11292017 business

business@tribunemedia.net

WEDNESDAY, NOVEMBER 29, 2017

$4.25

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$4.50

Illiquid BISX stocks de-listing ‘misguided’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

B

ISX’s chief executive yesterday slammed a financial analyst’s remedies for illiquid stocks as “misdirected” and “counterproductive”, suggesting some would “frustrate the market”.

Keith Davies told Tribune Business that while Richard Coulson’s “heart is in the right place”, and concern for investors “genuine”, his delisting recommendation was “counter-productive” and did not understand how the Bahamas International Securities Exchange (BISX) and wider capital markets operated.

Mr Davies was responding after Mr Coulson

* Financial analyst’s remedy ‘counterproductive’ * Property Fund cited as inactive stock example * Exchange talks on ‘10% rule’ adjustments sent a ‘memorandum’ to industry regulator, the Securities Commission of the Bahamas, containing proposals for dealing with illiquid BISX-listed stocks where long-term trading activity has ceased.

The November 20 document, seen by Tribune Business, cited two stocks in particular - the Bahamas Property Fund and Premier Commercial Real Estate Investment Corporation. The former has not traded for more than a year,

with the last activity occurring in October 2016, while the latter has been dormant for five years.

Mr Coulson, a wellknown and respected financial analyst, focused on the Bahamas Property Fund, the real estate investment trust (REIT) that owns the Bahamas Financial Centre; Paradise Island’s One Marina Drive; and the PricewaterhouseCoopers (PwC) RICHARD COULSON

KEITH DAVIES

SEE PAGE 4

DPM: ENTERPRISE BILL CHANGES TO CONFIRM BAHAMIANS BENEFIT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government has tabled changes to the Commercial Enterprises Bill to confirm it applies equally to Bahamian-owned firms, justifying the legislation as essential to “breaking the status quo”.

K P Turnquest, the Deputy Prime Minister, told Tribune Business that the Bahamas “has to take some risks” if it is to break the low-tono growth/high unemployment

* ‘WE MUST TAKE RISKS’ TO BREAK LOW GROWTH * GOV’T ‘SURPRISED’ AT OPPOSITION TO BILL * BUT ‘CAN’T TAKE AWAY JOBS NOT EXISTING’ cycle it has been locked into for the past decade since the 2008-2009 recession.

Expressing “surprise” at the level of opposition to the Bill from politicians and some in the private sector, Mr Turnquest said critics failed to realise they were protecting jobs and businesses that largely do no exist.

BAHAMIAN RETAILERS ‘PRICED BEYOND COMPETITIVENESS’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Government has “priced Bahamian retailers” beyond their competition, an industry player yesterday warning this was also boosting tax evasion and the informal economy.

Tara Morley-Nolan, a Bahamas Chamber of Commerce and Employers Confederation (BCCEC) director, argued that the problems facing the global retail sector are only exacerbated in The Bahamas by high import duties and business operating costs.

* TAX STRUCTURE, BUSINESS COSTS UNDERMINE SECTOR * DRIVE TAX EVASION, INFORMAL ECONOMY’S GROWTH “High customs duties are extremely prohibitive to the retail sector’s ability to bring in sufficient assortments without taking huge inventory risks,” said Mrs Nolan, who is also Cole’s of Nassau’s general merchandising manager.

“Additionally, it puts undue pressure on the

SEE PAGE 5

GOV’T URGED: NO MORE TERMINATIONS UNTIL 2018

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was yesterday urged to “show compassion” and not terminate any more public sector workers until after Christmas, following a further 10-12 lay-offs at the Gaming Board.

Bishop Simeon Hall told Tribune Business that “a cloud of uncertainty” was hanging over many Bahamians and their families as the festive season approached due to continued downsizing at public sector agencies.

* BISHOP’S CALL COMES AS GAMING BOARD LAYS OFF * ‘CLOUD OF UNCERTAINTY’ OVER PUBLIC WORKERS * CALLS ON GOV’T TO ‘SHOW SOME COMPASSION’ Acknowledging that the Government needed to control its spending, and that the Christie administration

SEE PAGE 5

Urging them to “take an objective look” at what the Minnis administration was seeking to accomplish, the Deputy Prime Minister acknowledged that the urgency with which the Bill had been passed in the House of Assembly reflected the Government’s concern about the need for rapid action to address the Bahamas’ economic

and fiscal prospects. “Yes, we are very surprised,” Mr Turnquest told Tribune Business of the concerns, which have been expressed by both former prime minister, Hubert Ingraham, and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) as well as the political Opposition.

“Really there’s nothing here but making the jurisdiction more attractive to investment; not just foreign investment, but investment.

Because of a lack of information

SEE PAGE 5

$4.46 MINISTER ALLAYS FEARS OF ‘IMPOSSIBLE’ LANDFILL DEAL * BIDDER CONCERN ON FIVE-YEAR TERM * ‘TOO SHORT’ TO GENERATE INVESTMENT RETURN * BUT GOV’T OPEN TO ‘NEGOTIATING’ LENGTH

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government yesterday reassured New Providence landfill bidders it was open to a long-term deal, after some warned that five years made it “impossible” to generate sufficient returns.

Romauld Ferreira, minister of the environment and housing, told Tribune Business that the Minnis administration was willing to negotiate the duration of a public-private partnership (PPP) set at “five years” in the Expression of Interest (EoI) document.

Numerous potential bidders on the New Providence landfill contract had branded the seeming five-year management contract as “ludicrous” and “ridiculous”, arguing that it made bidding a “no go” because it was impossible to generate the necessary return on investment (ROI) given all the work required. They said it was

SEE PAGE 6

PAGE 2, Wednesday, November 29, 2017

THE TRIBUNE

Why the Enterprises Bill will boost the Bahamas

By Mitchell K A Thurston, BA Economics, Master of Professional Studies in Applied Economics Candidate, University of Maryland THE recently-debated Commercial Enterprises Bill has gained the attention of Bahamians far and wide. The Bill will position the Bahamas to compete with other countries by facilitating our ease of doing business, where we currently rank 119th out of 190 countries (as a regional comparison, Jamaica is ranked 70th).

In doing so, this will foster the interest and subsequent investment of those companies that are seeking to avoid the rigidity of similar processes

elsewhere, and also eventually enable Bahamians to set up shop in the targeted industries. Some of these industries, as listed in the first schedulem include: Captive Insurance (an industry that started in the Bahamas but left); International Arbitrage; Computer Programming; Software Design and Writing; Bioinformatics and Analytics; Maritime Trade; Aviation Registration; Nanotechnology; Data Storage; Biomedical Industries; and Manufacturing.

The targeted industries demonstrate the progressiveness of this Bill, and for that the Government of the Bahamas should be applauded. Attracting pioneers and professionals in these fields will enable there to be a transfer of

A young Bahamian student abroad explains the benefits of the Government’s legislation LETTER TO BUSINESS EDITOR

knowledge and skills to Bahamian citizens, which is known as ‘capacity building’.

This will eventually give our children, and grandchildren, the will to aspire to enter; the dream to set up shop in; and the desire to further the development of these high-tech industries in our country.

The establishment and, in some cases, reestablishment of these niche industries will also encourage the repatriation of

highly-educated and highly-skilled Bahamians who felt forced to stay in the US, Canada and the UK because there were no industries to return home to. This will reduce the ‘brain drain’ that is killing the economy of the Bahamas.

While the Bill is not perfect in its construction (no Bills are), with questions regarding Immigration (i.e: the Specified Commercial Enterprises Certificate being valid for a one-year

period, while the actual work permit is valid for three years), it is definitely a step in the right direction as it is essential to the development, growth and future of the Bahamian economy and country at large.

Similar legislation has recently been passed in other countries such as Bangladesh, Israel, Singapore and Turkey. Therefore, the passage of this Bill will allow us to compete globally and enable the Bahamas to once again be a regional leader.

As a young Bahamian, I am given hope that

in the very near future myself, along with many other young Bahamians - your sons and your daughters - will have the opportunity to return to our native land, where we will finally be able to usher in a new era in Bahamianisation, taking our country to unimaginable heights and truly making it the best little country in the world.

All of this we will do because we can never forget that nature has implanted in our breast a sacred and indissoluble attachment to our native land, the Commonwealth of the Bahamas

ALIV UNVEILS APPLE TIE-UP ALIV has unveiled a strategic partnership with Apple to keep the Bahamian mobile provider “on the cutting edge”.

Damian Blackburn, Aliv’s chief officer, said the tie-up will enable it to offer the iPhone X from December 15, with customers able to pre-order it via the mobile operator’s website.

“Our goal at Aliv is to always provide our customers with the latest smartphones and technology, and that is what we are doing here today,” he said.

“We know this is a busy retail season, and we also know that these phones are in high demand all over the world and the

Bahamas won’t be left out.

“We want everyone to be on the cutting edge. Our goal is to always meet and surpass expectations, and we believe this partnership with Apple will allow us to do just that.”

Dwayne Davis, chief Aliv solutions architect, added: “What we’re doing now is running pure network tests.

What I like about the phone was that over the weekend, as we were preparing it after Apple cleared it, in setting it up all I had to do was take any Iphone from 6 to 7, place it close to it and it automatically transferred everything.

“The phone was set up in less than 15 minutes. We also talked about the facial

SHOWN (l-r): Johnny Ingle, chief Aliv champion; Jay Naylor, chief Aliv guardian; Delmaro Duncombe, senior Aliv solutions; Tracey Boucher, Aliv service optimiser; Damian Blackburn, chief Aliv officer; Gravette Brown, chief Aliv business developer; Dwayne Davis, chief Aliv solutions architect; Verandah Russel, lead concierge; Stephen Curran, chief Aliv innovator. recognition. If I was to look at the phone and swipe up, it opens automatically.

“The phone is faster than the traditional iPhone, it

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has an all-glass casing and it uses a standing charger. The technology in it is overall better and, as you can see, it’s already Aliv.”

Aliv launched the iPhone8 and iPhone8+ in all of its stores on Black Friday.

These phones and others will be

available on the Aliv website, all its stores throughout the country and from Aliv’s concierge service, said the release.

THE TRIBUNE

Wednesday, November 29, 2017, PAGE 3

PHILIP DAVIS

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Opposition leader yesterday said his party has “grave concerns” over the outcome of Standard & Poor’s (S&P) visit to the Bahamas this week.

Philip Davis based his fears on the “knee jerk reactions” of the Ministry of Finance, and “the many confusing, misleading and contradictory statements by the Minister of Finance and the acting financial

Opposition’s ‘grave’ fears on Standard & Poor’s visit secretary to date”. S&P is visiting for its annual assessment of the Bahamas’ creditworthiness and associated rating, and will focus primarily on this nation’s economic and fiscal performance.

S&P last December handed the Bahamas a ‘junk’ creditworthiness downgrade, and Mr Davis said: “Considering the knee jerk actions of the Ministry of Finance since May 2017, and the many confusing, misleading and contradictory statements by the Minister of Finance

and the acting financial secretary to-date, the Progressive Liberal Party has grave concerns about the upcoming consultations and the outcome of the review process.

“Of particular concern is the flippant dismissal of over 30 Bahamian professionals from the Central Revenue Agency last week.

I am advised that these individuals were assigned to, and were working on, various revenue enhancement projects that to-date proved to be extremely successful in improving the

Government’s revenue performance, specifically in the collection of much elusive and long outstanding taxes.”

Mr Davis added: “The Government’s dismissal of these professionals must also be viewed in light of the fact that the Bahamas has the least number of revenue collection agents per capita of taxpayers in the region.

International financial institutions have advised over the years that the Bahamas is grossly understaffed in the area of

TECHNOLOGY ‘CATALYST’ FOR BAHAMAS REVIVAL

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net EMBRACING information and communications technology (ICT) will serve as the “catalyst” for the Bahamas’ economic resurgence and social development, the Deputy Prime Minister said yesterday.

K Peter Turnquest told the 20th meeting of the General Conference of Ministers of the Caribbean Telecommunication Union (CTU) that the Government is strengthening the public service’s ICT structure and capacity.

“As a relatively new administration in the Bahamas, we came to government on the commitment to develop a culture of transparency and accountability in governance,” he said. “We came to office understanding the need to take a different approach to economic expansion and diversification.

“We understood the rapidly evolving global environment, influenced and driven in large measure by the technological revolution that is impacting every aspect of national, regional and global development. We knew that the different approach to national development, and a more significant regional and global participation, required a commitment to embrace technology as fundamental to this new approach.”

Mr Turnquest added: “The Government of the Bahamas is convinced that embracing ICTs, and making them the foundation of every project and initiative we undertake as a nation, will serve as the

catalyst for our economic resurgence and social development, creating a self-sustaining machine for future growth.

“This commitment to embracing ICTs is evident in the ongoing transformation of the public service.

We are strengthening the ICT structure and capacity within the public service to further expand the use of technology to provide

improved levels of customer service efficiency, transparency and accountability.”

Mr Turnquest, said the Government was employing technology to redefine the way the Government does business with the public. “We are undergoing major technological advancements in the Ministry of Finance and its agencies, including Bahamas Customs and the

NOTICE

NOTICE is hereby given that YVROSE P. VIXAMAR MARCELLIN of #7 Colet St., off Jerome Ave., P.O. Box SS-19058, 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 29th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Legal Notice

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

LAUDERDALE HOLDINGS CORP. In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), LAUDERDALE HOLDINGS CORP., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 14th day of November, 2017.

Villa Lucre, Residencial Boulevard, Hull Calle Peregrina No. Ep-29 Panama, Republic of Panama Liquidator

AMMC REQUEST FOR PROPOSALS FOR AUDIT SERVICES The National Museum of the Bahamas; The Antiquities, Monuments and Museum Corporation, hereinafter referred to as “AMMC”, is hereby soliciting Proposals from qualified and experienced firms (“Respondents”) to provide auditing services.

The Respondent shall provide a narrative description (relevant experience, qualifications and past performance) of the company and the service. Please submit: • One (1) Original Proposal, • Five (5) Copies Of The Original Proposal • One (1) Digital Copy on Compact Disk (CD) or USB Flash Drive Proposals are to be submitted in a sealed envelope bearing the name of the company, and the address as well as the number and title of this solicitation no later than 5:00p.m., December 7, 2017.

Interested professionals meeting the above qualifications should submit their proposal to: The Secretary to the Corporation The National Museum of the Bahamas Antiquities, Monuments and Museum Corporation Centerville House, Collins Avenue & Shirley Street, P. O. Box EE-15082 Nassau, Bahamas Email: kburrows@ammcbahamas.com Please clearly mark Proposals: “IMPORTANT, AUDIT SOLICITATION ENCLOSED” (ABSOLUTELY NO PHONE CALLS PLEASE) Only applicants having the above attributes will be contacted

Department of Inland Revenue,” he added. “We are currently rolling out a new electronic vehicle and driver’s licensing process. We are working to ensure that, despite the challenges and obstacles, we can systematically employ technology throughout the public service and, through policy, inspire and encourage the private sector to continue its evolution as well.”

revenue collection and administration.”

He argued that there appeared to be no clear plan as to where the Bahamas was headed in terms of revenue collection and financial management.

“The Government seems focused on undoing all of

the good work done in the interest of the economy and all Bahamians,” Mr Davis said. “Their actions have essentially resulted in the dismantling of the various revenue projects left in place that were yielding positive results to the benefit of the country.”

Legal Notice

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

ARTNELL ASSOCIATES LTD. In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), ARTNELL ASSOCIATES LTD., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 8th day of November, 2017.

Kate Bentley, of 109 Portland House, Glacis Road, Gibraltar Liquidator

NOTICE International Business Companies Act (No. 46 of 2000) CALI INC. Registration Number: 49,285 B (In Voluntary Liquidation) Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 46 of 2000) CALI INC., commenced voluntary liquidation on 13th day of November, 2017.

Any person having any claim against CALI INC., is required on or before the 21st day of December, 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 have excluded from the benefit of any distribution made before such claim is approved.

GSO Corporate Services Ltd., of 303 Shirley Street, Nassau, The Bahamas is the Liquidator of CALI INC. GSO Corporate Services Ltd. Liquidator

PAGE 4, Wednesday, November 29, 2017

THE TRIBUNE

Illiquid BISX stocks de-listing ‘misguided’ FROM PAGE 1 headquarters building, Providence House. He suggested that many of the Fund’s 60-plus shareholders “would like to find an exit route but are unable to sell their shares”, blaming this on BISX rules that prevented potential buyers and sellers from agreeing “a reasonable price” at which to trade.

“BISX records show that 26 shareholders have placed unfilled sell orders for over 200,000 shares against zero buy orders,” Mr Coulson told the Securities Commission, “and there are doubtless other shareholders who want to sell but have not placed orders.

“Many of these sell orders were placed at $9.09 simply because that was the price of the last sale over one year ago. Other orders were placed at various prices down to $8.19, but still no buyers were found.

As I understand BISX trading rules, no deals below $8.19 are permitted - even between a willing buyer and seller - because that would be more than 10 per cent below the last sale price of $9.09.

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

“In other words, a technical rule is allowed to block the sensible process of buyers and sellers finding a mutually acceptable price, the basic purpose of any stock exchange. Instead of encouraging trading, BISX prevents it.”

The unfilled sell orders are collectively worth $2.048 million, with the financial analyst suggesting the Bahamas Property Fund has become “unpopular with investors” because it is not currently paying dividends. Stubborn vacancy rates at the Bahamas Financial Centre and One Marina Drive, together with a lack of acquisitions/growth opportunities, have also impacted the stock.

To remedy the situation, Mr Coulson argued that BISX should drop the ‘10 per cent rule’ - which prevents stocks trading at prices more than 10 per cent higher or lower than the previous day’s close - for stocks such as the Bahamas Property Fund.

He called on the Fund’s administrator, RoyalFidelity Merchant Bank & Trust, to request such a move by BISX, arguing that this would enable sellers to ‘exit’ by agreeing an acceptable price for their shares with buyers.

If the ‘10 per cent rule’ was not waived, Mr Coulson told the Securities Commission that the Bahamas Property Fund “should simply be de-listed from BISX” due to lack of trading activity.

“Although BISX does not seem to have any

Legal Notice

specific rule regarding delisting, the Jamaica Stock Exchange has a rule providing that if any share is suspended from trading for more than 180 days it is automatically de-listed,” Mr Coulson said.

“I understand that the Bahamas Property Fund has a small number of large investors who take the long-term view and do not wish to sell. If so, they should be interested in buying more shares at a bargain price that would be allowed if Bahamas Property Fund were de-listed.”

He added: “Many shareholders are angry that the daily BISX quotations, and their own brokerage statements, carry Bahamas Property Fund shares at a current ‘market value’ of $9.09. Since this is a long out-dated figure with no basis in present reality, they consider it to be seriously misleading....

“In summary, the Commission should exercise its regulatory powers to compel BISX and Fidelity to take the steps outlined above, fulfilling its duty to protect the interests of shareholders.”

But Mr Davies, who had also received Mr Coulson’s memorandum, told Tribune Business that the financial analyst was focusing on the wrong ‘target’ in respect of the ‘10 per cent rule’.

He said his concerns should instead be addressed to BISX’s broker/dealer members, such as RoyalFidelity and CFAL, who had the responsibility of “alerting” BISX whenever market indicators suggested

a particular stock’s 10 per cent ‘band’ needed to be moved.

However, Mr Davies conceded that the exchange was currently in talks with the broker/dealers over how the ‘10 per cent band’ should move in response to market activity.

The BISX chief executive also challenged the need to force a company to delist, due to lack of trading activity, if it was in full compliance with the exchange’s rules and listing obligations.

Forcing a company to ‘go private’, Mr Davies argued, would be “counterproductive” since it would no longer be obligated to make public disclosures that investors rely on to determine trading prices.

“I don’t want to beat up on Mr Coulson, as his heart’s in the right place, but you’ve got to get your facts straight,” Mr Davies told Tribune Business.

“His thrust is genuine in terms of providing investors with options on how they can trade, but sometimes Mr Coulson doesn’t understand the operations of the exchange or how the market operates.

“I wish he would take the time to simply ask. I think his focus is misdirected or misguided. Trading is conducted by broker/dealer members. We are the highway upon which they ride. To the extent someone wants to buy or sell outside the 10 per cent band, we are guided by our members.

“If there are orders proposed or pending outside the band, they would alert us and ask us to move the

Legal Notice

NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

SWANSON GROUP INC.

FELLIANA MEDIA LIMITED

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), SWANSON GROUP INC., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 8th day of November, 2017.

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), FELLIANA MEDIA LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 8th day of November, 2017.

MARTIN PEREZ, of Rio Abajo Calle 14 PH Paola Apto 1D, Panama City, Republic of Panama Liquidator

Zhukov Sergei Gennadyevich, of Zhukovskogo Street, Bld., 38Apt., 8, Saint-Petersburg, Russian Federation Liquidator

Legal Notice

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In Voluntary liquidation

In Voluntary liquidation

band. In most instances, very rarely would we object, and the band would move. The misperception is that he [Mr Coulson] may have an argument with the band, but the band is not static,” the BISX chief executive continued.

“We do set the band, but we are able to increase or lower it based on market indicators. There has to be someone in the market saying: This is here, we’d like it to be there. We anticipate that it can expand based on movement of the market.”

Still, Mr Davies said BISX was “in the process of talking to members on how bands should move in response to market inactivity as well as market indicators”, suggesting that Mr Coulson’s criticism is not entirely misplaced and that there is room for improvement.

Illiquidity, or lack of willingness by buyers and sellers to trade and interact, has plagued BISX and the wider capital markets since the stock market’s creation in 2000.

Partly a function of the Bahamas’ relatively small market size and exchange control regime, it also stems from the fact that most institutional investors tend to ‘buy and hold’ rather than engage in active trading.

Mr Coulson and others have called on the broker/ dealers to act as ‘market makers’, and provide liquidity by using their own money to ‘mop up’ surplus ‘buy’ or ‘sell’ orders, but this has yet to occur.

The market’s illiquidity also drove imposition of the ‘10 per cent’ rule, which was intended to prevent wild fluctuations in stock prices caused by small retail investors exiting at values that did not reflect a company’s fundamentals. Often, these trades involved just a few hundred shares.

Mr Davies, meanwhile, also railed at Mr Coulson’s suggestion that inactive BISX-listed stocks should be forced to de-list. “As long as a company is complying with its regulatory regime, there is no need to go after the company and de-list it,” he told Tribune Business.

“It removes access to continuing disclosures. To the extent there is trading or potential trading, it removes the information people need to make the informed decisions he’s complaining about now.

“You end up frustrating the market. If someone wants to trade, where do they go? Who are they talking to? What’s a realistic price? What are the indicators It’s counterproductive. There needs to be full understanding of how the market works, and speaking to these principles rather than knee-jerk reactions.”

Mr Davies reiterated that BISX was merely a facilitator and platform for the wider capital markets, and added: “We are the highway. The speed at which you travel on that highway is totally up to you. We can accommodate one mile per hour or one million miles per hour. It doesn’t matter.”

FINAL NOTICE

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:SUMMERBAN INVESTMENTS LIMITED has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 13TH, NOVEMBER 2017.

Dillon Dean LIQUIDATOR Legal Notice

NOTICE

NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

CHANDLER MACLEOD LIMITED

BOULDER ENTERPRISES INC.

TANODIAN LIMITED

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), CHANDLER MACLEOD LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 8th day of November, 2017.

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), BOULDER ENTERPRISES INC., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 8th day of November, 2017.

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), TANODIAN LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 8th day of November, 2017.

Dmitriy Romanovich Kim, of Ordzhonikidze Str., Bld. 43, Apt. 6, Novosibirsk, Russian Federation Liquidator

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

Legal Notice

Legal Notice

In Voluntary liquidation

In Voluntary liquidation

In Voluntary liquidation

Yusubov Logman Galandarovich of Revolyutsionnaya Street Bld. 34, Apt. 28, City of Ivanovo, Russia Liquidator

Legal Notice

NOTICE

NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

I.B.S. INTERNATIONAL LIMITED

WESTBROOKE PROPERTIES LIMITED

Noelle Global Limited

In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), I.B.S. INTERNATIONAL LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 8th day of November, 2017.

Klyutchnikova Irina, (registered address: 100, 10 Bolshaya Dorogomilovskaya Street, Moscow, RF, 121096)

In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), WESTBROOKE PROPERTIES LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 8th day of November, 2017.

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

In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), Noelle Global Limited, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 14th day of November, 2017.

Villa Lucre, Residencial Boulevard, Hull Calle Peregrina No. Ep-29 Panama, Republic of Panama Liquidator

THE TRIBUNE

Wednesday, November 29, 2017, PAGE 5

DPM: Enterprise Bill changes to confirm Bahamians benefit FROM PAGE 1 and understanding on what the Bill is intended to do, they have taken exception to various clauses.

“But if they recognise the list of entities involved are really niche kind of entities involved in specialisations, which we don’t currently have operating in the Bahamas or are underrepresented, then the rest of it makes sense.”

The Commercial Enterprises Bill is focused on industries that were targeted by the FNM’s campaign manifesto, such as the Grand Bahama ‘technology hub’, plus knowledge-based sectors viewed as significant jobs/growth drivers that will help to diversify the economy, attract home Bahamians living abroad, and produce export/foreign exchange earnings.

TERMINATIONS FROM PAGE 1

“hired too many people” in the public sector, Bishop Hall called on it to delay further terminations until 2018.

With Christmas less than one month away, he said: “I want to call on the Government to show compassion and to not have any more terminations of employees until after the New Year.

“Regardless of the outside influences that seem to be happening, whatever it is, we must first take care of ourselves; Bahamians.

It seems most uncaring for people to face Christmas with uncertainty over their jobs, and I’m calling on the Government to show some compassion and not have any more terminations until

Mr Turnquest said the Government had tabled “an amendment that speaks” to the concerns raised by the Chamber of Commerce, which had called for the Bill’s benefits to also be made available to Bahamian-owned businesses in the same industries on the grounds of equal treatment for all.

The Bill’s application to Bahamian investors was not clear in the original legislation, but the Deputy Prime Minister told Tribune Business: “Another important thing to recognise is that Bahamians don’t have to invest $250,000 to access the benefits.

“The benefits are available to them automatically.

There is an amendment that was tabled. Pick up a copy of the amendment.”

With the Bahamas having endured another recession between 2013-2015, and per

capita GDP having fallen since the turn of the century, Mr Turnquest said the Government had taken a calculated “risk” by thinking out-of-the-box to come up with innovative legislation to signal that the Bahamas is both ‘open for business’ and committed to improving the ‘ease of doing business’.

“We’ve had zero or negative growth, so the status quo can’t remain,” he told Tribune Business. “The status quo is not good enough. We have to do things differently. We have to take some risks, but these risks are far outweighed by the benefits if we’re successful in what we’re trying to accomplish.”

Former prime minister Ingraham criticised the Bill’s $250,000 minimum investment threshold as too low, arguing it would enable foreign investors to drive

out Bahamian entrepreneurs, while also slamming the failure to tie work permits to the creation of Bahamian jobs.

While respecting Mr Ingraham’s viewpoint, Mr Turnquest replied that critics “ought to take another look at what we’re trying to accomplish, and take an objective look”.

He added: “We can’t take away a job that doesn’t already exist. We can’t introduce competition to an industry that doesn’t already exist..... This Bill, it isn’t us and them. It’s how to grow the economy overall, and we are intent on stimulating domestic economic sectors.

“To the extent that there are businesses here in these industries, it is not the Government’s intent to introduce competition to them. We’re looking for new investment in new

the New Year regardless of the conditions under which they were hired.”

Bishop Hall’s comments came as it was revealed that a further 10-12 staff were let go by the Gaming Board on Monday as part of a right-sizing exercise.

This adds to the 18 released previously, with Dionisio D’Aguilar, minister responsible for gaming, having already confirmed the agency was over-staffed.

Some 30 persons were released from the Department of Inland Revenue last week after their contracts expired and were not renewed, as the Government seeks to bring the civil service wage bill under control and manage its debt/ deficit position.

These terminations join 27 at the Ministry of Tourism, who were let go in

August. Fifteen people were let go that same month from the Bahamas Agricultural and Industrial Corporation (BAIC), while the contracts of 21 workers at the National Insurance Board (NIB) were terminated in June after their agreements expired. The National Health Insurance Authority (NHIA) has also let go at least 42 people in its bid to reduce costs.

“If at all possible, the Government should extend expiring contracts for those persons until after then holiday season and into the New Year,” Bishop Hall argued yesterday.

“I respect the fact the Government must look at its Budget and strengthen things, and one could say the previous government hired too many people but, where possible, the present

government should let people face the Christmas season with certainty.

“There’s a cloud hanging over the Bahamas, a cloud of uncertainty, and I want to stand and commiserate with those persons let go. Have a little more compassion.

I call on the Minister of Finance to be a little more compassionate.”

Brensil Rolle, minister of the public service and National Insurance, said that between December 2016 and May 2017, the Government’s payroll ballooned by $16.5 million due to the Christie administration’s hiring of new public service workers prior to the general election.

More than 1,700 people were included in this number. According to Mr Rolle, the public service increased by 6,500 people during the last Christie administration.

BAHAMIAN RETAILERS ‘PRICED BEYOND COMPETITIVENESS’ FROM PAGE 1 pricing structure, which burdens consumers with unnecessarily high prices.

This creates huge issues for local retail, as both locals and tourists opt to shop abroad rather than spend money in the Bahamas.”

Mrs Nolan, who also serves as co-chair for the Bahamas Federation of Retailers, added that the digital revolution had changed the way shoppers consume, giving them instant access to price comparisons via the Internet.

“Generally, prices are higher in the Bahamas on goods on which a significant rate of duty is applied,” she said. “Bahamians and expat residents living in the Bahamas travel to Florida frequently to purchase goods that they deem to be more expensive locally.

“Upon returning, many Bahamians and expat residents often do not declare these purchases, especially if the items are easily concealable in a suitcase or easily passed off as used, such as clothing, footwear, accessories, personal items and small electronics.

“The list of such items is long and inexhaustible, and the Government has priced the country beyond the competitive range in many of these categories. These undeclared purchases made in Florida represent a huge portion of our economy, and represent both a loss in sales to local businesses and a loss in tax revenue to the Bahamian government, as neither duty nor VAT is collected on those purchases.”

Robert Myers, a principal with the Organisation for Responsible Governance (ORG), yesterday agreed that clothing and apparel retailers are among the most challenged sectors in the Bahamian economy.

“Clothing and apparel retail have some of the greatest challenges, as they are not only disadvantaged by the fact that they have seasonal and fashionable shelf lives, but goods are

all too often bought back in consumers’ suitcases with no duty being paid,” Mr Myers said.

“There is simply no way that Bahamian retailers can ever compete with these factors, and nor is there any way for Bahamas Customs to determine new from used clothing and apparel.”

Mrs Nolan said high import duties have also produced growth in the informal retail sector and illegal trade activities, a point Mr Myers also shared. “Too often, as we travel we see persons with several bags of what ends up being commercial goods that are not declared as such,” she said.

“Businesses also operate illegally by means of either falsified invoices in order to cheat Customs, or delinquent payments on NIB or Business Licenses and the list goes on. The air courier industry is also a vehicle for fraud. While a number of couriers operate legitimate business, others rely on a business model that requires some form of illegal or illicit activity to make it work.

“Bahamas Customs is very familiar with the courier challenge and has been working hard to combat the illegal activities of various operators. The more effective Customs is in its interdiction effort, the better for the Bahamas’ retail industry. A transparent and level playing field makes for a healthier, more efficient business which can compete.”

Mr Myers told Tribune Business: “Many sectors of the retail industry will continue to die a slow death until the people with a vested interest in the economy start acting proactively.

“One can easily argue that it is not the Bahamian retailers alone that must become more innovative and competitive, but also the Bahamas Government.

Ultimately, the focus must remain on growing the Bahamian economy as this is the only salvation. Careful analysis of the retail industry is desperately

needed, and long overdue, so as to determine how best to grow the sector and support local retail employment and businesses as opposed to foreign.”

Mrs Nolan said the Bahamas needs to adapt to changing market conditions and focus on ways of stimulating growth. “Travel retail is expected to grow by 8 per cent per year between 2017 to 2021, yet we as a country have not done anything to support this sector,” she said.

“Downtown continues to be a mess, and duties need to be eliminated or reduced to a nominal amount on soft goods, such as clothing and apparel and gift items.

As tourism is the anchor of our economy, it would seem travel retail would be an easy sector to target for growth with immediate impact.

“There is so much focus on concessions for foreign-owned hotels to stimulate jobs growth, yet the wholesale and retail sector employs the largest percentage of Bahamians in the private sector,” she added.

“Growth in local retail would immediately stimulate the employment rate in the country in a sector of the economy which is Bahamian-owned. There needs to be more focus on how to support and grow our local retail industry, rather than continuing to send Bahamian consumers abroad.

“The Government needs to work on strengthening Customs controls, eliminating illegal roadside businesses, lowering duties and reducing the cost of doing business in the Bahamas. Each of these actions will lead to lower prices and reduced spending overseas.

“Retail will become another asset of the tourism product offering. The more money spent in the Bahamas on retail goods, the more money to go around in our economy, the more jobs created, more taxes generated, less government spending on social services, and the greater our GDP growth.”

sectors of the economy that gives us the opportunity to expand our economic base and create new ownership and career opportunities for Bahamians.

“We believe we have low hanging fruit here and can achieve some wins in attracting this kind of investment. We recognise our regional and international counterparts are doing some creative things, and in order to be in the game and compete we have to do likewise,” Mr Turnquest continued. “We have to make the enabling environment conducive, we have to improve the ease of doing business, the efficiency with which the Government operates and executes approvals. This is trying to get an enabling environment favourable to foreign investment and Bahamian domestic investment.

“It’s not about facilitating foreign. It’s facilitating growth in underserved or underdeveloped industries.

To the extent it’s foreign or domestic, we want to facilitate them because we want to facilitate growing these industries and the economy.”

Opposition leader, Philip Davis, has pledged that the PLP will repeal the Commercial Enterprises legislation when it is elected to government - a statement that Mr Turnquest criticised as “chasing away investment with negative comments”. He argued that the PLP leader’s statement undermined the Bahamas’ traditional political stability and continuity, and said it was a far “clearer” example of talking down the economy and “speaking out of turn” - something the Opposition has criticised him for.

Legal Notice

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

ENERGIA INTERNATIONAL INC. In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), ENERGIA INTERNATIONAL INC., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 8th day of November, 2017.

Mr. Tewi Fauster, of 38 Ybbstrasse #13 Wien, 1020 Austria Liquidator

PAGE 6, Wednesday, November 29, 2017

THE TRIBUNE

Minister allays fears of ‘impossible’ landfill deal FROM PAGE 1 especially prohibitive for groups with a waste-toenergy, or other renewable, component given that they would need a 20-25 year deal and power purchase agreement (PPA) with Bahamas Power & Light (BPL) to make their bids economically viable.

But Mr Ferreira, responding to Tribune Business’s inquiries from the Geospatial Data forum he is presently attending, reassured that the Minnis administration “fully understood” the need for bidders to make a profit and was open to negotiating a long-term management contract for the landfill.

“The five-year period is negotiable,” he replied.

“Potential investors are completely unfettered with their technical and financial proposals. The Ministry of the Environment and Housing is fully cognisant of the need for a return on monetary investment and the implications of the same.”

Alarm bells had sounded among potential bidders over the ‘Contractual and Commercial Structure’ details in the EoI. They refer to a ‘concession agreement’ between the Ministry and winning bidder, setting out how the latter will redevelop the New Providence landfill “on a build, operate and transfer basis”.

The EoI added: “The terms of the Concession Agreement and the publicprivate partnership shall be for five years.... The Concession Agreement will also set out provisions governing the terms of the concession and the transfer of the facility upon the expiry of the investment term/termination of the Concession Agreement.”

Tribune Business sources close to potential bidders said there were also questions over who the New Providence landfill was to be transferred to after the five-year term implied, with most interpreting the EOI’s language to mean the Government.

They added that the fiveyear term was especially

problematic given the extent of the work, and investment, required by the Government in the EoI. Besides operating the landfill, the successful bidder has to “finance waste management operations” and maintenance the site, while implementing remediation and mitigation strategies to prevent further fires.

“The potential investor will be responsible for the design, engineering, procurement, construction, testing, commissioning, operation, maintenance, permitting, insurance and financing of a new system at the site,” the EoI said.

“The concession agreement will set out commercial provisions to regulate the foregoing, including detailed payment mechanisms and the regime for deductions, penalties and compensation.”

Jean-Paul (JP) Michielsen, Stellar Waste-To-Energy’s chief executive, speaking ahead of the Minister’s comments to Tribune Business, said that when the five-year deal was combined with his

NOTICE

group’s multi-million dollar investment and everything the Government was seeking, it was “practically impossible” to generate a return on investment.

“It’s impossible; you can’t,” he told Tribune Business, while suggesting that the five-year limit would be “open for discussion” - as Mr Ferreira confirmed. “It’s going to cost millions and millions of dollars, and you’re going to need a revenue stream against it.”

Waste-to-energy plants, such as that proposed by Stellar, typically require 20-25 year PPA’s with a utility provider to make them economically viable and encourage investors to part with their capital.

Praising the EoI as “very open-ended”, Mr Michielsen confirmed that Stellar will likely bid on the landfill contract, adding: “Everyone knows what we’re planning on doing.

“We’ll see where it goes.

It’s been going on for some time now. They’re on the right track, the way they’ve

NOTICE

NOTICE is hereby given that KENCI JOSEPH of 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 29th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that KENEL HORACIUS MARCELLIN of #7 Colet St., off Jerome Ave., P.O. Box SS-19058, 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 29th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE

NOTICE is hereby given that JOSEPH PHARISIEN of Joe Farrington Road, 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 29th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that GELIKA FRANCOIS of Kemp Road, 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 22nd day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT TUESDAY, 28 NOVEMBER 2017

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

BISX ALL SHARE INDEX: CLOSE 2,071.36 | CHG 0.04 | %CHG 0.00 | YTD 133.15 | YTD% 6.87 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.77 0.16 5.60 8.60 6.30 5.30 13.50 2.59 1.60 6.01 10.55 11.00 4.50 7.25 12.51 11.00

52WK LOW 4.06 17.43 8.19 3.50 1.13 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 5.82 8.78 5.75 3.35 6.61 12.01 10.00

1000.00 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

1.00 100.00 100.00 100.00 105.00 100.00 100.00 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 2.10 3.98 1.97 176.30 149.66 1.52 1.69 1.61 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 1.46 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.31 17.43 9.09 3.70 1.21 0.15 3.70 8.60 6.10 4.93 9.01 2.59 1.51 6.01 10.55 6.29 4.49 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 100.00 100.00 100.00 108.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.31 17.43 9.09 3.70 1.21 0.15 3.70 8.60 6.10 4.93 9.01 2.64 1.51 6.01 10.55 6.29 4.49 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 0.00 0.00 0.05 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

108.10 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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

1,000

25

VOLUME 10

20

NAV 2.10 3.98 1.97 176.30 149.66 1.52 1.69 1.61 1.09 6.97 8.00 6.25 10.96 11.60 10.08

EPS$ 0.444 0.932 -0.223 0.540 -1.220 0.000 -1.462 0.611 0.583 0.196 0.631 0.102 0.392 1.217 0.729 0.484 0.310 -0.668 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.120 0.570 0.060 0.050 0.290 0.500 0.000 0.120 0.140 0.580 0.000

P/E 9.7 18.7 N/M 6.9 N/M N/M -2.5 14.1 10.5 25.2 14.3 25.9 3.9 4.9 14.5 13.0 14.5 -10.5 23.0 0.0

YIELD 1.86% 6.48% 0.00% 6.22% 0.00% 0.00% 0.00% 3.49% 3.61% 2.43% 6.33% 2.27% 3.31% 4.83% 4.74% 0.00% 2.67% 2.00% 4.64% 0.00%

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

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

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

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

INTEREST 7.00% 6.00% Prime + 1.75%

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

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

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

YTD% 12 MTH% 3.29% 4.48% 1.69% 2.22% 1.77% 2.42% 4.66% 3.89% 5.58% 6.65% 3.57% 4.29% 1.59% 2.22% 2.65% 3.25% 3.83% -1.09% -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 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 31-Oct-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 - 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

presented it; it’s very open, and we’ll go from there.”

Another potential bid source, speaking on condition of anonymity, said a five-year deal would only make sense if the Government was seeking a pure management agreement using the present landfill equipment and no investment.

“Otherwise it’s a no go,” they told Tribune Business.

“It’s ludicrous, ridiculous.

You have to expend capital and recover the cost of that capital with revenue returns. Five years is far too short. It’s not consistent with anybody doing significant capital investments. All these things cost money. Whatever it is, five years cannot work.”

The source added that a high eight-figure sum, at minimum, was required to address all the New Providence landfill’s woes in a comprehensive fashion.

Another potential bidder, also speaking on condition of anonymity, added: “The only thing I found questionable was the timeframe. It’s a very short timeframe. My perception was we were being asked to do everything in five years and be ready to transfer.”

Mr Ferreira yesterday confirmed the Government had been advised by the Inter-American Development Bank (IDB) to hold the EoI as a pre-qualification stage, rather than go straight to the full Request for Proposal (RFP).

Observers are interpreting this as a move to eliminate unqualified bidders at the earliest opportunity.

For the EoI gives a basic overview of the landfill’s multiple challenges, which include persistent fires; the absence of a barrier layer or cover for the top of the landfill; and “the absence of a proper leachate and gas collection systems”.

With ‘dry season’ now upon the Bahamas, the Government

will be especially keen to ensure that a site generating between 800 to 1,500 tonnes of waste per day is remediated as rapidly as possible to prevent further fires.

Confirming that the landfill handles 80 per cent of the Bahamas’ total waste, with 70 per cent of its inflow generated by residential sources, the EoI said it has been receiving waste for more than 40 years.

Describing the landfill as “plagued with fires”, the EoI said an assessment of the site showed “substantial work was required to reduce the risk of fires and the potential for groundwater, surface water and air pollution.

“There seems to be an inherent problem with insufficient soil cover material on-site to limit or prevent air intrusion into the waste mass, which was one of the contributing factors to the sub-surface fires,” the document added.

“During the May 2016 site inspection, locations with an active smoke and burning smell were logged in all cells except the Engineered Lined Cell, where none was observed. Some areas showed significant subsidence or settlement, which was an indication of sub-surface fires.”

The EoI said only one of the landfill’s five cells had been “constructed in accordance with acceptable landfill construction practices”, while the cell for receiving construction and demolition waste contained mostly the household variety and was “not levelled and properly covered”.

“The leachate drainage pipe, designed to drain leachate from the cell to the leachate storage reservoir, was blocked either by previous fires or damaged by site equipment,” it added.

“The leachate storage pond is not connected to the Engineered Cell.”

NOTICE

NOTICE is hereby given that Woodly Jean of Marsh Harbour, Abaco 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 22nd day of november, 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 NIKENSON VITAL of #27 Poitier Ave., Chippingham, 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 29th day of November, 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 ANTHONIDE CAMILLE CHARLES of Market Street, Palmetto Avenue, 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 29th day of November, 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 JULIAN A. STEWART of Cable Beach, P.O.Box N-10273, 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 29th day of November, 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 JOSUE MELLE of Prince Charles, 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 29th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Wednesday, November 29, 2017, PAGE 7

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