business@tribunemedia.net
THURSDAY, JANUARY 23, 2020
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Cable gets $31m less for US exit By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
CABLE Bahamas’ top executive yesterday conceded the $31m drop in the price received for exiting the US was “warranted”, but said: “It’s still a massive return for investors.” Franklyn Butler, the BISX-listed communications provider’s chief executive, defended the nine percent decline in Summit Broadband’s final purchase price from the initially announced $332.5m as still “higher than anyone expected we would get for this business”. Speaking to Tribune Business in an exclusive interview after the transaction with Grain Management closed this week, Mr Butler said the $301.5m obtained represented a return on investment that is “probably the highest of any merger and acquisition transaction in this region”. He added that the final price was equivalent to
Bahamas in 37% January tourism bookings swing By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas enjoyed a near-37 percent positive swing on January stopover bookings within six weeks, it was revealed yesterday, eliminating fears that tourism officials needed to “pack and go home”. Joy Jibrilu, the Ministry of Tourism’s director-general, said forward booking indicators for this month had swung from showing a 29 percent decline in early December 2019 to an increase of almost eight percent against an especially strong month last year.
Speaking at the Caribbean Travel Marketplace (CTM) conference, Mrs Jibrilu said the next three months’ forward bookings only reflected those made with commercial airlines and excluded charter or private flights, meaning visitor numbers are likely to be higher. “January to March we are behind by negative 5.5 percent,” she said. “However, the outlook for January is positive at 7.9 percent, while February is pretty static. March is down by 28.2 percent and we put this slide up here because if you had seen
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IPO plan for $170m renewable vehicle By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMIAN investors will ultimately be given the opportunity to own the government’s $170m renewable energy financing vehicle through a public share offering, it has been revealed. An Inter-American Development Bank (IDB) report obtained by Tribune Business reveals that “the final aim” is for “small-scale” investors to buy in via an initial public offering (IPO) of shares in an entity that will
be formed to channel funds lent by the bank into utility-size and roof-top solar investments. The document, revealing that the proposed special purpose vehicle (SPV) is the Ministry of Finance’s brainchild, says it will initially be 100 percent governmentowned until it “builds capacity” to own, operate and manage the renewable energy assets it will finance. “In subsequent operations, the REE (renewable energy entity) can evolve as the
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almost $468m in bank and preference share debt at end-September. He added that selling the Florida subsidiary will also enable the BISX-listed communications to place renewed focus on its Bahamas business units, REV and the Aliv mobile operator, with an emphasis on improving customer service and ensuring the products/ services sold locally meet consumer demands. Mr Butler added that the transaction also represented the first major achievement in the strategy he outlined to investors during Cable Bahamas’ January 2019 annual general meeting (AGM), and will provide the financial platform for it to execute on its Bahamas-centred plans moving forward. However, he would not be drawn on when
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Cavalier’s collapse sparks lien law call By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FRANKLYN BUTLER
• Price gained for Summit drops to $301.5m • Top excecutive: ‘It’s still a massive return’ • ‘More clarity’ on dividend restart in February
15-16 times’ Summit Broadband’s annual operating income (EBITDA) of around $20m, and argued that “nowhere in the world will you get such a return on an investment of this magnitude”. While there was “no question” that Cable Bahamas would have liked to receive the extra $31m, Mr Butler said the reduction was “justifiable” due to what was uncovered in the lengthy five-month due diligence process Grain undertook on Summit Broadband following the deal’s unveiling last August. Describing such an adjustment as “normal” for merger and acquisition transactions, the Cable Bahamas chief said it had still received sufficient proceeds to accomplish its key goal of deleveraging a balance sheet burdened by
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Cable Bahamas’ ordinary shareholders can expect a resumption of dividend payments, only saying that there will likely be “more clarity after the next board meeting in February this year”. “The final closing number after adjustments was $301.5m,” Mr Butler told this newspaper. “We still think it’s an excellent, excellent, excellent EBITDA (earnings before interest, taxation, depreciation and amortisation) multiple of 15-16 times’. “I still think it’s a fantastic investment and phenomenal result for the Bahamian capital markets. It’s not a big decrease in value. Would I have taken $301.5m? Absolutely. It’s still a massive result in terms of return
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THE Bahamas Society of Engineers (BSE) president yesterday said Cavalier Construction’s collapse has again exposed the “critical” need to end a 25-year wait for construction industry lien laws. Quentin Knowles told Tribune Business that such legislation, if enacted and properly enforced, would protect all Bahamian sub-contractors from the ever-present risk that they will not be fully compensated for their work. Disclosing that virtually all sub-contractors have “a horror story or two” to tell, he said they were too often “left holding the bag” in an industry where thin margins leave little room for error in pricing and executing jobs. Mr Knowles, in particular, cited “the games” that can be played with the final ten percent due to subcontractors. This is typically retained by the general contractor, or project management firm, that hired them as insurance against shoddy workmanship and failure to perform - problems that only become apparent once a
project is completed. He revealed, though, that the ten percent retention can become a tempting target for a general contractor/project manager to “dip into” if the development runs into problems or they are likely to lose money on it. Should that happen, Mr Knowles said sub-contractors were ill-placed to complain as they would simply be denied work on future projects by whoever had hired them. With the Bahamian court system typically too expensive and time-consuming as a means of redress, Mr Knowles renewed calls for The Bahamas to pass construction lien laws that have been made since the mid-1990s when the first Ingraham administration was in office. Confirming that he has seen drafts of such proposed legislation, Mr Knowles said it was likely being resisted by developers and construction project financiers since it would place the “onus” on them to ensure all sub-contractors and workers were fully paid and compensated. He explained that
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PAGE 2, Thursday, January 23, 2020
THE TRIBUNE
Understand your design purpose THERE is no traditional or normal path when it comes to having a career in graphic design. While I in no way consider myself an expert or authority on design, I have accumulated a fair amount of insight that I hope young and/ or beginning designers might find useful. Starting a design career is easy, but growing, building, developing and maintaining it is different. It is not easy. Sometimes you do not get paid. Sometimes you work on projects that you are ashamed of or even hate. Sometimes your hard work feels futile. That is life. You will not be famous. There are no reality TV shows revolving around graphic design, nor is there any possibility of being made a QC (queen’s counsel). Understand the Purpose of Design Practicing design does not always mean understanding the purpose of the project. You might find yourself creating any number of pieces without much more than “cut and paste” knowledge. And that is OK. Moreover, there is no right way to begin. Having a formal education in design does not mean this is the only path to a career, but understanding the purpose of design is necessary. The method by which you communicate always varies. Use whatever tools and applications solves the communication goals you have been asked to achieve. The tools are not as important as the goals. And the only way to communicate clearly is by understanding who you are communicating to. It is not about you First and foremost, design is not about you. It is not about your preferences. It is not about what you like or find beautiful, interesting or cool. It is about your audience. Before you can design anything, you must first understand this. While it might sound like a daunting task to “know” your audience, it is not as complicated as it might seem. You can quickly narrow the funnel by
knowing “who they are not”. The vast amount of resources available to everyone online is more daunting than liberating. How do you start, where do you go? Asking yourself questions Pay attention to all the moments where you encounter billboards, road signs, truck signs and designs on cereal boxes, cans, book covers, movie posters and storefronts. Design is everywhere. Who are these designs communicating to? What are they saying through visuals and graphics, message and tone? How does it solve the problem? Do the words and images work together or do they contradict themselves? Is it effective in achieving a goal? For example, does the movie poster make you want to see the movies by offering clues about the concept of the film? Knowing what does or does not work in any given design is key to improving your design process. Remember, before you begin any project, no matter the size you must understand the objectives. What are you saying to the audience? How do you want the audience to respond? What worked? What did not work? Then determine the goals of the project. If your project is informational, and motivational, then you can focus on visually guiding your audience to a goal and response. If your design is only stylistically great, and has nothing to say, it will not make a lasting impression on anyone. Use what you have to achieve the results you want The more elements added to a design, the greater the risk that the message can become obscured. Embrace restrictions and avoid trends. Just because something works for one project does not mean it will work for another. Relying on what is cool, popular, hot and trendy clouds the purpose of design with subjective preference. Focus on results rather than tools and methods. If a plumber
The Art of Graphix BY DEIDRE M BASTIAN
cannot repair a leaky faucet, then his advanced, state-ofthe-art tools are pointless. The tool used to create a design is ancillary to the outcome. Use what works for you, not just what sounds best on a resume. Almost everything you ever work on will be completely changed within a few years. But that does not mean the work you do is worthless. Approach this year with a mindset believing that there is no universal definition for success. The reward is always growth. Work hard to improve your craft and the reward will come. Build collaborative teams. Focus on delighting, informing, impacting or enhancing the quality of life for your audience (even if it is just one person). Do not dream about things that are completely out of your control, and be realistic while striving for balance. Remember, before there can be any form of a masterpiece…. there must be mastery. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M Bastian is a professionally-trained graphic designer/ marketing co-ordinator and certified life coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.
THE TRIBUNE
Thursday, January 23, 2020, PAGE 3
STOPOVER ARRIVALS UP 8.1% IN ‘RECORD’ 2019
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
THE Bahamas shruggedoff Hurricane Dorian’s impact to enjoy “a recordbreaking tourism year” as total 2019 stopover arrivals increased by 8.1 percent to 1.78m. Joy Jibrilu, pictured, the Ministry of Tourism’s director-general, told the Caribbean Travel Marketplace (CTM) conference that The Bahamas would have seen even higher growth, coming on top of 2018’s “double digit”
increase had it not been for the category five storm. “We confess that our air arrival numbers for the month of September, October and November were down,” she said. “December figures are just coming out,
DOWNTOWN CHIEF PLEDGES AREA’S ‘TRANSFORMATION’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Downtown Nassau Partnership’s (DNP) managing director yesterday pledged that Bahamians and tourists will witness “a major transformation” of the area “within the next two to three years”. Ed Fields, speaking at the Caribbean Travel Marketplace (CTM) conference, said multiple projects were underway to upgrade key Nassau city centre assets with the government having given approval in principle to lift the height restrictions on some buildings so they can be converted into condominiums and other residential properties. “From the airport now to the Prime Minister’s Office, all of those roads have already been improved,” he added. “The space between Nassau Street, right around the Junkanoo Beach area, the DNP has plans to
GB ‘REALLY GETTING BACK’ INTO TOURISM
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas’ top tourism official yesterday said Grand Bahama was “really getting back into business” with 84 percent of hotels, and 55 percent of the island’s attractions, now receiving visitors. Joy Jibrilu, the Ministry of Tourism’s director-general, told the Caribbean Travel Marketplace (CTM) 2020
ED FIELDS develop and refurbish a Central Park for downtown in the Clifford Park area. “We are just waiting to complete an MOU (memorandum of understanding) with the government, and it will be a privately funded project. Where the Margaritaville/Pointe areas are there will be road improvements because, obviously, there was some infrastructure that had to be put in to service The Pointe in that area.” Describing downtown Nassau between the British Colonial Hilton and East Street was being “in fairly good condition”, Mr conference: “When we got into the campaign immediately following Hurricane Dorian, letting the world know that 14 islands welcome you with open arms, Freeport was not included, but we had to change that to 15 islands because Freeport has rebounded so quickly. “One hundred percent of their cruise lines are operating, 84 percent of the hotels are open, 84 percent of restaurants, 75 percent of tours and 55 percent of attractions are open. So they are saying ‘C’mon, give us a chance, we are really getting back into business’.” Mrs Jibrilu, however, was unable to give such positive news about Abaco.
but we were ahead yearon-year for December and overall through to November... In terms of arrival numbers you will see that we were still at 8.1 percent year-on-year. So Hurricane Dorian came and it sure dealt us a blow, but it did not knock us out. “Without a doubt, I can say for sure that 2019 was a record-breaking year for a number of reasons thus far. We know that the figures we have inputed so far have hit the highest recorded amount of stopover visitors ever to The Bahamas with 1.78m
persons travelling,” Mrs Jibrilu continued. “Another record was the highest amount of stopover visitors ever from the United Sates of America, with 1.45m visitors from America in 2019. So, through it all, God is still being good to The Bahamas.” Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business of the numbers: “I think it’s amazing. You have all of the trade and industry partners in the Caribbean for tourism that have descended upon The Bahamas to conduct
commerce, to let everybody know about what is their product offerings, to speak to travel agents and speak to people in the business about what developments have happened at their properties.” Speaking to the conference’s economic impact on The Bahamas, he added: “I have been advised by the operators of this conference that approximately 1,000 people have come, and they are all getting into some mode of transportation, all staying at a hotel and all eating at a restaurant. Some are going on to the other
islands, and what makes this so impactful is it is four short months after Dorian. “So many people that are involved in the trade and travel industry have been able to descend on The Bahamas and see for themselves that the country is very much open for business, especially Nassau, which is the gateway to 75 percent of all foreign visitors into the country that was completely un-impacted. Hopefully they are taking Instagram pictures and putting it on Facebook that the country is open for business.”
Fields said many stores are starting to renovate their premises. “The big piece is between East Street and the Bridge, where the shipping companies used to be,” he added. “Of course, they have relocated to Arawak Cay, and now with the Downtown Nassau Revitalisation Act [and the] link between the Wharf and Atlantis, we’re hoping to attract investment dollars so they can start to construct residential, retail and entertainment which will require infrastructural upgrades. No question about that.” Mr Fields said ground will be broken on the $250m cruise port transformation, with a new visitor welcome centre among the upgrades planned. He added: “The boardwalk that connects Prince George Wharf to Paradise Island is underway. “There are a couple of properties that have to be negotiated, and some things to get across those properties, but all properties where the government has been involved have been negotiated and those terms are starting
to take place.” “All of those properties have been approved by government to cross. We have also secured all of the seabed leases and, to some extent, we have in principle, approval from the government to revitalise or to lift the restriction on building heights to accommodate condominiums and residential properties downtown.”
Mr Fields also hailed the construction of the new $300m US Embassy, while the Central Bank of The Bahamas’ headquarters was “a substantial project” upon which work will start within the next several months once the planning process is completed. “So there is a lot of action happening downtown, and we are very proud to say
that within the next two to three years you will see a major transformation of downtown,” he said. Mr Fields also told reporters he is leaving his position as DNP managing director, and within two weeks he will join Global Ports Holding, the cruise port developer, as an inhouse consultant. He will stay with Atlantis.
She said: “The Abacos continue to be truly a sad story... because it is a long road ahead for Abaco, and so much is needed. I think we have all seen the independent forecasts of what the projected cost of the damage is, and that is $3.4bn. “So the government has to completely rebuild Abaco. It has a long way to go, but I need to be clear. Marsh Harbour is not open but South Abaco, they are trying to get back to some level of normalcy and give the people who have remained in Abaco to rebuild from the ground up some options.”
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PAGE 4, Thursday, January 23, 2020
THE TRIBUNE
PM: Diversify tourism beyond Nassau and PI
THE PRIME Minister addresses the Caribbean Hotel and Tourism Association’s (CHTA) Caribbean Travel Marketplace at the Baha Mar Convention Centre on January 21, 2020. Photo: Kemuel Stubbs/BIS THE prime minister says The Bahamas must diversify its tourism product beyond a single island that represents just two percent of its total land mass. Dr Hubert Minnis said the government plans to develop a broad range of activities to broaden the visitor experience as he noted how New Providence and Paradise Island generate 70 percent of The Bahamas’ economic output, and are home to 70 percent of the population, yet are among its smallest islands. Addressing attendees at the Caribbean Hotel and Tourism Association’s (CHTA) Caribbean Travel Marketplace, he said: “This concentration of population and GDP is forcing us to
reconsider ways to diversify our tourism economic centres while we build greater resilience in, and continue tourism growth on, New Providence and Paradise Island.” Praising the Ministry of Tourism & Aviation’s postHurricane Dorian response, Dr Minnis added: “The Ministry’s co-ordination and co-operation in the promotion and delivery of highly satisfying experiences for our visitors has been applauded and recognised throughout our region and beyond.” Describing Hurricane Dorian as “a watershed moment” for The Bahamas, the prime minister said: “The lessons of Hurricane Dorian have forced
us to rethink a number of matters that we have often ignored or not more fully addressed. Dorian has forced us to rethink our global responsibilities as a voice in combating climate change.” Dr Minnis said that while the Caribbean contributes little to the causes of climate change, the region is far more vulnerable than most countries to its effects. “Hurricane Dorian has forces us to rethink construction and resilience,” he said. “We must find ways to build and, where possible, retrofit our homes, our buildings and our power and water infrastructure that are far more hurricane resilient to both wind and surging waters.”
ARDASTRA REBRANDS TO DROP THE ‘ZOO’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
AN 83-YEAR-OLD Bahamian tourist attraction yesterday unveiled its rebranding via a name change to Ardastra Gardens and Wildlife Conservation Centre. The destination, home to the world-famous marching flamingos, has dropped “zoo” from its name to reflect a decision to focus more heavily upon rescue, rehabilitation and responsible breeding. “People’s expectations of zoos are they should be bigger and better. We do not have nearly as many animals as our international counterparts nor do we want to have more,” explained Katherine Solomon, Ardastra’s director. “We have slowly evolved from a recreational centre to an educational centre more focused on conservation. The name change more accurately depicts who we are today then who we were ten or 20 years ago.” Founded in 1937 by Jamaican horticulturist, Hedley Edwards, Ardastra pre-dates an independent Bahamas. When it opened, the nature preserve featured exotic and tropical flora of The Bahamas at the Chippingham-based site.
GB ‘REALLY GETTING BACK’ INTO TOURISM FROM PAGE THREE
“We know that Abaco will be out of business for the foreseeable future so that is not even, at this time, in our consideration. Grand
ARDASTRA Gardens’ new logo. In the ensuing years, the botanical gardens morphed into a tourist attraction. The Caribbean flamingos were brought to Ardastra for breeding purposes when the species became endangered in the 1950s. Mrs Solomon’s late husband, Norman, is credited with adding the zoological aspect to Ardastra following his purchase of the more than four-acre property in the early 1980s. Today, more than 200 creatures representing 50 species live in the gardens. The centre offers close encounters with the parading pink flamingos, rainbow lorikeets, peafowl and parrots. “Historically speaking, conservation has always been a part of our message: why people should conserve and preserve their environment, why they need to understand the importance of animals and the role they play in the world. Now, we’ve expanded our Bahama has emerged strongly. I shared a slide, it showed exactly where we were with Grand Bahama; 100 percent of cruise lines are back, 85 percent of hotel properties and more. So they are back in business and, like the rest of The Bahamas, doing really well.”
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platform to concentrate on recreation and conservation in equal measure,” said Mrs Solomon. Through its “Zooniversity”, Ardastra offers a wide range of lessons and guided tours aligned with the Ministry of Education’s science curriculum. Its course catalogue features dozens of educational topics that can be tailored according to grade level. Ardastra last year began publicising its work with distressed wildlife. In 2019, the centre accepted just under 100 rescued animals, an increase on the 79 received the year before. “Every single day people bring animals to us and we attempt to nurture them back to health,” Mrs Solomon said. “If we are able then they are released, and that is considered an act of conservation. “There are those animals that arrive in very poor condition and we are not able to rehab them. Unfortunately, they succumb. Otherwise, they become a part of our permanent collection and we continue to care for them. “The ultimate goal is to continue with our breeding programmes for our indigenous species such as the Caribbean flamingo, the Bahama parrot and others native to The Bahamas.” Dionisio D’Aguilar, minister of tourism, added: “Certainly Grand Bahama is coming back on stream slowly, while Abaco has some work to do. Obviously the heart and soul of Abaco is Marsh Harbour, and that is still very much on its knees; the power hasn’t fully been restored. But as you go south, in South Abaco most of the properties there are up and ready for business, so it’s just a function to get it back ever so slowly.” Focusing on Grand Bahama, he added: “Grand Bahama has been challenged for a while. Four percent of our stopover visitors went to Grand Bahama, so it was a small and diminishing percentage. “What Grand Bahama lacks is scale. I mean, when I looked at, and when I asked for a report on how many hotel rooms are open and saleable in Grand Bahama, it’s 775, which is half the size of the Hyatt, in the whole of Grand Bahama.” Mr D’Aguilar continued: “Now that’s not the Airbnb products and all of that, and all of those other options. They need scale. They desperately need scale, they need this Grand Lucayan property to come on stream to create scale, and then with scale comes lift and then economic impact. So Grand Bahama needs investment in its tourism infrastructure.”
THE TRIBUNE
Thursday, January 23, 2020, PAGE 5
OIL EXPLORER TO ‘SHOWCASE’ £2M FUND TO BIG INVESTORS ADVISERS to a Bahamas-based oil explorer will showcase its £2m investment fund to sophisticated and institutional investors during a presentation at Luciano’s this week. The BPC Investment Fund, which began taking investor subscriptions on January 6, was created by the Bahamas Petroleum Company as a vehicle through which Bahamian investors can enjoy potentially huge returns if it strikes commercial quantities of oil in this country’s waters. Simon Potter, BPC’s chief executive, said the company’s success could be transformational to the Bahamian economy, and add significantly to the government’s revenue base, if its exploration activities strike oil. “In 2016, the thengovernment established a framework in law for the establishment of a
SIMON POTTER
KHALIL BRATHWAITE
Sovereign Wealth Fund, not dissimilar to other oil producing countries, [that would be] used for the purpose of harnessing such revenues from natural resources to benefit The Bahamas and its people,” said Mr Potter. “Beyond this, however, we at BPC have long believed that Bahamians should be able to invest in the company, and, in this way, have an interest in their own national resource. We therefore initiated a process via Leno Corporate Services that created a Bahamas-domiciled
mutual fund to provide a vehicle for investors to have the opportunity to invest in BPC’s project of potentially national significance.” BPC plans to sink its first exploratory well in March/ April 2020 in waters about 100 miles south-west of Andros. The drill rig ship will be stationed 15 miles off the Maritime Border with Cuba. Any extractions will go straight from the ship to a cash market. Khalil Brathwaite, Leno’s business development manager, said the BPC Investment Fund is designed for professional
investors, such as institutions. However, in the fund’s second phase, “BPC intends to apply for a license of a standard fund that will allow ordinary investors to participate”. That, though, is subject to external review and approval. “The minimum investment requirement is $10,000 for the professional fund. Eligible investors that qualify for the professional fund can contact their brokerage company or e-mail Leno Corporate Service at funds@lenobahamas.com,” Mr Braithwaite added. “Leno is very pleased to be able to offer this service as we, along with BPC, believe that Bahamians should have the opportunity to invest in their local resources.” Many Bahamian retail investors are likely to be unhappy at the BPC Investment Fund only being opened to investments
made by large institutions, with the perception being that the “small man” is once again being denied the opportunity to make a wealth-creating investment that could drastically improve their economic well-being. However, others will argue that the fund’s status as a “professional” fund is entirely appropriate as the investment opportunity is only suitable for sophisticated investors able to both understand its high reward/high risk potential and absorb any subsequent losses. For BPC is effectively a start-up, yet to drill its first well and with a history of financial losses. And, for all its research to “de-risk” the project, there is no 100 percent certainty that commercial quantities of recoverable oil lie below The Bahamas’ sea bed. As a result, many capital markets observers
will likely view the BPC Investment Fund offering as more a venture capital/ private equity investment play rather than an opportunity for small retail investors who can ill-afford any major loss. Still, it represents an opportunity for institutions who manage funds belonging to thousands of Bahamians to benefit from the potential upside of investing in the lucrative oil industry, even though the BPC Investment Fund’s stake in the exploration outfit will be just 4.47 percent if the £2m offering is full subscribed. The issue, priced at two UK pence (2p) per share, is offering the same price as that extended to BPC’s international investors in recent capital raisings. Some 100m shares are on offer, with the minimum investment set at $10,000.
FIDELITY OUTLOOK FOCUSES ON COLLIDING GLOBAL FORCES ROYALFIDELITY Merchant Bank & Trust has announced that its Bahamas Economic Outlook conference will focus on competing global trends at both an international and corporate level. The annual one-day event, which will be held on Wednesday, March 4, at Baha Mar’s Grand Hyatt Convention Centre will tackle the theme Colliding global interests: Assessing the impact. Michael Anderson, RoyalFidelity’s president, said the theme recognises the conflicts that have arisen over the last decade between the entrenched interests of established economies or “superpowers” and those that challenge the status quo. It also captures the tensions created by the emergence of new technologies, and their impact on both employment and the
FRONT ROW, from left: Jenny Pinder, media sales executive, REV; Michael Anderson, president, Royal Fidelity; Linda Beidler-D’Aguilar, partner, Glinton, Sweeting & O’Brien Legal; H Gregory Bethel, retail banking president, Fidelity Bank. Back Row, from left: Kweku Symonette, chief executive and sign specialist, Sign Island; Kevin Cambridge, partner, PWC; Dwayne Davis, chief information officer, Aliv; Bryan Glinton, partner, Glinton, Sweeting & O’Brien Legal; Charles Johnson, senior manager, JS Johnson. concentration of wealth. The more obvious impact in a Bahamian context is the
catastrophic damage being caused by global warming, yet large economies fail to
recognise this and do not assist in meeting the costs. “While we typically
see these global issues as impacting larger countries and economies, whether it’s through rising oil costs, increased tariffs on imported goods from China, restrictions on goods purchased from various suppliers or coping with rising sea levels and increasingly powerful storms, these colliding global interests actually have a direct impact on our daily lives in The Bahamas,” Mr Anderson said. “This year’s conference seeks to identify both the key risks and opportunities arising out of these global conflicts, making us better able to manage their impact and potentially benefit from their consequences”. The conference’s keynote speaker is Ambassador Nicholas Burns, a career diplomat who served under both Democratic and Republican presidents in the US. Mr Burns provides a bipartisan view of foreign
affairs and global trends in the 21st century. Other speakers include Todd Buccholz, economist and best-selling author; Peter Haas, associate director of the Brown University Humanity Centred Robotics Initiative; and best-selling author, Alex Banayan. The RoyalFidelity Business Economic Outlook is sponsored by Aliv; Doctors Hospital Health System; Fidelity Bank (Bahamas); Glinton, Sweeting & O’Brien; JS Johnson Insurance Agents & Brokers; PricewaterhouseCoopers; RBC Royal Bank; REV; Sign Island; and The Tribune Media Group. Conference registration is now open with early rates through February 9. Further details are available online at rfbeo.com. The conference is an accredited continuing professional development (CPD) provider.
PAGE 6, Thursday, January 23, 2020
Bahamas in 37% January tourism bookings swing FROM PAGE ONE
the figures the first week of December, all of us said within the Ministry of Tourism said: ‘Pack our bags and go home’. “January was trending down the first week of December when we started looking at our forward bookings. It was down at about minus 29 percent, so to see that turnaround in six weeks to where we are now, it speaks to a multiplicity of things.” Mrs Jibrilu added: “We know our top three origin cities showing positive trends are New York City, Boston and Miami, as well as Philadelphia and Los Angeles,
and we also know that the negative numbers are without a doubt because we have got to include our current booking situation in Freeport and Marsh Harbour. If we were to pull those out obviously it would be a completely different picture.” Fred Lounsberry, chief executive for the Nassau/ Paradise Island Promotion Board (NPPB), said there had been 7.9m visitors to its website and, from that, 1.75m referrals to other hotel websites. “We are currently in the first week of 2020 up 33 percent, and our conversions are up ten percent,” he said. “As the director-general mentioned we are seeing the
THE TRIBUNE trends are very, very positive. “What we are hearing from our airline partners and hotels is that the booking trends are catching up. A lot of compression and a lot of last-minute bookings, but the cold weather that’s creating this wind certainly does not hurt up north. The general feeling in the air is that we are going to have a very good Spring Break and Spring period through March and up to Easter and beyond.” Mr Lounsberry said airlift to The Bahamas was also expanding. “Since 2018 we actually added close to 400,000 additional seats on an annual basis,” he added. “For the calendar year 2019 we were up 15 percent. “First quarter this year we will have 9.3 percent more seats. We have added 23 percent in 2019, and first quarter will be 34 percent over
where we were pre-Baha Mar and 2,200 additional rooms.” Mr Lounsberry continued: “We have a lot of airlift and new airlift. Sun Country Airlines are now running on Saturday’s from the twin cities of Minneapolis to Nassau. Silver Airways has updated from 34 seaters to 47 and 72-seat aircraft. American Airlines started to do Boston service on Saturdays in January. Air Canada has added a fourth flight from Montreal starting this month. Jet Blue is doing two weekend double dailies in February. “Boston has got a lot of attention this year as Delta has restored Saturday service, and they are now running daily right on through to the Spring, so that is a lot of additional service out of Boston. American will start their daily service next month, two months earlier than they usually do as they usually time it a little later in the season. Southwest
Airlines is increasing their Baltimore capacity from Baltimore/Washington airport, and it will go daily in March and also daily in the summer, so that’s really gone from once a week to the weekend and daily during some peak periods. “American Airlines is our key connector to Miami for a lot of international service and all of the feeder service that comes into Miami. They have increased their numbers by at least 14 percent for this quarter, and as the director general mentioned, United Airways will start their new Denver non-stops on March 7. That is our furthest west non-stop, and they see about half of that traffic will be coming from LA, San Francisco, Seattle and the West Coat so that is an important addition for our efforts West of the Rockies.” Mr Lounsberry also revealed: “We have a new cruise and stay programme. We typically do not promote cruise lines because we are
about overnight visitors, but this is very unique and there are not many places in the world that have this kind of opportunity. “The cruise and stay programme is through Bahamas Paradise Cruise Line. They cruise to Nassau virtually every two days from the port of West Palm Beach, and the unique thing about them is that you can cruise over and you get on at 4pm in the evening and they set sail from Nassau. “It’s an overnight cruise with all of the amenities of a cruise ship of about 1,400 passengers, so it is not a small ship but not a mega ship. And you can disembark in Nassau and stay in one of our hotels. Currently Atlantis, Baha Mar, Comfort Suites and the Melia are being packaged, and more are in the plans to add. They just started in November, so you can get off, stay two nights and then cruise back to West Palm Beach.”
THE TRIBUNE
Thursday, January 23, 2020, PAGE 7
Cable gets $31m less for US exit
FROM PAGE ONE
on investment, and the largest transaction in the Bahamian capital markets. It’s a phenomenal result for all our shareholders who, as you know, at AGMs sometimes questioned our ability to manage outside The Bahamas in the competitive US market.” Thanking shareholders, some of whom were becoming increasingly concerned over the suspension of dividend payments and three consecutive years of heavy losses, for their “patience”, Mr Butler added: “Obviously we’d have liked to get the other $31m, there’s no question about that, but the reality is I’m confident that Grain are going to realise more value from the business. “These guys have deeper pockets to expand the business [Summit], and are really going to grow the platform left behind in Florida to make it a larger, better organisation that we left. It really allows us now to focus on The Bahamas business, REV and Aliv. Since the hurricane we’ve really continued to up our game and continued to put more focus on it.” Mr Butler declined to
provide reasons for the reduction in Summit Broadband’s purchase price, saying only: “It was the result of the due diligence process. The due diligence process warranted some very justifiable decreases in value which we thought only fair to the purchaser.” Due diligence is the process where purchasers, and their legal and financial advisers, conduct in-depth scrutiny on every aspect of a target’s operations and finances to ensure everything is truly as represented by the vendor when the two parties signed their sales agreement. Grain and its team likely uncovered issues they felt required an adjustment in the purchase price, and Tribune Business understands the Summit Broadband deal’s closing was extended at least once having originally been scheduled to occur by yearend 2019. However, Mr Butler said this was “normal” in the world of mergers and acquisitions and, addressing shareholders directly, said: “I would ask them: When we announced $332.5m, did they think we would get $301.5m? You have to keep it in context. We set the bar pretty high, but $301.5m was higher
than anyone expected we’d ever get for this business. “An EBITDA multiple of 15-16 times’ is probably the highest of any mergers and acquisitions transaction in this region... They can rest assured that there’s nowhere in the world they would get that level of return on an investment of that size and magnitude with what we have done with Summit Broadband. An extra $100m is incredible by any measure.” With “just over” $200m invested in its overseas expansion, comprising capital expenditure and the $100m purchase price for the four entities that were ultimately combined to form Summit Broadband, Cable Bahamas is still effectively eyeing a nine-figure profit of around on acquisitions it made as recently as 2013. Many observers will argue that it had little choice but to sell Summit Broadband as a means to raise cash and restructure its balance sheet, with the latter laden down by $167m in bank debt and $301m in preference shares as at end-September 2019. The purchase price matches almost exactly the preference share principal owed to investors. Asked Cable Bahamas plans to use the proceeds, Mr Butler replied: “We are going to be working with our bankers in the first instance to look at the best capital structure of the proceeds. As you appreciate, we have a fair
Vacancy Announcement The American Embassy in Nassau is accepting applications for the following position:
Political Economic Specialist Duties: Serves as an analyst and advisor to the Section Chief on domestic and external political issues in The Bahamas. In this role, incumbent is responsible for researching and drafting reports on political issues, including trafficking in persons, human rights, religious freedom, elections and domestic politics, external relations, marginalized populations, and other issues as assigned. Incumbent is responsible for drafting the Congressionally mandated annual Human Rights, Trafficking In Persons, and Religious Freedom Reports. Incumbent has specific reporting and advocacy responsibility for socially marginalized populations. Develops and maintains an extensive range of contacts at a relatively high level in the government, political parties, private sector, media, educational institutions, and related sources. Interested candidates are required to possess the following skills and qualifications: • Education: University Degree in Political Science, Economics, Business Administration or International Law. • Experience: From five to seven years of progressively responsible experience in the fields related to political science, economics or journalism. • Language: Level 4 in English required. The complete Vacancy Announcement and Application forms are available online at: https://bs.usembassy.gov/embassy/jobs Application forms must be submitted electronically to the following email for consideration: NassauHR@state.gov. Applications will not be accepted at the Security Gate of the Embassy or by mail or other means of delivery. Deadline for applications is January 31st, 2020. Due to the high volume of applications, unsuccessful candidates will not be contacted.
amount of bank debt that we will address with the bankers as a matter of priority. “After that we will be addressing the preference shareholders and ordinary shareholders in the coming days and weeks once we get our hands around the balance of the proceeds. This is a huge transaction for Cable’s future. It deleverages our balance sheet and allows us a lot more flexibility to leverage our market share, both in mobile and fixed services, in the country. This is a significant debt burden we will alleviate with this transaction.” Cable Bahamas’ main lenders are thought to be Royal Bank of Canada (RBC) and Scotiabank. Mr Butler also pointed out that Cable Bahamas’ expansion took
place in a completely different business climate than it currently faces, occurring at a time when it was uncertain whether it would win the battle for a new mobile licence but needed to grow and diversify geographically. The deal with Grain Management, a private equity firm specialising in the communications industry, thus enables Cable Bahamas to monetise its investment in acquiring, amalgamating and building up its Florida business over a five-and-a-half year period. The relatively shallow depth of the Bahamian capital markets, and the higher cost of capital compared to other nations, meant Cable Bahamas was not well-placed to meet Summit Broadband’s continuous need for
capital investment in its fibre-optic infrastructure. Ross McDonald, Cable Bahamas’ group chairman, said: “The completion of this sale of Summit Broadband unlocks the value created by the Cable Bahamas group’s management team over the past six years and validates the board’s decision to be the first Bahamian public company to invest in the US market.” The sale process was conducted by RBC Capital Markets through its Denver and New York-based offices. TD Securities served as financial advisor to Grain Management in the transaction, Alston & Bird LLP served as legal counsel, and the direct lending team at Deutsche Bank provided debt financing.
PAGE 8, Thursday, January 23, 2020
Cavalier’s collapse sparks lien law call
FROM PAGE ONE
sub-contractors would be enabled by such laws to place liens on properties they helped construct, and only release them via a signed “waiver” to developers/ funders once they were paid. Until that happened, Mr Knowles said Bahamian subcontractors would always be exposed to effectively funding such projects themselves as a result of not being paid. He argued that Cavalier Construction’s decision to cease trading last week, and appoint a liquidator to windup its affairs and those of affiliate Bobcat Bahamas, had brought the issue to prominence yet again amid concerns that the 64 year-old contractor owed significant sums to sub-contractors that had worked for it on the Princess Margaret Hospital’s Critical Care Block and other projects. Those sub-contractors, as reported by Tribune Business earlier this week, will have to sit in the Cavalier creditors queue behind the secured lender (likely one of the Canadian-owned banks), the government and employees to claim what they are owed. They will likely receive cents on
the dollar at most. Arguing that construction lien laws would have prevented such a situation occurring, Mr Knowles told Tribune Business: “While it is disheartening to see such a company fade away, and the effects such a closing will have on the families that depend on it, it is very disturbing to see the amount of money it is being claimed Cavalier potentially still owes its sub-contractors on the Critical Care Block project. “Unfortunately, in far too many instances this circumstance - the sub-contractors left holding the bag - is par for the course. While it is not every day that one sees a Cavalier go out of business, sub-contractors not being fully paid what they are owed or if at all by general contractors is a common occurrence. Lord knows it: We’ve had our fair share of being told this is what we are going to pay you, take it or leave it.” Describing it as “a huge problem” in the Bahamian construction industry, Mr Knowles added: “Just ask any sub-contractor and they’ll give you a horror story or two. This is where construction lien laws would substantially assist and practically eliminate the problem. “A group of us subcontractors lobbied the then-government over 20 years ago to enact such legislation. In fact, they said that it was a good idea and supported it. They even prepared a draft Construction Lien Law Bill, but nothing happened. “Others tell us that you don’t need lien laws to ensure you are paid. There is always the court system, they say. But anyone who has ever interacted with the civil court system in this country will tell you that it has effectively become an institution that is only barely practical for those who have lots of money and lots of time, both of which unpaid sub-contractors don’t have,” he continued. “I call on the government to use this unfortunate situation as an impetus to enact construction lien law legislation ASAP, and do not just tell us it’s a wonderful idea and that it is an essential part of a well-ordered society, as one former Attorney General so eloquently put it. “While there are several major structural issues in construction in this country - the closing of Taylor Industries and Cavalier clearly demonstrates that - I believe these are just the first of several that will close. Solving this problem would go a long way to cleaning up the industry.” Mr Knowles told Tribune Business that the construction industry’s business model, based on thin margins
IPO plan for $170m renewable vehicle FROM PAGE ONE renewable energy market matures as well as financing opportunities from other donors and the private sector,” the IDB paper said. “Eventually, the final aim is for the REE to undergo an Initial Public Offering (IPO) to incorporate Bahamian smallscale shareholders and, as such, create further local participation and local retention in this new energy sub-sector.” No timeline or details of the IPO’s pricing, terms and conditions are provided, which suggests any share offering to Bahamian and institutional investors is some distance off as the government seeks to take the lead in driving increased renewable energy penetration throughout The Bahamas. “To stimulate the renewable energy sector, the Ministry of Finance is taking action in corralling stakeholders towards a sustained effort,” the IDB report said. “On the policy side, to co-ordinate the financing of both [Dorian] reconstruction efforts as well as the renewable energy transformation agenda, the Ministry of Finance has been ensuring that energy stakeholders are aligned on investments in the energy sector. “In 2019, the government created a new Ministry of Disaster Preparedness, Management and Reconstruction to break down silos in planning and recovery co-ordination
THE TRIBUNE of ten percent or often less, exacerbated the difficulties many sub-contractors experienced in obtaining full, timely payments from those who hired them. “The margins are so very tight in the construction industry that every company has to go in with very, very low prices and no room for error,” he explained. “Sometimes errors do happen, you can have very big errors and things can go south very quickly. “Because the contractor holds back ten percent of the money they pay their sub-contractors it becomes very tempting. If there are problems or they have lost money on a project it becomes tempting to tap into that even though it’s not their money. They play games a lot of the time. “With lien laws in a properly set-up regime you can claim a lien on the building or property you participated in or invested in. Owners, if they are aware of that, to protect themselves against liens on the property by requesting lien waivers. But, if you are not getting paid, you do not give the lien waiver,” Mr Knowles explained. “The onus is on the owner to make sure the sub-contractors are paid. It puts the onus on people who fund the project as banks and mortgage companies are highly motivated to make sure there are no liens” impacting their security. Mr Knowles said such a system worked well in North America, but suggested that developer and financier interests were preventing its implementation in The Bahamas. He recalled how himself and a group of subcontractors, including his father who has now been retired for 27 years, went to the then-government and warned there was “a serious problem” and need for such liens, but all they seemed to receive was “lip service”. Describing PMH’s Critical Care Block, which has been in operation for seven years, as a “case in point”, Mr Knowles said: “It was a very challenging project, tight deadlines, very complex, and a Bahamian team that pulled it off. The project speaks for itself, but sub-contractors have not been paid what they are owed.” Calling for construction lien laws to be enacted “in tandem” with the longawaited contractor licensing system, he added: “If you have to fight to get that last ten percent you’re funding or financing that project. These people sometimes have to wait years for the ten percent. “That has a negative effect on any business, especially one operating on low margins. General contractors, if they’re doing well, tend to get five to eight percent. It’s a very low margin, high risk field, and as sub-contractors operating in that environment and having to fight for the last ten percent, it makes it very difficult.” and, in the case of the power sector, to create a greener, more efficient utility infrastructure in the damaged areas. Along with the Prime Minister’s Delivery Unit (PMDU), a key objective of the Government is advancing energy reform by ensuring challenges are addressed in a timely way.” The IDB report suggested there were too many public sector agencies involved with renewable energy. Besides the Ministry of Works and the Ministry of the Environment and Housing, the Utilities Regulation and Competition Authority (URCA) is the sector’s independent regulator and competition authority. “A feature of the current institutional set-up is limited integrated energy planning and co-ordination to streamline energy infrastructure investments and prioritise renewable energy and resilience. There are two groupings of renewable regulations relevant for this operation depending on the plant power output,” it added. These are the Small Scale Residential Generation (SSRG) initiative for systems putting out 100 kilowatts or less, and the Renewable Energy Self-Generation Projects for systems with an output of between 100 kilowatts to one megawatt (MW). “Government-owned entities that develop renewable energy projects, and provide renewable energy support, is an approach that has been used successfully in many countries,” the IDB report said optimistically.
THE TRIBUNE
Thursday, January 23, 2020, PAGE 9
Saudi crown prince’s WhatsApp linked to Bezos phone hack DUBAI Associated Press THE cellphone of Amazon founder and Washington Post owner Jeff Bezos was hacked in what appeared to be an attempt by Saudi Arabia’s crown prince to “influence, if not silence” the newspaper’s reporting on the kingdom, two UN human rights experts said yesterday. The UN experts called for an “immediate investigation” by the United States into a report commissioned by Bezos that showed the billionaire technology mogul’s phone was likely hacked after he received an MP4 video file sent from Crown Prince Mohammed bin Salman’s WhatsApp account after the two men exchanged phone numbers during a dinner in Los Angeles in 2018. The video file was sent to Bezos’ phone five months before Saudi critic and Washington Post columnist Jamal Khashoggi was killed by Saudi government agents inside the Saudi consulate in Turkey in October. At the time, the crown prince was being widely hailed for ushering in major social reforms to the kingdom, but Khashoggi was writing columns in the Post that highlighted the darker side of Prince Mohammed’s simultaneous clampdown on dissent. The Post was harshly critical of the Saudi government after Khashoggi’s killing and demanded accountability in a highly public campaign that ran in the paper for weeks after his death. “The information we have received suggests the possible involvement of the Crown Prince in surveillance of Mr Bezos, in an effort to influence, if not silence, The Washington Post’s reporting on Saudi Arabia,” the independent UN experts said. At a time when Saudi Arabia was “supposedly investigating the killing of Mr. Khashoggi, and prosecuting those it deemed responsible, it was clandestinely waging a massive online campaign against Mr Bezos and Amazon targeting him principally as the owner of The Washington Post,” the experts said. Bezos first went public about the hack last year. He said the National Enquirer tabloid, whose owner has ties to the crown prince, was threatening to publish Bezos’ private messages and photos if he didn’t stop a private investigation he’d sought into the hacking of his phone. Iyad el-Baghdadi, an activist who worked with Bezos’ investigators, told The Associated Press it appears the hacking was about free speech. “It’s not about trying to compromise a businessman for business purposes,” he said. “It’s not about Amazon, it’s about The Washington Post.” Saudi Arabia’s foreign minister, Prince Faisal bin Farhan Al Saud, called the hacking allegations “absolutely illegitimate”. “There was no information in there that’s relevant. There was no substantiation, there was no evidence,” he told an AP reporter at the World Economic Forum in Davos, Switzerland. “It was purely conjecture, and if there is real evidence, we look forward to seeing it.” The independent experts, Agnes Callamard, special rapporteur on summary executions and extrajudicial killings, and David Kaye, special rapporteur on freedom of expression, were appointed by the UN Human Rights Council. They published their statement after reviewing the report conducted by FTI Consulting, which was hired by Bezos’ security adviser to manage the investigation. The report was published in full exclusively by VICE’s Motherboard later on Wednesday. The digital forensic investigation assessed with “medium to high confidence” that Bezos’ phone was infiltrated on May 1, 2018, via the video file sent from the crown prince’s WhatsApp account. The UN experts said that records showed that within hours of receiving the video from Prince Mohammed’s
SAUDI Arabia’s Crown Prince Mohammed bin Salman. United Nations experts yesterday called for an “immediate investigation” by the United States and others into information they received that suggests that Jeff Bezos’ phone was hacked after receiving a file sent from Saudi Crown Prince Mohammed bin Salman’s WhatsApp account. account, there was “an anomalous and extreme change in phone behavior” with enormous amounts of data being transmitted and exfiltrated from the phone, undetected, over months. The report stated that Bezos’ phone was compromised “possibly via tools procured by Saud alQahtani”, the former adviser to the crown prince who was sanctioned by the US for his suspected role in orchestrating the operation that killed Khashoggi. Saudi Arabia’s justice system found al-Qahtani not guilty of any wrongdoing in the killing. A judge sentenced five people to death and sentenced three others to a combined 24 years in prison in December for Khashoggi’s slaying. Al-Qahtani was also head of Saudi Arabia’s cybersecurity federation and allegedly behind campaigns that created artificiallytrending tweets to attack the prince’s perceived enemies, rally support around the leadership and stymie criticism on social media. The full investigative report, reviewed by The Associated Press, found that due to end-to-end encryption, it was virtually impossible to decrypt the contents of the downloader to determine if it did indeed have any malicious code. Saudi Arabia has already been accused of spying in America in a case involving Twitter. US prosecutors in California allege that the Saudi government, frustrated by growing criticism of its leaders and policies on social media, recruited two Twitter employees to gather confidential personal information on thousands of accounts that included prominent opponents. Adam S Hickey, deputy assistant attorney general of the US Department of Justice’s National Security Division, would not confirm or deny a US investigation of the latest allegations was underway, but said “we investigate nation state-sponsored hacking all the time.” Separately, a Trump administration official, speaking on condition of anonymity to discuss internal matters, said presidential adviser Jared Kushner has communicated with the Saudi crown prince on WhatsApp. Bezos visited Saudi Arabia in 2016 to meet with Prince Mohammed before the two men met again during the prince’s tour of the United States in 2018. The billionaire had been looking for a site in the Middle East to expand Amazon’s cloud services. The company ultimately selected the island nation of Bahrain off the coast of Saudi Arabia. During that time, Amazon had already expanded into the Middle East with its 2017 purchase of e-commerce website Souq.com, which is a competitor of Noon.com, a platform launched that same year and is heavily funded by Saudi Arabia’s Public Investment Fund, which is overseen by the crown prince. Bezos went public last February after allegedly being shaken down by the National Enquirer, which he said threatened to expose a “below-the-belt” selfie he’d taken and other private messages and pictures he’d exchanged with a woman he was dating while he was still married. Bezos wrote in a lengthy piece for the Medium that rather than capitulate to extortion and blackmail, “I’ve decided to publish exactly what they sent me, despite the personal cost and embarrassment they
threaten. While he did not accuse Saudi Arabia’s crown prince of being behind the hacking of his phone, he noted that the owner of the National Enquirer had been investigated for various actions taken on behalf of the Saudi government. Bezos’ chief investigator, Gavin De Becker, went further, saying in a published report last March that the investigation “concluded with high confidence that the Saudis had access to Bezos’ phone, and gained private information”.
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PAGE 12, Thursday, January 23, 2020
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THE TRIBUNE
Boeing’s new CEO sees 737 Max production resuming in spring By DAVID KOENIG Associated Press BOEING’S new CEO said yesterday that production of the 737 Max will resume this spring, months before the company expects federal regulators to certify the grounded plane to fly again. David Calhoun, pictured, also said he believes passengers will fly on the Max when federal regulators say it is safe and they see airline pilots getting on the plane. Calhoun dismissed the idea that Boeing’s best-selling jet might never fly again or that the company should change the plane’s name. “I’m all in on it, the company is all in on it, and I believe the FAA is all in on it,” he said, referring to the Federal Aviation Administration, which is reviewing changes that Boeing is making to the Max after two crashes that killed 346 people. An FAA spokesman said in a statement that the agency is being thorough and deliberate as it checks Boeing’s proposed changes to the Max, and the agency has no timetable for finishing that review. Calhoun, who replaced
fired CEO Dennis Muilenburg this month, spoke to reporters on a conference call after meeting with Boeing employees in Seattle. Calhoun defended the company’s culture and denied that it had placed profit above safety. He did not defend internal Boeing communications in which employees involved in developing the Max ridiculed the plane and regulators and tried to convince airlines not to use flight simulators to train pilots for the Max. “It is totally appalling,” he said of the messages. Calhoun’s comments came one day after Boeing announced that it doesn’t expect the FAA to certify the Max until this summer — Calhoun repeatedly referred to June. Boeing forecasts about the plane’s return have proven too optimistic several times since the plane was grounded last March. The president of United Airlines, Scott Kirby, said Wednesday that his airline doesn’t expect to use the Max this summer. Calhoun said the new timetable was driven by recognition that the FAA was conducting a more rigorous review and by Boeing’s
decision this month to recommend pilot training on flight simulators instead of quicker computer-based training. Calhoun also said the company will reconsider long-held assumptions about how quickly pilots react in certain situations. The company temporarily shut down the Max assembly line near Seattle in the last few days. Calhoun told reporters that production will resume “a few months before” June. Pressed on the timing, he suggested that the assembly line could reopen in about two months. The decision to resume production even before FAA re-certifies the Max indicates that Boeing does not expect major surprises from the FAA review. Boeing will have to update software and make other changes to the planes before shipping them to airlines, but that work is expected to take just a few hours per plane. Boeing has reassigned its 3,000 employees who work on Max assembly, and Calhoun repeated yesterday that they will not be laid off or furloughed. However, some suppliers have announced layoffs. Spirit AeroSystems, which makes fuselages for the Max, has said it will cut 2,800 jobs. Boeing is a huge exporter, and the pause in production of its best-selling plane is expected to ripple through the nation’s economy.
THE TRIBUNE
Thursday, January 23, 2020, PAGE 13
US stocks flat as health authorities focus on China virus By ALEX VEIGA Associated Press MAJOR US stock indexes ended little changed yesterday after an early rebound rally faded in the final minutes of trading. The S&P 500 and Nasdaq composite eked out tiny gains, while the Dow Jones Industrial Average finished slightly lower. Gains in technology, financial and health care stocks outweighed losses in industrial, energy, real estate and other sectors. Investors had their eye on an international effort by health authorities to monitor and contain a deadly virus outbreak in China that has spread to the US and three other countries. China and other nations ramped up screenings for fever on aircraft and at airports. The measures appeared to provide some reassurance to Wall Street a day after financial markets sold off over fears that the outbreak in the world’s second-largest economy could spread, hurting tourism and ultimately economic growth and corporate profits. “The coronavirus fear that permeated stocks yesterday has subsided some, and you see some of those stocks that were affected negatively yesterday rebounding,” said Keith Buchanan, portfolio manager at Globalt Investments. The S&P 500 index rose 0.96 points, or less than 0.1%, to 3,321.75. The index had been up by as much as 0.5% earlier in the day. The Dow Jones Industrial Average reversed an early gain and fell 9.77 points, or less than 0.1%, to 29,186.27. The Nasdaq composite gained 12.96 points, or
0.1%, to 9,383.77. The Russell 2000 index of smaller company stocks slipped 1.44 points, or 0.1%, to 1,684.46. Bond prices fell. The 10-year Treasury yield rose to 1.77% from 1.76% late Tuesday. The coronavirus has been confirmed in five countries, including China, the US, Thailand, Japan and South Korea. As of yesterday, more than 500 people were confirmed infected with the virus and 17 had died from the illness, which can cause pneumonia and other severe respiratory symptoms. A World Health Organization committee was scheduled to meet for a second day today as it decides whether to declare the outbreak a global health emergency. IBM was among the big gainers in the technology sector yesterday after the company reported surprisingly strong results for the fourth quarter and issued a solid profit forecast for 2020. The stock climbed 3.4%. Capital One Financial gained 4.5% after the credit card issuer and bank reported surprisingly good fourth-quarter earnings. Netflix dropped 3.6% after the entertainment company gave investors a weak forecast for new subscribers during the first quarter. The company is facing tougher competition from Disney, Apple and others. It warned investors that it is seeing more US customers dropping the service. Navient jumped 9.5% after the student loan company’s latest quarterly results topped analysts’ forecasts.
While only about 10% of S&P 500 companies have reported their results for the last three months of 2019, early indications are encouraging. Of those companies that have reported results, 78.4% topped analysts’ forecasts for profits, according to S&P Global Market Intelligence. Those forecasts were low, to be sure, with analysts saying S&P 500 profits fell last quarter
for the fourth consecutive time, according to FactSet. Traders also bid up shares in homebuilders Wednesday following new data showing that US home sales climbed 3.6% last month. The National Association of Realtors said that sales of previously occupied homes rose in December to a seasonally adjusted annual rate of 5.54 million.
For all of 2019, 5.34 million homes were sold — matching the 2018 level. High mortgage rates hurt sales in the first half of the last year, while lower rates boosted purchases in the second half. Hovnanian Enterprises led the homebuilder rally, gaining 2.5%. Investors continued to drive Tesla shares higher. The electric vehicle and solar panel maker climbed 4.1%, attaining a $100bn
market capitalisation for the first time. That market cap could turn into a supercharged payday for CEO Elon Musk, enabling him to receive a stock option package that’s worth close to $400m. Benchmark crude oil fell $1.64 to settle at $56.74 a barrel. Brent crude oil, the international standard, slid $1.38 to close at $63.21 a barrel.
PAGE 14, Thursday, January 23, 2020
THE TRIBUNE
Tesla passes $100bn, teeing up big payout for Musk DETROIT Associated Press THE meteoric rise of Tesla shares that recently pushed the company’s value over $100bn could turn into a supercharged payday for CEO Elon Musk. Stock in Tesla Inc rose another 4.1% yesterday, pushing the market value of the electric vehicle and solar panel maker past a critical milestone in Musk’s pay package. He could get a stock options package worth over $371m. Tesla shares closed at $569.56 yesterday, giving the company a market capitalisation of $102.7bn. Shares have tripled in value since May, meaning Tesla’s market capitalisation now exceeds the value of Ford and General Motors, combined. For Musk, hitting $100bn in market value triggers an
option to buy 1.69 million shares of Tesla stock for $350.02 per share. If he sells the shares, he would make just over $371m. But for the options to vest, the market capitalisation has to average above $100bn for the next six months, and it has to be above $100bn for the next 30 business days, according to the compensation packages detailed in company filings with the US Securities and Exchange Commission. Musk could get more stock payouts for every additional $50bn increase in market capitalisation. By meeting ambitious market capitalisation and operational milestones, he could earn more than $50bn over the next decade if that value hits $650bn. In the third quarter, Tesla posted a surprising $143m profit, raising hopes that the company, which also makes
battery storage units, could finally be turning the corner to profitability. But Tesla has posted mostly losses during its first decade as a publicly held company, and it lost $1.1bn during the first half of last year. The company reports fourth-quarter results on Jan 29. Earlier this year the company said it delivered a record of about 112,000 vehicles in the fourth quarter and about 367,500 for the full year in 2019. Tesla, based in Palo Alto, California, had earlier projected deliveries of between
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360,000 and 400,000 units worldwide. Also, yesterday, the state of Michigan confirmed that Tesla had reached a lawsuit settlement allowing it to sell and service vehicles in the state.
ELON MUSK
VACANCY Law firm is immediately seeking a detail oriented, hands-on individual to fill the post of a Junior Accountant. The qualified candidate must have a minimum of Associates degree in Accounting and 3 years’ experience. Responsibilities include, but not limited to, creating invoices, performing general accounting functions and preparing bank reconciliations. The candidate must work well independently, take initiative, be a team player, and have excellent organization and communication skills in addition to Excel and Quickbooks skills. Salary commensurate with experience and qualifications Attractive benefits Only applicants with the above criteria need apply Reply in confidence to: arclerkvacancy@gmail.com
EMPLOYMENT OPPORTUNITY POSITION: HEAD OF CLIENT SERVICES Clairmont Trust Company Ltd. is seeking a suitable candidate for the position of Head of Client Services. This role involves communicating fluently with Spanish speaking clients. Position Description Client Services Department’s responsibilities include facilitating client servicing and business development activities, review of client’s files for accuracy and completeness and all aspects of the day-to-day administration of the company’s portfolio of primarily Spanish speaking clients. The Head of Client Services manages a team of Spanish speaking staff and is a member of the company’s management team. Key Responsibilities: • Servicing LatAm portfolio of clients in their native language, relationship management • Review and preparation of KYC and due diligence packages on all clients and transactions; onboarding procedures • Ensuring the preparation and review of financial statements • Reviewing investment portfolios and bank statements • Ensuring adherence to internal compliance guidelines and procedures and external regulatory requirements • Handling internal and external communications both verbal and written in Spanish and English • Translating documents from Spanish to English and vice versa • Other duties as delegated for the efficient and effective functioning of the company Minimum qualifications and competencies required: • Fluency in English and Spanish (oral and written), strong communication skills • Strong technical knowledge and experience working with fiduciary and corporate structures • Minimum of 7 years of experience in a reputable financial institution • Strong team management skills and operational management capabilities • Ability to read and understand financial statements, valuations and related forms of financial reporting • Significant understanding of legal, regulatory, compliance and industry requirements • High level of proficiency in the use of computers and approved software applications including Word, Excel, Outlook and Navision • Knowledge of business processes, standards, policies and procedures • Well-developed interpersonal skills and experience in interacting with high level stakeholders Please send resume to: hr@clairmonttrust.com Deadline to apply: 28 January 2020
THE TRIBUNE
Thursday, January 23, 2020, PAGE 17
NOTICE NOTICE is hereby given that Makenson Lubin of, Grand Cay Abaco,is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, NICOLE ELLEN MOSKO-HORN of Lyford Cay in the Western District of the Island of New Providence, The Bahamas, intend to change my name to Nicole Ellen Mosko. If there are any objections to this change of name by deed poll, you may write such objections to the Chief Passport Officer, P. O. Box N-742, Nassau, The Bahamas, no later than Thirty (30) days after the date of the publication of this notice.
LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT,2000 SWEET MANDARIN LTD.
LEGAL NOTICE
FINAL NOTICE Pursuant to the provisions of section 138 (8) of the International Business Companies Act 2000, notice is hereby given that:RBVV Limited has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on the 18th day of November, 2019.
Kim Thompson Liquidator LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT,2000 CHAMS DEVELOPMENT GROUP LIMITED
a)
CHAMS DEVELOPMENT GROUP LIMITED., is in dissolution under the provisions of the International Business Companies Act, 2000
b)
The dissolution of the said Company commenced on 8th October, 2019.
c)
The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O.Box N-4865, Nassau, Bahamas
Board Certified Dematologist 15 years Clinical experience including Mohs surgery
Submit Resume to Hr@familymedicinecenter.org
a)
SWEET MANDARIN LTD., is in dissolution under the provisions of the International Business Companies Act, 2000
b)
The dissolution of the said Company commenced on 20th September, 2019.
c)
The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O.Box N-4865, Nassau, Bahamas
PAGE 18, Thursday, January 23, 2020
THE TRIBUNE
The Cove Resort & Spa, Eleuthera is seeking a qualified Sushi Chef to join our Team. The successful candidate should have the following minimum requirements:
The Cove Resort & Spa, Eleuthera is seeking a qualified Executive Sous Chef to join our Team. The successful candidate should have the following minimum requirements:
A minimum of three to five years of experience as an Sushi Chef. Associates or Bachelor’s Degree in Culinary Arts. Prior experience at high end luxury properties are highly desired. Excellent verbal and interpersonal skills, ability to multi-task and work in a fast-paced environment. Strong team member relations, supervisory and organizational skills are required. Must maintain current Food Handlers Certificate.
A minimum of three to five years of experience as an Executive Sous Chef. Associates or Bachelor’s Degree in Culinary Arts. Prior experience at high end luxury properties are highly desired. Excellent verbal and interpersonal skills, ability to multi-task and work in a fastpaced environment. Strong team member relations, supervisory and organizational skills are required. Must maintain current Food Handlers Certificate.
All interested applicants can forward their Resume and Cover Letter to:
All interested applicants can forward their Resume and Cover Letter to:
a)
SDSS International Ltd. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
human.resources@thecoveeleuthera.com
human.resources@thecoveeleuthera.com
b)
The dissolution of said company commenced on the 17th day of January 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.
LEGAL NOTICE
LEGAL NOTICE
N O T I C E
N O T I C E
c)
The Liquidator of said company is Petaluma LTD, PO Box SP-63146, Nassau, Bahamas.
d)
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 February 17, 2020
EXXONMOBIL RUSSIA NORTH CHUKCHI SEA SERVICES LIMITED
EXXONMOBIL RUSSIA NORTH KARA SEA SERVICES LIMITED
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 18th day of December, 2019.
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 18th day of December, 2019.
Dated the 23rd day of January, A.D., 2020.
Dated the 23rd day of January, A.D., 2020.
www.bisxbahamas.com
(242) 323-2330
(242) 323-2320
BISX LISTED & TRADED SECURITIES 52WK LOW 3.35 20.91 5.50 5.38 1.60 0.67 2.00 9.50 5.60 3.95 6.45 2.35 1.76 8.00 6.30 12.15 6.80 3.01 13.50
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B
CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
PREFERENCE SHARES
1.00 10.00 1.00
1.00 10.00 1.00
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing)
LAST CLOSE 3.35 17.43 6.00 6.68 2.30 1.62 3.51 11.61 6.00 4.45 6.49 3.39 4.60 11.10 7.60 15.05 9.33 3.80 15.20
CLOSE 3.35 17.43 6.00 6.68 2.30 1.62 3.51 11.61 6.00 4.45 6.49 3.53 4.60 11.11 7.60 15.05 9.33 3.80 15.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.14 0.00 0.01 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME
1,009
VOLUME
______________________
Petaluma LTD Liquidator LEGAL NOTICE
N O T I C E
Dated the 23rd day of January, A.D., 2020.
ALL SHARE INDEX: CLOSE: 2,233.06 | CHG: 0.14 | %CHG: 0.01 | YTD: 1.46 | YTD%: 0.07 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.00 6.17 4.50 11.01 2.81 5.06 10.21 7.90 16.99 9.40 3.80 15.20
Dated this 20th day of January 2020
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 18th day of December, 2019.
MARKET REPORT WEDNESDAY, 22 JANUARY 2020
NOTICE OF DISSOLUTION
NOTICE IS HEREBY GIVEN as follows:
EXXONMOBIL EXPLORATION AND PRODUCTION TURKEY (OFFSHORE) LIMITED
Mario Pedercini Liquidator of EXXONMOBIL RUSSIA NORTH KARA SEA SERVICES LIMITED
Mario Pedercini Liquidator of EXXONMOBIL RUSSIA NORTH CHUKCHI SEA SERVICES LIMITED
LEGAL NOTICE
EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631
DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610
P/E 14.0 18.7 N/M 18.1 N/M N/M -8.0 16.1 13.4 24.2 46.4 34.6 9.9 17.2 10.4 18.4 9.9 18.7 24.1
YIELD 5.07% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.70% 0.00% 12.29% 1.30% 2.95% 3.16% 3.59% 2.14% 3.16% 4.01%
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
0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75%
MATURITY 19-Oct-2022
6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 3.06% 3.81% 1.91% 3.39% 2.23% 2.75% 4.99% 6.20% 7.18% -0.08% 3.93% 3.93% 6.38% 6.38% 4.50% 4.50% 7.96% 7.96% 11.57% 11.57% 18.35% 18.35% 5.17% 5.17% 15.86% 15.86% 5.67% 5.67% 3.40% 3.40% N/A N/A 10.80% 2.60% 10.40% -4.00%
NAV Date 31-Oct-2019 31-Oct-2019 25-Oct-2019 30-Sep-2019 30-Sep-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019
Mario Pedercini Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION TURKEY (OFFSHORE) LIMITED LEGAL NOTICE
N O T I C E EXXONMOBIL RUSSIA WEST LAPTEV SEA SERVICES LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 18th day of December, 2019. Dated the 23rd day of January, A.D., 2020. Mario Pedercini Liquidator of EXXONMOBIL RUSSIA WEST LAPTEV SEA SERVICES LIMITED
MUTUAL FUNDS 52WK HI 2.27 4.32 2.08 194.86 158.57 1.66 1.85 1.76 1.20 8.34 10.26 6.94 12.01 12.35 10.74 10.00 8.98 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.60 1.74 1.69 1.12 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.27 4.32 2.08 193.72 158.42 1.66 1.85 1.76 1.20 8.34 10.23 6.94 12.01 12.35 10.73 N/A 8.98 11.40
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
30-Sep-2019 30-Sep-2019 30-Sep-2019
LEGAL NOTICE
N O T I C E EXXONMOBIL RUSSIA EAST LAPTEV SEA SERVICES LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 18th day of December, 2019. Dated the 23rd day of January, A.D., 2020. Mario Pedercini Liquidator of EXXONMOBIL RUSSIA EAST LAPTEV SEA SERVICES LIMITED
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
THE TRIBUNE
Thursday, January 23, 2020, PAGE 19
CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY
T
he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.
MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100
CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus
OPPORTUNITIES • • • •
Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters
BENEFITS
• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care
For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115