business@tribunemedia.net
WEDNESDAY, FEBRUARY 12, 2020
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DAMIAN BLACKBURN
Insurance cuts Aliv’s Dorian cost to $2.5m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ALIV’S subscriber base grew by 20 percent during the final six months of 2019, its top executive revealed yesterday, after the mobile operator shrugged off $2.5m in one-off net Dorian costs. Damian Blackburn told Tribune Business it had “recovered about 75-80 percent” of its $6m network repair costs following settlement of its insurance claim. This, together with $1m-$1.5m in “exceptional costs”, lowered the total Dorian outlay from its own pocket to around $2.5m. Disclosing that Aliv’s customer base now stands at 180,000, he added that this growth - and Aliv’s positive operating income (earnings before interest, taxation, depreciation and amortisation or EBITDA) for the Christmas quarter - had been achieved notwithstanding the category five storm’s impact on Abaco and Grand Bahama. “We’re now over 180,000 customers. We’ve had significant growth during the first half of the year,” Mr Blackburn said. “On the subscriber base, I think our market share is well into the 40 percent range - approximately mid-40s. Revenue lags that, so we’re probably in the low-40s there. “We also achieved our goal in the financial year’s second quarter, the Christmas quarter, for being EBITDA positive. We would have been EBITDA positive for the whole of the first half of the year but we did absorb some exceptional costs related to the hurricane that meant it was flat for those six months.” Aliv’s financial year starts on July 1, and Mr Blackburn said its financial performance had rebounded quickly from Dorian’s effects. “We settled our insurance and we recovered about 75-80 percent of our capital from the network side of it,” he told Tribune Business. “It was $6m on network repairs, and $1m to $1.5m of exceptionals. “We were prepared in terms of insurance and settled it quickly. We’ve moved on from that and it’s kind of behind us. We did have some other exceptional costs, costs relating to the disruption of our operations, so Dorian probably cost us $2.5m net of insurance.” Mr Blackburn said Aliv was still working to restore its network to pre-Dorian condition on the two affected islands, as it was still running off back-up power and some temporary sites in Abaco. “We’re making good progress, and by the time the next hurricane season comes around we’re confident we’ll have everything back to where it was,” he added. “The customer knows the network has been fully restored since September. It’s just the infrastructure we’re using that we want to replace - the likes of temporary towers and back-up power.”
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‘Strange message from company town owners’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
F
REEPORT’S two largest owners have sent “a strange message” to other investors by their reluctance to rebuild Grand Bahama’s airport post-Dorian, a leading hotelier argued last night. Magnus Alnebeck, Pelican Bay’s general manager, told Tribune Business that the Grand Bahama Port Authority (GBPA) and Hutchison Port Holdings were potentially deterring fresh job-creating investment by failing to live up to their developmental obligations under the Hawksbill Creek Agreement. Describing Freeport as “a company town” largely controlled by those two conglomerates, he added that it would send a negative signal about Freeport’s future economic prospects if they
simply handed the task of rebuilding Grand Bahama International Airport to the Government without leaving any insurance proceeds to finance this. Speaking out after the prime minister confirmed that the Grand Lucayan’s sale is due to close on March 2, Mr Alnebeck expressed hope that the airport will “follow suit shortly thereafter”. “I have heard it’s very
close to being done. That will be very positive,” he told this newspaper. “But it would be nice if they [the GBPA and Hutchison] would have followed what is in the Hawksbill Creek Agreement and put the money back into where it should be. “It’s a bit of a strange message because, regardless of how you look at it, Freeport is a company town that is owned by Hutchison
THE prime minister’s announcement of a March 2 closing date for the Grand Lucayan sale was last night hailed as “a game changer to transform Freeport from the bridesmaid into the bride”. James Sarles, principal of Coldwell Banker James Sarles Realty, told Tribune Business this was Freeport’s “chance again” to fulfill its long-standing potential after Dr Hubert Minnis seemingly confirmed the deal with the Royal Caribbean/ITM joint venture was virtually complete. The prime minister, in last night’s national address, said the Heads of Agreement for the Grand Lucayan’s sale will be signed in two-and-ahalf weeks’ time on March 2. “This project could mean approximately two to 3,000 jobs for Grand Bahama,” Dr Minnis said.
SEE PAGE 4
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• PM’s deal confirmation ‘a game changer’ • Freeport given ‘chance again’ to shine • Hope project’s ‘trickle down’ will aid all
PRIME MINISTER DR HUBERT MINNIS “It will result in scores of jobs during reconstruction and development, and longterm employment, business and entrepreneurial opportunities for the residents of Grand Bahama.” Noting the uncertainty that has surrounded the Grand Lucayan negotiations,
and the long wait for the deal to close, Mr Sarles said ITM/Royal Caribbean’s plans needed to take effect “quickly, on time and as planned” and be accompanied by an airport rebuilt to “world class” standards. He revealed that Grand Bahama real estate prices,
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
already “in the doldrums”, had slumped by a further 30-40 percent in some areas following Dorian. Together with Carnival’s $200m cruise port project, Mr Sarles said ITM/Royal Caribbean’s Holistica joint venture was vital to boosting the island’s “exposure”, attracting millions of new visitors, and creating the critical mass and economic activity that will stimulate his and other industries. “It’ll be a game changer for us, especially with what has happened in the aftermath of Dorian. There’s no doubt about that on paper,” he told Tribune Business of the Grand Lucayan’s imminent closing. “We’ve just been waiting and waiting and
and the Port Authority in different ways, and through different companies and percentages of companies. “It’s a bit of a strange message when the two owners of the city, and two owners of the airport, choose to take the insurance proceeds and seemingly not reinvest them,” Mr Alnebeck continued. “It does send a strange message to other investors. If they don’t have the confidence to reinvest it will be a challenge to convince new investors to come here. One would have thought it would have been the socially responsible, and corporate responsible, thing to do. If they don’t want the
‘From bridesmaid to bride’ on March 2 Lucayan close By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Probe found ‘no wrong doing’ on $5m water deal A PROBE into complaints over a $5m contract awarded to BHM Company (Bahamas Hot Mix) found “no wrong doing”, a Caribbean Development Bank (CDB) executive said yesterday. Daniel Best, its director of projects, defended the $28.5m Water Supply Improvement project, which is being carried out by the Water and Sewerage Corporation (WSC) using a CDB loan, following accusations made two years ago that the award to BHM did not represent good value for money. Among BHM’s shareholders is a trust for the children of former cabinet minister, Brent Symonette, and then-PLP chairman, the late Bradley Roberts, claimed that the contract awarded to it for work on Long Island was influenced by “cronyism” as the company was not the lowest bidder. But Mr Best told Tribune Business: “That project was procured in accordance, and in alignment, with our procurement policies and guidelines, and it followed international best practice. The complaint would have been referred to our office of integrity complaints and assurance, and it would have done a thorough investigation. The investigation is completed, and the project is moving forward successfully. No wrong doing was found in that project and it is actually progressing quite well.” Adrian Gibson, the Water and Sewerage Corporation’s executive chairman, said at the time that BHM was the only bidder to “substantially” meet the tender terms and conditions. Rowdy Boys, the Long Island-based construction firm, submitted the lowest bid of $2.66m, but Mr Gibson said it would have been “too risky” to award it the contract. This, he explained, was because Rowdy Boys’ bid was less than 50 percent of the valuation placed on the project by the corporation’s
• Hotelier fears airport fresh investor deterrent • As Freeport’s main developers failing to rebuild • No ‘overnight’ tourism change via Lucayan deal
TERMINAL AT GRAND BAHAMAS INTERNATIONAL AIRPORT
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Collision course on South Abaco project By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE government is heading for a confrontation with environmental activists after the prime minister last night confirmed it has approved a controversial $580m project for South Abaco. Dr Hubert Minnis, in his televised national address, said the development - which he did not name - would provide 600 jobs during both the construction and full-time operational phases after receiving the go-ahead from the National Economic Council (the Cabinet or a Cabinet sub-committee). Describing it as a “fivestar residential, resort and marina development in South Abaco”, Dr Minnis said: “The capital investment, is approximately $300m, and will help in the reconstruction and revival of Abaco. “This development will include branded hotels and a full-size golf course. [It] is expected to employ approximately 600 people during the construction phase and thereafter. The project will
• PM confirms $580m development’s approval • Had been firmly opposed by environmentalists • Chamber: ‘Great signal we’re open for business’
KEN HUTTON provide a variety of entrepreneurial opportunities for Abaconians, and Bahamians, in a number of areas, including agriculture, fisheries, heritage tourism and many other areas.” Dr Minnis said Sandy Point’s airport will also be expanded to facilitate the development, and added that a Heads of Agreement for it will be signed in Abaco tomorrow. It is unclear why his address referred to a $300m investment when the developer has always touted
a $580m spend, although it is possible it has been scaled back. Subsequent inquiries by Tribune Business revealed that the project in question is the development by Tyrsoz Family Holdings and its principal, Ronnie Ben-Zur, which attracted significant criticism and opposition from environmental groups last year before Hurricane Dorian’s impact overshadowed all other issues. The Minnis administration is likely to view Mr Ben-Zur’s proposal as a much-needed multi-million dollar boost for an Abaco economy that needs every cent and job it can attract following the devastation inflicted by Dorian, even though it was last year urged to reject the plans amid fear they would cause “irreversible harm” to the area’s ecologically-sensitive sites. An online petition started by Sustainable South
Abaco, a grouping of local and international organisations, attracted almost 3,400 signatures against the project although this was dismissed by the developer on the basis that just 10 signatories were from Abaco. Tribune Business was last night unable to contact Sustainable South Abaco’s members, who include the Abaco Fly Fishing Guides Association; Abaco Lodge; Bahamas Marine Mammal Research Organisation; Bairs Lodge; Bonefish and Tarpon Trust; Fisheries Conservation Foundation; Friends of the Environment; Islands by Design; and Delphi Club. However, one environmental activist, speaking on condition of anonymity, told Tribune Business that the group had never received a reply to the concerns set out in their April 15, 2019, letter to the prime minister. They added that they had been aware, though, of
both the project approvals and tomorrow’s Heads of Agreement signing. “There’s a million questions,” they said. “They [the government] wanted to announce something for Abaco, but where are they going to house all those workers? Does Mr BenZur have the necessary financing? There’s plenty of other places they could put it - why not send it to Treasure Cay? It needs all the help it can get, and has accommodation available. It doesn’t make any sense down south.” Tribune Business understands that the Environmental Impact Assessment (EIA) for the Tyrsoz Holdings project has yet to be released publicly for interested groups and citizens to provide feedback on because it is still being assessed by the Bahamas Environment, Science and Technology (BEST) Commission. It is unclear why the government is proceeding to a Heads of Agreement signing without the EIA
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BACARDI PLEDGES $1M TO ASSIST DORIAN RECOVERY BACARDI has pledged almost $1m towards helping small and micro businesses in the tourism sector recover from Hurricane Dorian’s devastation. Executives from the Grand Bahama Port Authority (GBPA), Mercy Corps International (MC) and the American Red Cross (ARC) welcomed the manufacturer as an official supporting partner for the recovery efforts. Bacardi executives visited Grand Bahama for the ceremonial signing of its $1m donation, which will specifically target businesses within the hospitality sectors. “Bacardi has pledged to put close to $1m behind the relief and reconstruction plans in Grand Bahama through our partnership with Mercy Corps and the Grand Bahama Port Authority,”
BACARDI pledges close to $1m in support funding for businesses impacted by Hurricane Dorian. Pictured from left: Al Panico, field representative, American Red Cross Society; Michael Bowers, vice-president of humanitarian leadership, Mercy Corps; Henry S George, director, GBPA; Mahesh Madhavan, chief executive, Bacardi; and Ian Rolle, GBPA president. said Mahesh Madhavan, Bacardi chief executive. “We aim to directly support more than 40 businesses, helping them to rebuild and stand on their own two feet, and to support hundreds more with
access to training. I’m very honoured and privileged to be here speaking on behalf of Bacardi, and to show our support for the people of Grand Bahama.” Bacardi thus joins the GBPA and Mercy
Corps as a partner in implementing the RISE grant initiative, which was launched in early December 2019. RISE has already awarded around $160,000 in recovery grant funding to-date, and Bacardi’s
contribution will enable it to assist 200 business owners, doubling the original target. “We welcome Bacardi as a new partner of the RISE programme with a specific focus on supporting businesses in the hospitality and food and beverage sectors. Their assistance will buttress an industry in which we foresee significant new foreign direct investment over the coming months, and one in which we forecast sustained growth in the medium term,” said Henry St George, GBPA director. The partners discussed the needs of the small business sector with a group of successful grant applicants, including Stephanie Ferguson, president, and Buffie Dorset, partner, at Phoenix Brokerage & Shipping; Sherica Smith-Pinder, coowner of Shabo’s Conch
Salad; Charles Wayne Hall, owner of Local Organics; and Captain Patrick Cartwright, owner of Triple-A Boatcare & Maintenance. Mr Madhavan shared the story of family-owned Bacardi, and offered encouragement and hope to the group of entrepreneurs. The RISE initiative provides grants of up to $10,000 in business recovery funding for eligible businesses. “We’re excited to be teaming up with such talented partners to support the recovery of communities and small business owners in Grand Bahama,” said Michael Bowers, vice-president of humanitarian leadership for Mercy Corps. “Working together, we believe we can connect small business owners to the tools and resources they need to rebuild and grow.”
Tourism recognises impact of Exuma winter residents
, Exuma. EMMET SAUNDERS, MOTA manager
IVAN Ferguson, Exuma’s administrator.
Aviation (MOTA) THE Ministry of Tourism and winter residents’ le eop to-P pleheld its annual Peo in Exuma. It ort reception at Augusta Bay Res and boaters ers own e hom nd gave thanks to all seco n to Exuutio trib con of the island for their continued t. men elop ma’s growth and dev Exuma office The Ministry of Tourism’s island adminma Exu and rs, nde manager, Emmet Sau ndees. The atte d istrator, Ivan Ferguson, welcome manager, Bernaor seni ple -peo Ministry’s people-to ving. dette Bastian, co-ordinated prize-gi uel Stubbs/BIS Kem tos: Pho
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HE Caribbean Development Bank (CDB) yesterday gave the most optimistic forecast yet for The Bahamas’ 2020 prospects by predicting this nation’s economic output will expand by two percent. Dr Justin Ram, its director of economics, told reporters: “In The Bahamas, although Hurricane Dorian caused significant destruction, the economy still performed fairly well in 2019 because visitor arrivals were still very strong. That’s good. “For 2020 we’re forecasting a GDP growth rate of two percent because we expect visitor arrivals to continue to be strong as long as source markets, for example the US, Canada, the UK and other places where visitors come from, remain strong. We expect tourism arrivals to have a strong footing.” Dr Ram added that “construction is likely to be a big driver of economic growth in 2020” due to the postDorian rebuilding in Abaco and Grand Bahama, indicating this would provide further growth momentum. The CDB’s forecast, though, is far more upbeat than those provided by the Central Bank of The Bahamas and International
Wednesday, February 12, 2020, PAGE 3
CARIBBEAN BANK PROJECTS 2% GROWTH FOR BAHAMAS Monetary Fund (IMF). The former, which revised its own 2020 GDP growth projections upwards to “flat”, having initially projected a 0.5 percent contraction, said much depends on whether economic activity on other Bahamian islands offsets the loss of Abaco’s tourism income. The IMF, for its part, backed the Central Bank’s first prediction that the Bahamian economy will suffer a “mild contraction” in 2020. This places the CDB’s projections at the top end of the scale. Recognising that Abaco and Grand Bahama
suffered “substantial damage” as a result of Hurricane Dorian’s passage in early September 2019, Dr Ram said: “Nonetheless, The Bahamas recorded the highest ever number of visitor arrivals, reflecting pre-hurricane performance and increased airlift from North America.” He added that prior to Dorian “the fiscal deficit was actually narrowing, but then it rose slightly to 66.3 percent of GDP as the Government attempted to meet the initial post-hurricane financing requirements”. Dr Ram said the fiscal blow inflicted by Dorian
BY YOURI KEMP | TRIBUNE BUSINESS REPORTER | YKEMP@TRIBUNEMEDIA.NET has “remained manageable” even though the $3.4bn damages and loss caused was equivalent to 25 percent of GDP. “But what has been real good is that we only had about a 0.9 percent decline in the Bahamian economy for 2019, and that is despite the tremendous loss associated with Dorian, which was maybe around a quarter of GDP, which is quite significant,” said Dr Ram. “The Government of the Bahamas has accessed financing already from the CDB to support its reconstruction and rehabilitation efforts. So we would have advanced a grant to assist with the rehabilitation after that particular hurricane. But, more importantly, towards the end of 2019 we supported The Bahamas by the approval of an exogenous shock policybased loan, and that now gives The Bahamas access to $50m of financing. That policy-based loan is exactly that; it supports polices that help The Bahamas build resilience but also to maintain its fiscal prudence/ “Very soon we expect to be disbursing that $50m to The Bahamas and, once those funds go into the consolidated fun,
the government will then decide how to utilise those resources - what type of construction activities and how to prioritise that.” Dr Ram said the CDB has also supported the government with “the establishment of a delivery unit, which allows the overnment of The Bahamas to actively target where it wants to implement certain policy reforms and put things in place”. He added: “We support that type of intervention and, in fact, we are going to support the government with repositioning that delivery unit so that it can prioritise reconstruction activities and manage how the money is being spent in an efficient way.” The government implemented a “delivery unit” within the Prime Minister’s Office in May 2018, which was funded by the Inter-American Development Bank. The unit is responsible for delivering on six priority goals - the “Over-the-Hill” rejuvenation, land reform, energy reform and infrastructure, ease of doing business, education, and safety and security. Dr Ram said spending on Dorian reconstruction
activity is “not going to hurt economic activity” but instead will “spur growth, because now you are spending on reconstruction”. He added: “The Bahamas has many islands, and it covers a large area. That has also provided a significant amount of resilience, because the main hubs of economic activity - particularly in Nassau - were maintained, so that drove economic activity. So that means that people who might have been displaced could also migrate within the Bahamas. “So I think it is positive for The Bahamas, but we cannot forget that The Bahamas is in a very vulnerable place in terms of the environment. So the government needs to ensure that the right policies are in place for land-use planning, for building codes and the enforcement of those building codes. “Then, on the fiscal level, the government is doing a fairly good job by ensuring it has Caribbean Catastrophe Risk Insurance Facility (CCRIF) coverage, and also having access to contingent credit lines so if a disaster happens it has access to financing that allows it to rebuild.”
Caribbean integration ‘key’ to hitting development goals By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Caribbean Development Bank (CDB) approved $200m in loans and grants last year as it focused on regional integration as a means to achieve the 2030 sustainable development goals (SDGs). Daniel Best, its director of projects, said yesterday: “We approved just over $200m in loans and grants in 2019 in preparation and construction of economic infrastructure projects, and investment in agriculture and in micros, small and medium-sized enterprises (MSMEs). These projects are aimed at increasing the
‘Strange message from company town owners’ FROM PAGE ONE
headache of rebuilding the airport, leave the insurance proceeds or at least a portion of it.” The Pelican Bay chief pointed out that Hutchison Whampoa, parent of Port Holdings, had form for receiving hurricane-related insurance proceeds and failing to reinvest them in essential repairs as had been demonstrated by its actions over the Grand Lucayan. He is not the first to criticise the GBPA and its owners, the Hayward and St George families, in particular. Philip Davis, the Opposition’s leader, has also accused them of failing to fulfill their development obligations as Freeport’s quasi-governmental authority by not taking the lead over the airport’s rebuilding. Tribune Business previously revealed that the Government was negotiating an arrangement with the GBPA and Hutchison where it would pay both $1 apiece to take over Grand Bahama International Airport’s ownership, while also assuming responsibility for its $20m$40m rebuilding and possible relocation. It is unclear what will happen to the proceeds of any Dorian-related insurance claim on the airport, and this is likely to be one of the issues central to the negotiations. These monies would provide a useful financing source for the government, but they could equally be retained by the two existing owners in exchange for such a token purchase price. Grand Bahama International Airport is arguably Freeport’s key economic infrastructure asset, serving not just the island’s tourism sector but its industrial firms and the wider economy. It is the main domestic and international gateway for air transportation connectivity, and many observers fear the city’s business model will cease to function unless
region’s competitiveness, building climate resilience and ensuring environmental sustainability.” Dr Justin Ram, the CDB’s director of economics, added: “In 2019, the CDB published its new multi-dimensional vulnerability index. This provides a more holistic view than the previous economic vulnerability index, as it includes measures of social vulnerability and a climate change vulnerability component. “The index shows that the main vulnerabilities of BMCs (borrowing member countries including The Bahamas) are dependence on strategic imports, export concentration and exposure to natural hazards and climate change. The index it is rapidly restored to full health. Mr Alnebeck last night urged the Government to bring Nassau Airport Development Company (NAD), and its Vantage Airport Group operating partner, in to run Grand Bahama International Airport once the ownership transition was completed. “Let’s hope they give it to NAD to operate so that there are people in there who know what they’re doing,” he told Tribune Business, “and that they don’t go down the avenue of people trying to operate it who don’t know what they’re doing. I think we’re all in agreement that NAD has done a good job with the airport in Nassau.” While hailing the Prime Minister’s announcement of a March 2 signing for the Grand Lucayan Heads of Agreement as “fantastic news”, Mr Alnebeck said the 24-month construction period required by the ITM/Royal Caribbean joint venture meant Freeport’s tourism fortunes “will not change overnight”. He added, though, that this in no way diminished the development phase’s impact as this will translate into “money being spent on the ground” by hundreds of construction workers something Freeport has not experienced for a long time. “If the plans that we’ve seen are what they’re going to do then it’s a significant investment in the Grand Bahama economy,” Mr Alnebeck told Tribune Business. “Any investment in the Grand Bahama economy is good. “It will take time to get the work done and get it ready, but in the meantime there will be money spent and that’s positive. There’s not going to be a change in the tourism industry overnight, but at least we’re moving in the right direction. “I think the big problem with Grand Bahama post-Dorian, which is very different from Abaco, is the majority of the houses damaged were uninsured. In Abaco, many of the homes were owned by second home owners who had insurance,” he added.
assists countries in determining their development priorities to become recipients, and has the potential to broaden BMCs access to concessional finance regardless of income per capita. “Our research will provide an evidence base for promoting truly inclusive and resilient economies. For example, we will examine the social benefits of equal opportunity combined with economic competitiveness. We will explore enhanced regional integration through a study of factor mobility, and we will consider how inclusivity and resilience might be undermined by high levels of crime.” Dr Warren Smith, the
CDB’s president, spoke about the urgency for its member countries to reach “key milestones” in the coming decade as it relates to the SDGs, ending poverty and reducing inequality. “Our borrowing members recorded another year of low growth, averaging just about one percent in 2019 compared with 1.6 percent in 2018. This slowdown was consistent with relatively sluggish global growth of 2.9 percent,” he added. Dr Smith blamed most of this on the ongoing trade tensions between the US and China, in addition to “geopolitical anxieties” in the Middle East that he said presented “major downside
risks”. Other potential setbacks included ongoing protests about corruption, issues with climate change, inequality and political freedoms. Dr Smith said regional integration through the Caribbean Single Market and Economy (CSME) was critical to the region and its members meeting the 2030 SDGs. “I think that the CSME is a very, very important component of the strategy to realise the SDG’s, the sustainable development goals, which focuses on the elimination of poverty in our lifetime, in fact by the year 2030,” he added. “It speaks to how we put ourselves in a position where we are less
vulnerable economically, and in a number of other ways. But what it requires is a kind of infrastructure; we need the framework. We need to implement some of the things we said we need to implement in order to make this thing really happen.” Dr Smith identified concerns over the “free movement of labour between our countries” as one of the obstacles to further regional integration. There was also, he added, the need to establish mechanisms for exports between Caribbean countries. “We cannot ‘de-link’ the possibility of reaching the SDGs from that of achieving full CSME implementation,” Dr Smith said.
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‘From bridesmaid to bride’ on March 2 Lucayan close FROM PAGE ONE waiting for this deal to come to fruition. “We’ve always been the diamond in the rough, the bridesmaid and never the bride. We’ve never had the exposure. It’s always seemed like we’ve taken two steps forward and three steps back. I’m optimistic that this is our chance again. “Royal Caribbean is a big player,” Mr Sarles continued. “It’s a time where we can all look and say: ‘Let’s hope this is a game changer so that Freeport can go from the bridesmaid to the bride’. We have the potential and everything going for us in terms of US proximity, beautiful beaches, low crime and so much land to be developed. “We need other things to happen, like the Carnival cruise port. We’ve had the perfect storm, and now need the perfect recovery. It’s a chance for us to reap the benefits and for Freeport to achieve its potential. We have long way to go because of the hurricane, and a lot of people need help.” Carnival provided a further boost for Freeport’s long-struggling economy by yesterday revealing that it is doubling its investment in its cruise port facility to $200m, with construction set to start this summer subject to government approvals (see news for further details). Mr Sarles, meanwhile, questioned whether Royal Caribbean plans to use Freeport as a “home port”. This would potentially see hundreds of thousands of passengers fly into the city, and stay at the Grand Lucayan, before embarking on their cruises. The cruise line and its ITM partner have given no indication that this is in their plans, though, which so far are focused mainly on transforming the Grand Lucayan and nearby Freeport Harbour into a water-based them park destination. However, Mr Sarles echoed other Freeport businessmen
and residents in urging the government to rapidly follow through with plans to take over Grand Bahama International Airport’s ownership and redevelopment from Hutchison Port Holdings and the Grand Bahama Port Authority (GBPA). He added: “It would be very exciting for us if, in conjunction with this, the government takes the airport away from the current owners; the people who are not doing anything. If they redevelop this airport as a world-class destination and attract millions of new visitors, they will be exposing Grand Bahama to the world and that will doubtless affect real estate prices. “Prices are flat and in horrible shape because of the hurricane. It’s a good time to buy for people buying right this second. As as soon as you make that announcement it creates some optimism and will doubtless affect prices as it makes those properties more desirable to sell. “We need jobs, we need bodies. It all translates into trickle down, into tourists and visitors, life and new businesses. We cannot live without a major hotel here.” The government acquired the Grand Lucayan from Hutchison Whampoa for $65m in September 2018, amid fears that the Hong Kong-based conglomerate would close the property - long seen as Freeport’s “anchor” resort - in a bid to stem operating losses running as high as $1.5m per month. Hutchison Whampoa had also failed to reinvest the Hurricane Matthew insurance proceeds into repairing the resort, resulting in two of its three properties being shuttered. The government eventually signed a Letter of Intent (LoI) with ITM/Royal Caribbean for the hotel’s sale, and wider redevelopment, in March 2019 - meaning negotiations to close the deal will have taken almost one year. The Holistica joint venture is to pay the same $65m
purchase price that the government gave to Hutchison, subject to normal due diligence and closing procedures. The Minnis administration has come under fire from its political opponents over the cost and financial risk that the Grand Lucayan deal has created for Bahamian taxpayers, with a further $16.1m outlay to be regularised in today’s House of Assembly debate. The constant subsidies required to cover the Grand Lucayan’s operating losses will have likely taken the government’s exposure towards the $100m mark, but it will hope that the sale - combined with taxes generated on the back-end from economic activity under ITM/Royal Caribbean’s ownership - will more than offset this. The government’s own Fiscal Strategy Report, though, warned in November that a redeveloped Grand Lucayan and Freeport Harbour will not emerge overnight. Construction work will take around two years, meaning that the project’s operational phase should probably launch in early 2022 - potentially just in time for when the next general election is called. “The first phase of the project will feature a $195m initial investment, inclusive of the $65m resort purchase price, and will span over a 24-month period, providing 2,000 jobs,” the Fiscal Strategy Report said. “The project is poised to act as an economic stimulus to Grand Bahama, bringing approximately two million passengers annually to make use of the associated facilities, which will include a five-star hotel property, water-based family entertainment, as well as dining, gaming and other entertainment options. “The additional cruise passengers will also present an opportunity for local vendors, taxi drivers, arts and crafts artisans and other souvenir businesses to benefit from increased sales.”
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Wednesday, February 12, 2020, PAGE 5
Collision course on South Abaco project FROM PAGE ONE and subsequent Environmental Management Plan (EMP) being completed and approved, especially given the sensitivities associated with the project’s location. However, it is possible that any go-ahead may be made conditional on satisfactory environmental findings. Ken Hutton, the Abaco Chamber of Commerce’s president, last night also identified housing and worker availability as critical issues that will confront the Tyrsoz Holdings project. He explained that all available housing in south Abaco is currently taken, while Dorian reconstruction efforts mean there is a shortage of skilled labour on the island. Suggesting that the developer would need to import a construction workforce en masse from elsewhere in The Bahamas and abroad, Mr Hutton nevertheless said he and the Abaco Chamber would back the project provided it met all regulatory and environmental requirements. And he added that the prime minister’s announcement was “a great signal that we’re open for business” just over five months after Abaco was devastated by one of the strongest hurricanes in the Atlantic’s history. “I think economically it could be a tremendous boost,” Mr Hutton told Tribune Business. “Here again, I think there are going to be some tremendous hurdles in terms of environmental compliance, but the doors of Abaco are open. “We need to bring economic activity back here. Provided the project is in compliance with the Government’s regulations and environmental regulations, I think at the chamber we’re all for it. Provided it jumps through all the hoops, regulatory and environmental wise, it’s a welcome addition to Abaco. “I definitely think it’s a good signal to international investors that are still looking at or even considering Abaco as a location to invest. It definitely bodes well for Abaco. It’s a great signal that we’re open for business, and it’s definitely needed.” Mr Hutton, though, said “planning for the project has definitely changed” due to the logistical challenges
created by Hurricane Dorian. “There’s going to have to be accommodation provided by the developer for any kind of workforce,” he added. “Historically, pre-Dorian, the workforce would have been provided by the community. “In my opinion that’s not a viable option right now. There’s no housing in central Abaco, the housing in south Abaco is at full capacity, and the workforce required to build something like that will have to be brought in because all the tradesmen we can find are engaged.” Mr Ben-Zur’s career has largely involved transforming existing resort properties, such as the Radisson at JFK Airport and multiple hotels in Atlanta and Florida, rather than the “greenfield” property earmarked for the Tyrsoz Family Holdings project. He is pledging to inject $2bn into south Abaco’s struggling economy during the development’s first 10 years in operation, as well as create 600 full-time jobs, and has made numerous promises to respect the area’s environmental sensitivities. The project’s two potential real estate holdings include the 620-acre Lantern Head parcel, which according to renderings seen by Tribune Business appears to be especially close to the National Forest. The other 467-acre tract, called “South-West Point”, lies further south on Abaco’s south-western tip. Much of Tyrsoz Family Holdings’ promotional material has been devoted to reassuring Bahamians of the company’s environmental credentials. It is promising to create “a world-class, environmentally-sustainable luxury island retreat with local appeal via the participating community while, importantly, maintaining South Abaco’s natural charm”. “Tyrsoz Family Holdings Ltd’s financial advisor and real estate developer, Ra’anan ‘Ronnie’ Ben-Zur, is proposing a low-density, ultra-luxury hotel, residential and marina development for the secluded undeveloped coastal region of South Abaco, Bahamas,” the booklet added. “Based on sound economical footing, yet designed with great care and responsibility to the environment and original nature of the area, it is intended to provide significant ongoing and
LEAGAL NOTICE
NOTICE LUMINOUS WORLD LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)
LUMINOUS WORLD LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(b)
The dissolution of the said company commenced on the 07th February, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.
(c)
The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.
Dated this 12th day of February, A. D. 2020 _________________________________ Leeward Nominees Limited Liquidator
Board Certified Dematologist 15 years Clinical experience including Mohs surgery
Submit Resume to Hr@familymedicinecenter.org
expanding employment opportunities for the community and important infrastructure improvements for the benefit of residents and visitors alike.” Yet environmental activists remain concerned about both the size and location of the proposed development, which is in close proximity to the 20,500-acre Abaco National Forest and the prime breeding ground for the endangered Abaco parrot. Yet Sustainable South Abaco, in its April 15, 2019, letter to the Prime Minister and his Cabinet colleagues, had warned: “While we understand the need for sustainable job opportunities for Bahamians in South Abaco, we believe that a development of this scale would result in irreversible negative socioeconomic impacts on local communities as well as dire environmental consequences for many species living in the area... “In conclusion, Mr BenZur failed to address many critically important issues associated with this proposed development, giving us tremendous concerns for both its financial viability and its environmental impact. We strongly urge the government to decline this project proposal for development.” In particular, they expressed concern about the impact the project’s location and road paving will have on two endangered bird species - the Abaco Parrot and Kirtland’s Warbler. The latter’s habitat is “right in the path” of the $580m project’s location.
To advertise in The Tribune, contact 502-2394
PAGE 6, Wednesday, February 12, 2020
Insurance cuts Aliv’s Dorian cost to $2.5m FROM PAGE ONE
The Aliv chief added that all bar three New Providence sites had been restored, with those also expected to be operational by press time, following a day-and-a-half long fibre break caused by a car accident in the Carmichael area. This incident, which initially impacted 18 Aliv tower locations when it occurred at 11pm on Sunday night, was described as “very unusual” because it had cut the fibre-optic infrastructure the mobile provider relies on in three places instead of one. Mr Blackburn said microwave back-up had restored
THE TRIBUNE
five sites immediately, meaning that connection to 13 locations had been lost in south-west New Providence. He added that one fibre break was restored by 7.30am on Monday morning, and a second by midday, but the third and final cut proved more difficult and time consuming to fox. “Unfortunately when we examined the damage on that third break we realised we needed to replace a significant amount of fibre; we couldn’t join it together. We had to pull more fibre,” Mr Blackburn explained. He added that all but six towers had been reconnected by 1am yesterday morning, with those impacted being “capacity towers” that did not affect service quality and coverage for customers. “The coverage was largely restored by 1am on Tuesday morning,” Mr Blackburn said.
NOTICE
Probe found ‘no wrong doing’ on $5m water deal FROM PAGE ONE external engineering consultants, who estimated it would cost $5.762m. Information provided to Tribune Business at the time showed that Rowdy Boys’ bid was only 68 percent compliant with the tender’s requirements, containing eight so-called deficiencies, whereas BHM Company’s offer was 96 percent compliant. BHM Company’s ‘unadjusted’ bid was $5.363m, which was still below the $5.762m project “costing” provided by the corporation’s engineers. Other bids were also close to this price, with Bakerwick Construction submitting a $5.726m
believe it will be completed by this calendar year.” Asked whether the CDB needs additional staffing in member countries, Mr Best said: “The bank has no offices outside of Barbados, except for Haiti, and at this time there are no direct plans for that. But we will be putting measures in place to continue to monitor and be more responsive to our projects in The Bahamas a lot more closely, and in a far more timely manner.” “We have the energy project in terms of the street lighting, and we also have the water project. We already started discussions about a potential phase two, but we are really happy with how the
project has progressed.” Mr Best also outlined other projects the CDB is targeting with The Bahamas, and said: “We have been in discussions with the Government of The Bahamas, particularly the WSC, with the possibility of extending the water projects. Again, these are at the embryonic stages. “The projects we have in The Bahamas, we are just keen on getting them implemented. There are road safety initiatives that we want to move on in The Bahamas. We think there is an opportunity there for saving lives, especially young lives on the road. This is at the initial stages.”
US regulators probing five tech companies’ acquisitions to 2010 WASHINGTON Associated Press
NOTICE is hereby given that LARKLAND CRAIG CAMPBELL of Emehs Street, 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 5th day of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
offer and Top Notch, one of those disqualified, coming in at $5.861m. Mr Best, meanwhile, said yesterday of the $28.5m project’s progress: “Right now we have actually completed works on New Providence. In some of the Family Islands there are some works to be done, but we expect that to be completed within this calendar year. “Coming on to the end of last year would have slowed a bit, obviously because of the impact of Dorian unfortunately. But the rest of the works are expected to be completed within this year. So it was approved in 2015 and approximately 65 percent of the project has already been disbursed. We
FEDERAL regulators are ramping up their investigation of the market dominance of giant tech companies, demanding detailed information on five companies’ acquisitions of smaller firms back to 2010. The Federal Trade Commission announced the move yesterday, issuing orders to Facebook, Amazon, Apple, Microsoft
and Google’s parent Alphabet Inc. Hundreds of takeovers of smaller companies are involved. FTC Chairman Joseph Simons said that as a result of the review, the government may require tech giants to unwind earlier acquisitions and divest their assets if it found violations of antitrust law. “All of our options are on the table,” Simons said in a conference call with reporters. “If there are some
NOTICE NOTICE is hereby given that DJENIFLORE ERMILUS of Kemp Road 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 5thday of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
TUESDAY, 11 FEBRUARY 2020
transactions that are problematic, then we have that opportunity and that ability to go back and challenge” them. Short of requiring divesting pieces of companies, other options could include putting assets into a separate company unit or mandating changes in how the companies conduct business, Simons said. The focus of the review is on acquisitions with a smaller value, about $100m or less, that didn’t trigger government reporting requirements for the companies. But Simons said the regulators are interested in tech industry mergers
of all sizes. The FTC staff also will look into whether companies may have manipulated the value of some acquisitions to evade the reporting requirements, he said. The FTC, the Justice Department and a House committee have been investigating the conduct of Facebook, Google, Amazon and Apple, and whether they aggressively bought smaller potential rivals to suppress competition and hurt consumers. Some critics have pointed to Facebook’s acquisition of Instagram and WhatsApp, for example, as deals that should be questioned.
NOTICE
NOTICE is hereby given that ILIANA LOUISEIZE of Pinedale Road, 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 5th day of February, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,217.91 | CHG: 0.05 | %CHG: 0.00 | YTD: -13.69 | YTD%: -0.61 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.00 6.17 4.50 10.84 3.24 5.06 10.57 7.90 16.99 9.40 3.80 15.20
52WK LOW 3.35 20.91 5.50 5.38 1.60 0.67 2.00 9.50 5.60 3.95 6.35 2.53 1.76 8.00 6.30 12.38 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 3.50 17.43 6.00 6.68 2.10 1.62 3.80 11.61 6.00 4.34 6.49 3.56 4.60 10.79 7.60 15.05 9.33 3.69 15.20
CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.80 11.61 6.00 4.34 6.49 3.58 4.60 10.82 7.60 15.05 9.33 3.69 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 0.02 0.00 0.03 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
1,000
VOLUME
EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631
DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610
P/E 14.6 18.7 N/M 18.1 N/M N/M -8.7 16.1 13.4 23.6 46.4 35.1 9.9 16.7 10.4 18.4 9.9 18.2 24.1
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
YIELD 4.86% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.76% 0.00% 12.12% 1.30% 3.03% 3.16% 3.59% 2.14% 3.25% 4.01% 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% 3.73% 3.73% 2.93% 2.93% 2.67% 2.71% 5.76% 5.76% 12.81% 12.81% 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-Dec-2019 31-Dec-2019 27-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 31-Dec-2019 31-Dec-2019 31-Dec-2019
MUTUAL FUNDS 52WK HI 2.29 4.37 2.09 195.13 166.73 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 2.29 4.37 2.09 195.13 166.73 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
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
30-Sep-2019 30-Sep-2019 30-Sep-2019
NOTICE NOTICE is hereby given that RENALDO JOSEPH of Market Street, 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 twentyeight days from the 12th day of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that DERBY DOREUS of Fox Hill Road, Blueberry 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 5thday of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PAGE 8, Wednesday, February 12, 2020
THE TRIBUNE
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