12192017 business

business@tribunemedia.net

TUESDAY, DECEMBER 19, 2017

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AG probes Schooner Bay ‘legal breaches’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Attorney General yesterday revealed he has sought a legal opinion over complaints that Schooner Bay’s foreign developer is violating Bahamian real estate laws.

Carl Bethel QC confirmed to Tribune Business he had asked his director of legal affairs for “advice” over claims that the 220-acre south Abaco project is breaching the Real Estate (Brokers and Salesman) Act by running its own property sales,

SEE PAGE 3

* Developer allegedly violating Real Estate Act * Gov’t urged to ‘take action’ and intervene * Bahamian realtors squeezed out, barred * Developer ignores BREA, other warnings

SCHOONER BAY

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MINISTRY BRANDS EX-MISS BAHAMAS’ CLAIM ‘NOT VALID’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ministry of Tourism believes a former Miss Bahamas Universe-turnedsongstress has “no valid case” against it for breach of copyright and a $130,000 employment contract.

Dionisio D’Aguilar told Tribune Business that his Ministry’s officials were adamant that Khiara Sherman’s Fly Away With Me song was never used in its paid advertising campaigns.

He also refuted Mrs Sherman’s claim that the Ministry, prior to his arrival as minister, breached “a binding” three-year employment contract with her worth almost $130,000, refusing to accept her work and “failing to make any” of the due payments.

Mr D’Aguilar said the Ministry of Tourism’s position was that “no contract was ever signed” with Mrs Sherman, who held the Miss Universe Bahamas

* SONG ‘NEVER USED IN PAID ADVERTISING’ * BUT CARNIVAL COMMISSION MAY HAVE USED IT * ‘NO JOB CONTRACT’ WITH KHIARA SHERMAN title in 2009-2010, and alleged that she only showed “a clear desire” to agree terms when the offer was withdrawn.

Mrs Sherman, in a lawsuit filed jointly with her record company, AK Fortyseven Records, in the Houston federal court, had alleged that “in 2016 the Ministry of Tourism reproduced and distributed a verbatim copy of Fly Away With Me in conjunction with a coordinated advertising and media campaign, including a high-dollar television commercial and postings on YouTube”.

SEE PAGE 4

Gov’t ‘concerned’ GB Power Govt’s mixed message buy-out against wealth goal danger on labour laws

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government last night admitted it was “concerned” that the GB Power Company buy-out is contrary to its ambition of creating wealth and investment opportunities for Bahamians.

Its position was revealed as Canadian utility giant, Emera, informed Bahamian minority shareholders in BISX-listed ICD Utilities that the buy-out’s completion had been delayed by the wait for final

* DEAL COMPLETION DELAYED ON APPROVALS * GOV’T AWAITING ‘ADVICE’ FROM AG OFFICE * DPM: WE WANT WEALTH, OWNERSHIP FOR LOCALS government and regulatory approvals.

K P Turnquest, the deputy prime minister, told Tribune Business that the Minnis administration was still awaiting “advice” from the Attorney General’s Office over a transaction that would lead to GB Power becoming 100 per cent owned by Emera.

“I believe we’re still waiting on advice on that from

NO TOURISTS MAKES JUNKANOO CARNIVAL A ‘WEALTH RECYCLER’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHAMAS Junkanoo Carnival must generate increased tourism spending otherwise it will merely amount to wealth redistribution within the local economy, a University of the Bahamas (UoB) economist argued. Rupert Pinder, addressing the Rotary

Club of West Nassau, said: “Junkanoo carnival adds nothing to the Bahamian economy because basically it’s nothing more than recycled money.

“Unless you can show that you have tourist expenditure linked to it, it’s nothing more than recycled money. If the people are not at Arawak Cay it means that they are not

SEE PAGE 6

the Attorney General.

He’d be the best person to ask,” Mr Turnquest said.

Calls by this newspaper to Carl Bethel QC were not returned before press time last night.

The Deputy Prime Minister, though, did reveal the Government’s concerns that the buy-out, which would ultimately result in ICD

SEE PAGE 5

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government has been warned it could undermine its own efforts to spark economic growth by sending mixed messages over further labour law reforms.

Michael Maura, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, told Tribune Business it “doesn’t make sense” for the Minister and Department of Labour to be talking about increasing

* CHAMBER CHAIR: ‘DOESN’T MAKE SENSE’ * GOV’T SPEAKING OUT OF ‘BOTH SIDES OF MOUTH’ * URGES FOCUS ON PRODUCTIVITY, NOT COST RISE labour costs at the same time as other parts of government are seeking to liberalise the economy for greater growth.

Effectively suggesting that the Minnis administration is speaking out of ‘both sides of its mouth’, and endangering its plans for economic expansion and job creation, Mr Maura urged it to first focus on improving workforce

productivity as opposed to making it harder for firms to hire. “Standard & Poor’s were very clear that while they gave us a ‘stable’ outlook, it was possible we could experience a downgrade in the future if they don’t see signs of economic growth,” the Chamber chairman said. “I would say that it’s as if we have a

SEE PAGE 6

PAGE 2, Tuesday, December 19, 2017

THE TRIBUNE

UNLOCKING ELEUTHERA’S RICH HISTORY AND CULTURE THERE is no doubting the treasures of Eleuthera and Harbour Island, which are found in their miles of coastline, pink sand beaches, sweet pineapples and unique architecture.

While rich in history, the island offers an even greater learning experience when it comes to analysing the impact of foreign direct investment (FDIs) on the Bahamas. Eleuthera and Harbour Island have

caught the eye of many high net worth individuals and stopover visitors, making room for more vacation rentals and luxury real estate. Despite the Bahamas’ challenges as it relates to the ease of doing business, it is still not enough to keep visitors and investors away from this tropical paradise. Now, more than ever before, is the time to take a deeper look into the economic activity and

challenges facing the birthplace of our nation.

Luxury Real Estate and Vacation Rentals Climbing the ladder of economic activity in Eleuthera and Harbour Island is the rise of boutique hotel offerings, rentals and high-end homes. In Governor’s Harbour, the island’s capital, properties range from anywhere between $150,000 to well

over $1 million. Spanish Wells, which sits off the tip of North Eleuthera, also fits well for buyers interested in waterfront properties or picturesque island-style homes. However, this diverse price range cannot be guaranteed in Harbour Island, where offerings tend to be pricey. After all, Harbour Island is known for lifestyle activities geared towards shopping, nightlife, fashion,

hotels and restaurants. The power of the Internet, and platforms such as AirBnB, have allowed residents and property owners to turn their residential dwellings into vacation rentals. This makes up for the lack of room inventory located typically supplied by hotels and resorts. That is not to say Eleuthera does not have prosperous, open resorts. However, there has been a cycle of depression

ISLAND

InsightS

By RODERICK A SIMMS II

throughout the island that has left hotels and villas abandoned.

Though the economy shows some signs of improvement, there is still significant work to be done. More hotel and resort developments would be ideal because it would mean more jobs. The Bahamas’ tax structure caters to investors who can potentially further revive the island’s tourism product.

In the interim, however, there is a story not being told about the daily struggle of locals in this diverse island economy, which is skewed towards meeting the demands of the rich and famous. Can residents really afford to live in Eleuthera?

The island is split into three parts: North, Central and South. And in each area there is much more to survival than just hospitality. But is there enough access to education surrounding opportunities such as eco-tourism, smallscale tourism ventures and conservation research?

Hotels and Resorts Eleuthera and Harbour Island have experienced the ‘highs and lows’ associated with local and foreign direct investment. Yet there are no words that can truly do justice to the beauty of upscale waterfront offerings such as the French Leave Resort, Autograph Collection, Cape Eleuthera Resort and Hotel, The Cove Eleuthera or Valentines Resort on Harbour Island to name a few.

The island is no stranger to wealthy international and local investors wanting to utilise its natural beauty. And while tourism appears to be thriving after the 2008 financial crisis, history has a different story to tell. The 1980s were a time of transition for the Bahamas in terms of economic and political policies, and once-popular and exclusive resorts such as Club Med, Cape Eleuthera and Cotton Bay eventually failed to continue their operations, leaving the ruins of their former glory days to decay on prime Eleuthera properties.

Fortunately, resort-based development projects have been underway on Eleuthera in recent years.

One of them is to develop a resort community at Cotton Bay, not too far from its former site.

The island’s weary foreign direct investment (FDI) history has led some residents to prefer boutique hotels over large scale projects.

This is a valid and favoured sentiment, since the island’s economy is small and open, which makes it more investor-friendly.

Eleuthera’s previous experiences with large-scale foreign investment raises the question of whether or not these projects are sustainable for the island and other Family Islands.

But, to some extent, this question also has to assess the impact of poor management and political interference on these types of investments, be they large or small. There should be minimal interference from government, given that Bahamians are protected by legislation against the possible failures of medium to large-scale investments. Therefore, it is not so much about whether foreign direct investment is good or bad for the island, but how these investments are managed and whether there is enough consultation with local stakeholders.

Air Arrivals and Marinas Boaters visiting Eleuthera have jumped from a mere 128 in 2005 to

SEE PAGE 4

THE TRIBUNE

Tuesday, December 19, 2017, PAGE 3

FISHERS ALLIANCE MAKES CONCH PROTECT PROPOSALS

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

A BAN on conch exports could stem the Bahamas’ conch population decline, the Commercial Fishers Alliance’s (BCFA) president yesterday disputing the reported 80 per cent fall.

Adrian LaRoda told Tribune Business that such a ban was one of several proposals put forward by the BCFA, while citing illegal conch harvesting methods by foreign poachers and increased coastal development as the most significant contributors to population decline.

He was responding after an Inter-American Development Bank (IDB) report warned that the livelihoods of more than 9,000 Bahamian fishermen and their families are under threat from the 80 per cent conch population decline since the 1980s.

SCHOONER BAY FROM PAGE 1

management and vacation rental business.

Documents obtained by this newspaper show the Minnis administration has been urged to intervene and “take action”, after Schooner Bay and its principals seemingly ignored multiple demands from the Bahamas Real Estate Association (BREA) and others to stop breaching local laws.

Evidence in this newspaper’s possession also reveals that the developer has sought to eliminate competition from Bahamian realtors by shutting them out of Schooner Bay, in a bid to bar them from re-sale and vacation rental business generated by the project’s homeowners.

It has sought, in particular, to drive out Destination Schooner Bay (DSB) and its principal, licensed realtor James Malcolm, resulting in several legal battles now before the Supreme Court.

The latest plea for government intervention came from Mr Malcolm’s attorney, Jason Maynard, who in an October 11, 2017, letter to the Attorney General called on the Government to “take action” and ensure Schooner Bay complies with Bahamian law.

Pointing to two ‘live’ Supreme Court actions relating to Schooner Bay’s real estate practices, Mr Maynard wrote: “They have a common thread, which is that although Schooner Bay Ventures [the developer] is not licensed under the Act to engage in the practice of real estate business in the capacity of a real estate broker or real estate salesman, it nonetheless has been unlawfully engaging in such practices.”

Mr Maynard said the Real Estate (Brokers and Salesman) Act stipulated a $3,000 fine, or 12-months’ imprisonment, for persons acting as a broker or salesman without a valid licence.

He said Schooner Bay Ventures had been sent at least five letters warning it about its violations of Bahamian law.

“Schooner Bay Ventures has been warned in writing by several attorneys and the Bahamas Real Estate Association,” Mr Maynard told Mr Bethel, “against engaging in such practices without a licence; that it should cease and desist from interfering with the legitimate business activities of DSB and Mr Malcolm; and that should they fail to cease and desist, then the appropriate action would be taken against them.

“Notwithstanding the warnings contained in the foregoing letters, Schooner Bay Ventures has failed to cease and desist from engaging in the practice of real estate business,” Mr Maynard continued.

“Furthermore, they seek to prohibit licensed Bahamian brokers and salesmen from engaging in real estate re-sale activity in Schooner Bay, whilst they themselves and/or through their servants or agents unlawfully engage in the property and rental management business for privately-owned homes and cottages at Schooner Bay contrary to the terms of any developer license they may have obtained.

The report, accompanying a $500,000 project to enhance ‘community-based conch management’ in the Family Islands, warned that overfishing and environmental degradation were making fishing “economically unviable” for many.

It added that the reduced conch population was also impacting a key source of food security and foreign currency earnings, with conch exports totaling more than $2.3 million in 2015. The project, which will be executed by the Bahamas National Trust (BNT), in conjunction with The Nature Conservancy, aims to develop sustainable conch fisheries harvesting and management practices in two Grand Bahama communities as an initial pilot.

“This is a discussion that has been ongoing for a while, but has been ramped up a bit due to the conservation initiatives geared toward it now. We agree that

“Accordingly, we would like to file an official complaint with the Office of the Attorney General in respect of the unlawful activities of Schooner Bay Ventures contrary to the Act, and we would like for the Attorney General’s Office to take action in respect to this matter.”

Tribune Business understands that Schooner Bay and its attorneys are vehemently denying any breaches of the Real Estate (Broker and Salesman) Act. Indeed, a June 9, 2015, letter from Mr Maynard to Schooner Bay’s attorneys notes the “assertion that your client is compliant with the requirements” of the Act in relation to its developer’s licence.

However, Dr David Huber, Schooner Bay’s principal, who made his multi-billion dollar fortune from patenting fibre-optic technology, declined to comment when Tribune Business questioned him over the real estate allegations.

“I can’t comment because it’s in litigation,” he told this newspaper, employing the defence previously used over concerns that Schooner Bay has also breached the terms of its 100-acre Crown Land licence by evicting Bahamian entrepreneurs from the property.

Mr Bethel, meanwhile, confirmed he had referred Mr Maynard’s letter to his director of legal affairs for a determination on how the Government should respond.

“On November 22, a letter from [Jason] Maynard was noted by me and sent to the director of legal affairs for advice,” Mr Bethel said, recalling that while BREA had expressed similar concerns it had yet to file an official complaint with the Attorney General’s Office.

“BREA did complain about it; not officially but in discussions,” he added.

“There was a verbal complaint, but a formal complaint would cause us to look to see what powers we have under the Act. I think it’s initially for them to assert their rights, and they’d have to send me a formal complaint.”

The key issue is that foreign developers, under the Real Estate (Broker and Salesman) Act, can only sell and manage the real estate that they own. Once such property is sold to third-party buyers, the Act prevents them from engaging in re-sales of that real estate, and operating their own property management/ vacation rental businesses.

In Schooner Bay’s case, it has only sold lots to home buyers who were then responsible for vertical construction on their properties. Thus it cannot get involved in managing these homes and/or renting and leasing them out.

Both BREA’s current and immediate past presidents yesterday confirmed that the Schooner Bay developer was breaching Bahamian law by engaging in re-sales and property management/ vacation rentals.

Christine Wallace-Whitfield, the current office holder, said: “They’re not allowed to engage in resales. A developer cannot resell their own property.

Once they’ve sold it, the property cannot go back to the developer.

there has been a marked decline in the conch population, but when we consider why that it is we must consider all factors,” said Mr LaRoda.

“Firstly, the population of the Bahamas has increased. Coastal development has increased and that affects conch populations.

We have seen immigrants using breathing apparatus to harvest conch. They can decimate a conch nursery in a matter of days.

“What we proposed is that there be greater enforcement on the use of breathing apparatus outside of the lobster season. We also proposed that all conch be landed whole, in the shell, at designated landing sites so their size and maturity can be checked and verified.

“We think that will help, maybe not short-term, but would certainly slow down the negative affects. We had also asked that there be a ban on conch exports.”

“The owner has to contract a licensed Bahamian realtor, brokerage firm, to represent them in selling their property. They [the developer] shouldn’t do that.”

Carla Sweeting, her predecessor, said Schooner Bay had rejected BREA’s warnings that it was breaching local law. She added that Tina Gascoigne, its general counsel, had even informed the Association that the project would “run circles” around BREA and the real estate legislation.

“As far as I remember, they were in violation of the Act and refused to do anything about it,” Ms Sweeting told Tribune Business of Schooner Bay’s response to the Bahamas Real Estate Association’s (BREA) concerns. “I told them: ‘You can’t break these laws and think we’ll be OK with it’.

“The Act is very clear.

The developer’s licence is very clear: That a developer can only sell or lease land which it is the owner of. It cannot engage in re-sales, marketing and property management.”

Ms Sweeting added that a developer cannot hold two licenses simultaneously, such as a developer’s licence and broker’s licence.

Schooner Bay Ventures has made no secret of its ambition to engage in this business despite the potential for violating Bahamian law. A letter sent to Mr Malcolm exactly four years ago by Ms Gascoigne, Schooner Bay’s general counsel, said bluntly: “We will be launching our own property management/ vacation rental business to service Schooner Bay clients and buyers.”

Mr Malcolm’s DSB business offers exactly the same services to Schooner Bay home owners, and documents obtained by Tribune Business show relations between the two sides soured in mid-2015 when the developer purportedly sought to enforce the project’s ‘declarations and covenants’.

Ms Gascoigne, in an April 17, 2015, letter to Mr Malcolm, suggested he was in breach of these stipulations.

She added: “Schooner Bay Ventures is the only entity with the exclusive authority to operate real estate sales, rental or management offices at Schooner Bay. “We therefore immediately demand that you cease and desist the operations of DSB Bahamas at Schooner Bay or in connection with any home at Schooner Bay.... Do not hold yourself out as being able to provide rental or property management services at Schooner Bay.” Many observers will likely interpret this as unwarranted interference with Mr Malcolm’s business, anti-competitive and restraint of trade, compounding Schooner Bay’s original violation of Bahamian law by excluding local competition.

This prompted an intervention by BREA on Mr Malcolm’s behalf 10 days later. However, tensions continued between himself and DSB on one side, and the Schooner Bay developer on the other, prompting Ms Sweeting - BREA’s then president - to again write to Ms Gascoigne on June 24, 2016.

“It has come to our attention that you are continuing to insist that BREA

The IDB report noted that: “In 2015, the quantity of conch meat exported was 401,838 pounds, which was valued at $2.343 million.” This places it second behind crawfish/lobster as the Bahamas’ main seafood export, but the IDB report added: “More significant than its importance as an export product, the majority of conch landed in the Bahamas is consumed locally.

Acknowledging the threat from foreign poachers, the IDB paper said illegal harvesting and unsustainable fishing practices was a “widespread problem” in the Caribbean.

“Local consumption was estimated at 1.3 kilograms per capita per year in 2010 and 2011. In addition to their importance for food security and as an export product, conch also play a critical role in the health of marine ecosystems such as seagrass beds, which themselves provide nursery

members who hold a broker or salesman’s licence, and in particular James Malcolm, cannot engage in the practice of real estate as it relates to re-sales, property management or rentals in Schooner Bay as per the Real Estate (Broker and Salesman) Act,” Ms Sweeting wrote.

Pointing to the Act’s stipulations, she told the developer: “A developer’s licence does not grant the holders of such licence [the right] to engage in the practice of any re-sales or any other real estate transactions.

“Should Schooner Bay have any ‘special’ consideration in their Heads of Agreement or declaration, this should have been provided to BREA upon application for the developer’s licence. And if any such declaration has been granted since the developers’ licence was issued

by BREA, Schooner Bay should have notified BREA with proof of same.”

The battle between Schooner Bay and Mr Malcolm is now being played out before the Supreme Court, with the developer alleging that he has “unlawfully interfered” with the project’s business activities, causing it loss and damage.

Mr Malcolm, who declined to comment, is defending the developer’s claims vigorously, and it is understood a verdict is expected soon. Ms Sweeting

grounds for other commercially important species such as lobster and help buffer coasts from storms,” the report said.

“Overfishing, particularly of juveniles, increasingly undermines the sustainability of the conch fishery throughout the country.

“The density of mature conch on the ocean floor is crucial for the reproduction of queen conch, while the density thresholds recommended by scientists and policy makers to support breeding is between 50 and 100 adult conch per hectare.

“Densities in the Bahamas have dropped since the 1980s from 50 per hectare to 10 per hectare, a density too low to sustain reproduction. Low queen conch densities observed at several Family Islands such as Andros Island suggest that queen conch fishing is no longer viable in some locations.”

said BREA supported Mr Malcolm, but had received legal advice that it should not participate in the case or launch an action itself against Schooner Bay, and instead should “report” the matter to the Attorney General.

Ms Sweeting, meanwhile, yesterday recalled problems with Schooner Bay’s developer’s licence, which “lapsed” after Dr Huber parted ways with the project’s then-development partner, Orjan Lindroth’s Lindroth Development Company, in 2014. “We have requirements as to who can hold a developer’s licence,” she said. “You have to be a shareholder, be a Bahamian, and they were trying to get a foreign woman [Ms Gascoigne] who is their attorney to hold the licence, and couldn’t.

“Then the problem is they were still not having Bahamian realtors in there... They wanted Tina Gascoigne to be the one, and we argued she was not a shareholder; she simply was an employee at Schooner Bay acting as their attorney.”

Ten days after Schooner Bay’s April 2015 warning to Ms Gascoigne, BREA and Ms Sweeting informed the developer: “I would like to draw your attention that Schooner Bay Ventures is not in possession of a valid developers’ licence with the Bahamas Real Estate Association, as per the Act.

“We have spoken to [your attorneys] on several occasions by telephone as well as e-mail, and have yet to receive any documentation on behalf of Schooner Bay Ventures to make the development compliant in accordance with the Real Estate (Broker and Salesman) Act. “Please note that without a BREA developer’s licence, Schooner Bay Ventures cannot legally obtain a Business Licence to operate within the Bahamas.” Tribune Business was also told that a developer’s licence requires that a licensed Bahamian broker/salesman be on staff, and that Schooner Bay Ventures has had no such person for several years.

Documents obtained

by Tribune Business show that on this occasion Schooner Bay responded with remarkable speed to BREA’s warning. A June 9, 2015, letter from Mr Malcolm’s attorney, Mr Maynard, refers to Schooner Bay Ventures’ developer’s licence being granted on May 21, 2015, “almost four weeks after” letters sent to it by BREA and himself.

Ms Sweeting yesterday said she was unable to recall whether Schooner Bay Ventures’ developer’s licence is current. Mrs Wallace-Whitfield said she would check, but did not call back or respond to further messages before press time last night.

PAGE 4, Tuesday, December 19, 2017

NOTICE

TALGO FINANCE LIMITED (In Voluntary Liquidation)

Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the abovenamed Company is in dissolution, which commenced on the 18th, day of December 2017. The Liquidator is Kim Thompson of Nassau Bahamas.

Kim Thompson (Liquidator) NOTICE

GAAD FASHION CREATION LIMITED (In Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 15th day of December 2017. The Liquidator is Windermere Corporate Management Limited, East Bay Street, New Providence Financial Center, P.O. Box N-7797, Suite A-084, Nassau, Bahamas.

WINDERMERE CORPORATE MANAGEMENT LIMITED (Liquidator)

THE TRIBUNE

EX-MISS BAHAMAS FROM PAGE 1

“The Ministry of Tourism did not ask or receive permission to use, reproduce, distribute or perform the song. The Ministry of Tourism violated plaintiffs’ exclusive rights in Fly Away With Me, including the rights of reproduction, distribution, performance and creation of derivative works,” the lawsuit claimed.

Accusing the Ministry of committing a “willful infringement”, Mrs Sherman and her record company then alleged: “The Ministry of Tourism had seen Khiara Sherman perform Fly Away With Me on multiple occasions, knew she authored the song, and knew plaintiffs owned the copyright in the song. The Ministry of Tourism nonetheless infringed without permission or authority.”

Countering on the Ministry’s behalf, Mr D’Aguilar told Tribune Business: “Our communications department has confirmed this song was never used in any

UNLOCKING ELEUTHERA FROM PAGE 2

more than 2,000 last year.

The island is gearing up to create a competitive edge over other popular destinations for marinas, such as Bimini, Abaco, Grand Bahama and Exuma.

Harbour Island has also experienced an increase in boaters through the years, recording 310 in 2005 and growing to 859 by 2016.

Eleuthera is also on the radar for offshore boaters and mixed-use accommodation visitors. Marinas are spread across the island

paid media advertising for the Bahamas. “As it related to copyright infringement, there are no such instances that have been identified.

The Ministry of Tourism has not utilised that song in any paid media.”

The Fly Away With Me song was featured at Bahamas Junkanoo Carnival in 2015, when it was selected as one of the competition’s semi-final entries.

Mr D’Aguilar conceded that the song’s “further use” by the Carnival’s National Festival Committee (BNFC) and other tourism-related agencies had been identified, but the Ministry of Tourism was not involved.

As for Mrs Sherman’s employment contract breach allegation, the Minister said she was initially offered a job as a marketing representative at the Bahamas Tourism Organisation’s (BTO) Los Angeles office in March 2016.

The location was then changed to Houston, where she lives, in May 2016.

“There was some haggling back and forth over the conditions of employment;

compensation, benefits and the rest of it,” the Minister revealed to Tribune Business. “She basically wanted alternative benefits and compensation. That went on and finally, in September 2016, the Ministry of Tourism concluded that her external commitments would conflict with her Ministry of Tourism marketing responsibilities, and said it was unable to finalise her employment with the Ministry.”

Mr D’Aguilar said that while Mrs Sherman was sent an “offer letter” by the Ministry of Tourism, she never accepted it as she “sought to negotiate certain conditions”.

“No contract was ever signed with Mrs Sherman,” the Minister told Tribune Business. “Only after the offer was withdrawn did Mrs Sherman express a clear desire and commitment to accept the terms.

“The Ministry no longer had any desire to employ Mrs Sherman, and that position has not changed.... We just don’t think her claims are correct, are valid. There’s no case.”

Not surprisingly, Mrs Sherman’s version of events over the employment contract differs sharply from the Ministry of Tourism’s.

Her lawsuit alleged: “In September 2016, the Ministry of Tourism extended Mrs Sherman an offer to enter into a business relationship. In exchange for work performed by Mrs Sherman, the Ministry of Tourism’s offer stated it would last three years, pay $113,160 directly to Mrs Sherman, and result in other benefits worth at least $15,000.

“Mrs Sherman accepted the Ministry of Tourism’s offer, and a binding contract was formed between the parties. Mrs Sherman attempted to perform the work under the contract but the Ministry of Tourism refused to accept. The Ministry of Tourism breached the contract by failing to make any of the promised payments.”

She is now demanding “the monies owed on the contract which were not paid”, plus “all actual damages she suffered as a consequence of the Ministry of Tourism’s breach”.

- from Rock Sound to Spanish Wells and Harbour Island. There is definitely a market here to further tap into.

Eleuthera has three airports to facilitate airlift.

Most visitors arrive at North Eleuthera Airport. This year’s first quarter was a good period for the island, as it saw the arrival of more than 6,000 air arrivals in the month of March alone.

These numbers highlight the need for Eleuthera’s air transport system to become more integrated.

The Government is set to receive a $35 million loan from the Inter-American Development Bank (IDB)

to improve four Family Island airports, inclusive of North Eleuthera. The loan is expected to tackle key areas of airport development such as lighting, runway beacons, mobile airport equipment, parking platforms and passenger terminals. The move marks one step in the right direction.

of land is considered ‘a jewel of the south, and the idea of a large-scale foreign direct investment (FDI) project was rejected.

Many residents saw another, more sustainable way to revive economic activity in the south. The One Eleuthera Foundation, for example, seeks to find ways to enhance Bahamian ownership by enhancing skills and education. The Foundation’s chief executive, Shaun Ingraham, has often argued that there are opportunities for small businesses centred on eco-tourism and cultural heritage.

LEGAL NOTICE

NOTICE GREEN VALLEY PROPERTIES LTD. N O T I C E IS HEREBY GIVEN as follows: (a) GREEN VALLEY PROPERTIES LTD. 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 13th December, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Mr. Ali Nadeem Mohamed Tayeb, Al Yass, Villa No. 5, Dubai Marina, Dubai, United Arab Emirates.

Dated this 19th day of December, A. D. 2017 _________________________________ Mr. Ali Nadeem Mohamed Tayeb Liquidator

LEGAL NOTICE

NOTICE DREAM OCEAN INTERNATIONAL LTD. NOTICE IS HEREBY GIVEN as follows: a) DREAM OCEAN INTERNATIONAL LTD. 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 15th December, 2017 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 of The Bahamas Financial Centre, Shirley & Charlotte Streets, P. O. Box N-3023, Nassau, Bahamas.

Dated this 19th day of December, A. D. 2017. _________________________ Bukit Merah Limited Liquidator

Eco-Tourism The famous Glass Window Bridge, Preacher’s Cave, Hatchet Bay Cave and Boiling Hole Cave are just some sites that can be added to a long list of adventures which Eleuthera has to offer. The island is also well known for its migratory birds, which can be a huge deal for bird lovers. If that is not enough, then perhaps going down to the southern end of Rock Sound and Ocean Blue Hole will ignite a love for aquatic wonders.

However, apart from the growing demands of ecotourism, there is concern around the environmental risks and impact. For instance, some heritage sites are not well kept and not protected. Support to mitigate these risks is offered by the One Eleuthera Foundation and Cape Eleuthera Institute.

Challenges Because most of the economic activity occurs in northern Eleuthera, many observers argue that the south is being neglected, as air arrival numbers seem to indicate. In 2013, Eleuthera residents came together to oppose the $20 million sale of the 700-acre Lighthouse Point peninsula. This piece

Moving Forward There is no escaping the economic and social challenges facing Eleuthera.

These are the same difficulties familiar to most island states. However, there is a spirit of resilience among residents combined with a vision to make Eleuthera the booming economic engine it once was. It will take time, private-public collaboration, capital and access to resources in order to achieve this task.

However, it can be done.

The tax incentives are there, the human capital is available, the infrastructure is in place and all procedures are geared towards incentivising local and foreign investors to get started.

Whether the island is a second home, a potential location for a boutique hotel or a grocery store, or just a getaway for adventure, Eleuthera has proven that it can offer all of these things and more.

NOTICE

NOTICE is hereby given that McKenzie Louis of Sunrise Road, Gamble Heights Subdivision, Nassau, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE IN THE ESTATE OF SUZELLE MARIE FRANCES GERMAINE ROULEAU of 3759 Rue Gabrielle Vallée, in the Province of Québec, Canada, Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having any claim or demand against the said Estate are required to send the same to the undersigned on or before the 4th day of January, A.D. 2018 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit of any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 5th day of December, A.D. 2017 CALLENDERS & CO. Chambers, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas Attorneys for the Personal Representative

THE TRIBUNE

Tuesday, December 19, 2017, PAGE 5

Gov’t ‘concerned’ GB Power buy-out against wealth goal FROM PAGE 1 Utilities being de-listed from BISX, ran counter to its 2017 election campaign manifesto and economic policies.

“It’s fair to say we’re concerned about releasing the ownership to a foreign entity because it’s our stated intent to create opportunities for investments by Bahamians,” Mr Turnquest told Tribune Business.

“To the extent these opportunities arise, we’d prefer to have Bahamians at least involved in the ownership on a widespread basis. Our wish is to see Bahamians involved in the ownership of a diverse portfolio of investments.”

Emera and GB Power Company, Grand Bahama’s electrical monopoly, are likely to argue that minority ICD Utilities shareholders were given the option of retaining ownership in the latter indirectly by investing in the Canadian utility’s Bahamian Depository Receipts (BDRs).

These derivative securities, which would be listed and traded on BISX if the buy-out goes through, would retain indirect Bahamian ownership in GB Power and a much wider, diversified portfolio of assets representing Emera’s various utility interests throughout Canada, the US and the Caribbean.

However, Mr Turnquest’s comments will likely spark further uncertainty as to whether the buy-out of the collective 19.63 per cent Bahamian interest in GB Power will proceed. Some may also argue that it could undermine confidence in the Bahamian capital markets and the security of investments in this nation, given that buy-outs of minority shareholders are standard transactions at a global level.

Still, the GB Power buyout appears contrary to the Free National Movement’s (FNM) energy sector policy, and is the opposite of its election manifesto’s intention to privatise Bahamas Power & Light (BPL) in a way that “ensures Bahamian ownership through a majority shareholding”.

Emera, in a notice to shareholders yesterday, said the “original timeline” for completing the transaction had been altered by the wait for final government approvals.

“Emera Utilities Holdings advises shareholders of a delay in the completion of its acquisition of all outstanding shares of ICD Utilities that it does not own,” the Canadian utility said.

“We are working closely with the appropriate regulatory bodies, and will advise shareholders when the transaction is completed.”

The statement added: “We appreciate that this represents a delay from our original timeline for transaction completion and payment to minority shareholders.

“We thank shareholders for their patience. We are committed to completing the transaction as soon as possible following finalisation of arrangements by the applicable regulatory bodies.”

Those “regulatory bodies” are chiefly the Government’s National Economic Council (NEC), which is really the Cabinet or a Cabinet sub-committee, and the Central Bank of the Bahamas given the need for exchange control approval.

Emera and GB Power have repeatedly touted that the Bahamas Investment Authority (BIA), which is effectively the NEC’s Secretariat, approved the buy-out several months before it was formally announced.

And the Central Bank, too, had given its ‘approval in principle’.

Bahamian shareholders who elected to take the allcash payout from Emera, the $8.85 per share price representing a 26.25 per cent premium to that when the deal was announced, are likely to be especially peeved at any approvals delay given that many will

have been relying on it to finance Christmas spending.

However, one shareholder delighted by yesterday’s developments was Fred Smith QC, the Callenders & Co attorney and partner, who has filed a Supreme Court action to block the GB Power buy-out by overturning the Government’s regulatory approvals.

Mr Smith told Tribune Business that the delayed completion would prevent Emera from consummating the buy-out and, potentially, making his Judicial Review action ‘null and void’.

“This maintains the status quo between the Bahamian shareholders, and Emera and GB Power, so that people’s rights are not overtaken by events,” he said of the approvals delay.

“It certainly shows a high degree of respect that the matter is before the courts before the Government makes any decision.”

Confirming that that his application for permission

to bring Judicial Review proceedings remains before the Court of Appeal, Mr Smith added: “I continue to urge GB Power and Emera to provide an additional option to ICD Utilities shareholders, and that is to issue additional shares in GB Power directly for the equivalent shares in ICD Utilities.

“If this were to happen, those who wish to take advantage of the various options may be able to do so.”

Archibald Collins, GB Power’s president and chief executive, previously told Tribune Business that while Mr Smith’s recommendation was an option, it was never discussed when the buy-out structure was determined.

He explained that it did not meet Emera’s goal of “simplifying” GB Power’s corporate ownership structure, and consolidating it under one entity: Emera.

Mr Smith and his company, SeSaChe, are seeking

to quash the approvals that gave Emera the go-ahead to buy-out GB Power’s minority Bahamian shareholders via their Judicial Review.

They are alleging that the Bahamas Investment Authority (BIA) and Central Bank approvals are “ultra vires, irrational and procedurally unfair”.

The company, which holds $300,000 worth of shares in ICD Utilities, the holding vehicle for 50 per cent of GB Power’s equity, is also seeking court Orders to block the Government from approving the buyout without first consulting Bahamian shareholders and other “stakeholders”, such as the Grand Bahama Port Authority (GBPA).

It is arguing that since the BIA is not created by law it has “no authority over the personal shares owned

by Bahamian citizens”, and thus has “no power” to

approve Emera’s purchase

of SeSaChe’s shares.

NOTICE

NOTICE is hereby given that DEVANO ASHTON HENDFIELD of Sea Grape, Eight Mile Rock, Grand Bahama, 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 12th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

www.ub.edu.bs

CAREER OPPORTUNITIES Suitably qualified persons are invited to apply for the following positions:Administrative Assistant I responsible for assisting the Director and Assistant Director of Alumni Affairs with the overall day-to-day management of the office as well as matters arising from the UB Alumni Association. Specific duties and responsibilities include attending meetings with the Director and Assistant Director of Alumni Affairs; keeping notes of discussions held and decisions taken in such meetings for distribution to relevant persons; undertaking research and/or follow-up activities and providing administrative support related to special projects as directed. The required qualifications are a Bachelor’s Degree or the equivalent with no work experience, OR an Associate Degree in a relevant area with ten (10) years of work experience.

Administrative Assistant II responsible for providing administrative support for the operational efficiency and productivity of the Office of University Relations, particularly in project management, maintaining various schedules and production timelines and document management. Specific duties and responsibilities include greeting and directing visitors; maintaining records of projects, tasks and timelines; responding to general telephone, e-mail and in-person questions and messages and directing them appropriately; transcribing various audio and video recordings and preparing correspondence as needed.

The required qualifications are a Bachelor’s degree in Business Administration or a related discipline, or the equivalent, AND at least four (4) years’ post-qualification work experience.

Administrative Assistant II responsible for supporting project management, scheduling, document management, office supply maintenance, preparation of meeting agendas and minutes and event and meeting planning in the Office of the Dean of Students. Specific duties and responsibilities include acting as liaison in coordinating matters with the Dean of Students and department heads concerning administrative and operational matters; designing and maintaining the record keeping and filing system; receiving and screening telephone calls and visitors for the Office of the Dean of Students; and coordinating meetings, events, interviews, appointments, conferences and/or other similar activities. The required qualifications are a Bachelor’s Degree or the equivalent, AND at least four (4) years of post-qualification work experience.

Data Entry Clerk II with responsibility for processing prospective student applications and conducting data entry and data checks. Specific duties and responsibilities include updating applicants’ records in the student information system; verifying the accuracy and completeness of data entered; sending out timely responses to applicants; creating and maintaining effective filing systems for the Data Processing Unit and providing periodic reports as required by the supervisor. The required qualifications are an Office Assistant’s Certificate OR approved equivalent AND five (5) years of relevant work experience; OR an Associate Degree in Business Administration.

Video Producer responsible for the comprehensive production of a broad range of video content which projects various aspects of University of The Bahamas to national, regional and international audiences. Specific duties and responsibilities include collaborating with University constituents including administrators, faculty and department leaders on video projects; conceptualizing, planning and executing video shoots including audio, camera operation and talent direction as needed; providing and uploading video content for various social media channels inclusive of the terms for search engine optimization; and troubleshooting in dynamic situations, and resolving technical issues as they arise. The required qualifications are a relevant baccalaureate degree in Video Production, Film Production, Television Production or a related discipline AND a minimum of five (5) years’ experience in broadcast television or a related area.

Writer, News and Publications with responsibility for developing narratives for print, digital and online media and publications. Specific duties and responsibilities include generating content ideas for University publications, collaterals, supplements, newsletters and reports; gathering leads, themes and storyline development; researching and writing for University publications, press releases and related media and public relations assignments; collaborating with internal and external constituents on special projects; and providing proofreading assistance and minor editing. The required qualifications are a Bachelor’s degree in Journalism, Media Journalism, Mass Media Arts, Communications or a related discipline, or the equivalent, AND at least five (5) years’ post-qualification work experience writing for print, broadcast or online media.

Detailed position announcements are available online at: http://www.ub.edu.bs/about-us/career-opportunities/ .

Interested applicants should submit the following to the Human Resources Department via hrapply@ub.edu.bs by Wednesday, 20th December 2017: • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Completed Employment Application Form (www.ub.edu.bs/wp-content/uploads/2017/01/Application-for-Employment-Staff.pdf)

• Current Curriculum Vitae or Resume; • Copies of Qualifications and Certificates; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date; • Copy of N.I.B. Card; • At least three (3) written, professional references.

PAGE 6, Tuesday, December 19, 2017

THE TRIBUNE

Govt’s mixed message danger on labour laws

PUBLIC AUCTION

FROM PAGE 1

HOUSE FOR SALE

branch of government apparently looking for opportunities to appropriately expand our economy through initiatives like the Commercial Enterprises Bill, having recognised the need to allow businesses and foreign investors to bring in expertise to allow and ensure their investments are successful.

“They also recognise from a Bahamian business perspective that we also need to utilise that expertise in our business,” Mr Maura continued. “In the next breath, you have a different branch of government speaking about increasing the cost of local labour, which doesn’t make sense.”

Dion Foulkes, minister of labour, told Tribune Business in late November that the Department of Labour was preparing proposed changes to the Employment Act that include an increase in the notice period for redundancies.

“There are several amendments to the Employment Act we intend to propose. One of

Single family dwelling house located at Number 49 Oxford Street, South Beach, New Providence.

The house has nine (9) rooms; Four (4) bedrooms, Two (2) full bathrooms, a kitchen, dining room, living room and a family room.

The Auction will be held on Friday the 19th day of January, A.D. 2018 at 12:00 p.m. Place: Bank Lane in front of the main Supreme Court Building.

The winning bidder must present half of the purchase price at the time of winning the auction. The balance is to be paid within twenty-one (21) days.

MANGRA & CO.

NOTICE

the biggest issues from the unions’ point of view was to increase the notice period for employees upon being made redundant and that is something the Tripartite Council is actively considering,” the Minister said then.

The Minnis administration has also pledged to remove the redundancy cap of 12 years for workers’ compensation.

“In this term in office we pledge to move the redundancy cap of 12 years for workers’ compensation, and institute a new cap after consultation with the Tripartite Council,” Mr Foulkes previously said.

At present, line staff remain entitled to a maximum of 24 weeks or six months’ redundancy pay, gaining two weeks for each year they have been employed up to the 12-year ‘cap’.

Managers remain at a maximum of 48 weeks, or one month for every year worked up to 12 years.

Many in the private sector believe the timing is all wrong for the Government to be talking about further reforms, especially given the amount of effort expended in holding off the former

NOTICE

NOTICE is hereby given that DIENIE JEAN-LOUIS of Golden Gates #2, P.O. Box N-9426, Nassau, 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 19th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that CLAIRE HEUREUSE JEANLOUIS of Golden Gates #2, P.O. Box N-9426, Nassau, 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 19th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

PUBLIC NOTICE

NOTICE is hereby given that ALCY BELIAS of Soldier 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 12th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, Katie Miller, of Johnson Alley off Wulff Road, Nassau, New Providence, The Bahamas, intend to change my name to Katie McPhee. 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.

MARKET REPORT MONDAY, 18 DECEMBER 2017

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

BISX ALL SHARE INDEX: CLOSE 2,059.58 | CHG -2.02 | %CHG -0.10 | YTD 121.37 | YTD% 6.26 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.77 0.16 5.60 8.70 6.30 5.30 12.00 2.59 1.56 6.01 10.55 11.00 4.50 7.25 12.51 11.00

52WK LOW 4.22 17.43 8.19 3.32 0.95 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 5.82 8.78 5.67 3.35 6.61 12.01 10.00

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE

E J K L M N

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

52WK LOW 100.00 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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

SYMBOL FBB18 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 2.10 4.12 1.98 176.30 149.66 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 4.30 17.43 9.09 3.68 0.95 0.16 3.70 8.60 6.10 4.90 9.00 2.45 1.52 6.00 10.55 6.00 4.48 7.01 12.51 10.00

CLOSE 4.27 17.43 9.09 3.34 0.95 0.16 3.70 8.60 6.10 4.90 9.00 2.53 1.50 6.00 10.45 6.00 4.48 7.01 12.51 10.00

CHANGE -0.03 0.00 0.00 -0.34 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.08 -0.02 0.00 -0.10 0.00 0.00 0.00 0.00 0.00

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

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

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.48 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.04 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

109.52 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 7,400 22,146 2,400 4,110 50,000 2,000 14,994

VOLUME

NAV 2.10 4.12 1.98 176.30 149.66 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 9.6 18.7 N/M 6.2 N/M N/M -2.5 14.1 10.5 25.0 14.3 24.8 3.8 4.9 14.3 12.4 14.5 -10.5 23.0 0.0

YIELD 1.87% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.49% 3.61% 2.45% 6.33% 2.37% 3.33% 4.83% 4.78% 0.00% 2.68% 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 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

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%

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

YTD% 12 MTH% 3.64% 4.40% 5.32% 5.91% 1.94% 2.46% 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 31-Oct-2017 31-Oct-2017 27-Oct-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

Christie administration’s worker-friendly labour law reforms just prior to the May 10 general election.

With the Bahamian economy in need of urgent revival, the focus on increasing workforce costs and bureaucracy is seemingly incompatible with the Minnis administration’s pro-growth focus and could undermine a still-fragile private sector confidence.

Echoing this, Mr Maura told Tribune Business: “The Chamber does, however, wish to share its concern with recent comments from the Department of Labour regarding their intention to review the Employment Act with the purpose of increasing the cost of business.

“The Chamber wishes to remind the Government that our relatively high labour costs and poor productivity today make It very difficult to compete.

Any effort to increase the labour cost to business will likely be viewed by S&P during their next visit as a contradiction to the Government’s economic growth objectives.”

He added: “While we applaud the Department of Labour’s efforts to address

the productivity issue within the Bahamas, and the fact they have engaged the International Labour Organisation (ILO) as part of that process, our reality is that our productivity levels are extremely low in comparison to other jurisdictions.

“Then you take into consideration that the cost of labour in the Bahamas is relatively high compared to other jurisdictions. When we consider that 60 per cent of GDP comes from tourism, to place additional pressure in tourism and other businesses is unacceptable.

“We should be looking at ways to make it easier for businesses to hire more staff, but as they put all these terms and conditions on labour contracts, it makes it harder to do so,” Mr Maura continued.

“Why would a business want to expand its operations when it’s uncertain from a cost perspective about the labour environment it will be faced with in the future. It’s not that we have substantially addressed the productivity issue in the country. Let’s address productivity, then talk about cost.”

NO TOURISTS MAKES JUNKANOO CARNIVAL A ‘WEALTH RECYCLER’ FROM PAGE 1 Over-the-hill, not at Wendy’s or Mcdonald’s.

All it is is a displacement of money within the economy. The economy grows by way of new injection or new monies coming into the economy.”

Michael Pintard, minister of youth, Sports and culture, recently said that while Bahamas Junkanoo Carnival will not take place in the same format it has

over the past three years, it will be held in 2018. An audit of the prior years is now underway.

The inaugural event in 2015 was said to have cost $12.9 million. The Bahamas National Festival Commission (BNFC) reported that the 2016 carnival cost $9.8 million, of which $8.1 million was subsidised by the Government. This year’s Carnival report has yet to be released, but Paul Major, outgoing BNFC chairman, said $4 million was spent on the 2017 version.

NOTICE

NOTICE is hereby given that James Faustin of Hope Town, 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 19th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, WALLES EMILE of Faith Gardens, P.O. Box SB50401 intend to change my name to WALLACE ISAIAH PATEK PHILIPPE. 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.

NOTICE

NOTICE is hereby given that ANNAE CRYSTAL NEELY of #176 Morgan Lane, Freeport, Grand Bahama, 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 12th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000 GATESHEAD ASSET MANAGEMENT LTD. In Voluntary Liquidation

NOTICE is hereby given that in accordance with Section 138(4) of The International Business Companies Act, 2000, GATESHEAD ASSET MANAGEMENT LTD. is in dissolution.

The date of commencement of the dissolution was the 18th day of December A.D., 2017.

Mr. Michael C. Miller, P.O. Box EE-17971, Nassau, Bahamas is the liquidator of GATESHEAD ASSET MANAGEMENT LTD. Michael C. Miller Liquidator

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