subscribers at a rate of 3,000 per month as opposed to 1,300 following number portability’s April launch.

Updating Tribune Business with new figures, following this newspaper’s article yesterday, Mr Blackburn added that he was unable to speak for the Utilities Regulation and Competition Authority (URCA), the sector regulator, on whether Aliv had met its network roll-out and quality milestones.

Emphasising that the mobile operator “respects” the process, the Aliv chief officer nevertheless said it expected to begin providing commercial services to Andros and Exuma “within the next couple of weeks”.

He told Tribune Business that it aimed to connect “as many islands as possible” to its network before Christmas 2017, and was on pace to finish its nationwide rollout in early 2018 - ahead of URCA’s mid-year target.

“We’re actually now at 13,000 ports,” Mr Blackburn confirmed. “Some 13,000 customers have switched their network and provider, and proceeded to Aliv. We certainly want to make things easier for them to port their numbers, so we have this week launched an Aliv Concierge Service.”

This will see Aliv representatives visit potential new customers at their homes and work locations, and assisting them with the ‘porting process’, in an effort to “make it a seamless experience in your own environment”.

“It’s very different to what anyone has done before,” Mr Blackburn added. “The Aliv experience is very different; ‘Believe in the best’. This is believe in the best service.”

The Concerige Service launch will be backed by a

new marketing drive, featuring Aliv-branded Suzuki Swifts, as the Bahamas’ new mobile entrants seeks to gain competitive advantage by offering a more personalised service.

Number portability is vital to fostering competition in Bahamian mobile communications, as it allows customers - business and individuals - to keep their existing numbers when switching between providers.

With barriers to such customer transfers removed, competition flourishes, improving service and prices, and boosting consumer choice.

“It’s broadly in line with our expectations, given that porting started right at the end of April,” Mr Blackburn said of the number of former BTC customers to make the switch.

“We have seen an acceleration in terms of those numbers. At July 20, it was 4,000. It’s now 13,000 three months later. It is an acceleration in pace as people start to understand the process and some early kinks in the process are ironed out between the operators.”

Mr Blackburn said “three systems have to line up” to accomplish number portability, and there were sometimes isolated problems involving individual customers, but these were quickly addressed.

“Generally, from a dayto-day perspective, the process has been seamless and working pretty well,” he added. “The customer is feeling the benefits of being able to move.” Johnny Ingle, Aliv’s chief champion (marketing officer), added: “The key thing is the speed at which consumers can enjoy the porting process.

It’s quite smooth.”

Despite encountering temporary delays as a result of Hurricane Irma, Mr Blackburn said Aliv was on pace to complete its

nationwide Bahamas rollout ahead of the June 2018 target set by URCA as part of its license terms.

“We’ve done everything within our control to roll out as fast as we can,” he told Tribune Business.

“We’re on the first four islands - New Providence, Grand Bahama, Abaco and Eleuthera - and did Bimini in the summer.

“We have all the network equipment installed on Andros and Exuma. It was installed before the hurricane, and we are coordinating with BTC to do the final things necessary to go live on these islands.

That will be our next two launches, and we expect that within the next couple of weeks.”

Mr Blackburn said Aliv had agreed a roll-out

plan with BTC for its network infrastructure on the remaining islands in the southern Bahamas.

“That roll-out, island by island, will go in the logical order moving south,” he added.

“We expect [to finish] at the latest by early next year. We’re hoping to get as many as possible on before Christmas, as I already pledged. The hurricane got in the way a bit in September, but we expect to do this well ahead of URCA’s mandated roll-out of next June to be finished with everything. That’s the final roll-out marker, and we’re going at the right speed to do it.”

Mr Blackburn added that his “musings” on the possible release by URCA of $5.6 million from Aliv’s $18

NOTICE IN THE ESTATE OF ANTHONY CHRIS BUTLER SR, late of Nassau Village on the Island of New Providence, The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of said demands or claims duly certified in writing to the undersigned on or before the 15th day of November, A.D., 2017, and if required, to prove such debts or claims or in default, be excluded from any distribution having regard only to the proved debts or claims of which the Administrators shall then have notice.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the above mentioned date.

PYFROM FARRINGTON CHAMBERS Attorney for the Administrators Grosvenor Professional Park & Medical Centre Suite #6, Shirley Street Nassau, Bahamas Phone: (242) 323-3228 or 323-3298

million performance bond were three months old, and were not a confirmation this had actually occurred.

“The decision in relation to the performance bond and whether we’re meeting our milestones are entirely URCA’s,” he told Tribune Business. “I can only give my comments on what we’re doing. We will follow

the process and respect the process.”

Mr Blackburn said Aliv’s financial performance todate was “broadly in line with expectations” given its start-up nature, and battle to gain market share from an entrenched incumbent in the shape of BTC, which is well dug-in via a previous 15-year monopoly.

N O T I C E

Hispaniola Telecom Holdings, Ltd. ____________________________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 2nd day of October, 2017.

Delano Aranha Liquidator of HISPANIOLA TELECOM HOLDINGS, LTD.

PAGE 6, Wednesday, October 18, 2017

THE TRIBUNE

HOMEOWNER PROTECTION ACT MUST BE ‘FAIR TO ALL’ FROM PAGE 1 consult with the industry, the Consumer Protection Agency, to make sure we have an Act that is fair to all concerned.”

When asked what the main concerns raised with him were, Mr Turnquest said it related to the consequences of “interventions” triggered by various provisions in the Homeowners Protection Act. “It’s just mainly about the objectives of the interventions that are brought on by provisions of the Act,” he told Tribune Business recently.

The Deputy Prime Minister was speaking after Sir Franklyn called on the Government to “urgently review” the Homeowners Protection Act, branding it “a real disaster” for the Bahamas’ struggling mortgage market.

A well-known Progressive Liberal Party (PLP) supporter, he criticised the Christie administration for “unnecessarily rushing” the Act into law so it could meet a 2012 manifesto promise prior to the May 10 general election.

He argued that it imposed overly-burdensome restrictions on what banks and other mortgage

lenders “can and cannot do” in relation to their distressed properties, and introduced concepts and definitions that were unworkable in practice. In particular, Sir Franklyn said the requirement that delinquent real estate assets be sold at ‘market value’ was unduly subjective, given that a single property could attract five different appraisal values from five different appraisers.

In addition, the Act prevents mortgage lenders from selling distressed homes to relatives of their staff, including cousins. Given the tight-knit nature of Bahamian society, Sir Franklyn said this requirement - especially given the absence of definitions - would be extraordinarily difficult to comply with “because almost everyone’s a cousin”.

With some $529 million worth of mortgage loans still delinquent at end-August 2017, Sir Franklyn echoed concerns previously expressed by commercial banks that the Act will further slow the sluggish housing market, thereby negatively impacting the real estate, construction and legal industries that rely heavily on it for business.

Mr Turnquest told Tribune Business it was “absolutely critical” to revive the Bahamian housing market if this nation’s anemic GDP growth and employment prospects are to improve.

“We have to improve the quality of jobs such that the quality of loans rises, and get people back to work in the labour market to spur economic development and activities,” he said.

“One thing works with the other. It’s a matter of getting people back to work, and getting some of the liquidity in the marketplace to produce as fast as possible.”

The Christie administration’s rationale for developing the Homeowners Protection Act was to make delinquent Bahamian mortgage borrowers more secure in their homes, with all the attendant social and economic benefits that will bring if they can restructure their loans.

However, as indicated by Sir Franklyn, it threatens to increase the costs, time and difficulty/ uncertainty incurred by banks in repossessing mortgage collateral usually the homes and businesses subject to the original loan.

With a higher risk now associated with mortgage lending as a result, the banks may both hike interest rates and refuse to grant new Bahamian loan applicants access to credit.

This would impede Bahamian dreams of home ownership, with the banks having previously warned that home loan costs and accessibility could largely depend on how the courts interpreted the Act’s provisions.

Ian Jennings, Commonwealth Bank’s president, told Tribune Business in early 2017 that his institution viewed the legislation as “changing the risk profile of mortgage financing”.

He added that Commonwealth Bank, and all other Bahamasbased commercial banks, would now have to each determine whether this impact was “material” enough to spark an increase in mortgage lending rates and/or a tightening of their borrowing criteria.

Suggesting that the latter could involve requiring borrowers to come up with higher downpayment or equity contributions, Mr Jennings said then that it was “too soon” to determine the Act’s

impact on the mortgage and housing markets. The Act inserts the courts into the foreclosure and ‘power of sale’ process, requiring lenders to give delinquent borrowers 30 days’ notice before either invoking their ‘power of sale’ under the mortgage or seeking a court-approved foreclosure.

In both cases, borrowers can apply to the Supreme Court for relief. On the foreclosure process, the court can either adjourn, stay or suspend the matter if it believes the borrower will be able to pay principal and accrued interest within six months.

As for the ‘power of sale’, the latest version of the Bill allows the court to postpone this for “a reasonable period where a sum equal to at least one half of the principal, and accrued interest, has been paid at a specified time”.

Mr Jennings, in common with Sir Franklyn, said the Act’s provisions included definitions that needed to be clarified by the courts. He pointed to clause nine, which empowers the courts to prevent a bank exercising its ‘power of sale’ for a ‘reasonable time’ - with no definition of ‘reasonable time’.

BAHAMAS HAS ‘WAYS TO GO’ ON GOV’T BOARD GOVERNANCE FROM PAGE 1 there is a new government, you see in the newspapers 130 new Boards, and one or two people seem qualified. I sense that has been moving in the last couple of terms, but I still feel we have a ways to go.”

Mr Townend’s comments hit on a topic frequently

raised privately with Tribune Business over the years, namely the need to improve Board quality and corporate governance at government corporations and agencies.

Contacts have expressed a strong belief that many of the corruption and other scandals relating to government agencies over the years could have been

avoided if these factors were in place.

They have often queried whether many corporation/ agency directors are aware of their fiduciary and corporate governance obligations to the Bahamian taxpayer and wider public, given that they are appointed to represent the sole shareholder (the Government) and are often selected because they

NOTICE

NOTICE is hereby given that EASLYN SEVERE of Marsh Harbour,Abaco, P.O. Box AB-20420, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 18th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

are supporters of the political party in power (election rewards).

Speaking with Tribune Business, Mr Townend emphasised the need to improve corporate governance from an economic development perspective.

“The more well-qualified people you can have on government and nongovernment Boards, the

NOTICE

NOTICE is hereby given that STEPHANIE BELLOT of Church Hill, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MARKET REPORT TUESDAY, 17 OCTOBER 2017

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

BISX ALL SHARE INDEX: CLOSE 1,969.68 | CHG 10.27 | %CHG 0.52 | YTD 31.47 | YTD% 1.62 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 6.38 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 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 4.22 10.01 2.59 1.40 6.00 9.75 6.38 3.85 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 100.00 100.00 100.00 109.28 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.28 17.43 9.09 3.65 1.26 0.15 3.92 8.60 6.10 4.30 10.01 2.58 1.40 6.00 9.75 6.38 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 0.08 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

109.59 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.31 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 400

1,950

VOLUME

3 2

NAV 2.09 3.95 1.97 174.30 146.25 1.51 1.64 1.59 1.09 6.97 8.00 6.25 10.96 11.60 10.08

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

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

P/E 9.6 18.7 N/M 6.8 N/M N/M -4.6 14.1 10.6 21.9 17.2 25.3 3.6 4.9 13.1 11.1 12.4 -10.5 23.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-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 1.87% 5.74% 0.00% 5.75% 0.00% 0.00% 0.00% 3.49% 3.61% 2.79% 5.69% 2.33% 3.57% 4.83% 4.62% 0.00% 2.94% 2.00% 4.80% 0.00%

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

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

better,” he said. “I think that we are moving in the right direction. There is no overnight fix. The Bahamas is not alone, and corporate governance has evolved everywhere at different paces.”

He continued: “We would see a direct beneficial impact if we started at the top. The more people we can get on those Boards that have the necessary expertise, the better. We need to make sure the people going on these Boards are trained. They need to go through a standard level corporate governance training programme. There are very qualified people on

many of the Boards; I’m just not sure that they are in the majority.”

Mr Townend said the Inter-American Development Bank (IDB)-funded Public Financial Management and Performance Monitoring Programme, if fully rolled-out the way it is designed, “will force better performance at the government Board and department level, and force better accountability on the way things are managed”.

“I think we are moving in the right direction. I think if we fix that it will have a direct beneficial impact on the economy,” he added.

NOTICE

NOTICE is hereby given that MIKE PHILIUS of Joe

Farrington Road, New Providence, The Bahamas

is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 18th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that JASON VERDELUS of Carmichael Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that AZENDE BRITNEY JOHNSON of #51 Margret Place, Freeport, Grand Bahama, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that JEAN WELBEE VILLE of #163 West Street, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that emmanuel simeon of

Avocado St., 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 and signed statement of the facts within twenty-eight days from the 11th day of october, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Wednesday, October 18, 2017, PAGE 7

PAGE 8, Wednesday, October 18, 2017

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