11212018 BUSINESS

business@tribunemedia.net

WEDNESDAY, NOVEMBER 21, 2018

$4.80

$4.82

$4.82

Hotel union urged: Don’t hurt ‘double digit growth’

By NATARIO MCKENZIE and NEIL HARTNELL Tribune Business Reporters

HE Minister of Tourism yesterday “implored” the hotel union not to undermine anticipated “double digit growth” for the key Thanksgiving and Christmas seasons with industrial action.

Dionisio D’Aguilar told Tribune Business that he was “deeply concerned” about the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) move to place its 5,000 members on “work to rule” at many of New Providence’s major resort properties.

T

* Minister implores workers: Be ‘level headed’ * And not to ‘endanger very healthy Christmas’ * Hotels ‘on alert’, will take ‘needed precautions’

DIONISIO D’AGUILAR

ROBERT SANDS

DION FOULKES

Urging union leaders to “remain level headed”, the minister said The Bahamas “doesn’t need to jeopardise a very good thing right now” with the country’s largest industry set for “a very healthy Christmas” based on forward booking and air arrivals (stopover visitor) data.

He called on hotel workers not to “impair” the quality of visitor experiences by delivering “sub-standard service” through a “workto-rule” or any form of industrial unrest, hinting that doing so would effectively undermine their own best interests.

FIDELITY Bank (Bahamas) yesterday said it is on course to increase fullyear profits by ten percent after beating its $25m loan book growth target in just nine months.

Gowon Bowe, pictured, the BISX-listed commercial bank’s chief financial officer, told Tribune Business that a consumer creditfocused loan campaign had expanded its portfolio by $30m during the three quarters to end-September 2018.

With non-performing loans in the bank’s mortgage portfolio under control, he revealed that Fidelity Bank (Bahamas) had “already made up the stagger in the relay race” by blowing past the onetime $6.7m accounting charge it took at the start of

2018 to grow profits for the first nine months by 12.4 percent.

“I’m hoping that what I spoke to you about at the end of last year holds true in terms of having at least a ten percent increase in profits,” Mr Bowe told Tribune Business of the 2018 fullyear outlook.

“In terms of loan growth we’ve already achieved that by the third quarter in terms of what we were

‘Full probe’ urged into $36k attempt to ‘defraud govt’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Auditor General has called for “a full investigation” into “a deliberate attempt to defraud the Government” of $36,000 by a Post Office employee in Mayaguana.

The Government’s financial watchdog, in a report following a 16-month audit of Mayaguana’s local government district through April 2018, zeroed in on advances that were made over a five-month period between October 2017 to February 2018 that were not recorded.

The advances, all made to a local government officer attached to the Post Office, were made during months when revenue exceeded payments. As a result, the Auditor General concluded in a report tabled in the House of Assembly that there was “no need for obtaining the extra funds other than to defraud The Bahamas government”.

Noting that the officer would not account for the advances in the financials submitted to Mayaguana’s island administrator, the Auditor General found: “During the course of our examination we observed

a number of cash advances given to a local government officer assigned to the Post Office.

“Based on our review, we noted that the advances were not posted in the deposit fund cash book.

We obtained copies of Blue ‘G’s’ with the officer’s signature affixed evidencing receipt. Additionally, we noted that all advances totalling $35,939 were received in the months that revenue totals exceeded payments.

“As a result, we could not determine the reason for the officer obtaining funds.

It was further noted that the officer would remit the accounts to the administrator without accounting for the advances.”

The near-$36,000 sum was advanced via a series of eight transactions, ranging in value from $2,789 to $9,750. The Auditor General recommended that “a full investigation be launched by local government as there appears to have been a deliberate attempt to defraud The Bahamas’ government”.

The report said requests for advances and additional funds needed to be “justified” and documented to

SEE PAGE 5

planning, a $25m increase in gross loans. We’ve already exceeded that at $30m.”

Mr Bowe said “a large portion” of that growth came from personal/consumer loans, which are typically used to purchase vehicles, furniture and other expensive goods, with the repayment and amortisation of existing loans resulting in a net $15.15m expansion of the bank’s credit portfolio compared to year-end 2017.

The loan portfolio expansion, and 9.5 percent year-over-year interest income growth to $46.966m, drove Fidelity Bank (Bahamas) double-digit total comprehensive income increase to $18.111m for the first nine months of 2018. That represents an almost $2m increase over the prior

SEE PAGE 5

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

jets will allow Western Air to expand to multiple destinations in the Caribbean and Latin America, including San Domingo, Cuba, Haiti, Jamaica and Panama, as well as northern destinations such as Toronto, Canada.

“While international destinations are on the horizon, the airline also plans on providing daily jet service between Nassau and Grand Bahama, Marsh Harbour and Exuma. Western Air will use its current Saab 340 A fleet to add flight services into New Bight, Cat Island, and Treasure Cay, Abaco.”

She added that Western Air’s first flight with the

SEE PAGE 6

SEE PAGE 6

SEE PAGE 4

growth realised

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net WESTERN Air yesterday revealed it has completed certification for the newly-acquired 50 seater jets that will drive its Caribbean expansion, an executive saying: “It’s been a long time coming.”

Rexy Rolle, pictured, the Bahamian-owned airline’s vice-president of operations and general counsel, said it has signed an agreement for four Embraer ERJ 145 long-range jet aircraft, two of which are already in the country. The third is to be delivered in the first week of December 2018, with the last scheduled to arrive in the 2019 first quarter.

Ms Rolle said: “The 145

Tourism, beauty queen row over govt ‘shell game’ THE Ministry of Tourism and ex-Miss Bahamas Universe, Khiara Sherman, pictured, have become embroiled in a new row over an alleged “shell game” involving other government agencies.

The two sides, who are currently in the document “discovery” phase of their copyright battle in the south Texas federal court, are contesting the Ministry of Tourism’s alleged failure to provide documents said to be held by other Bahamian government entities.

Ms Sherman, the beauty queen-turned-songstress, and her attorneys claimed in a November 16 letter to the court that the Ministry is hiding behind the US Foreign Sovereign Immunities Act and “playing a shell game to hide incriminating information” supposedly held by other government agencies.

The ministry’s attorneys, hitting back on November 19, said a search of the entire Bahamian government and its records “would be grossly disproportionate” to the case given that Ms Sherman purportedly licensed use of her song, Fly Away With Me, for the sum of just $1,250 over the past three years.

Nick Brown, Ms Sherman’s attorney, fired the first salvo by telling the court: “Following a meetand-confer on this issue, defendant has confirmed that it refuses to search for documents or respond to discovery that is in the

Bank beats $25m loan growth goal with ease Western Air’s jet

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.82

PAGE 2, Wednesday, November 21, 2018

THE TRIBUNE

Bahamas upgrades tax DPM REITERATES SANCTIONS agreement with Japan FALL-OUT CONCERN AT OECD

THE Bahamas and Japan have exchanged diplomatic notes to upgrade their existing tax information exchange relationship from “upon request” to “automatic”.

The move to amend the two countries’ existing Tax Information Exchange Agreement (TIEA), and

bring it into line with the Common Reporting Standard (CRS) for automatic exchange, took place during a November 12 courtesy call in Tokyo.

The Bahamas and Japan began exchanging information, in a bid to prevent tax evasion by their citizens, when they signed a

TIEA in January 2011.

Following development by the OECD’s Global Forum of the CRS for automatic tax information exchange, the two countries signed a protocol to amend the existing TIEA on February 9, 2017, at the Ministry of Finance.

THE deputy prime minister has continued to push his message about the devastating impact that threats of “blacklisting” and financial sanctions can have on the Bahamian economy.

KP Turnquest’s audience this time was the Organisation for Economic Co-Operation and Development’s (OECD) Global Forum on tax transparency and information exchange, which is currently holding its 11th meeting in Punta Del Este, Uruguay.

He was invited to participate in a panel discussion on the role tax transparency plays in boosting a country’s domestic resources and combating illegal financial flows.

Mr Turnquest, who was asked to give his view of international organisations such as the OECD Global Forum, used the opportunity to again highlight how punitive measures against small jurisdictions such as The Bahamas have an often irreparable economic impact. He also pointed out that such measures are sometimes still imposed even after small jurisdictions, with their limited resources, rush to implement new measures.

“The Bahamas is an international financial centre (IFC) and relies on foreign direct investment.

Foreign direct investment makes up approximately 15 percent of The Bahamas’ Gross Domestic Product

THE DEPUTY Prime Minister KP Turnquest participates in OECD Global Forum.

(GDP),” Mr Turnquest said.

“The Bahamas has always adhered to implementing tax transparency laws as far back as 2000, when a suite of laws were passed. However, even when small jurisdictions like The Bahamas are adhering to international standards and best practices, and have eliminated bearer shares, there are still jurisdictions who have not removed or eliminated bearer shares from their legal framework.”

The Deputy Prime Minister also reiterated that the organisations such

as the European Union (EU) should be mindful of the tight deadlines they impose, and the limited resources small jurisdictions possess, when asking them to implement new laws and regulatory regimes. He used the analogy of not needing a sledge hammer to kill an ant.

Other panelists included the Uruguay’s deputy minister of economy and finance; Paraguay’s deputy minister on taxation of Paraguay; the public revenue secretary of Argentina; the chair of the OECD’s Global Forum; and panel chair, Pascal Saint-Amans.

THE TRIBUNE

BAHAMAS MUST END ‘20 YEARS’ OF ARBITRATION TALK

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE world will not wait for The Bahamas to end “20 years of talk” and establish an international arbitration centre, a top QC said yesterday, with other jurisdictions having already bypassed it.

Brian Moree, QC, senior partner at McKinney, Bancroft and Hughes, told a Chartered Institute of Arbitrators luncheon that entering this industry was far more complex than simply “build it and they will come”.

He said: “We in The Bahamas have been talking about an arbitration centre for about 20 years, and it may even go back further than that. The world does not wait for us to debate, talk, discuss and meet.

“Similarly, the world doesn’t stop every time the Government changes.

There has to be a national policy that survives successive governments. The new government doesn’t have to dismantle all the efforts of the previous government; they have to learn to build on those efforts.”

Mr Moree added: “We really have to accept that the time to act is now. We really have to accept that from the time we have been talking about arbitration centres we have probably had, and I’m being conservative, eight to ten new arbitration centres that are operating successfully within their regions. That

BRIAN MOREE QC means the competition is much greater today than it was ten, 15 or 20 years ago.

“I agree that this is not a case of you build it and they will come. You have to have all of the pieces of the puzzle together, and then you have to get out there and sell it. There is little dispute to my knowledge of this issue that it would be beneficial to The Bahamas to have an international arbitration centre. This has not been a policy debate.

It’s frustrating when you accept that fact and look at the progress that has been made or not made.”

Ryan Pinder,a former financial services minister, now a Graham, Thompson & Company attorney and partner, added: “It is not about building it and they will come. I think building it is the easiest, and getting them to come, is the most easiest step. We have to focus on specialisations that we are known for and good at, and then work to build the specialisation of arbitrators and the judiciary in those areas.”

Mr Pinder said there was not only opportunity for The Bahamas to offer arbitration in the maritime industry, but also the financial services sector.

“We hear all the time about doom and gloom related to financial services, but that is good for arbitration,” he said.

“We have seen, at Graham Thompson, disputes and adversarial positions within the financial services industry. I think we have to focus both on specialty areas of our offering but also specialty areas where we can provide a service. We shouldn’t be all things to everyone; we should be very specialised with what we have to offer.”

Retired Supreme Court Justice, Rubie Nottage, added that many parties are opting for arbitration over court battles because of privacy and concerns that judges lacked the “specialisation” and understanding of various fields to properly adjudicate their matters.

“This perceived loss of commercial litigation in a national court system has serious consequences for the national economy and the justice system,” she said.

“The consequences are such that, in truth, arbitration, even though it continues to grow, the courts are likely to be faced with fewer civil suits. Therefore there is less ability to shape future law within a jurisdiction. This is a major situation that we should consider; that our law on commercial matters becomes less in depth.”

The Companies (Winding Up Amendment) Act, 2011

WILSHIRE INVESTMENT HOLDINGS (P.T.C.) LTD. (In Liquidation)

Reg. No. 163652 B NOTICE TO CREDITORS TO PROVE DEBTS NOTICE is hereby given to any and all creditors having debts or claims against the above named Company in liquidation that they are required to submit to Mr. Edmund L. Rahming, the Liquidator, Proof(s) of their respective debt or claim against the above named Company by sending to the Liquidator on or before December 21, 2018. In default thereof such creditors will be excluded from the benefit of any distribution made by the Liquidator.

Such Proof(s) may be in the form prescribed at Form 24 of the Companies Liquidation Rules, 2012 stating the creditor’s name, address, particulars of debt(s) or claims(s), documentation to prove debt(s) or support claims(s), and any entitlement to priority. Any creditor wishing to be provided by the Liquidator with a form may contact the Liquidator at No. 2 Caves Professional Centre, Caves Village, West Bay Street and Blake Road, P.O. Box SP-64064, Nassau, The Bahamas, telephone (242) 327 4001/3, email: info@intelisysltd.com, requesting the same.

Dated this 21st day of November 2018.

Edmund L Rahming Liquidator

Wednesday, November 21, 2018, PAGE 3

BAIC SLASHES FINANCIAL BLEEDING BY OVER $1M THE Bahamas Agricultural & Industrial Corporation (BAIC) cut its financial bleeding by more than $1m during the first nine months of 2018, with revenues from its Pop-Up Farmer’s Market growing five-fold.

Michael Foulkes, the agency’s executive chairman, yesterday said the initiative has enjoyed a major jump in earnings over the past seven months following a slow start.]

“On Saturday, January 27, 2018, we launched the first Pop-Up Farmers Market at our Gladstone Road site.

We have been there from 8am to 3pm, as we have always been to date, and only took in $1,111.63, but we were not discouraged,” Mr Foulkes said during a press conference at BAIC headquarters.

He added that BAIC only took in 7,727.86 over the four Saturdays during February 2018, but in September revenues from the Pop-Up Farmer’s Market amounted to $39,939. From January to October 31, 2018, the facility has generated a total gross income of $230,566.

“About 73 percent of that amount represents direct payments to Family Island farmers of approximately

MICHAEL FOULKES, BAIC’s executive chairman, gives the dates for the remaining Pop-Up Farmer’s Markets during a press conference at BAIC headquarters. From left: Bishop Gregory Collie, deputy chairman; Mr Foulkes; Debbie Strachan, senior deputy general manager; and Kervan Culmer, financial controller.

Photo: Patrick Hanna/BIS $176,629.84. Further, based on our plan for the remainder of the year, we expect that our total sales will be in excess of a quarter of a million dollars,” Mr Foulkes said.

“In terms of the Corporation’s finances more broadly, we are pleased to announce that through the first nine months of 2018 on a cash basis the loss has been just under $12,000. Compare that with the loss for the same period of 2017, which was over $1.042m.”

Mr Foulkes said the remaining pop-up locations for 2018 will include: • Friday, November 30 – The University of The Bahamas

• Saturday, December 1 – Seabreeze • Sunday, December 9 – Seventh Day Adventist Church (location to be determined) The Pop-Up Market will continue operations every Saturday at Gladstone Road through to, and including, Saturday, December 8.

Mr Foulkes said there will be a Customer Appreciation Day, where customers will get a five percent discount on all items based on regular prices throughout the year at Gladstone Road.

There will also be a Farmers Appreciation Day tomorrow when there will be a luncheon held for the farmers.

PAGE 4, Wednesday, November 21, 2018

THE TRIBUNE

HOTEL UNION URGED: DON’T HURT ‘DOUBLE DIGIT GROWTH’ FROM PAGE ONE With this week’s Thanksgiving holiday marking the start of the hotel/tourism industry’s key winter season, Mr D’Aguilar suggested that it represented an end to reduced work weeks for many in the sector and a chance to earn increased income from tips/gratuities.

He suggested that the hotel union was seeking to “leverage” the winter season’s start to obtain a favourable resolution to its dispute with Atlantis’ new “12-point” disciplinary system and shift system for housekeeping staff.

New Providence resorts yesterday said they had experienced no negative impacts from the threatened “work to rule” yet, and would take all “necessary precautions” to minimise disruption to guests.

And Dion Foulkes, minister of labour, echoing Mr D’Aguilar’s concerns about the threat to the economy’s “number one bread earner”, expressed hope that the Atlantis situation will be resolved when the union and management meet at the Department of

To advertise in The Tribune, contact 502-2394

Labour on Monday.

He suggested that the bigger issue beyond this dispute was the continued absence of an industrial agreement between the union and leading Nassau resorts, with the last such deal having expired in 2013.

“I am deeply concerned that there is a disagreement between the workers and the management in the hotel industry,” Mr D’Aguilar told Tribune Business. “We have a very robust Thanksgiving about to get underway, and based on information from NAD (the airport operator) and forward bookings we’re looking at a very healthy Christmas.

“We don’t need to jeopardise a very good thing right now by delivering substandard service, which is presumably what a ‘work to rule’ will result in. I’m advised that negotiations continue, that they’re continuing to talk, and I’m hoping these talks and discussions, with a level of co-operation between each other, will ensure this doesn’t in any way impair the quality of service delivered to the numerous foreign visitors about to come here.”

A “work to rule” means hotel union members will stick rigidly to their job descriptions and “not go beyond the call of duty”, so if their employer is shortstaffed because of absences due to sickness and holidays they will simply go home and refuse to work

NOTICE ESTATE OF THE LATE PETER RANDOLPH JOHNSTONE Notice is hereby given that all persons having any claims or demands against the above-named Estate are requested to send the same duly certified to the undersigned on or before the 12th day of December, 2018.

And Notice is hereby also given that after the expiration of the time above mentioned, the assets of the deceased will be distributed among the persons entitled thereto having regard only to the claims of which the Executors shall then have had notice.

LENNOX PATON Chambers 3 Bayside Executive Park West Bay Street & Blake Road Nassau, The Bahamas

any extra hours.

This extends beyond Atlantis, the resort with which the union has the dispute, to other properties that are members of the Bahamas Hotel and Restaurant Employers Association (BHREA), the industry’s bargaining group. These resorts include the Four Seasons Ocean Club; the British Colonial Hilton; Melia Nassau Beach; and Lyford Cay Club, although Baha Mar’s three new properties will not be impacted because they are non-unionised.

Darrin Woods, the BHCAWU president, told Tribune Business on Tuesday that the union had done everything it could to avoid any potential labour disruption, but could “stand by” no longer given the potential impact on its members.

Arguing that negotiations had proven fruitless, despite the union engaging in talks since late September, Mr Woods said it had decided to take a stand due to concerns that other hotel properties are likely to follow Atlantis’ lead.

Robert Sands, Baha Mar’s senior vice-president of government and external affairs, told Tribune Business that the timing of the union’s move was “not the best”, although the mega resort operator had not seen any negative effects at its Melia property.

“We would certainly be concerned if there were issues,” he told Tribune Business. “At the moment we have no indication anything will be happening. We are waiting for more formalisation or information to be received on this matter.

“The union has made its position clear that if they do some industrial action it will impact the Melia, and we will be guided accordingly and take the necessary precautions to ensure guests are not disrupted by any such eventuality taking place.

“Everybody has been put on alert. The action has been geared towards a particular property [Atlantis], although the union made it clear they may include all member properties of the BHREA. That’s not determined, and we have to wait and see how this progresses.”

Mr D’Aguilar, meanwhile, suggested that the “work to rule’s” timing was designed to exert maximum pressure over Atlantis, other hotels and the Government given the potential disruption that may be caused to the thousands of tourists expected to visit New Providence this winter season.

“Obviously the union has decided now is the time for them to leverage their concerns because the number of tourists in the country is going to be at its peak,” he told Tribune Business, “and the demand for labour at its most significant, but I implore them to remain level-headed and talk to management.

“Co-operate, because certainly during this busy holiday season we don’t want to in any way impair the quality of service our visitors experience when they come here. They’re certainly not a part of this dispute. I just want everybody to work things out so we can have a busy and lucrative Thanksgiving and Christmas.”

International arrivals to The Bahamas increased

LEGAL NOTICE

INTERNATIONAL CONTRACTING SERVICES LTD NOTICE is hereby given that in accordance with the Section 138 (No. 45) of the International Business Companies Act, 2000, International Contracting Services Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 6th day of November, 2018.

Dated this 19th day of November, 2018 MYLES CULMER

by 10.2 percent year-overyear for the eight months to end-August 2018, and Mr D’Aguilar yesterday said his ministry was “expecting the increase to continue” through year-end.

Stopover arrival growth, representing high-margin land-based visitors that on average typically spend $1,500 per head, are expected to increase by either “low double digits or high single digits” percentages for the remainder of the year.

Pointing to this week’s “Battle 4 Atlantis” college basketball tournament, which attracts both fans and significant publicity from the TV/media coverage, Mr D’Aguilar said: “We’re still enjoying robust growth. Certainly, the hotels are doing quite well.

“All this is going to convert into lots of economic activity. There’s probably been a number of persons in the hospitality business working reduced days. Now is an opportunity to get up to a full amount of days and make gratuities and other additional income. We don’t want to impair that right now.”

Mr Foulkes reiterated that the Government is very concerned over “any threat” of industrial action in the hotel industry, but expressed confidence that Atlantis and the hotel union will resolve their issues.

Speaking ahead of a Cabinet meeting, Mr Foulkes said: “I think it was about two weeks ago a trade dispute was filed. The director of labour [John Pinder] and Althea Albury, our senior director of labour, were dealing with it personally.

“A meeting is scheduled for next week Monday. We hope to have both sides there; the senior management at Atlantis and the leadership of the hotel union. We hope to have the matters resolved. The general issue is the new contract. We need to have a new contract for the hotel union and the Bahamas Hotel and Restaurant Employers Association.

“That is the overriding issue,” Mr Foulkes continued, “but, specific to this dispute, is a new system Atlantis wants to introduce with respect to their departments. I do not want to go into the details of it but we are speaking to the managers of Atlantis and the hotel union to see if we could get it resolved. Tourism is our number one bread earner and, as a government, we want to do everything to ensure stability in the hotel industry, but both sides must be respectful at all times and we are in dialogue with both sides.”

Mr Foulkes described the tourism/resort industry as “the lifeline of our economy.

Atlantis has a lot of big events coming up. The president of the union, I have spoken to him, and we have also spoken to the persons at Atlantis. I am confident we will get the matter resolved.

It is just how we get it resolved.”

Ed Fields, Atlantis’s spokesperson, told Tribune Business: “We will address any concerns with the Department of Labour as required by longstanding protocols.”

NOTICE MONEYCENTRE LTD. (In Voluntary Liquidation) In accordance with Section 228 of The Companies Act, NOTICE is hereby given that at an Extraordinary General Meeting of the Company held on the 16th day of November, 2018 the following Resolutions were passed: 1. That MoneyCentre Ltd. be voluntarily wound up.

2. That BF Company Limited be appointed Liquidator for the purpose of winding up the affairs of MoneyCentre Ltd.

BF COMPANY LIMITED Liquidator MoneyCentre Ltd. (In Voluntary Liquidation)

Attorneys for the Executors of the Estate of the late Peter Randolph Johnstone

Liquidator

NOTICE

NOTICE

NOTICE

MONEYCENTRE LTD. (In Voluntary Liquidation)

EMAGINE (BAHAMAS) LIMITED (In Voluntary Liquidation)

QUALICUM LIMITED (In Voluntary Liquidation)

Pursuant to the appointment of the undersigned as a Liquidator of the above mentioned Company, NOTICE IS HEREBY GIVEN that all persons having any outstanding claims against Emagine (Bahamas) Limited should send particulars thereof to the undersigned at P.O.Box N-4853, 51 Frederick Street, Nassau on or before the 10th day of December, 2018.

Pursuant to the appointment of the undersigned as a Liquidator of the above mentioned Company, NOTICE IS HEREBY GIVEN that all persons having any outstanding claims against Qualicum Limited should send particulars thereof to the undersigned at P.O.Box N-4853, 51 Frederick Street, Nassau on or before the 10th day of December, 2018.

BF COMPANY LIMITED Liquidator

BF COMPANY LIMITED Liquidator

Emagine (Bahamas) Limited (In Voluntary Liquidation)

Qualicum Limited (In Voluntary Liquidation)

MoneyCentre Ltd. (In Voluntary Liquidation)

DATED the 19th day of November, 2018

DATED the 19th day of November, 2018

NOTICE

NOTICE

NOTICE

Emagine (Bahamas) Limited (In Voluntary Liquidation)

ROYAL FIDELITY PENSION & INVESTMENT SERVICES LIMITED (In Voluntary Liquidation)

ROYAL FIDELITY PENSION & INVESTMENT SERVICES LIMITED (In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of MoneyCentre Ltd. is hereby called to be held at the office of the Liquidator, 51 Frederick Street, Nassau, Bahamas on the 20th day of December, 2018 at 10:00 o’clock in the forenoon.

The object and purpose of the said meeting is to have the liquidator, BF Company Limited, give an account of the manner in which the winding-up of MoneyCentre Ltd. has been conducted and to hear any explanation that may be given by the said Liquidator.

Dated the 19th day of November, 2018 BF COMPANY LIMITED Liquidator

In accordance with Section 228 of The Companies Act, NOTICE is hereby given that at an Extraordinary General Meeting of the Company held on the 16th day of November, 2018 the following Resolutions were passed: 1. That Emagine (Bahamas) Limited be voluntarily wound up.

2. That BF Company Limited be appointed Liquidator for the purpose of winding up the affairs of Emagine (Bahamas) Limited.

BF COMPANY LIMITED Liquidator

DATED the 19th day of November, 2018

Pursuant to the appointment of the undersigned as a Liquidator of the above mentioned Company, NOTICE IS HEREBY GIVEN that all persons having any outstanding claims against Royal Fidelity Pension & Investment Services Limited should send particulars thereof to the undersigned at P.O.Box N-4853, 51 Frederick Street, Nassau on or before the 10th day of December, 2018.

BF COMPANY LIMITED Liquidator

In accordance with Section 228 of The Companies Act, NOTICE is hereby given that at an Extraordinary General Meeting of the Company held on the 16th day of November, 2018 the following Resolutions were passed: 1. That Royal Fidelity Pension & Investment Services Limited be voluntarily wound up.

2. That BF Company Limited be appointed Liquidator for the purpose of winding up the affairs of Royal Fidelity Pension & Investment Services Limited.

BF COMPANY LIMITED Liquidator

Emagine (Bahamas) Limited (In Voluntary Liquidation)

Royal Fidelity Pension & Investment Services Limited (In Voluntary Liquidation)

Royal Fidelity Pension & Investment Services Limited (In Voluntary Liquidation)

DATED the 19th day of November, 2018

DATED the 19th day of November, 2018

DATED the 19th day of November, 2018

THE TRIBUNE

Wednesday, November 21, 2018, PAGE 5

Bank beats $25m loan growth goal with ease

‘Full probe’ urged into $36k attempt to ‘defraud govt’

FROM PAGE ONE

enhance the payment process, and boost transparency and accountability, as well as preventing fraud and theft.

It also called for all advances to be recorded and signed-off by the island administrator to create the necessary audit trail.

Identifying other irregularities, the Auditor General queried why the contractor hired to repair the Mail Boat dock at Betsy Bay received the full $11,000 contract amount on the same day, in two separate payments and just three weeks after work started, when disbursement was supposed to be staggered and depend on progress.

“We noted that the company signed an agreement on March 1, 2018, and work was scheduled to begin on March 2, 2018,” the Auditor General’s report said: “The contract price was $11,000.

“The first stage payment of $3,900 was to be given to the contractor after half of the concrete base was poured.

The final payment was $7,100... We observed that both payment vouchers were paid on March 23, 2018.”

The report added that copies of the contractor’s current business licence and Tax Compliance Certificate (TCC) were not attached to the payment documents, as required by current government procedures.

“In an effort to enhance efficiency, accountability and transparency, and to provide an audit trail, we recommend that an explanation be provided for the full payment of $11,000 on the same date,” the Auditor General urged.

His team also carried

year’s $16.118m.

“The interest income will continue to benefit from growth in the loan book that took place in the first eight months of the year,” the chief financial officer added.

Mr Bowe said the improved bottom line had been achieved despite the “day one adjustment” that required the BISX-listed institution to increase loan loss provisions by $6.7m, which resulted from a new accounting treatment that now requires such provisions to be based on “expected losses” rather than when a loan becomes non-performing.

“We’ve made up the stagger, to use the analogy of the relay race, and seen profits that make up for that day one adjustment,” he told Tribune Business.

“We will be increasing the dividend shortly, in line with the prior year, and that should be a positive surprise to shareholders relative to how it stands compared to last year.”

The Fidelity Bank (Bahamas) chief financial officer said the dividend payment to investors will be made before year-end, and in time for Christmas, although he did not specify how much they will receive. The bank is 75 percent owned by its parent, Fidelity Bank & Trust International.

He emphasised that the institution was “focusing on maintaining a high quality

performance loan book”, and added: “We’re not issuing loans for the sake of growth. We’re doing sustainable lending to people who have a commitment to repay their borrowings, and the means.

“That means hard decisions with respect to customers, but we’re trying to instill discipline in them that borrowing is to aid their lives, not to enslave them going forward. It’s teaching them to instill discipline in their financial habits and, while they may need borrowing to get through today, they must have savings to ensure they live in comfort before retirement and settle all bills before they reach the end of their working lives.”

Fidelity Bank (Bahamas) net interest income for the nine months to end-September rose by over $5.5m or 16.6 percent to $39.781m, aided by a $1.5m year-overyear decline in interest expense that resulted from the prevailing low rate environment.

Mr Bowe, though, said the bank was still “ensuring customers get an equitable interest rate on their deposits”. This resulted in its deposit base growing by almost $56.5m, or 20.7 percent, compared to 2018 - a rate of growth that outstripped the loan portfolio’s expansion.

The deposit base expansion, in turn, has increased Fidelity Bank (Bahamas) cash holding by almost $40m to $143.084m yearover-year, as the bank

- in common with its competitors - struggles to find qualified mortgage borrowers to lend to.

“We are looking at strategies to deploy that cash,” Mr Bowe told Tribune Business, “and laying off some of that cash and managing liquidity. That growth in customer deposits has allowed us to manage our wholesale funding and take out some debt securities.”

He explained that Fidelity Bank (Bahamas) had already redeemed around $10m of its $50m in outstanding bonds, reducing these liabilities from $43.933m to $34.67m at end-September 2018.

This, Mr Bowe explained, had enabled it to reduce its funding costs by replacing bonds with a six percent interest rate with lowerpriced customer deposits.

“We’ve taken out more costly bonds and replaced them with cheaper customer deposits,” he told Tribune Business. “We’ve been able to use the deposit base to fund the bank as opposed to wholesale funding, and maintain flexibility with wholesale funding.”

Mr Bowe said Fidelity Bank (Bahamas) would be looking for “a prosperous” 2019 and “similar type growth”, although he declined to specify how much. He added that staffing and resources had been expanded in line with the bank’s growth and that of its loan book, resulting in the more than $1m jump in staff salaries and benefits year-over-year.

FROM PAGE ONE

out a physical inspection of Maygauana’s hurricane relief supplies on May, 2018, which found there was no log recording who received materials and when. The report highlighted a potential “conflict of interest” as some building materials had been purchased from a government employee, while local government staff had been given cash to make purchases from New Providence.

“Further, it was noted that an excessive amount of supplies were purchased from local residents, although identical items were previously provided through a company in New Providence (cements, mesh wire, fibres and lumber) for the hurricane restoration programme,” the Auditor General found.

“Cash payments to employees to purchase supplies should not be allowed.

Payment should be made to the company from whom supplies were purchased.

An explanation should be given as to the reason for purchase of cement etc from an employee of central government.”

Summing up his findings, the Auditor General concluded: “In our opinion, public funds were disbursed in some instances without regard for economy and efficiency. Internal controls need to be strengthened for the efficiency of the operation.

“Cashbooks were not properly maintained.

Payment vouchers were continuous to subsequent months, and carried and brought forward balances were not indicated in the cash books. We noted negative balances should be highly discouraged in the expenditure authorised register, which was not fully explained.”

NOTICE

NOTICE

NOTICE

YONG YING LIMITED

THREE MAPLES LIMITED

STARRY TREND LIMITED N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a) YONG YING LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) THREE MAPLES LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 19th November, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 19th November, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 21st day of November, A. D. 2018

Dated this 21st day of November, A. D. 2018

Dated this 21st day of November, A. D. 2018

_________________________________ Bukit Merah Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

(a) STARRY TREND LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 19th November, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

_________________________________ Bukit Merah Limited Liquidator

NOTICE

NOTICE

NOTICE

QUALICUM LIMITED (In Voluntary Liquidation)

ROyal FIdElITy ShaRE REgISTRaRS & TRaNSFER agENTS lImITEd (In Voluntary liquidation)

FREEDOM POINTS LIMITED (In Voluntary Liquidation)

In accordance with Section 228 of The Companies Act, NOTICE is hereby given that at an Extraordinary General Meeting of the Company held on the 16th day of November, 2018 the following Resolutions were passed:

In accordance with Section 228 of The Companies Act, NOTICE is hereby given that at an Extraordinary General Meeting of the Company held on the 16th day of November, 2018 the following Resolutions were passed:

1. That Qualicum Limited be voluntarily wound up.

2. That BF Company Limited be appointed Liquidator for the purpose of winding up the affairs of Qualicum Limited.

1. That Royal Fidelity Share Registrars & Transfer Agents Limited be voluntarily wound up.

2. That BF Company Limited be appointed Liquidator for the purpose of winding up the affairs of Royal Fidelity Share Registrars & Transfer Agents Limited.

Pursuant to the appointment of the undersigned as a Liquidator of the above mentioned Company, NOTICE IS HEREBY GIVEN that all persons having any outstanding claims against Freedom Points Limited should send particulars thereof to the undersigned at P.O.Box N-4853, 51 Frederick Street, Nassau on or before the 10th day of December, 2018.

BF COMPANY LIMITED Liquidator

BF COMPANY LIMITED Liquidator

BF COMPANY LIMITED Liquidator

Qualicum Limited (In Voluntary Liquidation)

Royal Fidelity Share Registrars & Transfer Agents Limited (In Voluntary Liquidation)

Freedom Points Limited (In Voluntary Liquidation)

DATED the 19th day of November, 2018

DATED the 19th day of November, 2018

DATED the 19th day of November, 2018

NOTICE

NOTICE

NOTICE

EMAGINE (BAHAMAS) LIMITED (In Voluntary Liquidation)

ROYAL FIDELITY PENSION & INVESTMENT SERVICES LIMITED (In Voluntary Liquidation)

ROYAL FIDELITY SHARE REGISTRARS & TRANSFER AGENTS LIMITED (In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of Royal Fidelity Pension & Investment Services Limited is hereby called to be held at the office of the Liquidator, 51 Frederick Street, Nassau, Bahamas on the 20th day of December, 2018 at 10:00 o’clock in the forenoon.

NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of Royal Fidelity Share Registrars & Transfer Agents Limited is hereby called to be held at the office of the Liquidator, 51 Frederick Street, Nassau, Bahamas on the 20th day of December, 2018 at 10:00 o’clock in the forenoon.

The object and purpose of the said meeting is to have the liquidator, BF Company Limited, give an account of the manner in which the winding-up of Royal Fidelity Pension & Investment Services Limited has been conducted and to hear any explanation that may be given by the said Liquidator.

The object and purpose of the said meeting is to have the liquidator, BF Company Limited, give an account of the manner in which the winding-up of Royal Fidelity Share Registrars & Transfer Agents Limited has been conducted and to hear any explanation that may be given by the said Liquidator.

Dated the 19th day of November, 2018

Dated the 19th day of November, 2018

Dated the 19th day of November, 2018

BF COMPANY LIMITED Liquidator

BF COMPANY LIMITED Liquidator

BF COMPANY LIMITED Liquidator

Emagine (Bahamas) Limited (In Voluntary Liquidation)

Royal Fidelity Pension & Investment Services Limited (In Voluntary Liquidation)

Royal Fidelity Share Registrars & Transfer Agents Limited (In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of Emagine (Bahamas) Limited is hereby called to be held at the office of the Liquidator, 51 Frederick Street, Nassau, Bahamas on the 20th day of December, 2018 at 10:00 o’clock in the forenoon.

The object and purpose of the said meeting is to have the liquidator, BF Company Limited, give an account of the manner in which the winding-up of Emagine (Bahamas) Limited has been conducted and to hear any explanation that may be given by the said Liquidator.

PAGE 6, Wednesday, November 21, 2018

THE TRIBUNE

Western Air’s jet Tourism, beauty queen growth realised row over govt ‘shell game’ FROM PAGE ONE

FROM PAGE ONE possession of the Commonwealth of the Bahamas, as opposed to the Ministry of Tourism.

“For example, in addition to refusing to respond to requests for admission, Defendant [the Ministry of Tourism] denies having entered into any licenses to use musical works in US television advertising in the last five years, an incredible position considering the litany of tourism advertisements that have been aired

by The Bahamas in the United States.”

He charged: “Defendant appears to be playing a shell game to hide incriminating information in the possession of relevant custodians of the Bahamian government. Rather than

To advertise in The Tribune, contact 502-2394

having to file a separate suit that explicitly names the Commonwealth of The Bahamas, or seek to recaption the case to make it clearly part of this suit, plaintiffs simply seek an order compelling defendant to provide the requested information which is in the possession, custody or control of the Commonwealth of The Bahamas, which is the defendant in this suit.”

Among the information sought by Ms Sherman and her attorneys is the production of other advertisements by The Bahamas that feature Fly Away With Me, and whether the country has entered into licensing agreements for musical works within the past five years. The details were said to be “vital” to her case.

The ministry’s attorneys, in response, argued: “Plaintiffs have sued the Ministry of Tourism and no other entity. Despite this fact, plaintiffs now seek a certification that all documents of the entire Commonwealth of The Bahamas have been searched for responsive

documents. They have not been. Nor should they be.

“The requested search of the records of the entire Bahamas government would be grossly disproportionate to the needs of this case, which involves the alleged use of a song that, in the last three years, has been licensed by plaintiff for $0, for $500, and for $750. Moreover, the Ministry of Tourism does not have possession, custody, or control over the records of the entire Bahamas government.”

Ms Sherman is claiming that the Ministry of Tourism violated her copyright by using her song, Fly Away With Me, in its advertising promoting The Bahamas to foreign tourists without her permission. She is also accusing it of breach of contract over a potential job opportunity with it.

Attacking the latter, the Ministry wrote in its letter: “It is undisputed that Ms Sherman makes more money at her current job than the salary she alleges she would have received had the ministry employed

N O T I C E

her. She also made more money at her existing job when she first applied to work for the ministry in 2016.

“After realizing that this higher salary was dispositive of her breach-ofcontract claim, Ms Sherman concocted an additional category of ‘damages’ in her second amended complaint in an effort to avoid this fatal flaw.

“She now claims that she cancelled performances in reliance on the ministry’s alleged employment offer.

Ms Sherman, however, has refused to provide a single piece of paper, e-mail or text to support this lastditch effort to save her breach of contract claim from dismissal. She has also refused to admit that no such documents exist.”

Ms Sherman and her attorneys, meanwhile, alleged that the ministry had yet to provide details on every use of her song, including the dates the allegedly offending promotions were aired.

NOTICE

EXXONMOBIL EXPLORATION AND PRODUCTION FAROE ISLANDS (INVESTMENTS) LIMITED ______________________________________

EXXONMOBIL EXPLORATION AND PRODUCTION FAROE ISLANDS (INVESTMENTS) LIMITED _________________________________________________

N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION FAROE ISLANDS (INVESTMENTS) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 19th day of November 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 14th day of December, A.D., 2018. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 21st day of November, A.D., 2018.

R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

Dated the 21st day of November, 2018 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

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

BISX ALL SHARE INDEX: CLOSE 2,001.17 | CHG -5.11 | %CHG -0.25 | YTD -62.40 | YTD% -3.02 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.46 1.22 0.52 3.92 9.30 6.60 4.94 12.50 2.74 1.78 8.21 6.30 13.20 6.79 4.49 13.50

52WK LOW 3.50 19.17 7.00 3.32 0.90 0.16 2.25 8.60 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 5.67 3.25 12.50

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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

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

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 4.45 17.43 9.09 4.46 1.01 0.52 2.30 9.30 6.16 4.00 12.42 2.59 1.78 8.16 6.30 12.98 6.41 3.62 13.01

CLOSE 4.45 17.43 7.00 4.46 1.01 0.52 2.30 9.30 6.16 3.98 12.42 2.52 1.78 8.00 6.30 12.98 6.41 3.62 13.01

CHANGE 0.00 0.00 -2.09 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.00 -0.07 0.00 -0.16 0.00 0.00 0.00 0.00 0.00

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

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

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

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 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

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 1,000 100

32,765

4,000

VOLUME

EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.588 0.700 0.441 0.154 0.627 0.102 0.209 0.000 0.670 0.701 0.578 0.277 0.631

DIV$ 0.100 1.260 0.000 0.240 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600

P/E 20.8 18.7 N/M 14.1 N/M N/M -3.9 13.3 14.0 25.8 19.8 24.7 8.5 N/M 9.4 18.5 11.1 13.1 20.6

YIELD 2.25% 7.23% 0.00% 5.38% 0.00% 1.92% 0.00% 7.63% 3.57% 3.02% 4.99% 2.38% 3.37% 1.05% 4.44% 3.85% 2.34% 3.59% 4.61%

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

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

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

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

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

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

MUTUAL FUNDS 52WK HI 2.18 4.16 2.02 182.41 158.55 1.58 1.70 1.66 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.52 1.68 1.61 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.18 4.16 2.02 182.41 158.55 1.58 1.69 1.66 1.09 7.36 8.47 6.53 11.32 11.67 10.54 9.92 8.69 11.79

YTD% 12 MTH% 2.90% 4.07% 0.44% 4.38% 1.70% 2.35% 2.08% 3.47% 3.35% 5.94% 3.22% 4.22% -0.38% 3.34% 2.39% 4.01% -0.38% 0.53% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

NAV Date 30-Sep-2018 30-Sep-2018 28-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

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

Business For sale * New Upscale Casual Takeaway * Turkey Operations & Centrally located * Completely Set-up & Computerized * Established Clientele & 1 year Finances For info email: info@cleanbahamas.com NOTICE EXXONMOBIL EXPLORATION AND PRODUCITON FRANCE (MEDITERRANEAN) LIMITED 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 1st day of November, 2018 Dated the 21st day of November, A.D., 2018.

MARKET REPORT TUESDAY, 20 NOVEMBER 2018

new aircraft will be this Thursday on its Nassau to Freeport route, after completing the certification process with industry regulator, the Bahamas Civil Aviation Authority (BCAA).

Captain Charles Beneby, the regulator’s director

general, praised Western Air for its efforts as well as the work between the BCAA and the company on the “intensive” fivephase certification process.

He added: “What we are trying to do at the BCAA is make it easier for our stakeholders and partners and users of our system to achieve their desired goals in the shortest period of time.”

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

R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION FRANCE (MEDITERRANEAN) LIMITED

NOTICE Notice is hereby given that NATASHA TOUSSAINT 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 signed statement of the facts within twenty-eight days from the 21st November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

THE TRIBUNE

Wednesday, November 21, 2018, PAGE 7

FORMER TOYS R US WORKERS TO GET $20M IN HARDSHIP FUND

NOTICE

To advertise in The Tribune, contact 502-2394

QUALICUM LIMITED (In Voluntary Liquidation) NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of Qualicum Limited is hereby called to be held at the office of the Liquidator, 51 Frederick Street, Nassau, Bahamas on the 20th day of December, 2018 at 10:00 o’clock in the forenoon.

NEW YORK Associated Press TWO private equity owners of the iconic Toys R Us toy chain have set up a $20m hardship fund for the thousands of former workers left jobless and without severance after the chain was liquidated in June.

KKR and Bain Capital announced yesterday the creation of the fund aimed at helping the 30,000 workers affected by the store closures, a move that followed efforts by workerbacked groups. The fund wasn’t legally required, and the groups call it an “unprecedented” step toward helping families caught up in the store closures and bankruptcies that have roiled the fast-changing retail industry.

Workers are pushing to get an additional $55m they believe they’re owed and are looking to other firms that had a stake in Toys R Us and that they believed played a role in the chain’s demise.

“This is an amazing first step, but the goal is to keep the pressure on,” said Ann Marie Reinhart, 59, of Durham, North Carolina, who worked at Toys R Us for 29 years, most recently as a store supervisor. She said she hasn’t been able to find work that pays health insurance since she was laid off early this past summer.

While the iconic toy retailer was liquidating its hundreds of stores in June, workers were informed they would not get severance. They began protesting outside the New York offices of the retailer’s former owners KKR, Bain and Vornado Realty Trust, firms that loaded the company with debt, helping push it into bankruptcy in the fall of 2017.

Then, they showed up at more than a dozen pension meetings around the country over the last few months, exerting pressure on them to push the equity owners they invest in to do right by workers and act more responsibly.

Since late summer, Toys R Us workers have been pressuring pension funds to in turn push a group of hedge firms that owned the retailer’s secured debt in a bid to get the remaining money they say is owed to them. These so-called secured creditors, including Solus Alternative Asset Management and Angelo Gordon, were the ones that ultimately pushed for the liquidation as they looked to get returns for their investors.

The groups that organized the Toys R Us workers — Organization United for Respect, along with Private Equity Stakeholder Project and the Center for Popular Democracy — say that the hardship fund is being structured to allow the other firms to contribute, paving the way for Solus, Vornado and others to contribute.

KKR and Bain said the fund was established in response to the “extraordinary set of circumstances” that led to Toys R Us being shuttered.

“The confluence of the disruption in retail, the push by the company’s secured creditors to liquidate the company’s US operations, and the fact that we have never experienced something like this in the history of either firm, led us to try and find a way to provide some financial relief for former employees,” the two firms said in a joint statement.

The fund is administered by independent third party administrators, Kenneth Feinberg and Camille Biros, experts in designing and administering unique compensation programmes such as the 9/11 fund and the BP oil spill fund. They’ll serve as independent administrators of the fund, responsible for the independent management and distribution of all proceeds.

The object and purpose of the said meeting is to have the liquidator, BF Company Limited, give an account of the manner in which the winding-up of Qualicum Limited has been conducted and to hear any explanation that may be given by the said Liquidator.

Dated the 19th day of November, 2018 BF COMPANY LIMITED Liquidator Qualicum Limited (In Voluntary Liquidation)

NOTICE FREEDOM POINTS LIMITED (In Voluntary Liquidation) In accordance with Section 228 of The Companies Act, NOTICE is hereby given that at an Extraordinary General Meeting of the Company held on the 16th day of November, 2018 the following Resolutions were passed: 1. That Freedom Points Limited be voluntarily wound up.

2. That BF Company Limited be appointed Liquidator for the purpose of winding up the affairs of Freedom Points Limited.

BF COMPANY LIMITED Liquidator Freedom Points Limited (In Voluntary Liquidation) DATED the 19th day of November, 2018 NOTICE

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2018 FPO/CLE/QUI/No. 00290

COMMON LAW AND EQUITY SIDE BETWEEN IN THE MATTER OF THE QUIETING TITLES ACT 1959 AND IN THE MATTER of Petition of RUPERT W. ROBERTS JR. of the Eastern District of the Island of New Providence, The Bahamas AND IN THE MATTER of ALL THOSE pieces parcels or lots of land being allotments 9 and 10 and situate on Sampson Ridge, South Bimini one of the Islands of the Commonwealth of the Bahamas and being bounded northwardly by Allotment No. 8 (Bimini Sands and Marina Resort the Property of the Petitioner’s Company South Bimini International Ltd.) and running thereon for a total of 1022.34 feet southwardly by Allotment No.11 and running thereon for a total of (1173.51) feet Eastwardly by Big Duck Pond and running thereon for a total of (442.08) feet Westwardly by the Atlantic Ocean at highwater mark and running thereon for a total of 423.32 feet more or less.

NOTICE TAKE NOTICE that RUPERT W. ROBERTS JR. claims to be the owner in fee simple in possession of the said land and has made application to the Supreme Court of the Commonwealth of The Bahamas Under Section 3 of the Quieting Title Act, 1959 to have his tile to the said land investigated and the nature and extent thereof be determined and declared in a Certificate of Title to be granted by the Court in accordance with the provision of the said Act. A copy of the plan of the said land may be inspected during normal working hours at: (a) The Registry of the Supreme Court in the Lavarity Justice Center Freeport, Grand Bahama New Providence in the Commonwealth of The Bahamas and the Chambers of V. Alfred Gray & Company, Dowdeswell House, Dowdeswell and Armstrong Streets, New Providence and No. 21 A Kipling Building, Freeport, Grand Bahama; NOTICE IS HEREBY GIVEN that any person or persons having any dower or right of dower or an Adverse Claim not recognized in the Petition shall on or before the 6th day of January A.D., 2019 file in the Supreme Court in Freeport, Grand Bahama aforesaid and serve on the Petitioner or the undersigned a Statement of their claim aforesaid on or before the 6th day January, A.D. 2019 or it will forever operate as a bar to such claim.

Dated this 8th day of November A.D., 2018 V. ALFRED GRAY & CO. Chambers Dowdeswell House Dowdeswell & Armstrong Streets Nassau, The Bahamas Attorney for the Petitioner

FREEDOM POINTS LIMITED (In Voluntary Liquidation) NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of Freedom Points Limited is hereby called to be held at the office of the Liquidator, 51 Frederick Street, Nassau, Bahamas on the 20th day of December, 2018 at 10:00 o’clock in the forenoon.

The object and purpose of the said meeting is to have the liquidator, BF Company Limited, give an account of the manner in which the winding-up of Freedom Points Limited has been conducted and to hear any explanation that may be given by the said Liquidator.

Dated the 19th day of November, 2018 BF COMPANY LIMITED Liquidator Freedom Points Limited (In Voluntary Liquidation)

NOTICE MONEYCENTRE LTD. (In Voluntary Liquidation) Pursuant to the appointment of the undersigned as a Liquidator of the above mentioned Company, NOTICE IS HEREBY GIVEN that all persons having any outstanding claims against MoneyCentre Ltd. should send particulars thereof to the undersigned at P.O.Box N-4853, 51 Frederick Street, Nassau on or before the 10th day of December, 2018.

BF COMPANY LIMITED Liquidator MoneyCentre Ltd. (In Voluntary Liquidation) DATED the 19th day of November, 2018 NOTICE ROYAL FIDELITY SHARE REGISTRARS & TRANSFER AGENTS LIMITED (In Voluntary Liquidation) Pursuant to the appointment of the undersigned as a Liquidator of the above mentioned Company, NOTICE IS HEREBY GIVEN that all persons having any outstanding claims against Royal Fidelity Share Registrars & Transfer Agents Limited should send particulars thereof to the undersigned at P.O.Box N-4853, 51 Frederick Street, Nassau on or before the 10th day of December, 2018.

BF COMPANY LIMITED Liquidator Royal Fidelity Share Registrars & Transfer Agents Limited (In Voluntary Liquidation) DATED the 19th day of November, 2018

PAGE 8, Wednesday, November 21, 2018

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

ENTREPRENEURS FLOCK TO UNIVERSITY OF OKLAHOMA EXPO NORMAN, OKLAHOMA Associated Press THE OU Tom Love Innovation Hub turned into a trade show floor recently, as the inaugural Entrepreneurship Expo brought out investors, onlookers and plenty of ideas.

Some came with established ideas, such as Real Kitchen Salsa, the Loveworks, Inc facilitated company run by middle schoolers. OU alumni living nearby brought their ideas and innovations to share.

“The idea was truly to build and bring together the community to create an ecosystem of entrepreneurship,” Denise Parris, assistant professor of entrepreneurship at the Price College of Business, told The Norman Transcript.

“People from OU, Moore Norman Technology Center, and everybody from the community. There’s many organizations in Oklahoma that are really and truly seeking to make a difference, and at the Price College of Business, our goal is to have an impact on Oklahoma through entrepreneurship and innovation, being at the centre and bringing everybody together.”

There were also plenty of OU students who showed off their brand new ideas to potential investors, many for the first time. Some, like Calla Hamlin and Addie Cox, had been developing their idea in class and were now finally able to show it off in a real-world setting.

Hamlin and Cox presented Bridal Wave, a web-based facilitator for wedding planning. Hamlin said she developed the idea at another Innovation Hub event.

“I went to the Startup Weekend here at the Innovation Hub, and I had a totally different idea going in,” Hamlin said. “I was actually standing in line talking to this guy about it, and he said ‘Well, that’s never going to work’. So kind of to spite

him, I got up there with a new idea, and I knew I was interested in the wedding industry so I wanted to give it a try.”

Bridal Wave brings soonto-be-married couples to match with the vendors most appropriate for their ceremonies.

“Couples can go online to our website, take quick a five minute survey based on their preferences and needs, and we connect them to relevant vendors according to their needs,” Cox said. “A lot of times, you’re having to call all these vendors, trying to get in contact with them, it’s a lot.

So this way, it brings vendors to their anonymous brides based on those needs. So say they want to spend a certain amount, it’ll be within their price range.”

Hamlin said their market research showed weddings average 15 vendors each, and managing that can get complicated for those who do not employ a wedding planner.

Bridal Wave helps to manage that for couples.

“It allows you to plan your wedding efficiently,” Hamlin said.

“It’s a platform that facilitates interactions between couples and vendors.”

Other ideas on display included Universal Cuisines, LLC, which seeks to bring diners and international dishes together in a central location. Cody Moore, one of three OU students working on the project, said they want to create a new kind of dining experience that is like food trucks and street food, but without the street.

“We’ll have a location where we’ll contract to 15-20 different vendors, and we’ll encourage them to cook with the most basic stuff, build their own woks, and cook a good street food meal,” Moore said. “Whatever they think of.”

All they need is a location large enough that also includes a stage area for some live music. It’s been in

the works for a few years, and the group already has a website set up.

New products were also on display, such as the Spinning Wing by Andrew Harris and Josh Stokesberry. He said that while conducting market research, the pair heard from a lot of managers that tossing wings was the most time consuming and biggest inefficiency problem facing those types of restaurants.

So they are creating a bowl with carefully placed ridges that will make wing tossing easier, enabling employees to get more wings out faster and boost productivity.

Then there’s Garrett Hanska’s Arklahoma Stand Co, which produces the first-ofits-kind stand-alone bike rack that also doubles as a hitch. Avid cyclists can use the hitch to haul their bikes back from, say, a trek down the mountains, un-hitch it from their vehicle and immediately stand up the bikes in a garage.

Hanska said he’s already making sales.

“This is a space for students and entrepreneurs, alumni; if you have a new venture concept, you can come present that and get feedback from the community, from investors, and you can conduct pre-sales or sales,” Parris said. “It gives everybody experiences of what it’s like to be at a trade show. They get the experience of designing and standing at a booth and interacting.”

The experience could prove invaluable to students, alumni and community members who received the trade show experience for the first time.

“This is our first trade show like this, or anything,” Moore said. “I think it’s going well so far. It’s great to get our name out there. There’s a lot of different investors coming through today, so it’s great to share with them our mission and our goals.”