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MONDAY, DECEMBER 23, 2019
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‘Left in cold’ over election eve PPP By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
HE Christie administration signed-off on its $17.415m Post Office deal just one day before the May 2017 general election after the developer repeatedly warned it against “leaving me out in the cold”. Scott Godet, who agreed the public-private partnership (PPP) for the Independence Drive Shopping Plaza site, told Tribune Business he was not responsible for the timing as he
• First Post Office developer defends deal • Works Minister: ‘They tried to buy election’ • Deal promised 20% ‘cost overruns’ cut
defended the project against recent government attacks in the House of Assembly. He pointed out that the initial Memorandum of Understanding (MoU) for the Post Office PPP, which was signed by both himself and the government in early December 2016, and construction work at the project SCOTT GODET
Customs delays hit auto dealers
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMIAN auto dealers have incurred extra charges and delays in delivering vehicle imports to customers due to difficulties in adapting to Customs’ new electronic clearance system. Fred Albury, the Bahamas Motor Dealers Association’s (BMDA) president, told Tribune Business that the Arawak Port Development Company (APD) should have shown more understanding when it came to imposing
storage fees on vehicles sitting on its dock for five days or more given the known problems in adjusting to the Electronic Single Window (ESW). He confirmed that the auto industry had encountered delays in obtaining the necessary paperwork to move imported units into, and out of, the “bonded” facility created to improve the sector’s cash flow since Customs’ online portal was implemented on October 1. Revealing that the situation had improved “in the
SEE PAGE 6
Approval controversy over Briland project By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net HARBOUR Island’s chief councillor last night confirmed no written site plan approval has been granted to a controversial marina project despite the council voting unanimously in its favour. Terrance Davis told Tribune Business that the Harbour Island District Council’s six members had all voted in favour of granting site plan approval for the
multi-million dollar Briland Residences and Marina project on Friday, December 6. That vote took place one day after a Town Hall meeting to discuss the plans by developer Michael Wiener, and his 4M Harbour Island Ltd, but the approval todate remains verbal only and nothing has been committed to paper - something the project needs to resume, move forward and obtain other necessary permits. “I can confirm that no one
SEE PAGE 7
DESMOND BANNISTER
SEE PAGE 4
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Confidence in BPL ‘will not be rebuilt overnight’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CONSUMER confidence in Bahamas Power & Light (BPL) will not be rebuilt overnight, the private sector warned yesterday, even though its “no more load shedding” pledge could be the best Christmas gift. Jeffrey Beckles, the Chamber of Commerce’s chief executive, told Tribune Business that faith in the state-owned utility’s promises remains in short supply despite the addition of 132 megawatts (MW) in new generation capacity following a summer during which “consumers took it on the chin”. While applauding BPL for “a step in the right direction” through the Wartsila-supplied turbines’ installation, Mr Beckles said businesses
JEFFREY BECKLES and homeowners “can only hope” that the pledge by the utility’s chairman, Dr Donovan Moxey, holds true. While the seeming generation improvement has coincided perfectly with the Christmas shopping season, and start of the peak tourism season, Mr Beckles said Bahamians would have “a little bit better appetite” over the extra debt servicing charge set to be added to their light bills if they could
SEE PAGE 5
PAGE 2, Monday, December 23, 2019
Cyber attack forces airline to cancel flights in Alaska ANCHORAGE Associated Press RAVNAIR cancelled at least a half-dozen flights in Alaska on Saturday — at the peak of holiday travel — following what the company described as “a malicious cyber attack” on its computer network. The cancellations affected around 260 passengers, according to company spokeswoman Debbie Reinwand. The regional carrier cancelled all flights involving its Dash 8 aircraft until noon “because the cyber attack forced us to disconnect our Dash 8 maintenance system and its back-up,” the company said in a written statement. The airline serves more than 100 communities in Alaska, many of which are not accessible by road. The company is working with the FBI, other authorities and a cyber security company to restore systems. RavnAir Alaska later announced that it will operate a normal afternoon schedule on its Dash-8 flights.
THE TRIBUNE
Retailers give mixed Xmas sales outlook By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN retailers are reporting a mixed Christmas sales outlook as the holiday shopping rush moves towards its climax within the next 48 hours. Jack Moree, general manager of the Sandy’s department store chain, said things are “not very good. All around, things are not good. VAT is killing people, the weather is killing them. I can’t tell you how much we’re down, and I won’t know that until after the season, but I’m not at all pleased. “I attribute some of this to Dorian and people are broke. Then, of course, Friday was pay day for government. I don’t know what’s going to happen when they get paid, but that might have helped a little bit over the weekend. I just hope we get no more rain like we did on Thursday. The only thing that came out on Thursday
was the frogs.” Voicing optimism for retail prospects this week, Mr Moree said: “I’m hoping that things pick up by Christmas Eve. I can’t tell you right now, but I’m just hoping. It helps when government (workers) get paid to see what they’re going to do. “But you know what’s another killer? The government doesn’t help us by increasing the Customs duty exemption from $300 to $500 twice a year, so everybody now shops in Florida. They didn’t make it easier for us; they made it tougher for us because everybody just goes and shops in Florida instead of putting it here. That doesn’t help the local merchants at all. “I think that $300 is fair, or one $500 shot for the whole year, that’s it. But they gave $1,000. You get that $500 twice. We have to bring it in. We can’t see the goods until we pay the duty, so they get their money up front from us and we have to try and sell it. So it makes it very difficult for us, and
then they turn around and Bahamasair goes and gives a month’s low airline fare plus car and all sorts of things. That doesn’t help us at all. And we have to bring the goods in here, and I have got to project to get them in, and when that comes I don’t see them until they are paid. So it doesn’t make it easier for all of us, not just me.” Mr Moree added that the 12 percent VAT rate “kills the whole ballgame” for Bahamian retailers by dampening consumer spending and disposable incomes, while the prospect of further Bahamas Power & Light (BPL) cost rises via its upcoming $650m debt refinancing means it is “not an easy game for us”. The Sandy’s chief said he was unaware of how like-for-like Christmas sales compared to 2018, and added: “I don’t know because I haven’t been checking it to see. We don’t check it until afterwards and see when we get the tallies, but I can’t tell you right now, looking at the people in the stores - I can only judge by that - it’s not good. “But it is what it is. We are still struggling along. We still have the best stuff in town and the cheapest stuff, so what else can I do? I just had a wonderful 50 percent sale before Christmas; I don’t put junk on sale, and we don’t sell junk.
“We were trying to get some stuff out, and that is going to kill our sales a bit as well, because people bought a lot of stuff then for Christmas. My goods are already here for Christmas - I don’t wait. I haven’t been in this business for 51 years for nothing.” However, Edward Robinson, owner of men’s apparel store, Bonneville Bones, said the Christmas shopping season was “not too bad”. “It’s been a little bit slower than usual up to this point. I expect the next few days should be quite busy,” he added. “I expect things to pick up. People are just cash-strapped. The cost of living has increased, salaries haven’t gone up, so there is less money to go around and then you have, as usual, a lot people still shopping abroad - whether they travel or shop online - so all of that impacts the local economy. But we expect Christmas Eve to be the busiest day of our year.” Christmas represents the key sales season for the vast majority of retailers in The Bahamas, as well as globally, generating a significant percentage of annual top-line revenues and profits that helps to carry a company through the rest of the year. Keva Gottlieb, the Harbour Bay store manager for sporting goods and
accessories retailer, The SportsCentre, told Tribune Business that Christmas to-date was going “surprisingly well. We had anticipated there would be a decrease in sales, but that hasn’t been the case. Maybe people need a reprieve from what’s been going on in the year, but the Sports Centre has been doing very well”. She said “tennis shoes and, surprisingly, equipment, workout equipment” was among the best sellers. “I know a lot of New Year’s resolutions have been going on,” Ms Gottlieb added, “As I said, it happens at the end of the year, but we anticipated this year would not be as good as the previous years considering what has been happening with Dorian and all else. “I can’t say exactly how much percentage points we are up over last year, I would have to speak to someone in the accounts department. But I know that we are up.” A major downtown jewellery retailer, speaking on condition of anonymity, told Tribune Business: “Things are going good actually. We were a bit concerned because Christmas falls during the middle of the week, and whenever that happens business is normally a little different. So far, it has been very steady, with good sales and I hope it gets a little better as the week goes on.” When asked how this year compared to 2018, they said: “I think it was the same, maybe even a little better. We were concerned obviously with everything happening in the country and everything going on. I would say that maybe the price point of what people are spending is lower. “People are buying more smaller things than that one bigger thing, and keeping things more in perspective in that regard, but other than that it’s very well. It seems that it is a smaller price point, but people are still buying. It is still a smaller dollar amount than they would normally do.” A second major downtown jewellery retailer, also speaking on condition of anonymity, said of Christmas: “It’s not particularly outstanding.” They attributed this to “a combination of things. We have the hurricane, the VAT and the pending increase on electricity. People’s wages don’t go up, so the gap between the cost of living and what you have to spend is widening. “With the economy not that strong, and people giving to the hurricane relief, it is a combination of things, and probably with the increases in VAT taxes as well. This is only what I observed, and I have talked to everyone else and all the other jewellery stores on the street, and everyone else is of the same mindset.”
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THE TRIBUNE
Monday, December 23, 2019, PAGE 3
NO ‘TALKING BAD’ ON GB POWER’S WORK
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
THE Grand Bahama Chamber of Commerce’s president said he will “not talk bad” about the island’s energy supplier despite its recent admonition from the deputy prime minister. Gregory LaRoda, responding after K Peter Turnquest urged the Grand Bahama Power Company (GBPC) to do more in fulfilling its responsibilities, and to move faster in reelectrifying the island’s east end post-Dorian, said: “It is his constituency and he has to ‘make noise’, and I don’t want to contradict him, but let me say this: No matter what we do there is room to do more and faster. “Now, on the extreme east end of the island, the power company has made it clear that they are not going to spend all the money, because almost all of the poles are down between Free Town and the extreme east of the island, which is like a 20-mile stretch, and it is going to cost a substantial investment to put that back. “So, what the GBPC has asked the government to do - at least this is what the chief executive has told me - they have asked the government to give them an idea on which areas of the extreme east they are looking to focus on to repopulate people back in, and what they would do is look at alternative energy up there. They will look at maybe solar generation to supply power to those areas.” Mr LaRoda added: “So I am hoping Mr Turnquest is OK with that position, and I think what he is probably more concerned about is the ‘east end proper’ of the island around the area of the Casuarina bridge; that area where there are some homes that are ready to be energised I guess. “But the power company is waiting for more of them in a particular cluster to
be ready to receive power before they focus full force on those areas. I think that’s the part he is concerned about, and that’s the part that he feels they can do better and in those areas I think there is room for some improvement. “But I wouldn’t go out on a limb and talk bad about the power company in terms of them being slow to do that, because if we had all the utilities responding on the island like the power company did after all of the major hurricanes we had we would be in a much better shape than we are now,” the chamber chief continued. “They did do a good job. But I think it was with that initial push where they had all that help in from Florida to get everyone up and running that has now, for the most part, been scaled back and gone because it is not necessary any more. So things are not happening as fast as it was immediately after the hurricane. I think that is what Mr Turnquest is still upset with and worried about.” Mr LaRoda said Grand Bahama is ending the year on a positive with the reopening of Grand Bahama International Airport and resumption of international flights. “We had the airport opening for flights between Miami and Fort Lauderdale direct from Freeport,” he said. “Bahamasair is flying regular flights along with Silver Airways, and Sunwing Airlines brought in a flight last week from Canada, so we are slowly getting back up and running on that. But we don’t have too much control on when the other airlines will start. “It would have been good if we could have had gotten some positive news on the Grand Lucayan before the end of the year. But this week is Christmas week, and I don’t expect much to happen during this week. But hopefully early in January, I would like to see us having an announcement on
that saying that at least the government has an agreement with them (Royal Caribbean Cruise Lines and ITM Group) in terms of the sale of that property, so we can start seeing some development around that. That would be good for jobs.” Mr Laroda continued: “We did have an announcement with another store that actually opened back up, and is back up and running, Perfume de Paris, so that is good news again, especially during the holiday season. We are looking forward to more things like that.
When asked about the health of Christmas shopping, Mr LaRoda said: “I haven’t been just recently in the main shopping area to look at it in detail, but I know building material is still crowded, especially now that you have the total island basically VAT free and duty free, folks are taking advantage of that. “So the building supplies stores on some materials can’t keep up with the demand, that’s like the Kelly’s (True Value Freeport Ltd), the Dolly Madison’s, Gold Rock, those types of
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people. So that part of shopping is pretty good. As a matter of fact, Kelly’s just opened their household items section of their store, a third of it. “They completed repairs and stocked it out so you can get housewares and you can
get toys. I was just there and there was quite a few people in there. So that side of it is up and running, so that’s good and they are still systematically bring their whole store back up and running. So that’s real good news as well.”
PAGE 4, Monday, December 23, 2019
THE TRIBUNE
‘Left in cold’ over election eve PPP FROM PAGE ONE site both began well in advance of the general election date. With the government having already paid commitment fees around the 2016 year-end, and time of the essence given the Post Office’s crumbling East Hill Street headquarters and associated health issues, Mr Godet said finalising the full PPP agreement was vital to protecting both his and the government’s interests. “We started the work, and the government paid the commitment to the project,” he recalled. “They
part-paid in December 2016, and part in January, and we started. We waited on the government to produce those documents; they took forever to get it together. “We insisted it had to be signed before the election. It was signed because I insisted: ‘You can’t leave me out in the cold like this’. I had to push and push for months. The pushing finally happened. It happened on May 9. “That’s not when they gave us our mandate, or when work started. That was just to protect the interests of the government who had already paid their commitment, and to protect me who had already demolished my
shopping centre,” Mr Godet explained. “The actual agreement was made well in advance [of the May 10 general election], the work started well in advance of the election. We did our part. The intent of the government, the intent of everybody, the reason for the deposit and the reason for the MoU, all that stuff was done well in advance.” Mr Godet spoke out after Desmond Bannister, minister of works, used the recent House of Assembly debate on the “no confidence” motion against the prime minister to single out his Post Office PPP as an example of a multi-million dollar
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deal that was signed one day before the 2017 general election Mr Bannister yesterday accused the Christie administration of trying “to buy an election” through doling out “tens and tens of millions of dollars” in contracts and jobs just 24 hours before it was voted out of office. “There were tens of millions of dollars of contracts signed the day before the election,” he charged. “There was this one (for the Post Office), one in Grand Bahama for the administrative building (in Eight Mile Rock), the roads in Andros. There were a number of them for millions and millions of dollars. “We’ve honoured all those contracts. It required us to make commitments that we may not have necessarily thought were in the best interests of the Bahamian people.” While the $25m Eight Mile Rock office complex PPP was ultimately given the go-ahead by the current administration, Mr Godet has been forced to seek damages from the government for alleged “breach of contract” via the Supreme Court. When this was pointed out to Mr Bannister, he replied: “The Post Office challenge is one where they were building without a building permit. They were actually moving ahead on that project without a building permit. The building control officer had to go in there after a number of warnings to stop them. “That Post Office had drawn protests from the Garden Hills community, and created problems with traffic. There were a litany of problems it created. It’s going to be litigated, I guess, and we’ll see what happens.” Mr Godet previously told Tribune Business he believed some of the complaints stemmed from the inability of Garden Hills residents to use the former Independence Drive Shopping Plaza site as a short-cut after the shopping centre was demolished and it became a construction site. He added, though, that some modifications were made to the plans following a Town Hall meeting with residents. Mr Bannister, meanwhile, slammed the Christie administration for tying the current government’s plans by signing multiple million dollar deals on the election’s eve. “It was a huge concern, particularly because they had
promised not to engage in that type of activity, and then you have tens and tens of millions of dollars in contracts the day before the election,” he blasted. “You have to think the worst about people who do that in terms of intending to purchase an election.” The works minister added that the incoming administration was forced to adjust its policy priorities, and election commitments made to the Bahamian people, to accommodate some of these projects. The timing of the Post Office PPP’s signing, and other agreements signed on May 9, 2017, raises fundamental questions as to whether an outgoing administration should seek to bind its successor’s hands or leave such decisions for the latter to take. Others word argue that government is continuous, and that contracts legally binding and enforceable should be honoured. This is the crux of the legal complaint filed by Mr Godet and his attorneys, McKinney, Turner & Company, in March 2018 seeking damages for breach of “a binding and enforceable contract” that was completed for the nowabandoned PPP. Their writ of summons, obtained by Tribune Business, confirms that the final PPP was signed on May 9, 2017, following completion of an earlier MoU in December 2016. Mr Godet’s fears about being “left out in the cold” appear to have been realised, and his situation - and those of others locked in similar contractual disputes with the government - have several implications. The biggest losers from such situations, apart from Mr Godet, who has been left with a multi-million dollar exposure and expense he cannot easily recover, given that the demolished Independence Drive Shopping Plaza site cannot be easily repurposed, are the Bahamian public and taxpayers who potentially face the payout of major damages and expenses to these investors if they prove their cases. Projects deemed to be in the public interest are also subject to delays and cost overruns, and there is also a potential loss of confidence in doing business with the government among the private sector - especially close to a general election - which now has to factor political risk into any contract it secured with the government. A copy of the Post Office PPP deal, which has been obtained by Tribune Business, reveals that a government breach would entitle Mr Godet and his LaGrange Investments project vehicle to “a sum equal” to the unpaid balance of their costs; 120 percent of the cost of all “change orders” to the project’s construction that have been demanded by the government; all the expenses required to restore the former shipping centre to its previous boundaries and condition; and any redundancy and termination payments due to employees and sub-contractors”. Other documents seen by this newspaper show that the government was to enter into a seven year “lease-to-own” deal, whereby it would rent the new Post Office from Mr Godet and LaGrange with the lease payments sufficient to satisfy the developer’s costs and earn a profit. The accompanying figures
called for a $17.415m investment, inclusive of $4.275m to acquire the Independence Drive Shopping Plaza site, with redevelopment costs pegged at $13.14m. More than half of this, some $7.185m, was dedicated to construction materials and labour, with the developer’s profit at “redevelopment cost plus 18 percent” pegged at just over $2m. Mobilisation costs were estimated at $3.483m, or 20 percent of the total $17.415m value, with a total build-out of eight months and interest costs on the CIBC FirstCaribbean financing at eight percent. Capital Construction Company, according to the documents, was hired as the general contractor, with multiple Bahamian professionals engaged as architects, engineers, quantity surveyors and specialist sub-contractors. Mr Godet and LaGrange, outlining the scope of works in a February 2017 document, suggested that the Post Office PPP would likely reduce the government’s typical cost overruns and delays on a project of this nature by 20 percent. With the developer responsible for maintaining the Post Office’s condition throughout the lease’s duration, the document said: “In general, the government has historically been challenged with maintaining its various buildings to a standard that is acceptable to the general public. “As a result, some buildings have deteriorated to a state of disrepair to the point that a large number of buildings have been deemed uninhabitable. By implementing the General Post Office relocation PPP, the Post Office Department can better leverage its limited resources by having a company design, build and finance a new facility without major investment from government funding.’ “The successful implementation of this project is expected to reduce the government’s cost overruns and schedule delays by 20 percent.” The opposition and its supporters will likely view revelations about the timing of the first Post Office PPP, and Mr Bannister’s comments, as an attempt to distract from the Minnis administration’s handling of the facility’s relocation - which first involved the former Phil’s Food Services building on Gladstone Road, before it ultimately moved to the Town Centre Mall and formed a centrepiece of the “no confidence” motion. Referring to the agreement with Mr Godet, Glenys Hanna Martin, former minister of transport, who had ministerial responsibility for the Post Office under the Christie administration, said in response to comments by her successor, Renward Wells: “What he did not tell you is that his administration stopped a far-advanced public/private project by a respected developer for a signature Post Office House, a technically custom-designed building with support facilities for postal workers including a day care centre and cafeteria. “A building to be owned by the Bahamian people. He did not mention that, had they not stopped this project, postal workers would have been in reformed surroundings in 2017. He omitted to advise that their actions in stopping this project have now led to litigation in the Supreme Court.”
THE TRIBUNE
Monday, December 23, 2019, PAGE 5
Confidence in BPL ‘will not be rebuilt overnight’ FROM PAGE ONE see it will ultimately result in cheaper, more reliable energy. Pointing out that Bahamians had “paid more before and got the mess we have seen”, the chamber chief urged BPL’s board and executive management to set out “a very definitive plan” in simple terms that explains to the public why the imminent $650m bond refinance will result in improvements to their quality of life and finances. “Quite frankly, all we can do is hope,” Mr Beckles said of Dr Moxey’s promise. “It’s one thing to forecast an end to this load shedding, but we can only hope they’ve taken a step in the right direction to mitigate that. “We’re going on the promise and commitment from BPL that this is a step in the right direction to mitigate these blackout challenges. Let’s be frank. Confidence in BPL is not going to come back overnight. We commend them, but as consumers we’ve taken it on the chin for a long time. It’s not going to come back with this one step in the right direction. “We encourage them and celebrate them, but want to see them take the next step, and the next step, and the next step. We’re very hopeful. We had a challenging summer, and this [the new generation] has come at the peal of the retail and commercial season,” Mr Beckles continued. “We can only hope this
holds, and that as we get into the peak of the holiday, tourism and hotel season this holds true. We’re going to support them. We’re only consumers and can hope for the best.” BPL has frequently touted that the more efficient Wartsila engines, besides improving generation reliability, will also reduce energy costs for New Providence consumers by their greater efficiency and reduction in the amount of fuel required to generate the necessary electricity. They also run off cheaper heavy fuel oil (HFO), and will reduce reliance on BPL’s more expensive diesel units. However, many observers will likely view Dr Moxey as having taken a great chance with his promise. While the new engines may indeed help to reduce, or end, load shedding, which is caused when energy demand exceeds the capacity of BPL’s power plants to meet it, their addition does nothing to address the weaknesses in the transmission and distribution system that have been blamed for the most recent outages. Desmond Bannister, minister of works, recently said some $222m of the $650m National Utility Investment Bond proceeds will be used to finance long-needed upgrades to BPL’s transmission and distribution system. The need to service this new debt, BPL recently said, will add $27 to the “average household” bill for ten months in 2020 until the savings produced by the new Wartsila engines offset
this extra cost. No mention has yet been made of what the “average business” may be facing in terms of an increase, and Mr Beckles said yesterday: “One the surface there may not be an issue with raising capital, but no consumer wants to pay more unless there’s a very definitive plan that’s reasonable to see where this money goes. We’ve raised money before. “As a whole, most Bahamians resent having to pay more as business or general consumers. This is rooted in the fact that we have paid more before and got the mess we have seen. It is hoped that BPL can lay out a clear plan, with regular updates and precise plans, to train the staff and maintain the equipment. “This way consumers will have an appreciation for the increase now knowing that it will lead to more reliable generation, consistency and lower prices... Once executive management is able to lay out a clear, sustainable solution for energy production and transmission at a very reasonable rate, consumers and businesses will have a little bit more appetite for why we’re going down this route.” The chamber, meanwhile, in a statement yesterday said reliable, consistent power supply was a critical element in maximising Christmas sales and wider economic growth. “The business community is hopeful that as we are now in the peak of our retail sales year, that this new installation will ensure some level of consistency in power delivery so we can effectively yield this shopping season,” it said. “Further, as we approach the 2019-2020 tourism season, retailers and service providers hope to be more
confident in their planning. Safe, consistent and affordable power supply is critical to our economic success. Describing the launch of Clifton Pier’s new Station A power plant and its 130 MW as “an impressive accomplishment”, the Chamber added: “After a very challenging 2019, the business community is pleased to see BPL take this necessary step but remains cautiously optimistic as many wait to see how Station A will perform in the coming weeks and months and, ultimately, how this new installation will mitigate the issues that plagued the business community this past summer. “More importantly, we wait to see how this stateof-the-art installation will contribute to the overall reduction in the cost of energy in New Providence. We are all aware that the cost of energy and its consistent delivery has had a negative impact on
the ease of doing business here in The Bahamas, and it would be great to see the costs trending downward sooner rather than later. With New Providence being the economic hub for the country, it is critical that this remains a priority for BPL and the country.” Urging BPL to further reduce reliance on fossil fuels, given that The Bahamas is aiming to produce 30 percent of its energy mix from renewable sources by 2030, the Chamber added that it was “encouraged
to lean that the team from Wartsila has been retained to oversee the day-to-day operations of the new facility, provide the hands on training for our Bahamian staff while ensuring that the maintenance of the new plant is of paramount importance. “This is critical in order not to repeat the issues of the past, and as we prepare for the next hurricane season which is only a few short months away. And so is peak demand for the summer of 2020.”
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COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT EQUITY SIDE
2014 CLE/QUI/
BETWEEN ALL THAT piece parcel or lot of land containing TwentyEight Thousand Nine Hundred and One (28,901) Square Feet Westwards of Telda Close approximately Three Hundred and Eighty-Six (386) feet Northwards of Cow Pen Road and approximately One Thousand Five Hundred and Fifty (1550) feet Westwards of East Street in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas AND IN THE MATTER of the Quieting of Titles Act, 1959 AND IN THE MATTER of the Petition of CEDRIC E. CURRY, JR.
NOTICE 1. The Petition of CEDRIC E. CURRY of the Southern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas in respect of ALL THAT piece parcel or lot of land containing Twenty-Eight Thousand Nine Hundred and One (28,901) square feet situate Westwards of Teleda Close approximately Three Hundred and Eighty-Six (386) feet Northwards of Cow Pen Road in the Southern District of the Island of New Providence aforesaid and bounded on SOUTHEASTWARDLY thence SOUTHWARDLY by land now or formerly the property of Neville Dorsette and together running thereon One Hundred and Fifteen and TwentySeven Hundredths (115.27) feet SOUTHWESTWARDLY by land now or formerly the property of Neville Dorsette and running thereon Two Hundred and Sixty and Forty- three Hundredths (260.43) feet NORTHWESTWARDLY by land now or formerly the property of Stoney Battery and running thereon One Hundred (100) feet NORTHEASTWARDLY thence EASTWARDLY thence NORTHEASTWARDLY by land the property of Your Petitioner and together running thereon Two Hundred and Ninety-Seven and Nine Hundredths (297.09) feet which said piece parcel or lot of land is shown on the plan attached hereto and is thereon coloured Pink. The Petitioner, Cedric E. Curry, claims to be the owner in of the fee simple estate in possession of the said land and has applied to the Supreme Court of the Bahamas under the Quieting Titles Act, 1959, Chapter 393 of the Statue of Laws in the above action to have his title to the said land investigated and declared. Copies of the said plan may be inspected during normal working hours at the Registry of the Supreme Court, Bank Lane, N. P., and at the Chambers of Braynen Symonette & Co., Suite A3, Amelia House, #23 Mt. Royal Avenue (Hawkins Hill) North, Nassau, The Bahamas. NOTICE IS HEREBY GIVEN that any person having dower or right to dower or any adverse claim not recognized in the Petition shall before the 25th day of September A.D., 2014 file in the said Registry of the Supreme Court and serve on the Petitioner or the above Braynen Symonette & Co., a statement of such claim. Failure of any such to file and serve a statement of such claim by the above time will operate as a bar to such claim. Dated this 11th day of December, A.D., 2019 BRAYNEN SYMONETTE & CO. Attorneys for the Petitioner
PAGE 6, Monday, December 23, 2019
THE TRIBUNE
Customs delays hit auto dealers FROM PAGE ONE
last couple of days”, Mr Albury praised Customs for “going the call , Eleuthera seeking qualified Restaurant Manager to join beyond our Food & of The Cove is Resort & a Spa, Eleuthera is seeking a duty” in working with the essful candidate should have the following minimum requirements: qualified Restaurant Manager to join our Food & auto industry to resolve the once alerted to Beverage Team. The successful candidate should problems them. four-year College or university; or equivalent related work related experience have the following minimum requirements: Describing it as “a learnod & beverage management experience and Sommelier ing preferred. Prefer 3+ curve for all parties”, the BMDA Must chief have explained skills and hotel/resort food and beverage operations experience. that the delays related lls, Bachelor’s excellent degree written and four-year verbal communication skills and able perform from College or universitobe the farto more detailed information onteam incomasks with ease. Computer required. Strong ty; or equivalent related workskills related experience and/ guest service and ing vehicle shipments Must maintain current food handler’s certification. or training. Prior food & beverage management expe- that is now required to rience and Sommelier preferred. Prefer 3+ years’ prior “populate” Customs’ Clicksupervisory skills and hotel/resort food and beverage 2Clear system. As an example, whereas ested applicants can forward their Resume and Cover Letter to: operations experience. Must have strong organiza- “10 Hyundais” would have tional skills, excellent written and verbal commu- been a sufficient entry the previous system, Human.Resources@thecoveeleuthera.com nication skills and be able to perform and prioritize under Mr Albury said a “proper vanessa.taylor@thecoveeleuthera.com multiple tasks with ease. Computer skills required. description” includStrong guest service and team member relations skills. ing model type and year; colour; and vehicle identiMust maintain current food handler’s certification. fication number (VIN) is now necessary. His Auto Mall business, All interested applicants can forward their Reand rival dealerships, have
sume and Cover Letter to:
Human.Resources@thecoveeleuthera.com vanessa.taylor@thecoveeleuthera.com
To advertise in The Tribune, contact 502-2394
thus had to return “bills of lading” to their vehicle suppliers for this data to be entered so that imports can be cleared much more rapidly once the shipping manifest is presented to Bahamas Customs. “That’s been the big issue; being able to meet delivery to customers in a timely manner,” Mr Albury told Tribune Business. “That was addressed this week with some special consideration being given until we resolve all the matters. “I think it’s more of a learning curve for all the stakeholders, not just Customs but the brokers and consumers as well. That’s what it boils down to. Customs has been very open to listening to us and realising the issues that are there. “It does get frustrating, especially at this time of year. My personal experience is that once things were highlighted Customs went beyond the call of duty to help us run our business in a smooth manner... The comptroller acted promptly and was prepared to accommodate the swift execution of documents to allow movement off the dock. That was resolved.” The delays in processing paperwork have kept auto dealers’ vehicle imports on APD’s dock beyond the five-day period allowed before the port operator starts levying storage fees. This has also impeded the industry’s efforts to move inventory into, and out of, so-called “bonded” status, which defers the payment of VAT and excise tax until a particular vehicle is sold to improve dealership cash flows.
As a result, the sector and its consumers have incurred increased costs and delays. “I think there should have been consideration by the Arawak Port to allow a longer period for goods sitting on the dock, so they did not have to incur storage charges out there,” Mr Albury argued. “The system requires, from my understanding, that when the goods come in a proper description is put in. Not ten Hyundai vehicles, but ten Hyundai Tucson 2020 units, with the VIN and colour there. What was happening, particularly with the delays, is the shipping agents were having to come back to us to populate the data on the Customs site. “I think it’s been the lack of information going into the system to populate the system, and taking the goods back out... When the system came in, the first shipment on our side went reasonably smoothly but it did then start to back up and documents were not being processed in a timely manner.” The BMDA chief argued that there should have been “better communication” between Customs, shipping agents, brokers and the private sector when Click2Clear was first introduced over what information was required to ensure “manifests go in smoothly and vehicles come out smoothly”. “It’s had an impact out there,” he added. “For example, to get the current data in the system for vehicles in the pipeline, I had to send back to my suppliers the bill of lading to be
amended to put the proper data in, so that when the manifest is presented to Customs it is correct. “The old saying: Garbage in, garbage out’ is true. If you get the correct data in, once it gets presented there will be a smoother flow of information for the timely removal of vehicles. I’ve seen some improvement in the last couple of days. The communications have got better I think all the stakeholders have come together, and there’s probably a bit more training to be done on the system. “To say I’m 100 percent pleased, no, but I’ve seen improvement and a willingness by the Customs Department to accommodate the auto merchants, so they understand where we’re coming from and we’re understanding the issues they are having. It’s not like they’re giving you a real hard time,” Mr Albury continued. “They’re trying to reach out to you once they know what is giving you challenges, which is getting the goods released to deliver to customers. They’ve made some specific provisions for that. They have some challenges in the background, which I understand may be IT-related, and brokers may not be up to scratch in how to do things. “We just have to work with them and, at the end of the day, it will be a better system for all concerned out there - all government departments and the private sector. If we can’t deliver our goods, we can’t get VAT to pay to the government. It’s a chain reaction.”
THE TRIBUNE
Approval controversy over Briland project FROM PAGE ONE has officially received any letter of approval yet,” Mr Davis said, when contacted by this newspaper, adding that he had “been advised not to speak” on many of the details relating to the Briland Residences and Marina project. However, he did confirm that the Harbour Island District Council had unanimously voted in favour of granting site plan approval, responding “your correct” when asked if this was the case by Tribune Business. “We may still have to do another meeting, and I’m not sure when that will take place,” Mr Davis added, explaining that he was referring to the Harbour Island District Council and not another public town hall meeting. He did not say why this would be necessary, or what it will discuss. His comments came after the project’s main opponents, Briland Island Responsible Development (BIRD), and fellow Briland hotelier, Ben Simmons, questioned whether any site plan approval has been granted to Mr Wiener and 4M Harbour Island Ltd despite their previous media release saying it had. BIRD, in a statement, said its attorney, Gail LockhartCharles, had been told by Mr Davis “in no uncertain terms that no approvals had been given by the District Council in relation to the 4M project” when she met him on Monday, December 16. “She asked for written confirmation of this, and was told to make a formal request, which she did by letter dated 18 December, 2019. She sent a follow-up letter dated 20 December,” BIRD said, raising concerns that Bahamians were being misled over the 4M Harbour Island project’s status and that this was disrupting public consultation and the approvals process. Mrs Lockhart-Charles,
Monday, December 23, 2019, PAGE 7 in her December 18 letter, revealed that her meeting with Mr Davis took place in the presence of two officials from the Attorney General’s Office, Adelma Roach and David Higgins. She wrote that she “asked whether any approval had been issued by the Harbour Island District Council to 4M in connection with the Briland Residences and Marina project proposal. We understand that, contrary to the press statements issued by 4M, no approvals have in fact been granted by the District Council with regard to the 4M marina project”. Having asked for formal written confirmation that no approvals had been granted without success, Mrs LockhartCharles wrote another letter requesting that BIRD be given copies of all planning-related applications submitted by 4M Harbour Island Ltd; copies of any “minutes” of meetings or discussions on the applications; and all plans and supporting documents - including economic and environmental impact assessments. The December 20 letter also sought copies of the Heads of the Agreement for the project, which the Minnis administration has yet to release, and any Investments Board permits that the developer has received. “We submit that procedural fairness requires that the above documents and information be disclosed,” Mrs Lockhart-Charles wrote, “and that our clients ought to be afforded sufficient time to study the information so that they can make informed and meaningful contribution in the consultation process.” She “requested” that the Harbour Island District Council not close the consultation process. A spokesperson for Mr Wiener and 4M Harbour Island Ltd declined to comment when contacted yesterday, but sources close to the developer backed Mr Davis’s version of events - that the Harbour Island District Council had voted in favour of granting site plan approval, but no confirmation had been put in writing yet. Suggesting that BIRD and its attorney were “splitting hairs”, they added that the District Council was now awaiting “written directions from Nassau” and the
Attorney General’s Office before proceeding with the written authorisation - which would explain the presence of Mr Higgins and Ms Roach at the meeting with Mrs Lockhart-Charles. “There’s no question the
Harbour Island council approved the project,” one source said. “It was unanimously approved with a vote of six to none. It’s just getting the written confirmation.” Some Tribune Business contacts, though, suggested
the matter was being delayed in Nassau, with various reasons - such as the need for “meeting minutes”, and problems in finding the correct person to do the sign-off - being cited. BIRD, meanwhile, is
understood to be especially concerned that written approval will slip out this Christmas week given that the law gives it only 21 days to appeal a site plan approval - a timeline that runs out this Friday, December 27.
PAGE 8, Monday, December 23, 2019
THE TRIBUNE
GERMANY SAYS NEW RULE REQUIRING RECEIPTS FIGHTS TAX FRAUD BERLIN Associated Press
GERMANY’S finance minister is defending a new rule taking effect Jan 1 that will require shops to provide a receipt for every purchase, a change that critics fear will result in vast amounts of paper being wasted. The rule aims to combat the evasion of value-added taxes but some environmental activists worry they will
produce piles of unwanted receipts, printed on paper that can’t be recycled. Economy Minister Peter Altmaier, a member of Chancellor Angela Merkel’s conservative party, recently called for changes so not every tiny purchase requires a receipt. He said when he is given one, he usually leaves it — like 90% of Germans. But Finance Minister Olaf Scholz, a center-left Social Democrat who is also
vice chancellor, has stood firmly by the legislation. He argues that the receipts don’t necessarily have to be printed but could be sent as an email. “This is about sales tax fraud in the billions, every year — sales tax that the customer pays but some traders or restaurateurs don’t pass on to the state,” Scholz was quoted yesterday as telling the Funke newspaper group.
GERMAN Chancellor Angela Merkel holds a box with stamps as she arrives for the weekly cabinet meeting at the Chancellery in Berlin, Germany on Wednesday. At left is German Finance Minister Olaf Scholz. Photo: Michael Sohn/AP
The legislation requires tamper-proof cash tills, he said. “We wanted to ensure that every sale is booked,” Scholz added. “For this, there has to be a receipt - either on paper or as an email. All concerned had a very long time to get ready for the new law.” The legislation was drawn up in 2016. Opponents of the new rule probably won’t get much help from the chancellor. Asked in parliament on Wednesday when her government would scrap mandatory receipts, Merkel pointed to the effects of tax evasion and replied: “Not at all, I fear.” Germany’s standard rate of value-added tax is 19%, though a reduced rate of 7% applies to some items such as groceries.
THE TRIBUNE
Monday, December 23, 2019, PAGE 9
United pulls 737 Max until June, adding to Boeing woes
NEW YORK Associated Press UNITED Airlines says the Boeing 737 Max has been pulled from its flight schedule until June, the latest in a string of troubling news plaguing the airplane manufacturer. The developments follow Boeing’s announcement on Monday that it would halt Max production in January as it became increasingly clear that it still has many regulatory hurdles to clear. It did not say when production would resume. Also on Friday, Spirit AeroSystems, which builds fuselages for Boeing, said it will end deliveries intended for the Max as damage from the troubled plane begins to ripple outward to suppliers. Adding to the woes, Boeing’s new Starliner capsule went off course on Friday during its first test flight. It was supposed to go to the International Space Station, but will not land there as planned. Boeing and Spirit have the financial resources to manage through delays to the Max return, but smaller suppliers to both companies — who are attempting to hold onto skilled workers in a tight labour market — may not,
said Richard Aboulafia, an aircraft industry analyst at the Teal Group. If companies along the supply chain lose workers, it could slow progress when production eventually resumes. “If they’re not building, how do they get paid? And if they don’t get paid, how do they pay their workers? How do they remain in place?” Aboulafia asked. “It’s this trickle-down effect that’s most concerning, and the biggest question is, you just don’t know how deep that goes.” Airlines have already been dealing with delayed flight schedules tied to the Max, which was grounded worldwide in March after the second of two crashes of its jet, killing a combined total of 346 people. That has led to fewer available seats and higher prices. The grounding also has stopped airlines from adding routes and expanding, analysts say. United said on Friday that the airline expects to cancel thousands of flights in coming months as a result of the grounding. The company had previously planned to return the plane to its flight schedule in March. United currently has 14 Max-9 aircraft, but it was supposed to have 30 by this time. United expects to cancel about 75 flights per day this
month and 56 flights per day in January. The airline said it has been swapping aircraft and using spare planes to try to minimise disruptions. Southwest Airlines, which was counting on the Max to update its fleet, has said it will add the plane back into its schedule in April. American Airlines announced the same expectation last week. Southwest has been canceling about 175 flights each weekday and is among the hardest hit by the Max grounding. The airline had 34 Max planes when they were grounded and expected more to be delivered this year.
The Federal Aviation Administration has not said exactly when the Max would return to the skies, but it has said the certification process would not be completed by the end of this month. “The system seems to be hit with a touch of paralysis, and it’s all very strange,” Aboulafia said. Technical fixes to the Max should have taken just a couple of months, but political and regulatory pressure have contributed delays, he added. “Because of the pressure, they’ve gone over everything with a fine-tooth comb. Everything has to be
NOTICE NOTICE is hereby given that HAROLD JULMISSE of #7 Chignall Court apartment #3 Fortune Bay Freeport Grand Bahama 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 16th day of December 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
investigated and gone over and over again and again.” Spirit AeroSystems, based in Witchita, Kansas, said Friday that Boeing asked that deliveries be wound down by the end of the year. Revenue from 737 Max components account for more than half of Spirit’s total annual revenue. The company employs 13,500 people, and is the largest job
provider in Kansas’ biggest city. This week, Kansas Gov Laura Kelly said that the state may have to help pay workers at a company if the planes don’t return to the sky soon. Shares of Boeing fell 1% while Spirit AeroSystems Holdings Inc slid 0.5% Friday. United Airlines’ stock was up about 0.5% Friday.
LEGAL NOTICE
NOTICE INTERNATIONAL PHILATELIC COMPANY LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, INTERNATIONAL PHILATELIC COMPANY LTD. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 10th day of December A.D., 2019. Dated the 19th day of December, 2019 Beatus Limited Liquidator
PAGE 10, Monday, December 23, 2019
THE TRIBUNE
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
FRIDAY, 20 DECEMBER 2019
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,197.90 | CHG: 0.10 | %CHG: 0.00 | YTD: 88.45 | YTD%: 4.19 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.10 2.60 2.00 5.47 11.75 6.17 4.50 11.01 2.81 4.35 10.21 7.90 16.99 9.40 3.63 14.20
52WK LOW 3.35 20.91 4.90 4.46 1.45 0.22 2.00 9.50 5.60 3.95 6.75 2.35 1.76 8.00 6.25 12.15 6.80 3.01 13.01
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
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ
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 Fidelity Bank Class A Focol Class B
CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
PREFERENCE SHARES
1.00 10.00 1.00
1.00 10.00 1.00
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
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
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing)
LAST CLOSE 3.59 17.43 6.00 6.10 2.35 1.80 4.40 11.06 6.16 4.25 8.01 3.28 4.35 10.16 7.60 15.16 9.33 3.50 14.00
CLOSE 3.59 17.43 6.00 6.10 2.35 1.80 4.40 11.06 6.16 4.25 8.01 3.32 4.35 10.24 7.60 15.16 9.33 3.50 14.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.00 0.08 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME
VOLUME
EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631
DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 15.0 18.7 N/M 16.5 N/M N/M -10.0 15.3 13.7 23.1 57.2 32.5 9.3 15.9 10.4 18.6 9.9 17.2 22.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0
YIELD 4.74% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.82% 0.00% 13.07% 1.38% 3.20% 3.16% 3.56% 2.14% 3.43% 4.36% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75%
MATURITY 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% 3.06% 3.81% 1.91% 3.39% 2.23% 2.75% 4.99% 6.20% 7.18% -0.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 10.91% 11.57% 17.57% 18.60% 4.72% 5.08% 13.44% 13.49% 5.38% 5.44% 3.28% 3.80% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%
NAV Date 31-Oct-2019 31-Oct-2019 25-Oct-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019
MUTUAL FUNDS 52WK HI 2.27 4.32 2.08 194.86 158.57 1.65 1.82 1.74 1.21 8.31 10.26 6.91 11.76 12.32 10.74 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.58 1.69 1.66 1.09 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.27 4.32 2.08 193.72 158.42 1.65 1.82 1.74 1.19 8.29 10.16 6.91 11.76 12.32 10.72 9.92 8.68 11.38
MARKET TERMS
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
30-Mar-2019 30-Mar-2019 30-Mar-2019
NOTICE
Sunshine Foundation In Voluntary Liquidation
Notice is hereby given that in accordance with Section 52 (2) (b) of the Foundation Act. 2004, Sunshine Foundation is in dissolution as of December 19th , 2019.
LIQUIDATOR