12272018 BUSINESS

business@tribunemedia.net

THURSDAY, DECEMBER 27, 2018

$4.55

$4.56

$4.30

$4.30

damages warning Judge clears way $42m to hotel condo owners for $2.8bn revival

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Supreme Court has cleared the way for the former Ginn project’s $2.8bn revival, and creation of up to 1,400 full-time Bahamian jobs, by declaring Old Bahama Bay’s lease “null and void”.

Justice Keith Thompson, in an interim order signed on Christmas Eve, found that the six-and-ahalf year-old lease of the Grand Bahama resort to its condominium owners had “expired” and was “of no further effect”.

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

•DECLARES OLD BAHAMA BAY LEASE ‘NULL, VOID’ •CONDO OWNERS TOLD GIVE ‘POSSESSION FORTHWITH’ •WON’T GIVE AWAY ‘BOOK OF BUSINESS’ FOR NOTHING He then ordered that the 73 condo owners and their company, Island Ventures Resort & Club (IVRC), give “vacant possession” of Old Bahama Bay “forthwith” to Lubert

Cruise line: Fish Fry ‘crime concern’ area

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A MAJOR cruise line yesterday “blindsided” a Cabinet minister by warning its passengers that the Arawak Cay Fish Fry was a “particular area of concern” for crime.

Dionisio D’Aguilar, pictured, minister of tourism and aviation, told Tribune Business that The Bahamas probably needs to create “a working group forum” to address the cruise industry’s crime concerns after a Royal Caribbean captain warned his passengers “that

Nassau has been experiencing an increase in crime”.

Captain Srecko Ban, in a letter to Anthem of the Seas passengers that was dated yesterday, wrote: “We feel it is important to make our guests aware that Nassau has been experiencing an increase in crime.

SEE PAGE 6

Port bidder pledges 1,050 full-time jobs

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A NASSAU cruise port bidder yesterday pledged it will create 1,050 full-time jobs through Bahamian business spin-offs and a proposal that is 60 percent local owned.

Cruise Ports International (CPI), the Bahamian investor group formerly known as Cultural Village (Bahamas), says its $130m Prince George Wharf overhaul will be majority Bahamian-owned despite its alliance with four of the major cruise lines.

GERALD STRACHAN The Cruise Lines Group, featuring Carnival, RoyalCaribbean, Norwegian Cruise Line (NCL) and Disney, will have minority equity ownership, according to a statement, which said the alliance would focus on

SEE PAGE 7

Adler, the US real estate financier whose investment funds own the resort and 280 acres of West End real estate.

Justice Thompson also adjourned, or stayed, all other proceedings related to IVRC’s battle with Lubert Adler, although he moved to address the condo owners’ key concern by directing that the US financier find a temporary operator/manager for Old Bahama Bay. The order, which has been obtained by Tribune Business, said it was “declared that the lease dated June 1,

SEE PAGE 2

OLD Bahama Bay’s condo owners could be exposed to a $42m-plus damages claim for alleged “tortuous interference” with the resort’s sale as part of the former Ginn project’s $2.8bn revival.

Amy Wilde, an executive with Lubert Adler, the Grand Bahama resort’s owner, said its attorneys had advised that the condo owners’ company, Island Ventures Resort & Club (IVRC), would be liable for the “inevitable financial losses” should Skyline Investments pull out of the deal to acquire the property.

Ms Wilde, in a December

20, 2018, affidavit filed with the Supreme Court, alleged that despite IVRC accepting Lubert Adler’s termination of its Old Bahama Bay lease as valid, it was refusing to vacate and deliver the free and clear possession that was needed to facilitate the resort’s sale to Toronto-based Skyline.

The Old Bahama Bay sale is part of Skyline Investments’ wider $42m deal to revive the former Ginn project, which received a significant boost on Christmas Eve after Supreme Court justice, Keith Thompson, signed an interim order declaring that IVRC’s lease was “null, void and of no effect” (see other article on Page 1B).

Ms Wilde, alleging that IVRC’s legal action was

designed to block the sale, claimed: “The first defendant [Lubert Adler] has been advised by its lawyers that the plaintiff [IVRC] has interfered or is interfering with a third party contract, namely the sale of the property, to the extent it has a cause of action against it and can recover damages.

“The plaintiff is now, and has been well aware, of the impending sale of the property and is now and has - acted in defiance of that fact, and has taken active measures to try and prevent the sale including going even so far as to issue this writ against” the Lubert Adler-owned corporate vehicle that holds Old

SEE PAGE 3

THE TRIBUNE

Thursday, December 27, 2018, PAGE 7

PORT BIDDER PLEDGES 1,050 FULL-TIME JOBS FROM PAGE ONE infrastructure improvements to the port and partnering with Bahamian businesses offering new attractions/tours to passengers.

In what some observers will likely interpret as a shot across the bows of the rival Global Ports Holding offer, Cruise Ports International said it will “not build any elements on Prince George Dock” that would compete directly with downtown and other local businesses - a likely reference to its competitor’s plan to build a harbourfront park and entertainment amphitheatre.

While it provided no economic impact assessment to back-up its assertion, Cruise Ports International said the growth in tours generated by more passengers leaving their ships when in port would generate 1,050 full-time jobs among the Bahamian businesses involved.

It added that RoyalFidelity Merchant Bank & Trust would facilitate the sale of shares to Bahamian investors if its bid was successful, although it was unclear if this would take local ownership to 60 percent or be in addition to it.

Gerald Strachan, the exFamily Guardian president who is now Cruise Ports International’s president, revealed that ITM Group, operator of Mexico’s Costa Maya cruise port, would operate Prince George Wharf for the group with a promise to “Bahamianise” the management “as rapidly as possible”.

Explaining the decision to partner with the cruise lines, Mr Strachan said: “There was no way for us to know what new piers are needed, what passenger experiences need to be addressed, and the likely rate of growth of the cruise business without talking to the cruise lines.

“In talking to them, we discovered that we complemented each other and that a partnership would be quite natural. Our big strength at CPI is that we will bring Bahamian history, heritage and culture to the forefront of all our offerings, and will get more Bahamian people directly involved in benefiting

DEC 24 DEC 25 - 26 DEC 27 - 28 DEC 29

from the cruise business.

“And the big strength of the cruise lines is their knowledge of how to construct ports to ensure the best logistics for the movement and enjoyment of the destination by their passengers.”

Mr Strachan said ITM Group had been selected as port operator because of its Caribbean experience and track record in “making Costa Maya one of the highest grossing ports in the” region.

It is also aiming to hire Moffatt & Nichol, a maritime planning and engineering company specialising in cruise destination infrastructure and terminal facilities, which will work with Jason Lorandos, winner of the new Central Bank design, as the Bahamian architect.

“What we have done is built a partnership where all parties involved offer invaluable insight in steering our proposed design,” said Mr Strachan. “There is no attempt for the new port to intrude into the economy beyond its proper function.

“So you will see that we are not going to build any elements on Prince George Dock

that would compete directly with businesses beyond the dock. And there is no attempt to propose improvements to areas of the port which fall outside the parameters of the Government’s request for proposals.

“Any company getting a 25-year concession from the Government should not be allowed to trap cruise passenger spending on the dock.

We see our role as that of facilitating the movement of passengers in and out of the dock to enjoy experiences in the wider community, and to assist in the guidance and development of those experiences.”

CPI said it will also establish a Cruise Port National Development Fund, which would contribute a minimum of $1m annually to initiatives in education, healthcare, environmental sustainability and small business development.

“We are making sure that our port will be both majority owned and majority managed

by Bahamians,” added Mr Strachan. “Four members of the seven-member Board of the operating company, including the chairman, will

LEGAL NOTICE International Business Companies Act (No. 45 of 2000)

Congonhas Investment Fund Ltd. (the “Company”) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), Congonhas Investment Fund Ltd. (the “Company”) is in Dissolution. The date of commencement of the Dissolution is the 21st December, 2018. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 21st January, 2019.

Luciane Ribeiro Moreno Liquidator

close at 1 p.m. closed

normal hours

9 a.m. - 3 p.m.

DEC 31

close at 1 p.m.

JAN 1

closed

Our offices will resume normal operating hours on January 2, 2019

be named by CPI. “Our partners also understand that we must act in our country’s best interest. So for this reason, ITM has already pledged to Bahamianise their local management team after the fashion of Nassau Airport Development and as rapidly as possible.”

Mr Strachan added: “Up to now, very few visitors and very few Bahamians are aware of the historical significance of places such as Olive’s Guest House, the Rinehart Hotel, Wesley Methodist Church and Meeting Street to such luminaries of Dr Martin Luther King, Nelson Mandela and James Weldon Johnson or, indeed, that the first overseas foray of the nascent United States navy was to the very Port of Nassau. We want these visitors to be able to experience our history,” said Mr Strachan added.

“Research has shown that with the high frequency of repeat cruise passengers to Nassau, many visitors require the introduction of new experiences over and above those available on their previous visits.”

To advertise in The Tribune, contact 502-2394 LEGAL NOTICE International Business Companies Act (No. 45 of 2000) Cachi Investment Fund Ltd. (the “Company”) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), Cachi Investment Fund Ltd. (the “Company”) is in Dissolution.

The date of commencement of the Dissolution is the 21st day of December, 2018. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 05th day of January, 2019.

Luciane Ribeiro Moreno Liquidator

PAGE 2, Thursday, December 27, 2018

Retailers: Christmas sales matched 2017

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BUSINESS this Christmas was “steady” and comparable to last year’s holiday shopping period, several local retailers have confirmed.

Charmaine Daley, manager at the John’s Shoes and Accessories store on Carmichael Road, told Tribune Business: “Things really started to pick up on Saturday. We saw that last-minute rush. Sales, I would say, have been maintained. I would say that business has been fairly steady this Christmas.”

Tara Morley, director of Coles of Nassau and Morley for Men, said: “Most people I have spoken with had a big Saturday. I’m not sure how it’s been since then for everyone else, but we were also busy on Sunday and Monday.”

Ms Morley, who also serves as co-chair of The Bahamas Retail Federation (BF) and a Chamber of Commerce director, recently

said the waiver of 20 percent duty for clothing and shoe retailers had been “extremely positive”, but added that “word isn’t getting out fast enough” concerning the concession.

One local electronics retailer told Tribune Business: “We saw a pretty good pick up in customer traffic heading into the weekend.

We haven’t really looked at the numbers yet, but I think we did OK. Again, without really looking at the numbers, if I were to take a guess, I would say that overall business was comparable to last year.”

Collette McKenzie, manager of the Charlotte Street store for leather goods retailer, Brass and Leather, told Tribune Business: “Due to the 4.5 percent increase in VAT this year business was the same as last year during the last three shopping days.”

Many Bahamian retailers generate a significant portion of their annual sales revenue during the busy Christmas shopping period.

THE TRIBUNE

JUDGE CLEARS WAY FOR $2.8BN REVIVAL FROM PAGE ONE 2012, and made between Lubert Adler and IVRC... has expired and is null, void and of no further effect”.

Besides ordering that Lubert Adler “be given vacant possession of the leased premises forthwith”, Justice Thompson also directed that the US financier “use its best reasonable endeavours to enter into a transitional license or other short-term arrangement for the management of the leased premises with either IVRC or other service providers as may be commercially practicable”.

The “bigger picture” effect of Justice Thompson’s order is that it seemingly paves the way for Toronto-based Skyline Investments to move ahead with the acquisitions that are key to fulfilling its ambition of pulling off a $2.8bn, ten-year revival of the former Ginn project.

IVRC’s resistance, and initiation of Supreme Court action, had threatened to block Lubert Adler’s sale of Old Bahama Bay to Skyline, thereby thwarting a key component in the Canadian

developer’s plan.

It will not close a $42m deal for the entire former Ginn project unless, and until, it can obtain free and clear title to Old Bahama Bay and all its resort assets - something that Justice Thompson’s interim order now appears to provide.

This outcome is also understood to have been much desired by the Minnis administration, as IVRC’s court challenge was threatening to delay, and potentially even derail, a major foreign direct investment (FDI) project that the Government was relying on heavily to turn around Grand Bahama’s economy.

Justice Thompson’s ruling, though, does not completely ignore IVRC’s needs. The requirement that Lubert Adler find a temporary manager/operator for Old Bahama Bay until the sale to Skyline is completed tackles the condo owners’ desire for the resort, and its amenities, to remain open as normal through any transition period.

IVRC, in legal documents that accompanied its Supreme Court action, had alleged that uncertainty over

Lubert Adler and Skyline’s plans was jeopardising the 1,500 room night and 945 marina dock slip leases it had already booked for 2019 in its capacity as Old Bahama Bay’s leasehold operator.

The condo owners’ company had claimed that it was also acting to preserve the resort’s 103 Bahamian jobs by maintaining the “status quo”, and ensuring the property stayed open, throughout the sales process.

However, a source familiar with Lubert Adler’s position, speaking on condition of anonymity, told Tribune Business that the US-based financier was always going to hire an operator for Old Bahama Bay’s marina and other resort assets until the sale to Skyline is completed.

“They’re not going to leave people hanging,” the source said. “People show up to that marina in bad weather all the time. They have to put something in place for them.”

Yet different interpretations of what Justice Thompson’s interim order means were already emerging on Christmas Eve barely hours after his signature had dried.

John MacDonald, IVRC’s president, told Tribune Business that based on conversations with the condo owners’ attorneys, Lennox Paton, and his own research, the term “vacant possession” only means handing everything over “in good working order” once the sale to Skyline Investments closes.

Lubert Adler, though, is understood to be interpreting the interim order - and especially the word “forthwith” - as meaning that IVRC must vacate immediately, and completely hand over Old Bahama Bay and all its assets to it.

The IVRC president also hinted that the condo owners may seek compensation for “the book of business”, in terms of room and marina reservations, they have built up for 2019. He accused Lubert Adler of expecting to simply walk in and take this over for nothing.

“Vacant possession doesn’t mean that you leave,” Mr MacDonald told Tribune Business. “From what I understand, our lawyers said vacant

possession means that when you turn it over it’s in good working condition. From what I understand, we’re going to continue operating until such time” as there is a sale.

He added that Justice Thompson had been urging both sides, IVRC and Lubert Adler, to “work together” with no real changes to the current situation occurring until they went back before the Supreme Court on January 25.

“We’re trying to keep it civil and keep employees employed through the holiday, and they’re [Lubert Adler] saying: ‘Get out of the property’,” Mr MacDonald added. “The judge is not saying: ‘Get out’. He’s saying: ‘Work things out.’

“The status quo is us operating and keeping our employees... If there’s no closing today, why make us fire the employees over the holiday? It’s spiteful or not nice. Never did they send and e-mail telling us to stop taking reservations for 2019.

We have correspondence showing otherwise.”

However, an October 15, 2018, letter to IVRC’s attorneys from Scott & Co, Lubert Adler’s Bahamian legal representatives, demands that the condo owners “cease now” the taking of reservations for 2019 as they had been given no permission by the US financier to do so.

Yet Mr MacDonald hinted that IVRC may well seek financial compensation for the “quite a few reservations” taken for 2019. “There’s a book of business, and they think we’re going to hand it over and all the business there,” he told Tribune Business.

“We’ve spent hundreds of thousands of dollars in marketing and repairs to get it [Old Bahama Bay] back to normal, and they expect it to be theirs, which makes no common sense to anybody.

“If we had not taken it on when they were going to close it down in 2011, this property would be in such disrepair that they would probably not have a buyer.

We’ve restored it over two hurricanes. If it was not for us, there would be nothing there but our condos.

NOTICE GREY MIST ADVISORS SA (Liquidation)

To advertise in The Tribune, contact 502-2394

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 21st day of December, 2018. The Liquidator is Kim Thompson of Nassau Bahamas.

Kim Thompson (Liquidator)

KPMG Holiday Hours In observance of the holiday season, please note our office hours: Thursday, December 27, 2018

Normal Business Hours

Friday, December 28, 2018

Normal Business Hours

Monday, December 31, 2018

CLOSED

Tuesday, January 1, 2019

CLOSED

Wednesday, January 2, 2019

Normal Business Hours

Have a Happy New Year! © 2018 KPMG, a Bahamas partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved

THE TRIBUNE

Thursday, December 27, 2018, PAGE 3

CRUISE PORT WINNER CHOSEN IN EARLY ‘19

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Government will likely select a preferred bidder for Nassau’s cruise port within the first two months of 2019, a Cabinet minister has confirmed, with tomorrow’s deadline proving unrealistic.

Dionisio D’Aguilar, pictured, minister of tourism and aviation, said: “The RFP (Request for Proposal) gave us 21 days following the December 7 deadline to select a preferred bidder.

That meant that by December 28 we would be in a position to make a decision.

“That is clearly not

$42M DAMAGES WARNING TO HOTEL CONDO OWNERS FROM PAGE ONE Bahama Bay. Besides Lubert Adler’s potential loss of the $20m purchase price from Skyline from an “aborted sale” of Old Bahama Bay, Ms Wilde said the US-based financier could also be liable for the $22m that Resorts Holdings Bahamas would miss out on should the Toronto-based developer withdraw from that element of its plans.

Resorts Holdings Bahamas is the Credit Suisse-led consortium of lenders which currently owns the 1,476 acres that formed the former Ginn project’s real estate component. Skyline needs to acquire this, plus Old Bahama Bay and the other 280 acres held by Lubert Adler, to fulfill its ambition of bringing that project back to life over a ten-year period and create 1,400 Bahamian jobs.

Ms Wilde, though, alleged that the true motive for IVRC’s actions was its fear that Lubert Adler’s repossession of Old Bahama Bay, and subsequent sale to Skyline, would bring to an end its ability to use revenues generated by the 72-slip marina and other resort amenities to finance the condo owners’ home ownership costs.

John MacDonald, IVRC’s president, had previously claimed that the lease termination and subsequent sale will be “unjust and inequitable” since it will essentially “give away for free” the business built up by the condo owners over the past six-and-a-half years of their resort lease.

Describing this as “misinformation”, Ms Wilde alleged that his claims “perhaps shed light on the plaintiff’s motivation. They have not been asked to give up a profitable business.

“The plaintiff’s shareholders are condominium owners,” she continued.

happening. That date as been pushed back. The proposals have to be circulated.

What we found, for instance, was that a lot of people were on vacation.”

The three bids were submitted to the Government on December 7, and “They have grown accustomed to using [Old Bahama Bay’s] assets to offset or finance their cost of second home ownership.”

One source familiar with Lubert Adler’s position, speaking on condition of anonymity, told Tribune Business: “They [the condo owners] were using the marina revenues, perhaps the most viable part of the operation, to subsidise their home ownership and pay common area expenses. They had a gravy train going on and don’t want to give that up.”

Ms Wilde accused IVRC of “believing it can ignore the lawful terms of a lease and, indeed, its lawful termination simply because it feels it is entitled to”. Lennox Paton, IVRC’s attorneys, in an October 1, 2018, letter to Lubert Adler appeared to accept that the lease had been lawfully terminated at the second time of asking, and that December 6, 2018, was the date to vacate.

Meanwhile, much of Ms Wilde’s affidavit was spent rebutting previous assertions

by Mr MacDonald in an affidavit which she branded as “replete with inaccuracies, errors and misstatements”.

In particular, she claimed that IVRC had provided no evidence to support its alleged $500,000 expenditure on Old Bahama Bay marina repairs, and the $1.6m allocated to Hurricane Matthew rebuilding.

opened on December 11.

Providence Advisors (representing Nassau Port Partners); Cruise Ports International, an alliance between a Bahamian consortium and four major cruise lines; and Global Ports Holding, the world’s largest cruise port operator, are the three contenders.

“We have decided to circulate the proposals to those that would be evaluating them, and to come back in the beginning of the year to begin in earnest the review. Then it will be taken to Cabinet, and we hope to have that sorted out within the first two months of next year,”

Mr D’Aguilar reiterated.

“If we decide to pick any of them - because we reserve the right to throw all of them out - we will probably know that in the first two months of next year. We note all the noise in the marketplace, but there is a complete radio silence from this government. Until the process is complete we have no comment on any of the proposals. We will let the process take it’s course and, when we have something to report, we will say so.”

According to the RFP, the Government is “interested in the redevelopment and privatisation of the operation of the cruise port

Ms Wilde alleged that IVRC’s official financial reports provided to Lubert Adler showed just $325,061 of “capital repairs” over the two years to end-2017, while claiming that the condo owners were given $100,000 in “rent relief” to help finance such work.

She also contested IVRC’s Old Bahama Bay workforce figures, alleging it had told Lubert Adler some 41 employees were engaged as at June 2017 and that it

may be including contractor staff to inflate this figure.

“Lubert Adler did carry out significant work that directly of indirectly benefited the resort property,” Ms Wilde claimed. Pegging this investment at a total $11.324m, she said it included $6m to upgrade power supply poles to West End; $2.651m on “back of house” and laundry facilities; and $1.206m to expand Grand Bahama Utility Company’s water supply.

NOTICE SEPTRICHE HOLDING LTD. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, SEPTRICHE HOLDING LTD. is in Dissolution as of December 21st, 2018.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

NOTICE Notice is hereby given that Geranie Pierre of #83 Sunset Subdivision, 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 signed statement of the facts within twentyeight days from the 27th December, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

terminal at Prince George Wharf” with the physical real estate to remain in its ownership much like the Nassau Airport Development Company (NAD) model for Lynden Pindling International Airport (LPIA).

“Currently the port of Nassau receives over 3.5m annual guests from a variety of cruise companies,” the RFP said. “The Government has determined that it is beneficial to attract an experienced entity to invest and operate this important

asset to bring needed capital investment to grow the port of Nassau with anticipated business.

“As part of the response to this RFP, bidders should present a comprehensive vision for the port of Nassau, its essential role within downtown Nassau, together with a proposed business plan and financial analysis (to be finalised by relevant bidder after selection) and indicating evidence of funding for a project of such importance.

PAGE 6, Thursday, December 27, 2018

THE TRIBUNE

Cruise line: Fish Fry ‘crime concern’ area

NOTICE Notice is hereby given that Delano Boots Fenelus of Lazaretto Rd. Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 27th December, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

FROM PAGE ONE Non-violent crimes, such as theft of personal items, are the most common types of crimes being committed.”

The Royal Caribbean captain’s letter, which was published on a well-known cruise industry website, conceded that “thousands of visitors routinely travel to Nassau without incident” before offering personal safety tips.

These included leaving “valuables and

irreplaceable items” in the cabin safe; avoiding expensive jewellery and flashing cash; and taking only the cash and credit cards that are required.

However, Captain Ban then added: “We recommend guests not venture too far from tourist areas and consider participating in an organised tour.

Particular areas of concern include the Sand Trap, the Fish Fry and other areas of Nassau referred to as ‘Over-the-Hill’ by locals, which should be avoided after sunset.”

The Royal Caribbean letter appears to mirror, and regurgitate, the concerns outlined in the US State Department’s January 2018 travel advisory on The Bahamas, which also urged American visitors to stay clear of the Arawak Cay Fish Fry - a major hub where tourists can experience Bahamian culture and cuisine.

That warning provoked a major outcry from Arawak Cay vendors and the Association that represents them, which branded it unjustified and a major threat to their business livelihoods because it represented a potential deterrent to visiting tourists.

The Royal Caribbean letter is likely to spark similar push back, since it potentially costs vendors thousands of dollars in cruise line spending, with the episode illustrating the continued negative impact that the US advisory is having.

The timing of the Anthem of the Seas letter could also not be worse from the perspective of downtown Nassau retailers, restaurants and others who rely on the cruise industry for a living, as it coincides with the key after-Christmas shopping period. It also highlights why many passengers may decline to leave their vessel when it is docked in Nassau.

The warning’s issuance also comes with Royal

MARKET REPORT THURSDAY, 20 DECEMBER 2018

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

BISX ALL SHARE INDEX: CLOSE 2,076.94 | CHG 48.05 | %CHG 2.37 | YTD 13.37 | YTD% 0.65 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.90 1.48 0.56 3.92 10.20 6.60 4.92 12.50 2.74 1.78 8.21 6.30 13.20 6.98 4.49 13.50

52WK LOW 3.50 19.17 4.90 3.32 0.90 0.18 2.10 8.70 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 5.85 3.25 12.51

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

SYMBOL LAST CLOSE AML 4.44 APD 17.43 BPF 7.00 BWL 4.90 BOB 1.35 BBL 0.56 CAB 2.30 CIB 9.30 CHL 6.16 CBL 4.25 CBB 11.25 CWCB 2.31 DHS 1.78 EMAB 7.94 FAM 6.30 FBB 12.85 FIN 6.98 FCL 3.62 JSJ 13.01 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

MUTUAL FUNDS 52WK HI 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

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

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.44 17.43 7.00 4.90 1.46 0.56 2.29 10.20 6.16 4.25 11.25 2.30 1.78 7.91 6.30 12.85 6.98 3.62 13.01

CHANGE 0.00 0.00 0.00 0.00 0.11 0.00 -0.01 0.90 0.00 0.00 0.00 -0.01 0.00 -0.03 0.00 0.00 0.00 0.00 0.00

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

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

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME

4,000 3,200 1,000 65 300

VOLUME

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

DIV$ 0.100 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600

P/E 20.7 18.7 N/M 15.5 N/M N/M -3.9 14.6 14.0 27.6 17.9 22.5 8.5 N/M 9.4 18.3 12.1 13.1 20.6

YIELD 2.25% 7.23% 0.00% 4.90% 0.00% 3.57% 0.00% 6.96% 3.57% 2.82% 5.51% 2.61% 3.37% 1.06% 4.44% 3.89% 2.15% 3.59% 4.61%

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

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

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

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

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

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

YTD% 12 MTH% 3.23% 4.04% 1.03% 1.38% 1.92% 2.39% 2.08% 3.47% 3.35% 5.94% 3.67% 4.43% 0.73% 0.96% 2.88% 3.53% -0.53% 0.27% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-Oct-2018 31-Oct-2018 26-Oct-2018 30-Sep-2018 30-Sep-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

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

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

Caribbean being one of four cruise lines involved in the bidding to take over management/operations at Nassau’s cruise port, the industry-grouping having partnered with Cruise Ports International - the Bahamian group formerly known as Cultural Village (Bahamas), headed by exFamily Guardian president Gerald Strachan.

Mr D’Aguilar, when contacted by Tribune Business yesterday, said that while he “obviously disagrees” with Royal Caribbean’s warning about the Arawak Cay Fish Fry the rest of the letter’s contents were “not particularly troubling”.

Suggesting that it largely amounted to the sort of “safety tips” issued to visitors to any world city, the Minister nevertheless expressed displeasure about not previously being informed about the cruise line’s advisory and questioned whether Captain Ban had ever visited the Fish Fry or knew where it was located.

“I don’t like to be blindsided by these reports and letters,” Mr D’Aguilar said.

“I’m sure he [Captain Ban] has never been to the Fish Fry and does not know where it is, but he is opining on the face of it, which is why it is important that the Ministry of Tourism create a forum to address these concerns, and some of these myths that have grown up over the years and become embedded in their DNA. “I haven’t heard about any complaints, I’ve not heard of any issues with the Fish Fry. I hate to be blindsided by these reports that are not brought to our attention. The captain of this boat says the Fish Fry is unsafe. I don’t know what he apparently knows.”

Mr D’Aguilar said his ministry was constantly speaking to senior cruise industry executives, adding that the concerns raised in the Royal Caribbean letter had “never been once mentioned” in conversation with them.

But, as a result of the Anthem of the Seas letter, he added that the Ministry of Tourism may now have to examine how it can reach out to cruise ship directors, pursers and captains given that they were responsible for putting out advisories to thousands of The Bahamas’ visitors.

“It’s very difficult to meet with people on the front line of these cruise companies,” Mr D’Aguilar told Tribune Business. “It’s the captain, the cruise director

who we need to convince that Nassau is safe.

“The senior executives say all the right things to us, but the reality on the ground is the front line people are not preaching from the same hymn sheet.

We need to reach out to those people on the front line telling passengers these concerns “There are 10,000 passengers that come to Nassau on any given day, and I’m sure 9,999 of them don’t have a problem,” Mr D’Aguilar continued. “But, of course, we focus on the one.

“I don’t know of any major or significant crime happening to a cruise passenger in quite some time.

I don’t know about petty crime, but in my humble opinion Nassau is as safe as any other city, and the cruise companies are putting out this generic warning for Nassau as cover in the odd chance it does happen.”

The minister said Nassau was “as safe as any American city” for visitors, and suggested The Bahamas would have to assemble a working group to address the cruise industry’s concerns in much the same way it dealt with the US Embassy’s fears on the same topic.

He acknowledged, though, that The Bahamas could help itself by having a greater police presence on the ground in downtown Nassau and other tourist areas to provide greater reassurance to visitors and Bahamians alike.

“If I had to give some constructive criticism, I would say provide a greater police presence on the ground in the city of Nassau,” Mr D’Aguilar said. “There’s room to put boots on the ground to give people sufficient comfort that they feel safe.

“I don’t know if there’s resources available, but we’ve been asking for a presence for some time persons on Prince George Wharf, Junkanoo Beach, downtown. The crime is so miniscule that police think: ‘What’s the point?’, but it’s a small price to pay based on the number of cruise passengers that come to our country every day.”

While admitting that this point was controversial, Mr D’Aguilar said constant media coverage of murder and mayhem away from the tourist areas, and which was not impacting visitors, was also threatening to undermine perceptions of The Bahamas.

NOTICE This is to inform the

GENERAL PUBLIC

that the private roadways and parking areas situated in the Harbour Bay Shopping Centre between East Bay Street and Shirley Street will be closed on Tuesday the 1st of January, 2019 in order to preserve the right of ownership thereof.

The Owners

NOTICE BLUE TIDES INVEST SA (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 19st day of December, 2018. The Liquidator is Kim Thompson of Nassau Bahamas.

Kim Thompson (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