12102018 BUSINESS

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MONDAY, DECEMBER 10, 2018

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NIB in cash flow boost via $139m NAD refinancing

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE National Insurance Board (NIB) will receive a cash flow boost in return for smoothing the $139.1m refinancing of Nassau’s airport operator, a Cabinet minister said yesterday.

Dionisio D’Aguilar, pictured, minister of tourism and aviation, told Tribune Business that NIB as holder of around 50 percent of the Nassau Airport Development Company (NAD) debt being refinanced had effectively ensured the offering will be successful be agreeing to roll over into the new securities.

“NIB is already in for $60-$70m,” Mr D’Aguilar said, explaining that The Bahamas’ social security system will now enjoy the certainty of a 7.5 percent fixed-rate interest coupon as opposed to the unpredictable dividends received in the past.

“They’re just agreeing to the 7.5 percent under this new security,” he added, “whereas in the past scenario they were only getting two percent a year. If NAD was capable they’d pay the remaining 11 percent, but in many cases NAD did not pay it. They rolled it over.

This will improve the cash flow of NIB as they will be getting 7.5 percent every quarter.”

The NAD offering, which formally launches today and closes on December 21, will refinance the Lynden Pindling International Airport (LPIA) operator’s second-tier participating debt tranche that carries a two percent fixed rate and 11 percent floating rate. The latter portion was frequently being deferred and “rolled over”, meaning it was accruing as a bill that had to be paid at some point in the future.

Mr D’Aguilar yesterday reiterated his belief that the NAD refinancing is a “winwin all around”, for besides aiding NIB’s cash flow it is also projected to help NAD turn a net profit for the first time in its decade-long history.

“It should lead NAD to profitability from net income,” he told Tribune Business. “It’s always had positive earnings before interest, taxation, depreciation and amortisation (EBITDA), but never turned a net profit.”

The LPIA operator is projecting that it will turn a comprehensive profit of $2.56m for its current financial year to end-June 2019, driven by further increases in passenger facility and other forms of revenue. Its “bottom line” has previously been weighed down

SEE PAGE 3

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Legal battle disrupts $2.8bn Ginn revival

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

BREWING legal battle has disrupted the $2.8bn revival of Grand Bahama’s former Ginn project and creation of up to 1,400 full-time Bahamian jobs, Tribune Business can reveal.

Documents obtained by this newspaper disclose that condominium owners at Old Bahama Bay are attempting through the Supreme Court to block repossession of the resort

by Ginn’s financing partner, Lubert Adler, the US-based real estate financier.

The repossession is vital to Lubert Adler’s sale of Old Bahama Bay to Toronto-based Skyline

major foreign direct investment (FDI) project that the Government was relying on heavily to turn around Grand Bahama’s moribund economy.

Tribune Business understands that a court hearing is likely early this week over the bid by the condo owners and their company, Island Ventures Resort & Club (IVRC), to obtain an injunction Order preventing Lubert Adler and Skyline from “interfering or attempting to interfere” with the Old Bahama Bay assets it operates/manages under a lease agreement.

THE Old Bahama Bay resort faces “irreparable harm” through having to place 1,500 room night reservations “on hold” due to uncertainties over its imminent sale, its condo owners are alleging.

John MacDonald, president of Island Ventures Resort and Club (IVRC), the entity formed by the 73 condo owners to keep the Grand Bahama resort open following Ginn’s 2011 default, alleged that its 2019 business has been endangered by lack of clarity over its fate under a new buyer.

Besides the room rentals, he claimed in an affidavit

SEE PAGE 7

SEE PAGE 2

SEE PAGE 5

* Old Bahamas Bay 2019 reservations ‘on hold’ * ‘Unjust’ for new owner to get business for free * Say $1.6m renovation spend on false premise that 945 already-booked marina dock slip leases have also been jeopardised by unknowns relating to Skyline Investments’ plans for Old Bahama Bay as part of its wider $2.8bn investment to revive for former Ginn project in West End. IVRC has been operating Old Bahama Bay’s marina, retail and restaurant facilities and other amenities under the terms of a June 2012 lease with Lubert Adler, Ginn’s former financing partner.

The US-based investment

bank has now moved to terminate that arrangement, and repossess the resort and its amenities, in a bid to facilitate Old Bahama Bay’s sale to Skyline Investments so that the Toronto-headquartered developer can proceed with its vision for West End. Mr MacDonald, though, is claiming that the lease termination and subsequent sale will be “unjust and inequitable” since it will essentially “give away for free” the business built up by IVRC over the past

six-and-a-half years of its lease.

He and IVRC, in their writ of summons that effectively seeks to block Lubert Adler/Skyline repossessing Old Bahama Bay (see other article on Page 1B), are also seeking reimbursement for $500,000 they spent on repairing the resort’s marina and $1.6m spent on Hurricane Matthew repairs.

Detailing the background to the dispute, Mr MacDonald said the terms of the

SEE PAGE 4

‘Leave no room for doubt’ that political parties in NPO bill

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ Transparency International affiliate has urged the Government to “leave no room for interpretation” on whether political parties are captured by the Non-Profit Organisations Bill.

Lemarque Campbell, of Citizens for a Better Bahamas (CBB), told Tribune Business yesterday that Bahamian political parties appear to come under the Bill’s remit given that the legislation defines nonprofit organisations (NPOs) as including those “formed and established for the purpose of promoting public policies”.

The issue of whether the Bill applies to political parties arose in House of

* Transparency affiliate: They are covered * ‘Make them publicly disclose donors, funds’ * Regulator must be ‘politically independent’ Assembly debate last week, and generated significant public commentary among Bahamians who generally agreed that they should be subject to the same standards and regulations as all other non-profits.

Mr Campbell, though, argued that the Bill should go further than its present remit by mandating that only political parties - out of all non-profits - be required to publicly disclose their financial statements and identity of donors providing $50,000 or more.

While the legislation mandates non-profits to keep accurate accounts,

these only have to be disclosed to sector regulator, the Registrar of Non-Profit Organisations. Mr Campbell, though, said Bahamian democracy depended on greater transparency over political party financing - especially in election campaigns - so voters could detect the motives of donors and “questionable special interest groups”.

He also emphasised the need to ensure the Registrar of Non-Profit Organisations was “free from political influence”, given that its integrity and reputation will hinge on such perceptions.

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

“We have to advocate for transparency across the board,” Mr Campbell told Tribune Business. “As we want our leaders to be transparent, we have to be transparent ourselves. It’s unquestionable that [the Bill] will include political parties.

“Any party or any organisation that provides public policy, that will be included in the definition of a nonprofit. Any political party from the time they issue their election manifesto to when they campaign on that manifesto, that’s the

IVRC’s summons, seen by this newspaper, also wants the Supreme Court to prevent Old Bahama Bay’s current and potential new owners from “evicting or attempting to evict” it from these leased assets, which include the 72-slip marina, gasoline station, retail and restaurants, reception area and other facilities essential to a properly-functioning resort.

The condo owners, headed by IVRC president, John MacDonald, are effectively asking the Supreme

Condo owners fearing 1,500 room night loss

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Civil society fears bill’s ‘decimation’ CIVIL society groups have until this Saturday to provide the Government with their concerns over a Non-Profit Organisations (NPO) Bill many feel could “potentially decimate” this sector.

Civil Society Bahamas, which purports to represent over 300 non-profit and civil society groups, yesterday said there were numerous sections in the bill “which raise significant concerns for the future health of the civil society sector”.

In a statement, it warned that many groups will be unable to meet “the strict registration, accounting and record keeping demands” set out in the bill given that 40 percent of the industry is thought to operate on an annual budget of $25,000 or less.

And it questioned whether the Registrar of Non-Profit Organisations had the capacity to be converted from an information gatherer to a regulator, expressing fears that the legislation will exacerbate the current two-year wait for registration into “a significant backlog”.

As a result, Civil Society Bahamas called for the Non-Profit Organisations Bill, which was last week passed by the House of Assembly at its second reading, to be combined with the Civil Society Organisations Bill 2015 that has yet to be brought to Parliament. It is also seeking the formation of a “joint task force” to assess regulation and other issues impacting the sector.

The statement said the Civil Society Organisations Bill 2015 already contains “a functional framework for the regulation, standards and accountability of the sector”, and had been widely circulated and consulted on - something it alleged had not happened with the Non-Profit Organisations Bill.

Matt Aubry, the Organisation for Responsible Governance’s executive director, said: “We see great opportunity to work with the Government to expeditiously amalgamate the relevant clauses from this bill into the NPO Bill.

“At a recent meeting between the Attorney General and representatives from Civil Society Bahamas and the Organisation for Responsible Governance, the Attorney General (Carl Bethel QC) was receptive to feedback and agreed to review the NPO 2018 Bill and the Civil Society Organisations Bill 2015 Bill and to consider drafting a new Bill which amalgamates the best provisions of both Bills.

“To this end, he asked Civil Society Bahamas to draft a document by 15 December to advise him of the sector’s concerns regarding the 2018 Bill and provide suggestions to

* Condo owners fight Old Bahama Bay reclaim * Seek order to block Skyline/Lubert Adler deal * Ex-Ginn financier: They agreed to end lease, go Investments, the Canadian developer that is attempting to purchase the entire former Ginn sur mer development. The hotel is a vital component in Skyline’s plans, and it is unlikely to close what is thought to be a $40m deal unless it obtains free and clear title to that asset.

The condo owners’ legal action, filed last Thursday December 6 - the same day that Skyline’s acquisition was supposed to close - thus threatens to delay, and potentially even derail depending on how the Supreme Court rules, a

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PAGE 2, Monday, December 10, 2018

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THE TRIBUNE

Jamaica the model for investment promotion

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Government is planning to use the Jamaica Promotions Corporation (JAMPRO) as the model for investments promotions arm it wants to add to the Bahamas Investment Authority (BIA).

Brent Symonette, pictured, minister of financial services, trade and industry and Immigration, revealed that the move is part of an Inter-American Development Bank (IDB) funded initiative while addressing stakeholders at a recent Bahamas Engineers, Architects & Allied Professionals (BEAAP) forum.

“We want to be able to have a promotional arm like JAMPRO to market the Bahamas not just for tourism, or financial services for foreign direct investment,” Mr Symonette said.

He added that the Government was also seeking to develop a “stronger arm” for managing projects and following up on approvals, so that investors do not simply shop their

Civil society fears bill’s ‘decimation’ FROM PAGE ONE improve the 2015 Bill.”

The Non-Profit Organisations Bill, which represents The Bahamas’ response to demands for enhanced scrutiny of non-profits to prevent their abuse by financial criminals and terrorists, requires all such organisations to be registered with

projects around once they have received the necessary approvals.

Mr Symonette also confirmed that the Government is undertaking an audit of its Crown Land holdings to see “how much it owns, who is using it, and we hope to be able to convert that into productive use so that Bahamians can

use it.”

He added that the Government has undertaken an assessment of the buildings it owns in New Providence, with that report having been submitted to Cabinet on Tuesday. “There are buildings that the Government owns that can be monetised,” he said.

the Registrar of the same name.

To become registered, the legislation stipulates that all non-profit groups must show “evidence” that they are compliant with “Know Your Client” stipulations - meaning that they know the sources of their funding, and the background of these donors.

And the Bill, in a section entitled “reportable donations”, mandates that all non-profits provide the registrar with details on donations that exceed $50,000 - either in total or as a lump sum - and their ten largest contributors every two years. The information is to be kept private by the regulator.

And non-profits with annual gross income above $75,000 will also be required by law to maintain financial statements, showing all income and spending, at their registered offices. They will have to submit “a declaration” that these are available and accurate to the registrar, who can require that these financial statements be produced to it.

The $75,000 threshold may mean the Bill’s impact is not as bad as Civil Society Bahamas fears, but its statement yesterday argued: “The Bill is not supported by a green paper or white paper as required under legislative procedure, and therefore is based on inadequate research to determine its impact on the civil society sector....

“A recent survey suggests that 40 percent of civil society organisations (CSOs) have budgets of less than $25,000 per annum, 73 percent of CSOs have five staff or less, half of which have no staff.

Many of these may have to close their doors as a result of enactment of this Bill.”

“Civil Society Bahamas notes that the level of risk of not for profits being used as a vehicles for money laundering and tax evasion in The Bahamas has yet to be researched and established.

The OECD notes through its extensive studies that this level of risk and the measures of mitigation vary significantly between

different jurisdictions.”

The Financial Action Task Force (FATF), the body monitoring The Bahamas after uncovering “structural deficiencies” in its anti-money laundering/counter terror financing regime, has been the group putting pressure on this nation to enhance regulation of non-profits, believing it to be weak or non-existent.

Dr Anthony Hamilton, vice-president of Civil Society Bahamas, said in a statement: “We are well aware of the importance and timeliness of such a Bill to avoid a potential ‘blacklisting’ of The Bahamas by the OECD, but we see components of this Bill that may create adverse conditions for entities that play a critical role in our national development.

“We feel the Government’s obligations to International regulators can be met without overly penalizing or disincentivising the operation and growth of this critical sector.”

Describing the Bill as “unfairly and overly punitive”, Civil Society Bahamas said: “The Bill does not seem to reflect the scope and operations of the local not for-profit sector.

For example, the Bill directs the Registrar to consider evidence of a notfor-profit’s ‘Know Your Client’ compliance when considering registration.

“As the large majority of not-for-profits are small, volunteer-based entities, they would be unable to meet this rigorous criteria usually designated for banks and other financial institutions.”

And it added: “The elements of the Bill require significant capacity for implementation by the Registrar, and changes it from being a repository of information to serving as being a regulator of the sector.

“It is currently taking two years to register nonprofits, and the increased information required under this Bill for registration is anticipated to cause a significant backlog and does not augur well, evidencing an equal lack of the Government’s capacity for implementation.”

THE TRIBUNE

NIB in cash flow boost via $139m NAD refinancing FROM PAGE ONE by interest costs associated with the $522m debt taken on to redevelop the airport into a world-class facility.

“It’s obviously going to reduce the interest costs of NAD quite considerably from 13 percent all in US dollars down to 7.5 percent, most of it in Bahamian dollars,” Mr D’Aguilar said.

“It’s going to be a considerable savings, not only on interest rates but the reduction of [currency] conversion costs which adds another two percent.

“It [this debt] was taken out during 2009 when money was hard to come by. It’s going to give Bahamian institutional investors, like pension funds, something else to invest in that will yield a decent return. It’s a winwin all around. It’ll help to improve the financial condition of NAD and enable it to continue on an upward trend of improved ratings by Fitch.

“Bahamian investors are getting zero in bank deposits, which is not an option.

This gives Bahamian investors, small and large, an opportunity to invest and stops money going out of the country to pay foreign institutional investors.”

Mr D’Aguilar said that while the NAD offering was limited to a maximum of 50m investors to ensure it complies with Securities Commission rules on private placements, the offering’s agents - RoyalFidelity Merchant Bank & Trust and CIBC - had devised ways to allow small retail investors to participate.

He explained that RoyalFidelity and other broker/ dealers had been able to lower the minimum $50,000 investment to $10,000 using brokerage accounts, and added: “The small investor is able to participate without any fees by opening a mutual fund with a minimum of $500.

“While this will not be a direct investment in NAD per se, it will be a diversified

Monday, December 10, 2018, PAGE 3 holding including NAD. RoyalFidelity has also agreed to purchase $5m through its brokerage desk and offer to open zero fee accounts for all interested parties to invest a minimum $2,000 and up to $5,000 for an upfront fee. This would be done as a secondary offering, thereby not impacting the private placement status or timing of this offering.”

Mr D’Aguilar said RoyalFidelity and CIBC believed they had “got most of it covered at this stage” in terms of raising the full $139.1m, adding that the offering’s structure fulfilled a key government goal by giving more Bahamians an opportunity “to participate in larger infrastructure projects” such as “the most significant port of entry” in the country.

The offering term sheet, distributed to investors by CIBC and RoyalFidelity in their capacity as joint placement managers, confirms that NAD is seeking to refinance “high cost” debt with securities that will carry a fixed 7.5 percent interest coupon payable quarterly.

They will have a 17-year term, meaning they will mature - and principal be returned - by 2035.

NAD’s financial statements for the year to end-June 2018, released to investors as part of the offering materials, reveal that its net comprehensive loss fell by almost $10m yearover-year - dropping from $14.153m to $4.371m as it slashed losses by some 70m percent.

The improved financial performance was driven by increased passenger traffic stemming from Baha Mar’s full opening, plus fee increases, both of which contributed to significant hikes in passenger processing and facilities fees.

Passenger facility charge revenue grew by 15.5 percent or over $7m, rising from $45.464m to $52.508m, while processing fees were up by 51.4 percent from $7.525m to $11.396m. As a result, total operating revenue jumped from $77.028m to $89.396m, a 16 percent rise that put NAD closer than ever before to covering both operating expenses and $68.473m in financing costs.

Airlift access hurts south Out Islands

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas must continue to promote itself as a multi-island destination and make all destinations easier and more affordable to access, one executive saying: “We know what the solution is”.

Echoing sentiments by the Prime Minister at the Bahamas Hotel and Tourism Association’s (BHTA) recent annual general meeting (AGM), where he challenged stakeholders to do more to promote the Bahamas as more than simply Nassau/Paradise Island, Kerry Fountain, the Bahamas Out Island Promotion Board’s (BOIPB) executive director, said resorts in the southern continue to struggle due to the lack of airlift.

Mr Fountain told Tribune Business: “We have to make it easier and affordable to get to the Out Islands.

Nassau/Paradise Island is doing well but Grand Bahama is a different story.

As far as the Out Islands

PRIME Minister Hubert Minnis are concerned, our 50-plus hotels are doing well without any major increase in room inventory.

“Those with 50 rooms and under in the Northern and Central Bahamas are doing well. We continue to struggle in the southern islands; Long Island, Crooked Island, Acklins and San Salvador. We know the solution to that and until we address it they will continue to struggle.”

Mr Fountain hailed as a positive sign Silver Airways’s recent announcement on service to Cat Island. “Silver Airways is going to be providing non-stop service from Fort Lauderdale to New Bight, Cat Island, twice a

THE BAHAMAS CYCLE COMPANY will hold its annual General meeting on

week,” he added.

“They were doing it as a good partner without seeing the potential of the route, but advanced bookings have certainly been promising.

Western Air is looking at service between New Bight and Nassau. We were close to getting Silver to fly into Stella Maris, Long Island, but the runway was too short. We’re going to continue to crack at it it 2019.”

Silver Airways recently announced that it is starting

new twice weekly service between Fort LauderdaleHollywood International Airport (FLL) and New Bight Airport beginning on February 13, 2019.

“We are thrilled to be adding Cat Island to Silver’s already extensive network of Bahamian Family Islands, which includes more routes between Florida and the Bahamas than any other airline,” said Silver Airways chief executive, Steve Rossum, in a statement.

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Only applicants with the required criteria need apply.

PAGE 4, Monday, December 10, 2018

THE TRIBUNE

Condo owners fearing 1,500 room night loss FROM PAGE ONE condo owners’ property purchases from West End Resort Ltd (WERL), Old Bahama Bay’s initial developer, allowed the resort to place their units in a rental pool and lease them out to other visitors. In return, all condo hotel users had full access to the resort’s amenities, such as the pool and marina.

The agreements also promised the condo owners a $20,000 “base annual rent”, payable in equal monthly sums, and if gross rental income exceeded this by 2.5 times’, WERL would pay owners 40 percent of such excess.

Then Ginn appeared. It signed its Heads of Agreement for the $4.9bn West End development on December 9, 2005, before taking over Old Bahama Bay’s operations and management on New Year’s Day 2007 via a lease agreement with WERL. Ginn then acquired Old

Bahama Bay outright one year later, on New Year’s Eve 2007, but it was not a happy experience. “In 2009, after operating the property for approximately three years, due to financial difficulties Ginn closed many of the operating amenities on the resort property,” Mr MacDonald recalled in his affidavit.

He identified these as the Dockside Bar and Grill; Aqua Restaurant; and the Resort Sundry Store. “This closure was devastating to the local economy as well as the owners of the Old Bahama Bay condos and stakeholders generally in the West End,” Mr MacDonald alleged. “The staff at the resort property was instantly reduced from 114 to 29.”

Old Bahama Bay’s problems multiplied after Ginn’s 2011 default, which led to the resort and 280 acres of land being taken over by Ginn’s financing partner, Lubert Adler. “In November 2011, Lubert Adler announced to the owners

of... condos that it was its intention to permanently close the resort on December 31, 2011, largely because they were losing several millions of dollars per year,” Mr MacDonald added.

IVRC was thus formed “in an effort to avoid the complete demise” of Old Bahama Bay, and take over its operations and management as a condo hotel through the June 1, 2012, lease with Lubert Adler that was extended six times - the last one to August 31, 2019, subject to its termination provisions.

Further lease modifications also saw IVRC take over more Old Bahama Bay amenities, such as the Dockside Bar and Grill; Aqua Restaurant; dive operation building; back of house facilities and repairs to facilities such as the marina.

“At the time that IVRC took over the resort property in 2012, the property was in disrepair and many industry stakeholders believed that [it] was due to close due to the rapid

downturn in the local economy and Lubert Adler’s public statements in the national news that they were closing the resort,” Mr MacDonald recalled.

“Notwithstanding Ginn’s effective abandonment of the development, IVRC was able to maintain the website in order to continue to accept further bookings and to establish a popular condo-hotel resort community in West End which attracted numerous repeat visitors to the community... Old Bahama Bay became the hub of the West End community.”

Mr MacDonald argued that as a result of IVRC’s efforts, Old Bahama Bay’s employee numbers increased almost four-fold from the 29 it inherited to 103. Spin-off benefits were felt by suppliers, tour and transportation operators. as condo owners pooled their own monies to pay for needed maintenance.

“To date, IVRC has expended approximately $1.6m on renovating and developing the resort property into a profitable business,” he alleged. Such enhancements include repairs to the Dockside Bar & Grill and the adjacent office/retail building, the main pool, marina and Teasers [bar].

And while Old Bahama Bay was “substantially damaged” by Hurricane Matthew in October 2016, Mr MacDonald said the resort was able to recover “within a year” as he personally made 37 flights to bring in supplies.

He alleged that Lubert Adler “made no repairs to the resort property” following Matthew, and was informed by Lorne Bassel, of Crave Group, the US financier’s agents and master planners, that several parts of the resort were not insured.

IVRC “once again took the lead” by spending $600,000 on Matthew-related repairs, with $500,000 going on the marina. “As a result of IVRC’s tireless efforts the resort property has become profitable again,” Mr MacDonald said.

“IVRC has since decided to pay the Old Bahama Bay condo owners a $400 dividend a month in an attempt to compensate them for their initial financial

investments in support of IVRC’s operation and stabilisation of the resort property over the past six years.”

Touting IVRC’s accomplishments, Mr MacDonald added that the resort had been ranked as the 11th and 12th best hotel in The Bahamas by US News and World Report in 2017 and 2018, respectively, and rated 4.5 out of 5 on Trip Advisor.

“IVRC has been able to create a sustainable business with many recurring guests,” he added. “For example, many reservations have already been booked for 2019. IVRC has already received reservations for room rentals which total approximately 1,477 nights and 945 dock slip rentals.

“However, due to the lack of communication on Lubert Adler’s part about the future of the resort property, IVRC has been forced to put all of its upcoming 2019 reservations on hold, which will cause irreparable harm to the community of West End and IVRC as this is tantamount to a closure of the Old Bahama Bay resort.”

As the dispute over the lease termination intensified, Mr MacDonald said Lubert Adler’s attorneys wrote on October 15, 2018, that IVRC was to be treated as “a tenant at will” from October 18 with the rent set at $35,000 per month plus VAT. Matters then escalated to the point where Michael Scott, Lubert Adler’s attorney, on November 20, 2018, wrote that IVRC was “in an illegitimate and unlawful occupation” of Old Bahama Bay. “IVRC was always of the view that the lease agreement between IVRC and Lubert Adler would be on similar terms to WERL,” Mr MacDonald alleged, namely that Old Bahama Bay would not be sold without the condo owners’ consent.

“IVRC’s repair and renovation of the resort property were carried out on the premise that it would remain in occupancy of the same permanently,” he added. “Otherwise, IVRC would not have expended so much money and time on a property that it could be prevented from using and having access to on a longterm basis.

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“Unfortunately, by its conduct Lubert Adler wishes to renege on the previous common understanding between the parties. Lubert Adler indicated that IVRC’s guests will not have access to any facilities or property owned

by Lubert Adler upon termination of the lease agreement.”

Mr MacDonald alleged that the value of Old Bahama Bay’s condos will “undoubtedly diminish” as a result, with resort guests having to drive for an hour to find a restaurant and having nowhere to check-in or park their vehicles.

“Overall, it is unjust and inequitable for Lubert Adler to attempt to give away for free or offer up for sale to Skyline or any other entity IVRC’s ready-made and profitable business without IVRC receiving compensation in return.

This was never the intention of the parties,” he continued.

“In short, there will be irreparable harm to IVRC’s reputation and business if Lubert Adler and/or Skyline are allowed to seek to tale control of the property without considering IVRC’s position.

“Further, it would be unjust and inequitable for IVRC’s business to be disrupted and possibly destroyed after IVRC spent so much time and money in ensuring the viability and sustainability of the resort property.”

Mr MacDonald said IVRC had made “several attempts to negotiate in good faith” with Skyline, but alleged that the Canadian developer had interfered with - and disrupted - its business to the extent of telling Freeport Oil Company (FOCOL) to move the fuel pumps and tanks to a different location on the property.

He also claimed that Skyline executives had “an adverse effect on staff morale” at Old Bahama Bay by telling workers they will be replaced when it takes over, and accused it and Lubert Adler of “brazen” actions that had created a “hostile environment” - which resulted in guest reservation cancellations and claims it was seeking to obtain IVRC’s proprietary information.

THE TRIBUNE

Legal battle disrupts $2.8bn Ginn revival FROM PAGE ONE

Court to maintain the Old Bahama Bay status quo until it can give a “final determination of the rights and obligations” of all parties in relation to the original lease deal they made with Lubert Adler on June 1, 2012.

Alternatively, they are seeking an Order that a new lease be “entered into” by IVRC and Skyline for Old Bahama Bay’s operation and management that gives the condo owners and their tenants “rights of access and use of various common areas” at Old Bahama Bay. Until that happens, the condo owners want the Supreme Court to rule that they continue to “manage and operate” the assets governed by the existing lease.

Mr McDonald, in a December 6 affidavit, said IVRC and its 73 condo owners fear they will lose access to Old Bahama Bay’s resort amenities and common areas once Lubert Adler terminates their lease agreement. IVRC had entered into the 2012 lease agreement to keep the hotel open and prevent its closure following Ginn’s 2011 default, and the property’s takeover by Lubert Adler.

Due to the uncertainty surrounding the Skyline deal, Mr MacDonald alleged that IVRC had been forced to place all its 2019 rental reservations - worth thousands of room nights and hundreds of marina slip rentals - “on hold” (see other article on Page 1B).

He argued that this loss of business would cause “irreparable harm” to both IVRC and the wider West End community, including an Old Bahama Bay staff that had increased nearly four-fold to over 100 since the condo

owners took over almost six years ago.

Mr MacDonald also claimed it would be “unjust” for Lubert Adler to effectively hand over to Skyline a profitable business built entirely by IVRC, with the latter’s writ of summons demanding compensation for its $500,000 outlay on marina repairs and $1.6m spent on Hurricane Matthew repairs.

Sources close to Lubert Adler, though, dismissed IVRC’s claim as having little merit and pledged it would be “resisted” whenever it came before the Supreme Court. They added that the US financier was well within its rights to terminate the lease with the condo owners in accordance with the contractual terms, including sufficient notice.

Lubert Adler’s advisers also released to the media a letter from IVRC’s attorney, Sophia Rolle-Kapousouzoglu at Lennox Paton, in which she appears to confirm that the condo owners’ company will comply with the second termination notice.

While IVRC had disputed the validity of the first termination notice, issued on August 17, 2018, Ms RolleKapousouzoglu told Michael Scott, Lubert-Adler’s attorney, that her client intended to comply with the second one.

“Please be advised that IVRC intend to fully comply with Section 28.01 by surrendering the property at the sooner termination of the term, but not prior,” she wrote. “In that regard we affirm our acknowledgement of the Section 2.01 Notice to Terminate dated September 7, 2018.”

Lubert Adler, in a statement, confirmed that Old Bahama Bay’s marina and

Monday, December 10, 2018, PAGE 5 “certain amenities at the resort will be temporarily out of operation” while it takes back control and prepares the property for the transition to new ownership under Skyline. “[Lubert Adler] wishes IVRC success as they continue their condominium rental programme operations and embark on greater plans to enhance their own assets,” it added.

“They’re going in there with a team of agents and changing the locks, and taking possession and control,” one source said of Lubert Adler. “As long as they don’t breach the peace, what they’re doing is perfectly legitimate.

“It’s a rubbish claim [by IVRC]. They’re saying we never thought you could sell the property without our consent. They have no option to renew, no right of refusal and Lubert Adler doesn’t need their consent; get out. There was nothing in that lease. They’ve been given contractual notice and told to let Lubert Adler know when they’re out. How long does MacDonald want?

“The Skyline deal is still going to happen but it will be slightly delayed by what’s going on. Both sides [Lubert Adler and Skyline] are very anxious because they want McDonald out; the Government wants McDonald out.”

Kwasi Thompson, minister of state for Grand Bahama, told Tribune Business that the Minnis administration was “very keen” on new investment happening at West End but declined to comment further because of the just-initiated court proceedings.

“We’ve always said we wanted investment to happen in West End,” he said. “We’re still very keen on investment proceeding in West End. That’s as far as I can say at the moment. We are very keen on the development proceeding.

“We are very desirous of seeing development in West End as in all parts of Grand Bahama. This is important for the people of West End and Grand Bahama. I have been informed of a court action and will give no further comment at this time.”

Tensions between IVRC

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and Lubert Adler/Skyline have been rising for several months, and having seemingly peaked in the last few weeks as the deadline for the Canadian developer to close the purchase of Old Bahama Bay and the other former Ginn assets grew ever nearer.

Skyline’s project relies on two transactions. Besides the deal with Lubert Adler for a 280-acre site plus Old Bahama Bay and its assets, it is also purchasing 1,476 acres from a lending syndicate headed by Credit Suisse, which formed the Ginn sur mer’s real estate component.

If the development goes ahead, it is slated to include a 200-acre “Smart City” intended to help attract technology companies to Grand Bahama in furtherance of the Government’s “technology hub” ambitions.

Some 1,025 construction jobs will be generated during

a phased 10-year build-out.

Mr MacDonald has himself also announced plans to “complement” the Skyline development with his own 460-unit Grande Harbour at Old Bahama Bay, billed as creating 1,200 construction and full-time jobs on adjacent land.

He could not be reached for comment, despite telling Tribune Business he would call. However, one source, speaking on condition of anonymity, questioned whether any applications for the necessary investment approvals had been made to the Government for then Grande Harbour development.

“No applications for approvals to the Bahamas Investment Authority (BIA) have been made for anything,” they told Tribune Business. “They’ve asked him twice to come into the BIA.”

December 17th, 2018.

Another contact, familiar with the latest developments at Old Bahama Bay, added: “Lubert Adler has reclaimed their property after the lease agreement was terminated.

MacDonald had agreed the lease had ended, and to sell the property on they had to take them out of the lease.

“IVRC can continue to manage the condos and their facilities. The marina will be shut temporarily. They [Lubert Adler] just have to get their assets, get them straightened out and get them into a position for sale.

“This is not a bad thing. It will facilitate the sale to the new developer. They will take over this stuff. They’ve got to service their assets to sell them and couldn’t do that with the lease in place.

This is good. This is what needs to happen. The bigger project will come. It needs to go.”

PAGE 6, Monday, December 10, 2018

THE TRIBUNE

Musk suggests Tesla’s new chairwoman won’t rein him in NEW YORK Associated Press TESLA CEO Elon Musk dismissed the idea that the company’s new chairwoman can exert control over his behavior.

Robyn Denholm, an Australian telecommunications executive, was appointed

chairwoman of Tesla’s board last month, replacing Musk as part of as part of a securities fraud settlement with US government regulators.

But Musk said “it’s not realistic” to expect Denholm to watch over his actions because he remains the electric car company’s largest shareholder.

Legal Notice

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

FERROAL 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).

FERROAL LIMITED, is in Dissolution.

The date of commencement of dissolution is the 5th day of December, 2018.

Lauren Ramsay, No. 6 Bosham Close, Camperdown Heights P.O. Box SP 6380, Nassau, Bahamas Liquidator NOTICE

NOTICE

ULTIMATE TRI NOBLE LTD.

GRAND MANDALA LIMITED

Legal Notice

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

TAO WSP INVESTMENTS 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).

TAO WSP INVESTMENTS INC., is in Dissolution.

The date of commencement of dissolution is the 28th day of November, 2018.

Richard L. Broughton, No. 6 Bosham Close, Camperdown Heights P.O. Box SP 6380, Nassau, Bahamas Liquidator

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

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

(a) ULTIMATE TRI NOBLE LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) GRAND MANDALA 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 7th December, 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 7th December, 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

Dated this 10th day of December, A. D. 2018

Dated this 10th day of December, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

MARKET REPORT THURSDAY, 6 DECEMBER 2018

NOTICE COSMIC HORIZON INVESTMENTS LIMITED t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 2,020.57 | CHG -1.27 | %CHG -0.06 | YTD -43.00 | YTD% -2.08 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.90 1.30 0.56 3.92 9.30 6.60 4.92 12.50 2.74 1.78 8.21 6.30 13.20 6.98 4.49 13.50

52WK LOW 3.50 19.17 4.90 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

SYMBOL LAST CLOSE AML 4.44 APD 17.43 BPF 7.00 BWL 4.90 BOB 1.28 BBL 0.56 CAB 2.30 CIB 9.30 CHL 6.16 CBL 4.21 CBB 11.25 CWCB 2.46 DHS 1.78 EMAB 8.29 FAM 6.30 FBB 12.85 FIN 6.75 FCL 3.62 JSJ 13.01 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) 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

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

MUTUAL FUNDS 52WK HI 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 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

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

CLOSE 4.44 17.43 7.00 4.90 1.28 0.56 2.30 9.30 6.16 4.20 11.25 2.49 1.78 8.29 6.30 12.85 6.75 3.62 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.03 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

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

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

VOLUME 1,000 500

2,000

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 20.7 18.7 N/M 15.5 N/M N/M -3.9 13.3 14.0 27.3 17.9 24.4 8.5 N/M 9.4 18.3 11.7 13.1 20.6

YIELD 2.25% 7.23% 0.00% 4.90% 0.00% 1.79% 0.00% 7.63% 3.57% 2.86% 5.51% 2.41% 3.37% 1.01% 4.44% 3.89% 2.22% 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%

NAV 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.09 7.41 8.57 6.55 10.68 11.65 10.62 9.92 8.69 11.79

YTD% 12 MTH% 3.23% 4.04% 1.03% 1.38% 1.92% 2.39% 2.08% 3.47% 3.35% 5.94% 3.67% 4.43% 0.73% 0.96% 2.88% 3.53% -0.53% 0.27% -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

MATURITY 19-Oct-2022 20-Nov-2029 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 NAV Date 31-Oct-2018 31-Oct-2018 26-Oct-2018 30-Sep-2018 30-Sep-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-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

“It’s not realistic in the sense that I am the largest shareholder in the company,” Musk said in an interview with CBS’ “60 Minutes”, broadcast Sunday evening.

“I can just call for a shareholder vote and get anything done that I want.”

Musk, who owns about 20 percent of Tesla, gave up the chairman role under a settlement with the Securities Exchange Commission, which had charged the CEO with misleading investors in August with a tweet that said he had “funding secured” for taking the company private.

The SEC settlement also required the company to vet Musk’s tweets and other comments about the company before they are released to the public. Musk also shrugged off that provision, saying none of his tweets have been censored so far and the company does not review his posts to determine beforehand whether they could potentially affect the company’s stock price.

“I guess we might make some mistakes.

Who knows?” Musk said.

Musk said he does not respect the SEC, but when asked if he would obey the settlement, he said: “Because I respect the justice system.”

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

N O T I C E IS HEREBY GIVEN as follows: (a) COSMIC HORIZON INVESTMENTS 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 7th December, 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 Dated this 10th day of December, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

Monday, December 10, 2018, PAGE 7

‘Leave no room for doubt’ that political parties in NPO bill FROM PAGE ONE promotion of public policy.

“That’s all they do; even the Opposition promotes public policy. All political parties will be covered by this Act, “ he continued.

“But we should have the Government confirm this so there’s no room for interpretation. It’s pretty clear, but they need to confirm this.”

Mr Campbell and Citizens for a Better Bahamas, who are backing the Bill and intent behind it, described the legislation as “a significant step forward” as all political parties will now have to register with the Registrar and potentially submit themselves to on-sits inspections, as well as provide the regulator with their financial statements and identities of top donors.

“The appointment of the Registrar, we have to look at that,” he told Tribune Business. “We hope the Registrar for Non-Profits will be independent. We have to ensure this Registrar is independent from any political influence.”

Given how Bahamian election campaign financing has been exposed as vulnerable to donations from foreigners with dubious motives, Mr Campbell said the Bill needed to go further in mandating enhanced disclosure by political parties only to protect democracy.

“This is a problem for our democracy,” he told Tribune Business. “In the past, these dubious actors have funded political parties and admitted to it. This is a step forward, but what we are proposing is that it goes even further for non-profits promoting public policy and their records are published for all to see.

“Right now, they’re kept confidential under this Bill. What we are saying is those non-profits promoting public policy, instead of financial records and top donors being kept confidential, they should be disclosed to the public.”

The Non-Profit Organisations Bill., which represents The Bahamas’ response to demands for enhanced scrutiny of non-profits to prevent their abuse by financial criminals and terrorists, requires all such organisations to be registered with the Registrar of the same name.

To become registered, the legislation stipulates that all non-profit groups must show “evidence” that they are compliant with “Know Your Client” stipulations - meaning that they know the sources of their funding, and the background of these donors.

And the Bill, in a section entitled “reportable

donations”, mandates that all non-profits provide the registrar with details on donations that exceed $50,000 - either in total or as a lump sum - and their ten largest contributors every two years. The information is to be kept private by the regulator.

And non-profits with annual gross income above $75,000 will also be required by law to maintain financial statements, showing all income and spending, at their registered offices.

They will have to submit “a declaration” that these are available and accurate to the registrar, who can require that these financial statements be produced to it.

Well-placed Tribune Business sources revealed that initial drafts of the Non-Profit Organisations Bill went much further, and deeper, than the final

Announcement SpeciAl DiviDenD The board of directors of Benchmark (Bahamas) Ltd. at its May, 2018 board meeting unanimously elected to establish a policy for future dividend payments .

Commencing June 2018, Benchmark (Bahamas) Ltd. will declare an annual dividend of one cent per share, thereafter , each year during the same period until the policy changes. Other special dividends can be paid at the discretion of the board based on business performance.

For December 2018, the Benchmark board has declared a special dividend of one cent per share to shareholders of record 17 December , 2018 payable on the 31 December, 2018.

Brent Roberts Secretary

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, RAVEN FARQUHARSON of Faith Avenue North, P.O. EE-16273, New Providence, Bahamas, mother of EMMANUEL PATRICK SPENCER, a minor, intend to change his name to EMMANUEL TONY FARQUHARSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this Notice.

version by requiring KYC regulations to be applied to all donors - even those giving just $1. The Government is understood to have backed away from this following warnings it could destroy the sector, and that it was not consistent with global best practice.

This newspaper was informed that the Financial Action Task Force (FATF), the body monitoring The Bahamas after uncovering “structural deficiencies” in its anti-money laundering/ counter terror financing regime, was putting pressure

on this nation to enhance regulation of non-profits believing it to be weak or non-existent.

Mr Campbell yesterday said Citizens for a Better Bahamas would have opposed the Bill had it required “drilling down” to the extent of requiring KYC to be performed on donors giving just $100, but said its $50,000 identification threshold was “viable”.

“If you look at non-profits making $75,000 or more a year I don’t think it’s onerous,” Mr Campbell said of the record-keeping requirements.

“What we’re saying is for those big non-profits making that kind of income it should be something they’re already undertaking. We’re not talking about those donating $100, $200, as that would be onerous.

“You have to be accountable to your donors as well as your members in terms of how the money was spent.

It strikes the right balance between the types of donation received. You have to know where non-profits are getting funding from. With a lack of regulation, you could facilitate money laundering.

VACANCY NOTICE

Broadcast IP Video Specialist Cable Bahamas Limited is seeking to employ an experienced Broadcast IP Video Specialist. The successful candidate must be a highly motivated person, organized and detailed oriented.

SUMMARY The position of Broadcast IP Video Engineer will be responsible for the installation and maintenance of all video equipment within the Headend and at field locations.

This position is responsible for troubleshooting activities for outages in conjunction with the technical teams, and ensuring acquisition routing and quality control of incoming and outgoing video feeds. The position also requires occasional extended work in and around a typical data center, telecommunications facility, and/or Central Office. These environments may include loud machinery/fan noise, chilled temperatures and wind, and lowered humidity working with and around highamperage AC and DC power.

JOB DESCRIPTION • Configuration, installation and management of Core Video Multiplexers, Edge Video Switches, Routers, IP Video Modulators; • Configuration and Management of IPTV, OTT, ATSC and all IP related video equipment.

• Ensure the integrity of video and encoding hardware and software; • Perform analysis, diagnosis and troubleshoot root cause of issues/ outages related to IP video content; • Assessing the impact of content issues that arise as part of daily operations; • Review current IP video environment, product requirements, and determine gaps; • Liaise with new equipment vendors and middleware service providers; • IP Video Headend system monitoring and management; • Troubleshooting of all alarms in relation to IP video broadcast generated from the Headend monitoring systems; • Work closely with IP Engineers and Headend Technicians to identify and resolve issues that impact the IP video network; • Development of MOPs, Testing Procedures, Labs with ticket creation; • Meticulous documentation of video network infrastructure; • Liaising with internal and external clients to deliver new products and initiatives; • Working within a team with a focus on delivering the company’s yearly objectives; • Help facilitate new network projects ensuring minimal disruption to live services; • Ensuring the video network infrastructure is fit for effective and efficient service delivery and aligned with the company’s objectives; • Assisting in the maintenance and tracking of hardware and software owned by the company; • Perform all other Headend related duties as determined and assigned by management.

SKILLS & QUALIFICATIONS REQUIRED • A bachelor’s degree in Computer Science/Engineering, Electrical Engineering or equivalent; • Two or more years of strong understanding and experience working with MPEG-2 and MPEG-4 (H.264) compression, MCPC and IPTV platforms, video transmission/reception equipment, video monitoring equipment and ancillary video equipment; • Two or more years of strong experience working with multicast and next-generation Video delivery technologies (IPTV, ABR HLS, Smooth Streaming, etc.); • Two or more years exposure with various test equipment, including: MPEG analyzers, optical power meters, RF signal level meters, RF spectrum analyzers; • Must have knowledge of and experience with a wide range of technologies including routers, multiplexers, switches, RF uplink and downlink hardware, and associated redundancy hardware; • A fundamental understanding of Linux command line; • Comprehensive understanding of IP Video Technologies and Network Environments; • Networking and IP multicast routing; • CCNA/CCNP, Comp TIA Network +; • IP transport of MPEG-TS over UDP/RTP multicast; • Strong understanding and experience working with TCP/IP technologies desired, including IPv4, addressing/subnetting, IP unicast routing and IP Multicast routing and associate technologies; • Able to Diagnose Network Connectivity Issues; • An understanding of digital modulation technologies (QPSK – 256 QAM) is desirable; • Working knowledge of RF systems, including: general understanding of the EIA spectrum, general understanding of RF performance requirements in a QAM environment, basic RF troubleshooting techniques, Working knowledge of the OSI model, specifically layers 1, 2 & 3; • Knowledge of multi-vendor middle-ware software such as Imagine, Arris, Builtwrite, Minerva, Anevia and TiVO/ROVI; • Ability to effectively use engineering NMS tools such as Solarwinds, Wireshark etc.; • Experience with MS Office and MS Visio; • Ability to isolate problems and troubleshoot issues down to the hardware level.

PERSONAL COMPETENCIES • Ability to exercise judgement within broadly defined practices and select methods and techniques for obtaining solutions; • Excellent attention to detail and methodical approach; • Ability to self-motivate and work independently; • Strong decision-making & analytical skills; • Customer service orientated approach; • Strong oral & written communication skills; • Ability to manage multiple tasks and priority levels; • Proactive approach to changing technologies; • Be able to work outside normal work hours; • Be able to travel periodically to perform work/maintenance at all digital Headend sites in The Bahamas and United States; • This position requires on call support (Tier 2/3) and off-hours maintenance activities (weekends, weeknights and/or Holidays); • Possess personal traits: Friendly, mature, factual, honest, meticulous, self-starter.

Qualified applicants should submit Resumes on or before Tuesday, December 11, 2018, to the Director of Human Resources, PO BOX CB-13050, Nassau, Bahamas or send electronically with Ref: Broadcast IP Video Specialist to humanresources@cablebahamas.com.