business@tribunemedia.net
THURSDAY, DECEMBER 28, 2017
$4.39
$4.49
$4.39
Sarkis: ‘Over-valued’ CCA bids nearly cost me $169m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
S
arkis Izmirlian is claiming Baha Mar’s main contractor would have cost him $169 million in “grossly over-valued bids” had he not intervened in its procurement process. Baha Mar’s original developer, in his $2.25 billion damages claim against China Construction America (CCA) and its affiliates, alleged that the Chinese state-owned contractor
* Claims contractor ‘misused’ procurement system * To ‘improperly’ advance offers ‘far above’ market * Cites dropping of bids by $30m and $56m
SARKIS Izmirlian has accused Baha Mar’s main contractor of causing an $84 million funding “squeeze” due to its desire to eliminate the “project watchdog”. Baha Mar’s original developer, in his $2.25 billion damages claim filed
on Boxing Day, alleged that China Construction America (CCA) caused a six-month financing “cutoff” from May 2012 by deliberately “misleading”
the project’s financier about Mace International. The lawsuit against CCA and its affiliates, filed in the New York State Supreme Court, claims that
it “persuaded” the China Export-Import Bank to delay/suspend Baha Mar’s construction financing until Mace was fired as Mr Izmirlian’s ‘representative’.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Mr Izmirlian and his BML Properties vehicle are alleging that CCA was unhappy about the “heightened scrutiny” it faced from Mace, along with design changes that the contractor feared would reduce its earnings from Baha Mar. Unable to resist the “financial pressure” caused
SEE PAGE 8
SEE PAGE 5
Sarkis: $84m cut-off caused by CCA ‘lies’ * Bank resumed funding after ‘watchdog’ fired * Claims contractor pressured lender to act * Mid-2012 ‘squeeze’ preview of end failure
GB POWER BUY-OUT ‘NOT THE WAY WE’D WANT TO END’ YEAR THE uncertainty surrounding the $35 million GB Power buy-out is “not the way we want to end 2017 in the capital markets”, investment bankers have told Tribune Business. Top executives at both Royal Fidelity Capital Markets and CFAL, the country’s’ two largest brokerages, are urging the Minnis administration to clarify why it has delayed the final approvals for Emera’s buy-out of the Bahamian minority shareholders in BISX-listed ICD Utilities. While a ‘shareholders’ notice’ published yesterday said the Government was seeking to complete its review of the transaction by “no later than January 31, 2018,”, both investment houses said they continue to receive “daily calls” from ICD Utilities investors inquiring about the fate of the monies due to them. Anthony Ferguson, CFAL’s president, told Tribune Business that some shareholders would
SEE PAGE 3
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
$4.39
Bay Street ‘assured’ on new Junkanoo bleacher protocol By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
* TO TAKE EFFECT FROM NEXT YEAR * DNP EXECUTIVE PRAISES CLEAN-UP
DOWNTOWN Nassau stakeholders have been “assured a new protocol” will be put in place for Junkanoo bleacher placement starting next year, Tribune Business was told yesterday. Ed Fields, the Downtown Nassau Partnership’s (DNP) managing director, also suggested that an earlier parade start could both benefit the Junkanoo groups and ensure Bay Street was ready for normal trade and commerce to resume the following morning. Controversy surrounded this year’s Boxing Day parade after it was postponed from Christmas night to Boxing Day evening, to the dismay of many fans, after the forecast rain never materialised. “The matter was discussed with me directly prior to the parades and we gave our input,” said Mr Fields. “The streets were accessible on Wednesday earlier than they have ever been, due in part to the very early completion of the Junkanoo Parade. When I came in to town yesterday morning around 7.30am traffic was flowing, and most of the clean-up was done. “Though I do not speak for anyone else, I can say
that we should consider starting Boxing Day Junkanoo much earlier on Christmas Day. If Junkanoo were to start earlier on Christmas Day and go into Boxing Day, three laps could be easily accommodated and would result in downtown coming back on stream earlier. This is the sort of co-existence everyone seeks.” Mr Fields added: “When I left downtown on 2am on Wednesday morning, quite understandably, it was a mess. At 7:30am yesterday morning it was almost back to normal. The result clearly demonstrates that with proper management and oversight we can accomplish that which is required. “The bleacher issue is another and separate matter, and we have been assured that a new protocol will be put in place with respect to bleacher placement for the parades in 2018-2019, which will result in the Christmas spirit being restored to downtown.” Extended bleacher placement following the Junkanoo parades has been blamed in the past for causing a drop in retail and restaurant sales on Bay Street due to the reduction in walk-in traffic.
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PAGE 2, Thursday, December 28, 2017
THE TRIBUNE
Better ways for corporate giving PEOPLE often refer to Christmas as the season of giving. It is a time when
most corporate donors ‘show their shape’ and give to charitable organisations,
NOTICE This is to inform the
GENERAL PUBLIC
that the private roadways and parking areas situate in the Harbour Bay Shopping Centre between East Bay Street and Shirley Street will be closed on Monday the 1st of January, 2018 in order to preserve the right of ownership thereof.
The Owners
churches, the homeless and other non-profit entities. We trace the spirit of giving to sacred scripture, which rightfully commends that God loved the world so much that he gave his son to die for it. In this season of sharing love and resources, I believe it is important that just as Christ’s gift had meaning, and we remember the purpose of that sacrifice even today, corporate giving should be entwined with a cause that has lasting meaning for generations to come. Today’s article, then, is a call for ‘AMPED up’ giving at Christmas time for businesses of all sizes. Here is my wish list… 1. I wish more companies would give not less than one scholarship to the children of employees in their organisation. The more we encourage formal tertiary education in our community, the
better. Everyone truly wins when our society becomes a more educated and intellectually evolved one. 2. I wish more companies would adopt a park and create outdoor, fun activities for children and youth. Might I add that we are not referring to another basketball court attracting more drugpeddling hoodlums, but rather community-engaging centres that create an atmosphere for wholesome family entertainment and enjoyment. 3. I wish a company would engage in a yearlong commitment to cleaning up a neighbourhood in the vicinity of their establishment. Our visitors have been sharing with us through exit surveys for many years that, despite our natural beauty, we must have greater concern for our natural environment. Perhaps we should remind ourselves of the direct correlation between how we look and how we
act. Clean up the environment and the people will behave differently (or so the research says). 4. I wish some company would give incentives to their employees who are fully engaged in their children’s pre-school, primary school and high school education. Educators all agree that when parents and teachers support their children, success is inevitable. A ‘Support the A’s’ programme, corporatesponsored after school tutoring and other business-driven initiatives, only further reinforces the value of responsible parenting. To whom much is given, much is required. Every company with a Business License to operate in the Bahamas should make a commitment this Christmas to spread love in more meaningful ways. The random giveaways (usually tied to marketing and promotions), the gift giving of items that
IAN FERGUSON will fade before the start of the New Year, and the sponsoring through funding of the various charities and Junkanoo groups all have their place, but we must develop a better way to be the socially responsible companies our country needs us to be. Have a safe and enjoyable Christmas. • NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave. com.
WANT TO ADVERTISE TODAY? CALL 5022394
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THE TRIBUNE
SARKIS: CCA BIDS COST NEARLY $169M FROM PAGE 1
“misused” and failed to properly control the $4.2 billion development’s tendering system. Mr Izmirlian, and his family’s BML Properties vehicle, are instead claiming that CCA used the project’s Tender Event Schedule (TES) to “improperly” advance its interests by submitting bids on Baha Mar work ‘packages’ that were “far higher” than the project’s budget and market rates. “In light of CCA’s failures, Baha Mar was forced to seek its own savings in procurement,” Mr Izmirlian alleged. “Baha Mar had to intervene on certain packages as CCA’s initial recommendations or bids were grossly overvalued or proved to be uncompetitive. “If Baha Mar had not acted to protect its interests and those of BML Properties, CCA would have placed orders for works approximately $169 million over the amount it should have paid.” CCA, as Baha Mar’s main contractor, was responsible for breaking the multibillion dollar project down into work ‘packages’ that would then be awarded to sub-contractors. This meant CCA was responsible for determining the scope of each ‘work package’, pricing it, putting it out to tender, and then hiring the best bidder. Mr Izmirlian, though, alleged that the Chinese stateowned contractor sought to retain most of the work for itself so as to maximise profits. “CCA exhibited at all relevant times a lack of willingness to provide non-self perform procurement strategies or bid processes for the project,” Mr Izmirlian and BML Properties alleged. “Baha Mar was forced to insist that CCA prepare, and continue to provide, a traditional procurement process in line with any selfperform/commercial offer to ensure market value was proven. “For example, in the case of the Building Envelope, Baha Mar had to perform a bid process of the windows and sliding doors work package to safeguard the project schedule, which resulted in a saving of approximately $2 million
Thursday, December 28, 2017, PAGE 3 against the similar scope within CCA’s self-perform offer.” Mr Izmirlian alleged that CCA only reduced its bids when confronted by Baha Mar on its price, or threatened that the developer might perform the work itself. “Evidencing the failures of the bidding system, and as a result of CCA’s plan or inadvertence, CCA continuously submitted bids that were far higher than the budgets and the market,” the original Baha Mar developer alleged. “Only when challenged by Baha Mar with proven market rates or a threat that Baha Mar might actually perform the works did CCA reduce its bid. By way of example only: On the Envelope Work Package, CCA communicated a bid at $143.105 million. “When Baha Mar went out to tender on the sliding doors and arranged a ‘Value Engineering’ workshop on EIFS (exterior insulation and finishing system), CCA dropped its bid to $113 million. On Fit-Out, CCA started at over $170 million and made a ‘best and final bid’ of $122 million. Baha Mar went out to tender on the rooms and corridors, and CCA dropped its bid to $114 million.” Mr Izmirlian claimed that CCA failed to analyse sub-contractor payment claims to ensure they were “fair, reasonable” and had the necessary supporting documents, forcing the developer to incur time, effort and delay in scrutinising them. “Regarding the key duty as construction manager of controlling the bidding process to bring in the highest quality bids for the lowest responsible price, CCA was obligated to create a Tender Event Schedule (TES),” he alleged. “However, CCA’s TES was misused and unmanaged by CCA. CCA did not report to BML Properties on its mismanagement of this process, nor did CCA report on the negative consequences of its mismanagement after the project reached the critical stage when such needed to be done, namely starting in early 2012.” Describing the TES system as vital to an efficient, economic procurement process, Mr Izmirlian claimed: “Either by plan or inadvertence, CCA improperly used the TES to enhance its own interests instead of those of
Baha Mar and its investors including, BML Properties, and CCA entirely failed to report on its conduct regarding the TES and the harmful consequences of its abuse of the TES and bidding process.” He accused Baha Mar’s main contractor of seeking to “drag out” the fitting of guest rooms and corridors via a series of “uncompetitive self-perform offers”, in a bid to ensure there was “no time available to select anyone but CCA for this work”. And, when it came to the ‘vertical transportation’ tender, Mr Izmirlian claimed CCA produced a bidder list that featured the exact same companies that Baha Mar itself had sought offers from in 2007. “With respect to the bathroom pods package, CCA elected to progress with a sole bidder until BML Properties insisted that Baha Mar conduct a further interrogation of the market, which further effort produced the ultimate list of seven bidders,” the Lyford Cay resident alleged. “This eventually produced a more successful outcome than the sole bidder proposed by CCA. CCA also presented a plan to Baha Mar at the end of 2013 to build the majority of SLS hotel bathroom pods in situ - ostensibly because CCA was concerned the pod deliveries would not be complete until January or February 2014. “CCA assured Baha Mar the ‘in situ’ plan would be quicker. As of July 1, 2015, bathrooms in SLS either remained incomplete or subject to an excessive number of punch list items, meaning CCA’s plan utterly failed.” Mr Izmirlian also blasted CCA’s alleged failure to deliver Baha Mar’s back-up generator farm ‘on time’, and failure to reduce the construction cost from $25 million to $19 million - something that had to be achieved by the developer itself. “Notwithstanding CCA’s obligation to assist in ‘Value Engineering’ efforts regarding electrical supply, generators, the ATS equipment, and the building housing elements of this system, with respect to the generator farm CCA utterly failed to render any such services,” he claimed. “Consequently, in April 2012, Baha Mar, aided by others (not CCA), delivered
to CCA plans setting forth a redesign of the generator farm, achieved as a result of Value Engineering. Baha Mar and its consultants had found a way to reduce the size and scope of the building in which the equipment would be housed, retain the quality of the equipment found within, and still save over $6 million on an initial budget of over $25 million.” Mr Izmirlian also alleged that the ATS switch equipment, which triggers the generators in the event of a power outage, was installed by CCA in a room that had not been weather-proofed. “In November 2013, CCA installed ATS equipment
in an unfinished room that was not waterproof, or even sealed against weather, and wind-driven rain (common for November in the Bahamas) entered the room,” his lawsuit claimed. “That water intruded into the ATS equipment to such an extent that JBB [Baha Mar’s consultants] recommended that all six of the water-damaged ATSs be returned to the manufacturer for repair. “Even after this damage, and as of mid-December 2013, CCA still had not waterproofed the room in which the ATSs were located, and the structure continued to leak.
“These highly complex switches (which include advanced microprocessor controllers) are intended for indoor use only, and must be protected from the elements, especially water. Indeed, this event was so troubling that JBB took photographs of the water intrusion and water-soaked conditions of the ATSs and the surrounding area, and included those photos in a November 27, 2013, letter to CCA.” Mr Izmirlian also cited two occasions, on May 14, 2014, and June 25, 2014, where CCA dropped generator equipment valued at over $1 million.
PAGE 4, Thursday, December 28, 2017
THE TRIBUNE
NOTICE
NOTICE is hereby given that TONY DUROSCA of Fire Road, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given that MARIO PIERRE of Mason Addition, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE
NOTICE is hereby given that EVANS SILVENE of Miami St., Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NPDC Water Company Limited (In Voluntary Liquidation)
Registration number: 60655C At a general meeting of the above company, duly convened, and held at No. 4 Pineapple Grove, Old Fort Bay, Western Road, New Providence, The Bahamas on 8th December, 2017 the following Resolution was duly passed: ‘That the company be wound up voluntarily; that Philip Simon of Westridge Estates, New Providence, The Bahamas, be and is hereby appointed liquidator for the purpose of such winding up ‘. Dated this 8th day of December A.D., 2017 Philip Simon Liquidator
PUBLIC AUCTION HOUSE FOR SALE
LEGAL NOTICE
NOTICE
SUTOL INTERNATIONAL LTD.
Single family dwelling house located at Number 49 Oxford Street, South Beach, New Providence.
N O T I C E IS HEREBY GIVEN as follows:
The house has nine (9) rooms; Four (4) bedrooms, Two (2) full bathrooms, a kitchen, dining room, living room and a family room.
(b) The dissolution of the said company commenced on the 22nd December, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.
The Auction will be held on Friday the 19th day of January, A.D. 2018 at 12:00 p.m. Place: Bank Lane in front of the main Supreme Court Building.
Dated this 28th day of December, A. D. 2017
The winning bidder must present half of the purchase price at the time of winning the auction. The balance is to be paid within twenty-one (21) days. MANGRA & CO.
NOTICE
(a) SUTOL INTERNATIONAL LTD is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(c) The Liquidator of the said company is Octagon Management Limited of The Bahamas Financial Centre, Shirley & Charlotte Streets, P. O. Box N-3023, Nassau, Bahamas.
_________________________________ Octagon Management Limited Liquidator
DO YOU WANT TO ADVERTISE TODAY? CALL 502-2394
NOTICE is hereby given that JORRY LAURENVIL of Bluff, P.O.Box EL2765, Eleuthera, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
Thursday, December 28, 2017, PAGE 5
GB Power buy-out ‘not the way we’d want to end year FROM PAGE 1 have made commitments, including Christmas spending, in anticipation of receiving a cash payout based on the previouslyannounced early December 2017 closing. Suggesting that these ICD Utilities investors would now have “lost out”, Mr Ferguson said: “People are continuing to call and look for their funds. We receive calls on an almost daily basis from investors seeking payment. “Some people could lose on commitments they’ve made in the past. It’s very disappointing. I hope whatever approval is necessary is forthcoming as soon as possible. It’s really negative. For the capital markets, it’s not the way we want to end 2017.” Emera, prior to obtaining approval from 96 per cent of minority shareholders for the buy-out, said it had received approval for the deal from the Bahamas Investment Authority (BIA), the agency that acts as secretariat to the Government’s National Economic Council (NEC). It also obtained ‘approval in principle’ from the Central Bank, and a ‘no objection’ letter from the Securities Commission, but the Government has now opted to take ‘a second
look’ before granting Emera approval to become Grand Bahama Power Company’s 100 per cent owner. K P Turnquest, the Deputy Prime Minister, told Tribune Business previously that the Government was “concerned” that the GB Power buy-out - if approved - is contrary to its ambition of creating wealth and investment opportunities for Bahamians. “It’s fair to say we’re concerned about releasing the ownership to a foreign entity because it’s our stated intent to create opportunities for investments by Bahamians,” Mr Turnquest said. “To the extent these opportunities arise, we’d prefer to have Bahamians at least involved in the ownership on a widespread basis. Our wish is to see Bahamians involved in the ownership of a diverse portfolio of investments.” Allowing Emera to purchase 100 per cent of GB Power’s share capital is also seemingly contrary to the Free National Movement’s (FNM) 2017 election manifesto, where it promised to privatise state-owned Bahamas Power & Light (BPL) while ensuring that Bahamians retained majority ownership. Carl Bethel QC, the Attorney General,
subsequently told this newspaper that the Minnis administration wanted to be sure that approving the Emera purchase is “consistent” with previous policy decisions taken when the Canadian utility first bought into GB Power. But Michael Anderson, RoyalFidelity Merchant Bank & Trust’s president, told Tribune Business that the Government needed to provide more clarity on why it had decided to holdup the buy-out. He suggested that Emera would never have gone ahead with the transaction had it not received government approval, and questioned why it had attracted so much “attention” when the Canadian utility had bought-out its Barbados minority investors in a similar deal in 2015. “I think there’s a number of impatient investors,” Mr Anderson said, “and nobody’s quite sure why it’s being held up. They [Emera] should never have been allowed to go through with the transaction unless it was fully approved. “For the market itself, nobody’s quite sure where it is and how long it’s going to take, so it creates uncertainty... If they’re going to hold it up, put it out why
SEE PAGE 10
PAGE 8, Thursday, December 28, 2017
THE TRIBUNE
Sarkis: $84m cut-off caused by CCA ‘lies’ FROM PAGE 1 by the funding cut-off, and wary of causing further delays by taking CCA to a Dispute Resolution Board (DRB), Mr Izmirlian alleged that Baha Mar was forced into a May 17, 2013, Memorandum of Understanding (MoU) that the Chinese state-owned contractor failed to comply with. Detailing what turned out to be a ‘preview’ of events prior to his Chapter 11 bankruptcy protection filing, Mr Izmirlian said Mace was ordered to “more directly scrutinise the productivity and completeness” of CCA’s work in mid-2012, after Baha Mar’s president, Tom Dunlap, started to believe the contractor and its executives were “in over their collective heads”. Mace’s directions came following a ‘value for money’ review of Baha Mar’s design, which sought to extract cost savings while maintaining the project’s quality. The savings identified were to be shifted to the development’s ‘soft’ costs budget, where among multiple uses - they would provide “sufficient
funds” to continue financing Mace’s work. Mr Izmirlian, though, alleged that CCA resisted the ‘value for money’ savings exercise “in order to keep its overall contract amount as high as possible to retain its profit.... and maximise its fee” as Baha Mar’s main contractor. “CCA also resisted this effort to prevent an increase in the ‘soft costs’ budget and a concurrent increase in the funds available for Mace’s work,” he claimed. “CCA even came to a meeting and directly told BML Properties and Baha Mar Ltd to ‘get rid’ of Mace. “CCA was fully informed of this [value for money] process, knew from numerous Board and other meetings that it was underway, but never once objected formally before the Board of Baha Mar Ltd (on which it held one seat) regarding the changes to the budget that would result from this process.” Mr Izmirlian alleged that CCA’s determination to maximise its profits, at the expense of Baha Mar, resulted in the contractor “misleading” the China Export-Import Bank by alleging that its $2.45
billion loan proceeds would be financing “a less valuable project” rather than improving the development’s overall value. Baha Mar then began to “fully utilise” Mace to oversee all aspects of the contractor’s work. “CCA executives did not react well to this heightened scrutiny from Mace, and did not like the outcome of the [value for money] process,” Mr Izmirlian alleged. “BML Properties is informed and believes, and thereupon alleges, that CCA concurrently began misrepresenting the role of Mace to China ExportImport Bank, an entity with which CCA had no contractual relationship regarding this project, and set about intending to and actually interfering with the relationship between BML Properties and Baha Mar, on the one hand, and China Export-Import Bank on the other.” Mr Izmirlian said Mace “placed CCA under considerable pressure” to properly perform and live up to its commitments in the Baha Mar Investors’ Agreement and main construction contract, but the “numerous conflicts” between the two parties “came to a head in June 2012”. He alleged that Baha Mar’s main contractor lied about Mace to the China Export-Import Bank, claiming: “CCA falsely stated to China Export-Import Bank that Baha Mar was using loan proceeds intended to pay Mace to instead make payments to Mr Izmirlian or to other entities controlled by Mr Izmirlian. “In response to that false accusation by CCA,
China Export-Import Bank demanded that Baha Mar sever its ties with Mace in its then-role, [and] held up payment on Utilisation Requests (the formal document by which Baha Mar, as the borrower, requested that funds be advanced under the credit facility to pay CCA, Baha Mar’s direct contractors, Baha Mar’s consultants and engineers, and Baha Mar’s internal and administrative costs), resulting in a lack of funds to pay consultants and sub-contractors other than CCA Bahamas.” China Export-Import Bank also hired the PricewaterhouseCoopers (PwC) accounting firm to conduct a three-month forensic audit of all payments to Mace, with a six-member team unable to find anything to support CCA’s allegations. Mr Izmirlian said CCA’s complaints about Mace were designed to distract from its “own failures”, but resulted in influencing the China Export-Import Bank to act against the interests of Baha Mar and the project. However, given that both CCA and the bank share the same owner, the Chinese government, the latter’s decision to accept the contractor’s word should not be surprising. Accusing CCA of “creating a wedge” between developer and borrower, Mr Izmirlian alleged that the contractor upped the pressure when it found out its bid for a ‘work package’ on Baha Mar’s convention centre had not been successful. He claimed CCA “directed and encouraged” the China
NOTICE
NOTICE is hereby given that DANIEL CALVIN PIERRE of Bernard Road, FH-144112 Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
MARKET REPORT WEDNESDAY, 27 DECEMBER 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,061.04 | CHG -0.23 | %CHG -0.01 | YTD 122.83 | YTD% 6.34 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.77 0.16 5.60 8.70 6.30 5.30 12.00 2.59 1.56 6.01 10.55 11.00 4.50 7.25 12.51 11.00
52WK LOW 4.00 17.43 8.19 3.32 0.95 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 5.82 8.78 5.67 3.35 6.61 12.01 10.00
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE
E J K L M N
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB18 FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.11 4.13 1.98 176.30 149.66 1.52 1.69 1.61 1.10 6.99 8.54 6.15 10.52 11.46 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.46 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.06 17.43 9.09 3.34 0.95 0.16 3.70 8.70 6.10 4.88 9.00 2.52 1.50 6.00 10.45 6.00 4.48 7.01 12.51 10.00
CLOSE 4.00 17.43 9.09 3.34 0.95 0.16 3.70 8.70 6.10 4.88 9.00 2.56 1.50 6.00 10.45 6.00 4.48 7.01 12.51 10.00
CHANGE -0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 100.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
109.95 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
109.94 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
VOLUME 105,818
VOLUME
NAV 2.11 4.13 1.98 176.30 149.66 1.52 1.69 1.61 1.09 6.97 8.00 6.25 10.96 11.60 10.08
EPS$ 0.444 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.611 0.583 0.192 0.631 0.102 0.392 1.129 0.729 0.484 0.298 -0.668 0.543 0.000
DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.160 0.690 0.060 0.050 0.290 0.500 0.000 0.120 0.140 0.580 0.000
P/E 9.0 18.7 N/M 6.2 N/M N/M -2.5 14.2 10.5 25.4 14.3 25.1 3.8 5.3 14.3 12.4 15.0 -10.5 23.0 0.0
YIELD 2.00% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 3.28% 7.67% 2.34% 3.33% 4.83% 4.78% 0.00% 2.68% 2.00% 4.64% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 6.00% Prime + 1.75%
MATURITY 31-May-2018 19-Oct-2022
6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 3.57% 4.29% 1.59% 2.22% 2.65% 3.25% 3.83% -1.09% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
NAV Date 30-Nov-2017 30-Nov-2017 24-Nov-2017 30-Sep-2017 30-Sep-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
Export-Import Bank, its affiliate, “to force Baha Mar to terminate Mace” as his representative by falsely claiming the latter was hired as a ‘construction manager’ - something that would have breached the project’s construction contract. “CCA’s interference caused China Export-Import Bank to withhold vital funding between May 2012 and early 2013, including more than 20 Utilisation Request funding delays (some lasting up to 55 days and implicating $83.8 million),” Mr Izmirlian alleged. “CCA’s role in these developments was especially noticeable, since throughout 2011 and early 2012, any funding delays had been few in number and short in duration. As Baha Mar and Mace began notifying CCA of its early and repeated failures in 2012 and after, the funding delays became more disruptive and prolonged. “Faced with this financial pressure in 2012, Baha Mar Ltd. had no choice but to suspend certain needed Mace personnel (needed because Baha Mar required as many on the site as possible to observe and direct remedies for CCA’s failures), and second certain Mace personnel to Baha Mar as owner’s representatives or Baha Mar’s consultants (such as Davis Langdon, AECOM). “Once Baha Mar notified CCA that it would terminate Mace in large part, CCA immediately persuaded China ExportImport Bank to resume funding the project, and
thus the bank recommenced funding after lengthy delays brought about by CCA’s lies to China Export-Import Bank.” Mr Izmirlian alleged that the financing squeeze forced him into the May 17, 2013, MoU with CCA that was witnessed by the thenChinese ambassador to the Bahamas. “Squeezed by the cutoff of funding caused by CCA’s lies to China ExportImport Bank, and with a choice to pursue midproject litigation before the Disputes Resolution Board (or other remedies) that might result in delay to the work, or to instead attempt on an interim basis to resolve certain disputes with CCA, Baha Mar and CCA entered into a Memorandum of Understanding (MoU) setting out agreed items,” Mr Izmirlian alleged. “Those items included CCA representations that it would dramatically increase the workforce on the project in specific increments by specific dates; the award by Baha Mar to CCA of certain work packages; Baha Mar’s award to CCA of the Convention Center MEP (mechanical, electrical, plumbing) work package, and completion dates. “These completion dates included a commitment by CCA that Baha Mar would receive 100 per cent access to, at a minimum, the key ballrooms and meeting rooms of the Convention Centre on or before March 31, 2014.” Mr Izmirlian claimed the contractor lived up to none of its commitments.
NOTICE
NOTICE is hereby given that KAITLYN MARIE VICTORIA MEADOWS of Roberst Street, P.O.Box N1783, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that ALFRED LYFE THEOC of Pineyard, Fox Hill, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
22
THE TRIBUNE
23
Thursday, December 28, 2017, PAGE 9
24
FOR YOUR CHANCE TO WIN £100 CASH read down the letters in the highlighted squares to reveal the mystery wor 26
tO eNter: Call 0904 161 1604 and leave your answer and details, to 84010. Calls cost £1.50 plus your telephone company’s network a FOR YOUR CHANCE TO WIN £100 CAS in the highlighted squaresintothe reveal at midnight tonight. or send your letters grid containing the answer sha eNter: and leave23 your sutton Coldfield B73 9BT. EntriestO must be Call 0904 161 1604 postmarked by August a to 84010. Calls cost £1.50 plus your telephone c number. ● The winner will be the first tonight. random correct entry draw at midnight or send your grid containing t sutton Coldfield B73 9BT. Entries must be postma NEED HELP? Call 0904 161 1609 for 5 extra clues! Calls cost £1.5 number. ● The winner will be the first random CARPE DIEM
JUDGE PARKER
NEED HELP? Call 0904 161 1609 for 5 extra c
NAME
aCross 15 Leftove 27 Prey, 5 On
NAME
ADDrEss
ADDrEss
PosTCoDE
PosTCoDE
THE DAILY EXPRESS 30-SECO
Today’s answers: Beginner = 34; intermedi THE DAILY EXPRESS 30-SECOND CHALLE
CrossdoU
Today’s answers: Beginner = 34; intermediate = 208; advanced = MARVIN
CrossdoUBT
Can you make two common five-letter words from the nine letters given, using each letter only once? you can – but only if one letter features in both Can you make two common five-letter words in the squares on the right. words from the nine letters given, There’s at least one way to do it, and you have using each letter only once? you canto have the right letter at the crossover – but which one is it? – but only if one letter features inyou both see if can find the answer within words in the squares on the right. our target time. if you need help, ring ourit, clue-line There’s at least one way to do and below to find out the crossover letter. solution tomorrow.
BLONDIE
you have to have the right letter at the Average: e i r r crossover – but which one is Target it?minstimes: 16 Good: 12 mins stucK? call FOr a clu see if you can find the answerExcellent: within8 mins 0901 322 5601 Yesterday’s solution: HAGAR THE HORRIBLE our target time. if you need help, ring Halve your Target Time! MoUse (across) *Calls cost 75p plus y our clue-line below to find outModeM the (down) network a crossover letter. solution tomorrow.
TIGER
Target times: Average: 16 mins Good: 12 mins Excellent: 8 mins Yesterday’s solution: MoUse (across) ModeM (down)
e iTarGeT r r s s U TH U
CAN you The Target sOlutION Alphabea uses number r words in – orinblack Both today’s words am Halve your Target Time! the main Alphapuz body of the alpha *Calls cost 75p plus your telephone company’s Chambers you have network access charge. grid too! U 21st letters an Century below the Dictionary grid is ‘ro (1999 symmetri edition) words, it
stucK? call FOr a clue
M Y TarGeT G
CALVIN & HOBBES
Mo l Y o T G E Y
DENNIS THE MENACE
o l o T ETHe Y aLP
0901 322 5601 0901 322 56
you turn t HOW many words of four letters down. so or more can you make from the CAN you crack the The Target A letters shown here? in making a yesterd Each grid uses word, each Alphabeater? letter may be used Bs Black number represents a letter11, 12, 16, must contain the words once in only. Each C3 – or black Asatin 30, 32, centre letter and theresquare. must be the main across: least one nine-letter word.every No letter of Alphapuzzle, DS body ofplurals or verb ending in “s”.But Glitch, theforms alphabet is used.
Squabbl
E Chambers you have to complete the Unwrap, Today’s TarGeT Favour. grid too! Use the given 21st Good 10; very good 15; excellent 19 FP down: (or more). solution tomorrow. letters and black squares Flasks, G Century G below the grid to start. TheIgloo, M Dictionary yesTerday’s soLUTion Work, grid is ‘rotationally HN aUTHoriaL haar Opted. (1999 aloha author symmetrical’ – in other hail hair halo halt harl harlot I edition) it looks hart hartal words, haul hilt hoar the holt same if
Extra
hour houri you hulaturn hurl the hurtpage lathupside J HOW many words of four letters 0907 lathi litho loath loth oath thou down. solution tomorrow. K (Deduct or more can you make from the thro thru urolith each extr letters shown here? in making a yesterday’s solution LFu word, each letter may be used Call 0907 Black squares: 2, 4, 7, M 181 2585 for 11, 12, 16, crossword, 18, 21, 25, 28, 0907 once only. Each must contain the today’s Best described asTarget a number solution the task in Kakuro *Calls N cot 30, 32, 35, 39. cost 80p per minute centre letter and there must be atfill all *Calls is to of the empty squares, using numbers 1 to 9,your so plus your horizontal telephone block company’s the sumplus of each equals the number to its across: Family, Album, netwo least one nine-letter word. No left, and thenetwork O charge. sum of access each vertical block equals the number Glitch, on its top. No number maySuffix, be used inTectonic, the same block more plurals or verb forms ending in “s”. P than once. The difficulty level of the Conceptis Kakuro Squabbled, Jostling, *SP: Spoke Helplineto0333 202 3390 increases from– Monday Sunday. PLay Unwrap, Chapel, Graze, Q Today’s TarGeT Favour. R Good 10; very good 15; excellent 19Yesterday’s down: Pansy,Yesterday’s Hijacks, (or more). solution tomorrow. Flasks, Gulf, Pea, Extra, S
Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Conceptis Sudoku increases from Monday to Sunday
Sudoku Answer
yesTerday’s soLUTion aloha author aUTHoriaL haar hail hair halo halt harl harlot hart hartal haul hilt hoar holt hour houri hula hurl hurt lath lathi litho loath loth oath thou thro thru urolith
Call 0907 181 2585 for today’s Target solution 1
CRYPTIC PUZZLE 1 A choice of courses or delicacies (10)
2 Wartime leader gains weight (7)
8 Fish in a quiet enchanting spot (5)
3 Character of those who are different (5)
9 Paul is confused about a border flower (7)
5 Can I provide a friendly solution? (7)
11 A chance to make an escape? (5)
6 Relish a piece of impudence (5)
12 Error committed by poor sailor (6)
7 Standing charge for car drivers (7,3)
14 Humble cleric taking me to heart (6)
8 Entrance is broken; it doesn’t last long (10)
19 A roue not waiting for his cut? (4-3) 21 Supporting features of newspapers (7)
8
5
6*Calls
cost 80p per minute plus your telephone company’s 7 network access charge.
10
11
12
13
14
15
16 17
15 A feeling of easterly movement (7) 16 Place for one who pinches or nips, perhaps (6) 18 Stories that may be stale (5)
23 It’s used on watch (6-4)
20 Pointless drawing of a boat (5)
18
21
19
20
22
23
Yesterday’s Cryptic Solution
Yesterday’s Easy Solution
Across: 1 Hold-up, 4 Lesser, 9 Detests, 10 In tow, 11 Error, 12 Regular, 13 Flowing hand, 18 Forearm, 20 Cabin, 22 Erato, 23 Reliant, 24 Desist, 25 Asides.
Across: 1 Hawaii, 4 Fabric, 9 Gainful, 10 Argue, 11 Later, 12 Yashmak, 13 Undertaking, 18 Thrifty, 20 Lasso, 22 Prowl, 23 Adjourn, 24 Rasher, 25 Sydney. Down: 1 Haggle, 2 Wrist, 3 In force, 5 Amass, 6 Regimen, 7 Cheeky, 8 Play it by ear, 14 Nervous, 15 Killjoy, 16 Stupor, 17 Bounty, 19 False, 21 Spurn.
Extra letter clues
0907 181 2560 (Deduct three minutes for each extra clue letter heard)
Full solution
0907 181 2558
T U V W X Y Z
1
*Calls cost 80p per minute 21 plus your telephone company’s network access charge.
● Alt
9
13 Looking pale coming out of a cinema (7)
22 It becomes yours (5)
Down: 1 Hedged, 2 Later, 3 Unscrew, 5 Eying, 6 Set plan, 7 Reward, 8 Astronomers, 14 Lariats, 15 Hackles, 16 Offend, 17 Unites, 19 Aloes, 21 Brand.
4
*SP: Spoke – Helpline 0333 202 3390
4 Unhappy with minor work in Chinese pottery (6)
10 Possibly train as a mechanic (7)
17 A perk for the lesser-known actor (5)
3
Down
EASY PUZZLE
Across
2
Answer Igloo, Magic,Kakuro Bogus, Lei, Work, Nudger, Vehicle, Opted.
Across 1 Praiseworthy (10) 8 Furthest extent (5) 9 Wariness (7) 10 Malicious gossip (7) 11 Effective means of enforcement (5) 12 Beginning (6) 14 Nearsighted (6) 17 Natural aptitude (5) 19 Keep in mind (7) 21 Liken (7) 22 Consecrate (5) 23 To rebuke (4,2,4)
Down 2 Growing unchecked (7) 3 No longer in fashion (5) 4 Deal with (6) 5 Outspokenly (7) 6 Select, superior group (5) 7 Likely to happen (2,3,5) 8 Diminished prestige (4,2,4) 13 Set aside for a purpose (7) 15 Valour (7) 16 Source of danger (6) 18 Concede (5) 20 Disprove (5)
PLay More Cross
PAGE 10, Thursday, December 28, 2017
THE TRIBUNE
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division
GB Power buy-out ‘not the way we’d want to end year
2017/CLE/qui/00845
-: o 0 N O T I C E 0 o :THE QUIETING TITLES ACT, 1959 (Chapter 393)
FROM PAGE 5
THE PETITION of Stafford Clayton Bain, of Devonshire Drive, in the Western 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 being Lot Number 1 of Coral Waterways Section 1 situate at the Northeastern junction of Andros Drive and Devonshire Drive in Coral Harbour and bounded on the NORTH by a canal or waterway in the subdivision known as Pelican Waterway and running thereon 94.58 feet and on the EAST by Lot Number 2 and running thereon 135.00 feet and on the SOUTH by a road in the subdivision known as Devonshire Drive and running thereon 81.25 feet and on the WEST by another road in the subdivision known as Andros Drive and running thereon 110.00 feet comprising an area of 11,731.41 square feet in the Western District of the Island of New Providence in the Commonwealth of The Bahamas and which said piece parcel or lot of land has such position shape boundaries marks and dimensions as are shown on the diagram or plan Numbered 3687N.P. filed herein and is thereon coloured Pink.
Several observers have suggested that the delay in closing a transaction common in most developed countries is a potential ‘black eye’ for the Bahamian capital markets, and could also undermine foreign investor confidence in the security of their investments here. Mr Anderson, though, suggested that the situation reflected more the vagaries of the Government’s approval process. “I’m not sure about the capital markets as such, as they’re beholden to what the Government wants to put in place,” he told Tribune Business. “The capital markets are fine. I think it’s purely a Government approvals process that has not been followed properly. “It’s not so much a reflection of the capital markets, but a reflection of the Government approval process.” Mr Ferguson, meanwhile, took aim at assertions that Bahamian shareholders were being “forced” to sell by Emera, branding this as “factually incorrect”.
you’re doing this, rather than leave it as an openended transaction. “It’s very unfortunate that whatever arm of government is now deciding to look at something else. Emera would never have gone ahead with this transaction, paying all the costs and getting all the votes, if it knew it would never get the approvals.” Mr Anderson said RoyalFidelity, too, was fielding calls from brokerage clients who hold ICD Utilities shares about the fate of the payment expected in exchange for their shares. “It’s the same transaction that was done in Barbados a couple of years ago,” he added of the GB Power buy-out, “ so why there should be so much attention here, I don’t know. “Companies around the world are owned by foreign entities, and GB Power, to all intents and purposes, is not run by the Bahamian shareholders but by Emera. Why they should not be able to hold 100 per cent, I have no idea.”
THE PETITIONER claims to be owner of the fee simple estate in possession of the said land and has applied to the Supreme Court of the Bahamas under Section 3 of the Quieting Titles Act, 1959 to have his title to the said land investigated and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. COPIES OF THE PLAN may be inspected during normal office hours at the Registry of the Supreme Court, Marlborough and George Streets, Nassau, Bahamas, and at the Chambers of Miriam J. Curling & Co., The Potpourri Building, Market and King Streets, Nassau, Bahamas. NOTICE IS HEREBY GIVEN that any person having dower or any adverse claims not recognized in the Petition shall within 30 days file in the said Registry of the Supreme Court and serve on the Petitioner or the undersigned, Miriam J. Curling & Co. a statement of their claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person or persons to file and serve a statement of such claim and the requisite documents on or before the 29th day of January A.D., 2018 will operate as a bar to such claim.
MIRIAM J. CURLING & CO. Chambers, Nassau, N. P., The Bahamas, Attorneys for the Petitioner
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 73° F/23° C Low: 57° F/14° C
TAMPA
FRIDAY
SATURDAY
SUNDAY
MONDAY
Partly sunny with a stray shower
Mainly clear
Partly sunny with a shower in spots
A blend of sun and clouds
Nice with times of sun and clouds
Areas of low clouds and pleasant
High: 82°
Low: 68°
High: 81° Low: 69°
High: 81° Low: 65°
High: 80° Low: 65°
High: 80° Low: 65°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
87° F
75° F
90°-73° F
87°-64° F
83°-67° F
84°-68° F
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
N
almanac
E
W
ABACO
S
N
High: 78° F/26° C Low: 69° F/21° C
7-14 knots
S
High: 80° F/27° C Low: 64° F/18° C
10-20 knots
FT. LAUDERDALE
FREEPORT
High: 80° F/27° C Low: 66° F/19° C
N E S
E
W
WEST PALM BEACH
W
uV inDex toDay
TONIGHT
High: 76° F/24° C Low: 58° F/14° C
High: 80° F/27° C Low: 63° F/17° C
MIAMI
High: 82° F/28° C Low: 67° F/19° C
7-14 knots
KEY WEST
High: 79° F/26° C Low: 69° F/21° C
ELEUTHERA
NASSAU
High: 82° F/28° C Low: 68° F/19° C
Forecasts and graphics provided by AccuWeather, Inc. ©2017
N
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
tiDes
For
nassau
High
Ht.(ft.)
Low
Ht.(ft.)
Today
2:57 a.m. 3:10 p.m.
2.6 2.4
9:17 a.m. 9:29 p.m.
Friday
3:55 a.m. 4:10 p.m.
2.9 2.4
10:20 a.m. 0.0 10:25 p.m. -0.6
Saturday
4:52 a.m. 5:08 p.m.
3.1 2.5
11:19 a.m. -0.3 11:20 p.m. -0.8
Sunday
5:47 a.m. 6:05 p.m.
3.3 2.6
12:15 p.m. -0.6 ---------
Monday
6:42 p.m. 7:02 a.m.
3.5 2.7
12:15 p.m. -1.0 1:11 a.m. -0.7
Tuesday
7:35 p.m. 7:56 a.m.
3.6 2.7
1:10 p.m. 2:04 a.m.
-1.1 -0.8
Wednesday 8:27 p.m. 8:51 a.m.
3.6 2.8
2:04 p.m. 2:57 a.m.
-1.1 -0.9
sun
anD
Sunrise Sunset
0.2 -0.4
moon
6:54 a.m. 5:29 p.m.
Moonrise Moonset
1:50 p.m. 1:54 a.m.
Full
Last
New
First
Jan. 1
Jan. 8
Jan. 16
Jan. 24
CAT ISLAND
E
W
High: 79° F/26° C Low: 74° F/23° C
N
S
E
W
6-12 knots
S
7-14 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 68° F/20° C Normal high ....................................... 78° F/26° C Normal low ........................................ 66° F/19° C Last year’s high ................................. 84° F/29° C Last year’s low ................................... 71° F/21° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 38.72” Normal year to date ................................... 39.40”
High: 79° F/26° C Low: 73° F/23° C
Pointing out, as the Bahamian financial adviser to the transaction, that an overwhelming majority had voted in favour of the deal, the CFAL chief said those who wanted to retain their indirect equity interest were still able to do so. He pointed out that, by exchanging ICD Utilities shares for Emera’s Bahamian Depository Receipts (BDRs), minority investors would no longer solely be invested in a single monopoly utility that has not paid a dividend in seven years. Mr Ferguson said Bahamian investors would enjoy “reduced risk”, and have access to greater upside, by now becoming shareholders in Emera’s Canadian, US and Caribbean operations as well as GB Power notwithstanding the 25 per cent Canadian ‘withholding tax’ on any dividends paid. As for persons wanting to exit, he added that the $8.85 price per share representing a 26 per cent premium to the pre-transaction share price - would provide liquidity for either new investments or dealing with personal economic challenges.
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 80° F/27° C Low: 75° F/24° C
High: 79° F/26° C Low: 75° F/24° C
N
High: 81° F/27° C Low: 72° F/22° C
E
W S
LONG ISLAND
insurance management tracking map
High: 81° F/27° C Low: 76° F/24° C
7-14 knots
MAYAGUANA High: 81° F/27° C Low: 76° F/24° C
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 80° F/27° C Low: 76° F/24° C
High: 80° F/27° C Low: 76° F/24° C
GREAT INAGUA High: 83° F/28° C Low: 74° F/23° C
N
N E
W
E
W S
S
7-14 knots
8-16 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:
WINDS NE at 10-20 Knots WNW at 6-12 Knots NE at 6-12 Knots ENE at 7-14 Knots ENE at 6-12 Knots ESE at 4-8 Knots ENE at 8-16 Knots E at 8-16 Knots NE at 7-14 Knots ENE at 4-8 Knots ENE at 8-16 Knots NNW at 7-14 Knots NE at 7-14 Knots E at 6-12 Knots NE at 8-16 Knots E at 7-14 Knots ENE at 7-14 Knots E at 7-14 Knots ENE at 7-14 Knots ESE at 6-12 Knots NE at 4-8 Knots ENE at 6-12 Knots NE at 7-14 Knots E at 8-16 Knots NE at 7-14 Knots E at 4-8 Knots
WAVES 3-6 Feet 5-9 Feet 1-3 Feet 1-2 Feet 3-5 Feet 3-6 Feet 3-5 Feet 3-5 Feet 3-6 Feet 4-7 Feet 2-4 Feet 4-7 Feet 1-3 Feet 1-2 Feet 3-5 Feet 2-4 Feet 1-3 Feet 1-3 Feet 4-8 Feet 4-7 Feet 1-3 Feet 1-2 Feet 2-4 Feet 2-4 Feet 1-3 Feet 1-3 Feet
VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles
WATER TEMPS. 77° F 77° F 79° F 79° F 82° F 79° F 81° F 81° F 77° F 79° F 80° F 80° F 79° F 79° F 82° F 82° F 81° F 81° F 80° F 80° F 77° F 78° F 80° F 80° F 79° F 79° F
THE TRIBUNE
Thursday, December 28, 2017, PAGE 11
BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE
FOREMAN, BUILDING MAINTENANCE DISTRIBUTION MAINTENANCE – FIELD OPERATIONS DIVISION A vacancy exists at the Bahamas Power and Light Company Ltd. for a Foreman, Building Maintenance in the Field Operations Division. The job has responsibility for overseeing the day to day construction and maintenance of buildings in the Division. Job duties include identifying, scheduling, planning and reviewing building repair work, and preparing time sheets, and monthly and annual departmental and budget reports. Responsibilities of the position include, but are not limited to the following: • • •
• • • • • • •
Plans general repair/maintenance work on a day to day and weekly basis; Organizes work crews based on the availability of staff. This involves discerning the amount of work, desired completion time, nature of tasks, skills needed, and dispatching work crews accordingly; Makes budgetary recommendations to immediate supervisor. Requests include funds needed for materials, essential work tools and job supplies. Has supervisory responsibility for an annual operating budget of approximately $10,000; Directs subordinate staff and related work teams (including staff with lead responsibilities) to maintain work flow and achieve deadlines. Assigns tasks daily; Instructs staff on the Company’s established guidelines and safety procedures. Ensures that verbal instructions are fully understood; Assists higher level supervisor with setting satisfactory work standards for the unit and ensuring that these standards are achieved by checking work in progress and at completion; Reviews work completed by subordinates to ensure that assigned projects are satisfactory completed to the Company’s established standards. The Unit’s achievements are reviewed monthly; Counsels staff by resolving complaints and takes disciplinary actions when required. Seeks advice from higher level supervisor for addressing difficult behaviors; Appraises staff performance against established company standards on an annual basis; Performs other personnel functions such as recommends staff promotions.
Job requirements include but not limited to: • • • • • • • • •
Completion of a Formal Apprenticeship or Technical School Program (Carpentry & Technical Drawing/Draughting) or equivalent; A minimum of 3 to 4 years of experience; Knowledge of building construction with the ability to read blue print drawings to plan and review building repair work; Good carpentry skills; Good written and verbal communication skills to prepare project completion reports and interact with staff, co-workers and internal/external customers; Arithmetic skills to prepare time sheets and calculate measurements, and supervisory and interpersonal skills to direct staff in performing duties. Requires the ability to use specialized tools (squares, drills, saws) to affect construction; A valid driver’s license; and Adherence to BPL safety and environmental policies and procedures.
Interested persons should apply to Afuture@bplco.com on or before: December 29, 2017. Only candidates meeting the criteria will be contacted. Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com
Bahamas Power and Light Company Ltd.
BUILDING FOR BETTER
PAGE 12, Thursday, December 28, 2017
THE TRIBUNE