03062019 BUSINESS

business@tribunemedia.net

WEDNESDAY, MARCH 6, 2019

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Power managers: Job fears, but ‘on right path’ By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMAS Power & Light’s (BPL) managerial union yesterday said the utility’s generation reforms are “on the right path” while voicing fears about its members’ job security. Anthony Christie, the Bahamas Electrical Utility Managerial Union’s (BEUMU) president, yesterday called for the state-owned enterprise (SOE) to provide further details on how it plans to manage summer’s peak demand and the long-term power plant deal with Shell North America. He also called for BPL employees to “be given every opportunity to perform” and be trained in how to operate the new 132 megawatts (MW) of generation capacity set to be installed by Wartsila at Clifton Pier by OctoberNovember 2019, in a bid to alleviate New Providence’s short-term energy crisis. In a statement on the BPL’s recent announcement that it has hired Wärtsilä to “fast track” the $95m installation of new power generation, Mr Christie said the utility “still has trained and skilled technicians and professionally-registered engineers on staff, and they should be utilised and given the opportunity to perform”. He argued: “If skills are not readily available then our workers need to work along with the experts to be trained and learn those skills. It’s not that we do not understand a Wartsila engine, as in any industry a company acquiring new fleet requires the staff to train on its operation and maintenance. “The company needs to start now to build the competence in the staff to operate the new plant, especially a gas-fired plant, due to the new processes and safety issues.” Mr Christie added that BPL should not only be talking about installing new engines but “ensuring we talk about the development of our people for these operations”. He continued: “As this plant will be operated for many years we need Bahamians to be developed so that they not only have just a job, but a career from which they can provide for their families and develop our nation. We need to become the experts here”. The union president praised BPL for the steps it is taking to improve its operations. “Generation expansion programmes are important for the utility in order to ensure it continues to meet the demand and improve upon its operational efficiency,” Mr Christie said. “BPL would have had these on the table for many years through many administrations and governments, and probably the major

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BPL to seek Shell equity for its $95m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

B

AHAMAS Power & Light (BPL) will likely take an equity ownership interest in Shell’s new power plant in return for its $95m emergency generation investment, it was revealed yesterday. Whitney Heastie, BPL’s chief executive, told Tribune Business that the severity of New Providence’s energy crisis meant the utility had “no option” but to act ahead of sealing the agreement with Shell to address the capital’s power needs long-term. Arguing that Bahamian households and businesses cannot wait until 2022, when the Shell power

• Stake in new power plant eyed in return • Energy crisis meant ‘no option’ but to act early • CEO pledges ‘smooth sailing’ after summer

WHITNEY HEASTIE plant is scheduled to become operational, to enjoy muchreduced energy costs and more reliable supply, Mr Heastie described BPL’s 132 megawatt (MW) deal with Wartsila as a “precursor to

what will be done” by the energy giant. He added that Wartsila’s seven engines will effectively be “rolled into the Shell project”, with BPL using the 132 MW to bridge the three-year gap until the latter’s arrival and eliminate load shedding, blackouts and eight years of relying on temporary rental generation units to make up the shortfall. “BPL is just making the initial investment,” Mr Heastie explained of the $95m Wartsila deal. “It has no option but to try and stabilise the shortfall in generation. What we’re doing

PRIVATE sector leaders yesterday warned the government not to “go too far” with its planned $130m spending cuts, pointing out that 40 years of fiscal woe “can’t be undone in three years”. Jeffrey Beckles, the Bahamas Chamber of Commerce’s chief executive, while backing the government’s ambition to hit its 2018-2019 deficit target said it had “to be careful” not to scale back expenditure too quickly and deeply especially on capital works projects.

JEFFREY BECKLES Suggesting that Bahamians “inside and outside the business community

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

simply instructing Bahamians to save and rein in spending when it was doing exactly the opposite. With “cautious optimism” beginning to take hold over The Bahamas’ economic prospects, Mr Beckles argued that fiscal reform success would translate into improved “attitudes” among consumers and both local and foreign investors, resulting

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today all falls under Shell tomorrow, when the LNG facility is available for it to run on LNG. This is a precursor to what will be done by Shell.” While BPL and Shell North America last year signed a Memorandum of Understanding (MoU) to formalise the latter’s selection as the preferred bidder to build, own and operate a new 220 MW power plant at Clifton Pier, the two sides have yet to tie down a power purchase agreement (PPA) and other commercial terms.

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• Fiscal woe ‘can’t be undone in three years’ • Chamber chief: Practice what you preach • Nation ‘waiting for a govt to reverse decline’ have been waiting for an administration” to take the hard decisions necessary to reverse The Bahamas’ fiscal decline, Mr Beckles said a sustained effort lasting well beyond this government was essential to place the public finances back on the correct path. Praising the Minnis administration for its work thus far, he added that the government needed to “lead by example” on its financial habits rather than

Banks’ bad loans strike tenyear low BAD loans commercial banking industry borrowers dropped to under $800m at end-January 2019, falling to their “lowest levels for ten years”. The Central Bank of The Bahamas’ report on January’s economic developments revealed that borrower arrears has fallen to its lowest level since the 2008-2009 financial crisis, providing a further glimmer of optimism that the economy may finally be moving towards recovery. “Banks’ credit quality indicators continued to improve over the review period,” the Central Bank said. “Specifically, total private sector arrears decreased by $10.7m (1.3 percent), to $799.1m, and the ratio to total private sector loans contracted by 18 basis points to 14.1 percent - the lowest rate in ten years. “On a year-on-year basis, the total arrears ratios moved lower by 1.3 percentage points, as both the short-term and non-performing loan rates softened by 70 and 59 basis points, respectively. Broad-based reductions were recorded across all loan categories, with the mortgage, consumer and commercial arrears rates narrowing by 1.7, 1.2 and 0.3 percentage points, respectively.” However, the good news was partially offset by the fact January’s decline was driven entirely by a fall in short-term arrears. Nonperforming credit, meaning loans that are 90 days or more past due, increased during the month to indicate

Don’t cut spending ‘too far’, govt told By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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US warnings ‘threaten core of our existence’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas “must do everything in our power” to combat US crime advisories, the Chamber of Commerce’s chief executive warning yesterday: “It threatens the very core of our existence”. Jeffrey Beckles told Tribune Business that while negative US government travel advisories were always “very, very concerning” regardless of whether they were totally accurate, the Minnis administration’s response was “just as comforting”. He praised the immediate response of Dionisio D’Aguilar, minister of tourism, and Marvin Dames, minister of national security, to the US State

• Bahamas ‘must do everything in its power’ to reply • Chamber chief: All Bahamians have part to play • Warns that ‘perception’ is everything for visitors Department’s February 25 advisory which has created more fall-out than normal due to its widespread coverage by local US TV stations. Emphasising that “perception” was everything when it came to the selection of The Bahamas as a vacation destination, Mr Beckles added that the advisory was especially ill-timed given that it coincided with a peak winter travel season in which this nation’s stopover visitors are projected to increase by 15 percent year-over-year for three of the first four months of 2019. The chamber chief called

on all Bahamians, whether working in the tourism industry or not, to play their part in countering the impact of such advisories by making this nation a safe destination for visitors in both reality and perception. “We’re always concerned when travel advisories are issued,” Mr Beckles told Tribune Business. “Whether they are deemed valid or not, it’s out there. It threatens the core of our existence as a tourism sector, so we’re very, very concerned about that. “We’re equally as comforted that the minister of tourism and minister of

national security have taken this latest warning very seriously, and are doing what is necessary. I saw the minister of tourism indicate he was urgently speaking to US officials to understand the basis for it, and will take the appropriate steps to undo it. “We heard from the minister of national security, who has taken it equally seriously and committed the resources his ministry has to ensuring that, even if it’s only a perception, that perception changes. Most people go off perception, and if the perception is negative it could deter

people from coming.” The chamber chief executive, adding that all Bahamians have a role in influencing future US travel advisories, said its release could not have come at a worse time for The Bahamas given that it is projected to repeat - or even exceed - 2018’s tourism performance which was the best for eight years. “The reality of it is that on the heels of enjoying one of the best seasons in decades we must do everything in our power [to deal with this],” Mr Beckles told Tribune Business. “Bahamians everywhere have to be equally concerned about the role we play individually and collectively in helping to fuel people’s perceptions of The Bahamas

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PAGE 2, Wednesday, March 6, 2019

THE TRIBUNE

BAHAMAS STRIPING WINS AWARD FROM THINK-TANK THE Bahamas Striping Group of Companies (BSGC) has been honoured with the Nassau Institute’s Freedom Award for Entrepreneurship. The award was presented to the group, which has expanded significantly since its creation with a $5,000 “self-starter” grant from the government, at The University of The Bahamas (UB) Choices Restaurant. “We were impressed by how they pulled themselves up from their bootstraps, put in the labour and made a success out of their dreams,” said Rick Lowe, president of the think-tank

that promotes economic growth based on principles of a free market economy and limited government. Typically, the Nassau Institute’s directors select winners from a 20 to 25-strong list of entrepreneurs, Mr Lowe said. It did things a little differently for the 2019 award. “Rather than make it a competition, the directors decided to make the process more selective by researching the companies ourselves from the information available to us in the public domain and then conducting our own personal interviews,” Mr Lowe explained. “During the interview they just blew us

away. There was no need to dig further. They are the full package.” Now a multi-million dollar enterprise, the group takes its name from its first business line, Bahamas Striping. It also includes Airport Maintenance Services, which specialises in all aspects of airport maintenance; Caribbean Pavement Solutions, a regional distributor for cold patch mix; Bahamas Themed Photography, a company specialising in high-end digital imaging services; and two property development and management companies, Abaco Caribbean and Atillio Holdings.

PUBLIC NOTICE To:

Mr. Keod Smith Perpall Tract Nassau, New Providence The Bahamas

TAKE NOTICE that:-

1. By the Notice of Motion filed on 8th February, 2017 in Judicial Review Proceedings No. 12 of 2013, the Coalition to Protect Clifton Bay and 2 ors, the Applicants therein (“the Coalition”), seek to have you, KEOD SMITH, committed to prison for contempt of Court (“the Committal Motion”). 2. AND TAKE NOTICE that the Court previously set the Committal Motion down for hearing at 12 noon on Thursday, 21st February, 2019 before the Honourable Justice Keith Thompson of the Supreme Court situate on the 3rd Floor, Ansbacher Building, Nassau, The Bahamas. 3. The Coalition has attempted to personally serve you, KEOD SMITH, with the following documents without success, the: i. ii.

Notice of Hearing of the Committal Motion filed on 14th February, 2019 with a return date on 21st February, 2019; Notice of Motion [Committal Proceedings against Keod Smith] filed on 8th February, 2017;

iii.

23rd Affidavit of Martin A. Lundy II [in support of ExParte Application for Order of Committal against Keod Smith] filed on 6th February, 2017;

iv.

Statement Pursuant to O. 52, R. 2(2) [in support of ExParte Application for Order of Committal against Keod Smith] filed on 6th February, 2017;

v.

Ex-Parte Order [granting leave to apply for an order of committal against Keod Smith] filed herein on 8th February, 2017; and

vi.

Ex-Parte Summons [seeking leave to apply for an order of committal against Keod Smith] filed herein on 6th February, 2017. (“the Documents”)

4. AND TAKE NOTICE that the Court has now set the Committal Motion down for hearing at 2:30 pm on Thursday, 2nd May, 2019 before the Honourable Justice Keith Thompson of the Supreme Court at the address aforesaid. 5. AND TAKE FURTHER NOTICE THAT by Ex-Parte Order filed on 21st February, 2019 (“the Substituted Service Order”), the Court has ordered that service of the Documents together with the following documents is to be effected on you by, inter alia, this Advertisement, the: i.

Notice of Notice of Hearing of the Committal Motion filed on 21st February, 2019 with a return date of 2nd May, 2019;

ii.

Ex Parte Summons [Substituted Service of Notice of Hearing (Notice of Motion-Committal Proceedings against KD filed 14th February, 2019)] filed on 21st February, 2019;

iii.

Amended Ex Parte Summons [Substituted Service of Notice of Hearing (Notice of Motion-Committal Proceedings against KD filed 14th February, 2019)] filed on 21st February, 2019;

iv.

Substituted Service Order;

v.

2nd Affidavit of Sergeant Matthew Albury [Attempted Service of Notice of Hearing of Committal Proceedings] filed on 21st February, 2019; and

vi.

Affidavit of Sergeant Stan Davis [In support of ExParte Summons for Substituted Service] filed on 21st February, 2019 (jointly “the Substituted Service Documents”)

6. A copy of the Documents together with the Substituted Service Documents may be obtained from the Supreme Court Registry, Ground Floor, British American Building, Nassau, New Providence, The Bahamas OR from the Attorneys for the Coalition at their address below mentioned OR at their Nassau Office situate at One Millar’s Court, Nassau, New Providence, The Bahamas. DATED this 6th day of March, 2019 CALLENDERS & CO. Chambers - Island House The Mall Drive Freeport, Grand Bahama The Bahamas Attorneys-at-Law for the Coalition

PICTURED are Bahamas Striping Group executives with the Nassau Institute’s leadership team. From left: Richard Darville, DeCosta Bethel, Atario Mitchell, Dr Allen Albury, Leandra Esfakis, Rick Lowe and Peter Young. Photo: The Nassau Institute “Known for its corpo- genuinely seek to make a dif- finance department - and the rate social responsibility, ference year-round.” economics society - of The Bahamas Striping Group The Nassau Insti- University of The Bahamas. of Companies has never tute award recognises Dr Richard Ebeling deliveschewed an opportunity to leaders in entrepreneur- ered a presentation on why be charitable just because ship who have outstanding the global economy needs it’s small. Its level of com- vision, dedication and com- more freedom and less govmunity involvement rivals mitment to excellence. “We ernment. He argued that that of larger companies with will continue to do our part current anti-globalisation greater financial resources,” in making this country better, sentiments and government said Nassau Institute director, safer and stronger,” said Mr policies threaten to slow DeCosta Bethel, in present- Mitchell in accepting the down, and possibly reverse, ing the group’s president, honour. the trend towards growing Atario Mitchell, with the The presentation took prosperity for all of humanity. award. place at the start of the Tariff wars, increased “Perhaps there is no coin- fourth annual Joan Thomp- government regulation and cidence that the company son Memorial Freedom intensified immigration known for giving abundantly Lecture Series, sponsored barriers will hinder the conis headquartered on Abun- by the Templeton Founda- tinued progress of everyone, dant Life Road. Indeed, Mr tion in collaboration with especially the poorest in the Mitchell and Mr Sturrup the banking, economics and world, he said.

BISX market cap rises $50m in ‘18 THE market value of all BISX-listed securities rose by nearly $50m during 2018, with a strong fourth quarter enabling the exchange’s All-Share Index to close the year up 2.2 percent. The Bahamas International Securities Exchange (BISX), unveiling its 2018 trading statistics, said the total market capitalisation of all listed securities - equities, preference shares and debt - had risen from $5.341bn to $5.39bn over the 12 months to end-December. The latter figure represents a near-$370m increase over BISX’s market capitalisation some two years earlier, with the exchange confirming: “As at December 31, 2018, the market was comprised of 19 ordinary shares with a market capitalisation of $4.48bn. “In addition, there were 13 preference shares with a market capitalisation of $327m and 19 bonds with a face value of $579m.” BISX’s All-Share Index, which measures movement in the share prices of its 19 listed equities, closed the year up by 2.2 percent or 45.88 points on its 2017 close. A strong final quarter

reversed an earlier decline in the Index, which only captures capital appreciation and does not include dividend payments to shareholders. While not fully reflecting investor returns, BISX said: “By comparison for the 12-month period ending December 29, 2017, the BISX All-Share Index closed at 2,063.57. That increase was a yearto-date increase of 125.36 or 6.47 percent. The BISX All-Share Index is a market capitalisation weighted index comprised of all primary market listings excluding debt securities.” The All-Share Index’s 2018 performance stood in stark contrast to that of major global stock market indices, many of which closed the year down on 2017 levels. The S&P 500, FTSE 100 index and MSCI Emerging Market index finished down by 7.01 percent; 12.03 percent; and 17.41 percent, respectively. BISX facilitated some 1,416 trades, worth $41.832m, that resulted in 8,519,711 securities changing hands in 2018. Most of the trades, some 1,328, involved ordinary shares in

the 19 listed equities. “Trading volume for the 12-month period January 2, 2018, to December 31, 2018, was 8,519,711 shares for a value of $41.833m. Trading volume for the 12-month period January 1, 2017, to December 29, 2017, was 5,128,595 shares for a value of $44.597m,” BISX said. “Trading volume for the three-month period October 1 to December 31, 2018, was 1,308,443 shares for a value of $ 6.352m. By comparison, for the three-month period from October 1 to December 29, 2017, trading volume was 1,714,335 shares for a value of $8.152m.” Commonwealth Bank led the market for both the value and volume of shares traded. The commercial bank accounted for 37.6 percent all shares traded, some 3.205m, with AML Foods in second place at 28.6 percent of total volumes. And Commonwealth Bank’s stock was responsible for 32.1 percent, or $13.434m, of the total value of shares traded over BISX during 2018. AML Foods was again in second place, accounting for $9.313m of total market value.

COMMONWEALTH OF THE BAHAMAS

2017

IN THE SUPREME COURT

COM/com/00016

Commercial Division IN THE MATTER OF the International Business Companies Act, 2000, Chapter 309 and the Companies (Winding Up Amendment) Act 2011 AND IN THE MATTER OF BAHA MAR LEASING COMPANY LTD. (IN VOLUNTARY LIQUIDATION) NOTICE OF DISSOLUTION AND RELEASE TAKE NOTICE that pursuant to inter alia sections 222, and 249 of the Companies (Winding Up Amendment) Ac 2011, Order 22 Rule 4, Order 22 Rule 5 and Order 22 Rule 6 of the Companies Liquidation Rules 2012 and/or under the inherent jurisdiction of the Supreme Court of the Commonwealth of the Bahamas the above company was dissolved effectively on January 28, 2019 by Order of the Supreme Court of the Commonwealth of the Bahamas and that Mr. Edmund L. Rahming of Intelisys, No 2 Caves Professional Centre, Caves Village, West Bay Street and Blake Road, Nassau, Bahamas and Messrs. Mark Nicholas Cropper and Alastair Beveridge of AlixPartners UK LLP, 6 New Street Square, London, England, EC4A 3BF were released unconditionally as Joint Official Liquidators of the above company and discharged from all liability in respect of any act or default of theirs in relation to the liquidation and administration of the Company Dated this 27th day of February, A.D. 2019. Edmund L. Rahming Joint Official Liquidator Caves Professional Centre Caves Village Blake Road, West Bay Street Nassau, The Bahamas Tel: +1 (242) 327 4001

COMMONWEALTH OF THE BAHAMAS

2017

IN THE SUPREME COURT

COM/com/00028

Commercial Division IN THE MATTER OF the International Business Companies Act, 2000, Chapter 309 and the Companies (Winding Up Amendment) Act 2011 AND IN THE LIQUIDATION)

MATTER

OF

BLUE

IBIS

LTD.

(IN

VOLUNTARY

NOTICE OF DISSOLUTION AND RELEASE TAKE NOTICE that pursuant to inter alia sections 222, and 249 of the Companies (Winding Up Amendment) Ac 2011, Order 22 Rule 4, Order 22 Rule 5 and Order 22 Rule 6 of the Companies Liquidation Rules 2012 and/or under the inherent jurisdiction of the Supreme Court of the Commonwealth of the Bahamas the above company was dissolved effectively on January 28, 2019 by Order of the Supreme Court of the Commonwealth of the Bahamas and that Mr. Edmund L. Rahming of Intelisys, No 2 Caves Professional Centre, Caves Village, West Bay Street and Blake Road, Nassau, Bahamas and Messrs. Mark Nicholas Cropper and Alastair Beveridge of AlixPartners UK LLP, 6 New Street Square, London, England, EC4A 3BF were released unconditionally as Joint Official Liquidators of the above company and discharged from all liability in respect of any act or default of theirs in relation to the liquidation and administration of the Company Dated this 27th day of February, A.D. 2019. Edmund L. Rahming Joint Official Liquidator Caves Professional Centre Caves Village Blake Road, West Bay Street Nassau, The Bahamas Tel: +1 (242) 327 4001

THE TRIBUNE

Wednesday, March 6, 2019, PAGE 3

BPL RENEWABLE ENERGY PLAN STILL IN ‘DRAFT PHASE’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMAS Power & Light’s (BPL) $95m deal for new electricity generation “ties in” to its renewable energy plans, a senior executive has confirmed, although these are only in “draft phase”. Christina Alston, BPL’s chief operating officer, said of the agreement with Wartsila: “It actually ties into our plan. We are just now in the draft phase of the Integrated Resource Plan, which is not only set up for New Providence but the Family Islands. This base load generation would then dovetail into what our renewable profile would look like. “When we’re talking about renewables here in

BPL HEADQUARTERS New Providence we don’t necessarily have what we consider base load generation for renewables. Solar energy is not considered base load. The ones we would think of as base load would be geothermal as well as hydro, and those are not available here. This is not something where a renewable would

displace this type of base load generation, but it does dovetail into where we are looking at supplementing with renewables at times during.” An Integrated Resource Plan (IRP) is viewed by Bahamas-based providers as “absolutely necessary” to move increased renewable energy usage “beyond

talk”, but Ms Alston’s comments indicate BPL has much more work to do. The Government’s National Energy Plan (NEP) calls for 30 percent of The Bahamas’ energy mix to come from renewable sources by 2030, but achieving this target will be extremely difficult without an IRP that sets out the “framework” for getting there. Guilden Gilbert, vicepresident of Alternative Power Solutions (APS) Bahamas, told Tribune Business previously: “What should happen is what happens in a typical regulated environment. The utility will provide an IRP showing how it can meet that deadline. “That document is beyond the NEP. It’s a document where the utility

shows how it plans to operate and assist the country in meeting the goals of the NEP. It shows the energy mix over five to ten years, and to what level they’re using renewable energy in the total mix. “I think an IRP will focus the utility on where it’s going as it has to be part of the implementation of the NEP. Creation of an IRP will allow the utility to focus in on how it will meet the goals of the NEP. Everything is going to have to go through the utility at the end of the day. It’s the only one that distributes the power. The IRP focuses in and lays all that out.” The Inter-American Development Bank (IDB) is funding a $450,000 project to ensure that BPL produces an IRP that “aligns” with government

energy policies. The IDB, in a document outlining the project to support the Electricity Act’s implementation, found that “policy and data gaps” were preventing The Bahamas from shedding its position as the Caribbean’s worst for renewable energy penetration. BPL earlier this week said it had contracted Wärtsilä to fast track the $95m installation of 132 megawatts (MW) in new power generation. Wärtsilä will supply and install seven new engines in an unused section of BPL’s Clifton Pier power plant in a bid to reduce energy costs, eliminate load shedding and blackouts, and boost supply security by ultimately ending reliance on rental generation.

Fishermen call for ‘illegal racket’s’ end By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net FISHERIES representatives yesterday called on the government to address “an ‘illegal racket” infiltrating a sector that should be reserved for “Bahamians only”.

Keith Carroll, vicepresident of the Bahamas Commercial Fishers Alliance (BCFA), told Tribune Business that Bahamians are being made to pay the price of illegal conch harvesting methods employed by Dominican fishermen. Calling on the government to get to the root of the

problem, he charged: “We have been saying the same thing for the past 25 years. Now the Bahamian fishermen have to suffer. They have to address the issue with the Dominicans. “Bahamian fishermen complain about them everywhere you go. Their harvesting methods are

unsustainable. You have the poachers and then you have those coming here on these work permits. Fishing should be for Bahamians only. It’s a bi-racket. You have these guys getting married on Saturday and then they’re working on a boat. It’s a serious racket.” The “price” cited by Mr

Carroll refers to recent remarks by Michael Pintard, minister of agriculture and marine resources, who said the government plans to marginally decrease the conch export quotas this year. Recent studies has revealed a severe depletion in the Queen Conch population.

Mr Carroll said the crawfish season had shown positive signs, despite reports of poachers returning to Bahamian waters. He credited the Royal Bahamas Defence Force for its work in arresting poachers, and called for more patrols to help curb the issue.

GOVT PUSHES INNOVATION AS SOLUTION TO CHANGE THE government is pushing technology and innovation as a response to the dynamic, rapidly evolving global economy, the deputy prime minister has confirmed. “This is one of the rationales for the government’s focus on entrepreneurship. Specifically, we are interested in fostering a culture of entrepreneurship to unleash the full creativity and genius of Bahamian innovators,” KP Turnquest said at Deltec Bank & Trust’s annual conference at Baha Mar. Emphasising that the private sector’s participation was necessary, he added: “We were very encouraged by the fact that commercial banks, including Scotiabank and the Royal Bank of Canada, joined the government, the Small Business Development Centre (SBDC), the Bahamas Development Bank and the Bahamas Venture Capital Entrepreneurial Fund to provide a targeted package of capital options for entrepreneurs, including those who are underprivileged.” Through this partnership, the government leveraged its own $5m outlay to secure up to $9m in governmentguaranteed small business loans, grants and equity for participants enrolled in the SBDC’s training and advisory programmes. “We are building a strong ecosystem, and it

technologies, Mr Turnquest said the country is making strides nonetheless. “For us, this is not a choice; this is an imperative. We are an international financial services centre and Fintech is one of the fastest growing and innovating industries,” he added. Mr Turnquest said opportunities currently being assessed include a digital version of the Bahamian dollar, blockchain’s potential to modernise government

K PETER TURNQUEST, deputy prime minister, speaks with another guest at the Deltec annual conference at Baha Mar. BELOW, Lanisha Rolle, left, minister of youth, sports and culture, speaks with a guest. Photos: Patrick Hanna/BIS is being supported by the independent initiatives of companies like Deltec. The Deltec Initiative for Young Entrepreneurs (DIYE) is a charitable programme that falls under Deltec’s Foundation,” Mr Turnquest said. “For too long our young people have been discouraged from pursuing self-employment as the status quo. Instead, we have bred a culture where school leavers automatically look for government jobs or jobs in traditional sectors.” The deputy prime minister said participants in DIYE are proof the culture is changing. The youngest

processes, and financial technology (Fintech). He added that the Commercial Enterprises Act was already helping the government to realise its technology hub ambitions for Grand Bahama. Mr Turnquest said early successes include the GIBC Digital training headquarters; Dev Digital, a leading software and web development company from Tennessee; and Carnival Cruise Lines’ Ocean Medallion Project.

BUSINESS FOR SALE

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NOTICE entrepreneur in its intake is only ten years-old: Karis Knowles, otherwise known as The Balloon Princess. He said her balloon company creates arrangements for all

occasions, including themed events like baby showers and gender reveal parties. While The Bahamas is at an early stage in harnessing the power of disruptive

Notice is hereby given that BGRS Certificate No’s. 94174, 95219, 97145 & 101029 in the amounts of $50,000, $10,000, $60,000 & $5,000, which are due to mature in 2031, 2032, 2033 & 2021, respectively, are lost. If these certificates are found, please write to P. O. Box N-7525 Nassau, Bahamas.

PAGE 4, Wednesday, March 6, 2019

THE TRIBUNE

BPL to seek Shell equity for its $95m FROM PAGE ONE

“We’re in the initial stages of having definitive discussions with Shell now that we’ve signed the MoU,” he told Tribune Business. “So one of the things we will talk to Shell about is how the 132 MW rolls into their project. “We still have to define with them how the value of these assets [the 132 MW] will roll into the overall project. It may be that BPL takes an equity stake in the project. We could not wait, in all fairness to Shell, until there’s a definitive agreement. There’s no mechanism for them to invest as there’s no contract between us now. “The mindset here was because of what we have been experiencing on the fuel charge, we’ve got to be able to provide some relief to the Bahamian public, or public in general. This 132 MW is obviously about 50 percent of peak demand, and we anticipate that once this is complete there will be a significant shift downwards in what consumers pay based on the fuel charge.” Mr Heastie explanation answers Paul Maynard, the Bahamas Electrical Workers Union’s (BEWU) president, who yesterday questioned whether BPL would recover - or receive compensation for - a $95m investment that will ultimately accrue to Shell’s benefit. “Shell owes this country $95m,” Mr Maynard charged. “In 2021-2022, when they take over they will get a new power plant. I want to know when they

BPL’s newly-announced deal with Wartsila effectively gives it a headstart in addressing New Providence’s energy woes in advance of agreeing all terms with Shell, including the price at which the state-owned utility will buy electricity from the new plant. The Shell plant will be designed to run on multiple fuels, including heavy fuel oil (HFO), diesel and liquefied natural gas (LNG), and the seven engines to be supplied by Wartsila match these requirements so that they can be seamlessly incorporated into the former’s new plant when it is constructed Mr Heastie yesterday said Shell will still be responsible for adding the final 90 MW of generation to bring its plant up to the agreed 220 MW capacity, along with construction of the onshore and offshore infrastructure needed to facilitate use of LNG. He added that this will include LNG storage and regasification facilities at Clifton Pier, together with a jetty and cryogenic line, to enable Shell’s plant to use LNG as one of its fuel source options from 2022 onwards. With BPL’s Wartsila deal bringing in 60 percent of the new power plant’s capacity, Mr Heastie said the state-owned utility now has to discuss with Shell how it will be compensated for making a $95m investment that the energy giant will ultimately benefit from.

will give back $95m to this country. It means that they owe us money. That has to happen, that has to be a part of it. I can’t see it not being a part of it. “It means they [Shell] only have to provide 90 MW. Their budget was $300m, from what I understand. We’ve spent $95m for them, and they need to give us this money back.” Mr Maynard, who represents BPL’s unionised line workers, said his difficulty with the Wartsila agreement lay “in what is not being said” by senior executives. “The devil is in the details, as they say,” he told Tribune Business. “There are a lot of missing components that normally accompany a contract of this nature. For example, training (operations and maintenance), critical spares, warranty engineering support. Is the $95m a turnkey price or is it just the price of the engines. “Shipping and transport from Italy to Clifton, HFO and LNG requires additional auxiliaries for fuel treatment and regasification, respectively.” Mr Heastie, though, confirmed to Tribune Business that $95m is the ‘all-in’ price that includes the cost of the seven engines together with their shipping and installation. Mr Maynard, though, made clear his unhappiness that the union had been left out of the Wartsila discussions. He suggested that this broke with previous protocols where the BEWU had been “involved”, and consulted on, the past

COMMONWEALTH OF THE BAHAMAS

2015

IN THE SUPREME COURT

COM/Com/ No 50

COMMERCIAL DIVSISION

installation of new engines at both Clifton Pier and Blue Hills power stations. The union chief also hit out at BPL’s decision to “outsource” operation and maintenance of the new 132 MW to Wartsila, even though the same will happen under Shell. The latter’s deal with BPL will split generation from transmission and distribution, with the state-owned utility focusing solely on the latter on New Providence, and Shell acting as an independent power producer (IPP). “My concern is that our people have to run the plant because we’re paying $95m. We have to run it. They didn’t come to the union, and we need to talk about this training component,” Mr Maynard told Tribune Business. “My thing is that BPL was originally supposed to get 60 MW from them [Wartsila]. I don’t understand why we’re going down this road. Shell was supposed to do this. I don’t understand why we’re paying. “It’s not going to help them this summer, that’s for sure, and that’s a problem. My thing is I would have preferred turbines to these engines. That’s how I feel. The chief executive likes reciprocating engines, but we need to get into modern technology such as aeroderivative turbines.” Mr Heastie, though, said Shell had been fully involved in the selection of Wartsila and its generation technology to ensure it fitted with the long-term power plant plans.

BPL had started moving antiquated generation assets, which it no longer uses, out of Clifton Pier’s building “A” from November last year to make way for the new 132 MW. The “pedestals” upon which the old two-stroke turbines rested are now being raised to the main floor’s level, with “significant improvements” to both engine houses and substations now on the way. “What we’re doing is outsourcing the operation and maintenance of that plant to Wartsila, or a Wartsila-qualified service provider will be operating that facility,” Mr Heastie told Tribune Business. “They’re going to be responsible for providing the training for persons to operate that facility. “We have stipulated that the majority of personnel are Bahamian. We would prefer them to hire individuals with diesel plant generation experience and train them on the fourspeed engines. There’s no one in New Providence today with that experience on four-speed engines.” Mr Heastie said the new power plant operator will be held accountable by having to meet key performance indicators, such as reliability, availability and cost, which will be based on global energy industry standards. He added that, once the 132 MW becomes operational in OctoberNovember 2019, BPL will be able to reduce its reliance on the Blue Hills power station that burns the more expensive

diesel fuel. The utility is currently generating 80 percent of New Providence’s energy needs from Blue Hills, which is why customer fuel charges have soared, a situation not helped by last September’s Clifton Pier fires that took out 63 MW of BPL’s most efficient engines. Mr Heastie confirmed that BPL was behind on maintenance of its generation assets as a result of capacity shortfalls, which meant it could not turbines off-line when it wanted to service them. The utility typically seeks to complete all scheduled maintenance by March/April every year, in time to meet peak summer demand, but this will continue into those months in 2019. BPL’s immediate problem now is to get through summer 2019 without incurring frequent blackouts and load shedding, while it waits for the new 142 MW to be installed. Mr Heastie conceded this will be challenging given the utility’s aged, strained infrastructure, and he confirmed it was seeking an extra 30 MW in rental generation to help get it through. “We want our consumers to be energy conscious and conserve as much as they can in the summer months,” he told Tribune Business. “We’re optimistic, and certainly thinking that if we make it through this summer it will be smoother sailing thereafter. We’re going to be tested on this one, but if we make it through we will be in good shape.”

COMMONWEALTH OF THE BAHAMAS

2017

IN THE SUPREME COURT

COM/com/00012

Commercial Division

THE TREASURER OF THE COMMONWEALTH OF THE BAHAMAS Petitioner AND BAHA MAR PROPERTIES LTD

Respondent

IN THE MATTER OF the Companies Act, 1992, Chapter 308 and the Companies (Winding Up Amendment) Act 2011 AND IN THE MATTER OF BAHA MAR ENTERTAINMENT LTD. (IN VOLUNTARY LIQUIDATION) NOTICE OF DISSOLUTION AND RELEASE

NOTICE OF DISSOLUTION AND RELEASE TAKE NOTICE that pursuant to inter alia sections 222, and 249 of the Companies (Winding Up Amendment) Ac 2011, Order 22 Rule 4, Order 22 Rule 5 and Order 22 Rule 6 of the Companies Liquidation Rules 2012 and/or under the inherent jurisdiction of the Supreme Court of the Commonwealth of the Bahamas the above company was dissolved effectively on January 28, 2019 by Order of the Supreme Court of the Commonwealth of the Bahamas and that Mr. Edmund L. Rahming of Intelisys, No 2 Caves Professional Centre, Caves Village, West Bay Street and Blake Road, Nassau, Bahamas and Messrs. Mark Nicholas Cropper and Alastair Beveridge of AlixPartners UK LLP, 6 New Street Square, London, England, EC4A 3BF were released unconditionally as Joint Official Liquidators of the above company and discharged from all liability in respect of any act or default of theirs in relation to the liquidation and administration of the Company

TAKE NOTICE that pursuant to inter alia sections 222, and 249 of the Companies (Winding Up Amendment) Ac 2011, Order 22 Rule 4, Order 22 Rule 5 and Order 22 Rule 6 of the Companies Liquidation Rules 2012 and/or under the inherent jurisdiction of the Supreme Court of the Commonwealth of the Bahamas the above company was dissolved effectively on January 28, 2019 by Order of the Supreme Court of the Commonwealth of the Bahamas and that Mr. Edmund L. Rahming of Intelisys, No 2 Caves Professional Centre, Caves Village, West Bay Street and Blake Road, Nassau, Bahamas and Messrs. Mark Nicholas Cropper and Alastair Beveridge of AlixPartners UK LLP, 6 New Street Square, London, England, EC4A 3BF were released unconditionally as Joint Official Liquidators of the above company and discharged from all liability in respect of any act or default of theirs in relation to the liquidation and administration of the Company Dated this 27th day of February, A.D. 2019.

Dated this 27th day of February, A.D. 2019.

Edmund L. Rahming Joint Official Liquidator Caves Professional Centre Caves Village Blake Road, West Bay Street Nassau, The Bahamas Tel: +1 (242) 327 4001

COMMONWEALTH OF THE BAHAMAS

2015

IN THE SUPREME COURT

COM/Com/ No 47

COMMERCIAL DIVISION

COMMONWEALTH OF THE BAHAMAS

2017

IN THE SUPREME COURT

COM/com/00024

Commercial Division

THE TREASURER OF THE COMMONWEALTH OF THE BAHAMAS AND BAHA MAR LAND HOLDINGS LTD

Petitioner

Respondent

IN THE MATTER OF the International Business Companies Act, 2000, Chapter 309 and the Companies (Winding Up Amendment) Act 2011 AND IN THE MATTER OF BLUE EGRET LTD. LIQUIDATION)

(IN VOLUNTARY

NOTICE OF DISSOLUTION AND RELEASE

NOTICE OF DISSOLUTION AND RELEASE TAKE NOTICE that pursuant to inter alia sections 222, and 249 of the Companies (Winding Up Amendment) Ac 2011, Order 22 Rule 4, Order 22 Rule 5 and Order 22 Rule 6 of the Companies Liquidation Rules 2012 and/or under the inherent jurisdiction of the Supreme Court of the Commonwealth of the Bahamas the above company was dissolved effectively on January 28, 2019 by Order of the Supreme Court of the Commonwealth of the Bahamas and that Mr. Edmund L. Rahming of Intelisys, No 2 Caves Professional Centre, Caves Village, West Bay Street and Blake Road, Nassau, Bahamas and Messrs. Mark Nicholas Cropper and Alastair Beveridge of AlixPartners UK LLP, 6 New Street Square, London, England, EC4A 3BF were released unconditionally as Joint Official Liquidators of the above company and discharged from all liability in respect of any act or default of theirs in relation to the liquidation and administration of the Company

TAKE NOTICE that pursuant to inter alia sections 222, and 249 of the Companies (Winding Up Amendment) Ac 2011, Order 22 Rule 4, Order 22 Rule 5 and Order 22 Rule 6 of the Companies Liquidation Rules 2012 and/or under the inherent jurisdiction of the Supreme Court of the Commonwealth of the Bahamas the above company was dissolved effectively on January 28, 2019 by Order of the Supreme Court of the Commonwealth of the Bahamas and that Mr. Edmund L. Rahming of Intelisys, No 2 Caves Professional Centre, Caves Village, West Bay Street and Blake Road, Nassau, Bahamas and Messrs. Mark Nicholas Cropper and Alastair Beveridge of AlixPartners UK LLP, 6 New Street Square, London, England, EC4A 3BF were released unconditionally as Joint Official Liquidators of the above company and discharged from all liability in respect of any act or default of theirs in relation to the liquidation and administration of the Company

Dated this 27th day of February, A.D. 2019.

Edmund L. Rahming Joint Official Liquidator Caves Professional Centre Caves Village Blake Road, West Bay Street Nassau, The Bahamas Tel: +1 (242) 327 4001

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2015 COM/Com/No. 49

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2017 COM/com/00017

Commercial Division

COMMERCIAL DIVISION THE NATIONAL INSURANCE BOARD OF THE COMMONWEALTH OF THE BAHAMAS Petitioner AND BAHA MAR LTD

Respondent

NOTICE OF DISSOLUTION AND RELEASE TAKE NOTICE that pursuant to inter alia sections 222, and 249 of the Companies (Winding Up Amendment) Ac 2011, Order 22 Rule 4, Order 22 Rule 5 and Order 22 Rule 6 of the Companies Liquidation Rules 2012 and/or under the inherent jurisdiction of the Supreme Court of the Commonwealth of the Bahamas the above company was dissolved effectively on January 28, 2019 by Order of the Supreme Court of the Commonwealth of the Bahamas and that Mr. Edmund L. Rahming of Intelisys, No 2 Caves Professional Centre, Caves Village, West Bay Street and Blake Road, Nassau, Bahamas and Messrs. Mark Nicholas Cropper and Alastair Beveridge of AlixPartners UK LLP, 6 New Street Square, London, England, EC4A 3BF were released unconditionally as Joint Official Liquidators of the above company and discharged from all liability in respect of any act or default of theirs in relation to the liquidation and administration of the Company Dated this 27th day of February 2019. Edmund L. Rahming Joint Official Liquidator Caves Professional Centre Caves Village Blake Road, West Bay Street Nassau, The Bahamas Tel: +1 (242) 327 4001

IN THE MATTER OF the International Business Companies Act, 2000, Chapter 309 and the Companies (Winding Up Amendment) Act 2011 AND IN THE MATTER OF BAHA MAR SALES COMPANY LTD. (IN VOLUNTARY LIQUIDATION) NOTICE OF DISSOLUTION AND RELEASE TAKE NOTICE that pursuant to inter alia sections 222, and 249 of the Companies (Winding Up Amendment) Ac 2011, Order 22 Rule 4, Order 22 Rule 5 and Order 22 Rule 6 of the Companies Liquidation Rules 2012 and/or under the inherent jurisdiction of the Supreme Court of the Commonwealth of the Bahamas the above company was dissolved effectively on January 28, 2019 by Order of the Supreme Court of the Commonwealth of the Bahamas and that Mr. Edmund L. Rahming of Intelisys, No 2 Caves Professional Centre, Caves Village, West Bay Street and Blake Road, Nassau, Bahamas and Messrs. Mark Nicholas Cropper and Alastair Beveridge of AlixPartners UK LLP, 6 New Street Square, London, England, EC4A 3BF were released unconditionally as Joint Official Liquidators of the above company and discharged from all liability in respect of any act or default of theirs in relation to the liquidation and administration of the Company Dated this 27th day of February, A.D. 2019. Edmund L. Rahming Joint Official Liquidator Caves Professional Centre Caves Village Blake Road, West Bay Street Nassau, The Bahamas Tel: +1 (242) 327 4001

THE TRIBUNE

Wednesday, March 6, 2019, PAGE 5

Don’t cut spending ‘too far’, govt told US warnings ‘threaten core of our existence’ FROM PAGE ONE

percent to match the revenue shortfall. Capital expenditure will also be below the anticipated $299m, and Mr Beckles said the government was merely doing what any prudent business would do if top-line income failed to match expectations. However, he cautioned: “We have to be careful. The government is the largest spender on capital works projects. We have to be careful we don’t go too far because government spending has a big impact on the economy. We believe they are mindful of it, and just have to remind them of it. “While there’s a great need to balance the budget we’re not going to correct 40 years in a three-year span. We’re advising caution with being prudent. Forty-plus years of doing stuff our way - and that’s not to say we didn’t do good things - but we did not do them consistently to avoid the challenges we face today. “The correcting of it will not be achieved in single term. We have to continue to produce good results so that there’s a curve of getting back to the middle. We’re trying to reduce our costs, but the government has to be mindful and realise there’s a degree of cautious optimism out there,” Mr Beckles continued. “Truth be told, many in and out of the business community have been waiting for an administration to take these very critical steps, making the country more robust in its fiscal responsibility and positioning itself to take

in increased commerce and job creation positively impacting all Bahamians. “To be fair to them they’ve taken some positive steps,” Mr Beckles said of the government’s fiscal progress to-date. “We always knew it was going to be a challenge, but I think this administration ought to be given credit for the effort they’re making. “The biggest concern is how they meet their fiscal objectives in this fiscal year without raising taxes, and while there’s going to be a bit of a rush of revenue that we traditionally see in the first quarter of the calendar year going into quarter two, we don’t know if it’s going to be sufficient to make up the [half-year] shortfall.” KP Turnquest, deputy prime minister, told the House of Assembly last week that government revenues were likely to come in $185m, or seven percent, below 2018-2019 budget projections this fiscal year. He blamed the undershoot on a combination of the transition to a 12 percent VAT rate; an $18m drop in expected web shop taxes due to that industry’s settlement with the government; and the delayed creation of the Revenue Enhancement Unit that was expected to produce a further $80m. However, Mr Turnquest expressed confidence that the full-year fiscal deficit will come in $5m-$10m lower than the forecast $237m, reaching $230m, because the government was trimming its recurrent spending by $130m or five

advantage of any economic boost that comes its way.” The chamber chief executive said improved financial habits by the government will also rub off on ordinary Bahamians, while ultimately improving the country’s economic outlook and boosting investment by locals and foreigners. “The government must lead by example; it cannot tell Bahamians to mind your spending and save money, and not do it itself,” Mr Beckles told Tribune Business. “The government has to lead in that regard. “Its responsibility is wider than a family, but the principles remain the same: Don’t spend money you don’t have, and if you borrow, borrow wisely, and always be prudent in what you do. The more this happens, the more we’ll see some level of optimism. “International perceptions will change because people have different views of The Bahamas; its commitment to better financial management, and it will be in a better position to borrow if it has to, and this will not be such a big deal.” Mr Beckles continued: “If The Bahamas is going to remain attractive to investors and partnerships, we must really get our fiscal house in order. We cannot be a country reeling in debt and bad fiscal performance and remain attractive. “Kudos to the government for their effort, but consistency is going to be the benchmark for this. Once we see that happen you will see a change in attitude for a lot of people. Bahamians will become more confident, and confident people spend money.”

COMMONWEALTH OF THE BAHAMAS

2017

IN THE SUPREME COURT

COM/com/No. 00020

FROM PAGE ONE

being safe or not. “Whether you are a school pupil, vendor or big business in The Bahamas, we must be equally concerned about how we do our part not to contribute to the issue of The Bahamas being unsafe.” Mr D’Aguilar on Tuesday pledged to put US crime warnings on “a continued downward trend of severity” that will lead to The Bahamas being rated among the world’s safest nations. Pledging to “work harder” with the US Embassy and ensure this nation is upgraded to “Level One”, the safest designation that the State Department awards foreign countries, he acknowledged: “We have our work cut out for us.” He admitted that he was especially concerned about the widespread media coverage that the travel advisory has received in the US, the source market for around percent of The Bahamas’ total visitors, where it has been featured

on local TV stations, websites and print media. A Tampa TV station, Fox 13, even carried quotes from a soon-to-be-visitor to The Bahamas on its website about how she may change her itinerary in response. While not deterred from her vacation, Terris Ross said she was “definitely going to take heed of the warning. And maybe be more aware of my surroundings”. Jet skiing, part of her original plans, was likely to be out. Mr D’Aguilar, arguing that it was impossible to measure the impact of such advisories on Americans’ willingness to come to The Bahamas and their plans once they get here, reiterated that “99.99 percent” of the six million visitors that come to The Bahamas enjoy a crime and incidentfree vacation. Echoing Ed Fields, the Downtown Nassau Partnership (DNP) managing director and Atlantis spokesman, the minister of tourism said such travel advisories and warnings of crime needed to be set in

that context and reflect the reality on the ground in The Bahamas. Mr Fields, in Monday’s Insight column in The Tribune, said the 43 offences recorded against visitors to The Bahamas in 2018 showed there was a 0.00000717 percent chance of tourists becoming a victim of crime. Elements of the US travel advisory are outdated, as it refers to a shooting incident at the Sand Trap bar on West Bay Street in 2016, which no longer exists. And The Bahamas’ was given a grudging improvement, with Americans now urged to “exercise caution” at the Arawak Cay Fish Fry and in Over-the-Hill areas “especially at night”, rather than avoid them altogether as previous advisories had recommended. However, the US travel advisories seem to set the tone for other countries and tourism industry players, with both Canada and the cruise lines seemingly basing their own warnings on the State Department’s missive.

Power managers: Job fears, but ‘on right path’ FROM PAGE ONE

challenge has been the financing. As customers we want to have reliable electricity at the lowest cost. The company is on the right path to lowering the energy prices through fuel diversification, and through the introduction of renewables, and the BEUMU supports these efforts.” Mr Christie added, though: “We are still challenged now as summer approaches, and the timeline outlined - though

it is aggressive - will not have us see any significant changes until the latter part of the year. With the current generation capacity we still need help going into summer as the load continues to increase. “In addition, there are a lot of questions and details to be exposed regarding the Shell agreement and the future of the company - in particular, its generation operations. The BEUMU is looking out for its members and all staff at the company,

and is concerned about the people who work at the company, who are major stakeholders in the future of the company. What role will we play?” Mr Christie said BPL’s voluntary separation (VSEP) exercise had resulted in the departure of many skilled workers. Yet “consultants, and persons on contract, both foreign and local, are being used to supplement all the work being done”.

COMMONWEALTH OF THE BAHAMAS

2017

IN THE SUPREME COURT

COM/com/00025

Commercial Division

IN THE MATTER OF the International Business Companies Act, 2000, Chapter 309 and the Companies (Winding Up Amendment) Act 2011

IN THE MATTER OF the International Business Companies Act, 2000, Chapter 309 and the Companies (Winding Up Amendment) Act 2011 AND IN THE MATTER OF BAHA COMPANY LTD. (IN VOLUNTARY LIQUIDATION)

MAR

CONVENTION

CENTER

AND IN THE MATTER OF BAHA MAR CONVENTION HOTEL COMPANY LTD. (IN VOLUNTARY LIQUIDATION)

NOTICE OF DISSOLUTION AND RELEASE

TAKE NOTICE that pursuant to inter alia sections 222, and 249 of the Companies (Winding Up Amendment) Ac 2011, Order 22 Rule 4, Order 22 Rule 5 and Order 22 Rule 6 of the Companies Liquidation Rules 2012 and/or under the inherent jurisdiction of the Supreme Court of the Commonwealth of the Bahamas the above company was dissolved effectively on January 28, 2019 by Order of the Supreme Court of the Commonwealth of the Bahamas and that Mr. Edmund L. Rahming of Intelisys, No 2 Caves Professional Centre, Caves Village, West Bay Street and Blake Road, Nassau, Bahamas and Messrs. Mark Nicholas Cropper and Alastair Beveridge of AlixPartners UK LLP, 6 New Street Square, London, England, EC4A 3BF were released unconditionally as Joint Official Liquidators of the above company and discharged from all liability in respect of any act or default of theirs in relation to the liquidation and administration of the Company

Dated this 27th day of February, A.D. 2019.

Edmund L. Rahming Joint Official Liquidator Caves Professional Centre Caves Village Blake Road, West Bay Street Nassau, The Bahamas Tel: +1 (242) 327 4001

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2017 COM/com/00027

Commercial Division

COMMONWEALTH OF THE BAHAMAS

2015

IN THE SUPREME COURT

COM/Com/ No 48

COMMERCIAL DIVISION THE WATER & SEWERAGE CORPORATION

IN THE MATTER OF the International Business Companies Act, 2000, Chapter 309 and the Companies (Winding Up Amendment) Act 2011 AND IN THE MATTER OF BLUE FLAMINGO LTD. (IN VOLUNTARY LIQUIDATION)

BMP GOLF LTD

NOTICE OF DISSOLUTION AND RELEASE TAKE NOTICE that pursuant to inter alia sections 222, and 249 of the Companies (Winding Up Amendment) Ac 2011, Order 22 Rule 4, Order 22 Rule 5 and Order 22 Rule 6 of the Companies Liquidation Rules 2012 and/or under the inherent jurisdiction of the Supreme Court of the Commonwealth of the Bahamas the above company was dissolved effectively on January 28, 2019 by Order of the Supreme Court of the Commonwealth of the Bahamas and that Mr. Edmund L. Rahming of Intelisys, No 2 Caves Professional Centre, Caves Village, West Bay Street and Blake Road, Nassau, Bahamas and Messrs. Mark Nicholas Cropper and Alastair Beveridge of AlixPartners UK LLP, 6 New Street Square, London, England, EC4A 3BF were released unconditionally as Joint Official Liquidators of the above company and discharged from all liability in respect of any act or default of theirs in relation to the liquidation and administration of the Company Dated this 27th day of February, A.D. 2019.

Respondent

NOTICE OF DISSOLUTION AND RELEASE TAKE NOTICE that pursuant to inter alia sections 222, and 249 of the Companies (Winding Up Amendment) Ac 2011, Order 22 Rule 4, Order 22 Rule 5 and Order 22 Rule 6 of the Companies Liquidation Rules 2012 and/or under the inherent jurisdiction of the Supreme Court of the Commonwealth of the Bahamas the above company was dissolved effectively on January 28, 2019 by Order of the Supreme Court of the Commonwealth of the Bahamas and that Mr. Edmund L. Rahming of Intelisys, No 2 Caves Professional Centre, Caves Village, West Bay Street and Blake Road, Nassau, Bahamas and Messrs. Mark Nicholas Cropper and Alastair Beveridge of AlixPartners UK LLP, 6 New Street Square, London, England, EC4A 3BF were released unconditionally as Joint Official Liquidators of the above company and discharged from all liability in respect of any act or default of theirs in relation to the liquidation and administration of the Company Dated this 27th day of February, A.D. 2019.

Edmund L. Rahming Joint Official Liquidator Caves Professional Centre Caves Village Blake Road, West Bay Street Nassau, The Bahamas Tel: +1 (242) 327 4001

COMMONWEALTH OF THE BAHAMAS

2015

IN THE SUPREME COURT

Petitioner

AND

COM/Com/ No 52

COMMERCIAL DIVISION

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2017 COM/com/00026

Commercial Division

THE TREASURER OF THE COMMONWEALTH OF THE BAHAMAS AND CABLE BEACH RESORTS LTD

Petitioner

Respondent

NOTICE OF DISSOLUTION AND RELEASE TAKE NOTICE that pursuant to inter alia sections 222, and 249 of the Companies (Winding Up Amendment) Ac 2011, Order 22 Rule 4, Order 22 Rule 5 and Order 22 Rule 6 of the Companies Liquidation Rules 2012 and/or under the inherent jurisdiction of the Supreme Court of the Commonwealth of the Bahamas the above company was dissolved effectively on January 28, 2019 by Order of the Supreme Court of the Commonwealth of the Bahamas and that Mr. Edmund L. Rahming of Intelisys, No 2 Caves Professional Centre, Caves Village, West Bay Street and Blake Road, Nassau, Bahamas and Messrs. Mark Nicholas Cropper and Alastair Beveridge of AlixPartners UK LLP, 6 New Street Square, London, England, EC4A 3BF were released unconditionally as Joint Official Liquidators of the above company and discharged from all liability in respect of any act or default of theirs in relation to the liquidation and administration of the Company Dated this 27th day of February, A.D. 2019. Edmund L. Rahming Joint Official Liquidator Caves Professional Centre Caves Village Blake Road, West Bay Street Nassau, The Bahamas Tel: +1 (242) 327 4001

IN THE MATTER OF the International Business Companies Act, 2000, Chapter 309 and the Companies (Winding Up Amendment) Act 2011 AND IN THE MATTER OF BAHA MAR EA SERVICES COMPANY LTD (IN VOLUNTARY LIQUIDATION) NOTICE OF DISSOLUTION AND RELEASE TAKE NOTICE that pursuant to inter alia sections 222, and 249 of the Companies (Winding Up Amendment) Ac 2011, Order 22 Rule 4, Order 22 Rule 5 and Order 22 Rule 6 of the Companies Liquidation Rules 2012 and/or under the inherent jurisdiction of the Supreme Court of the Commonwealth of the Bahamas the above company was dissolved effectively on January 28, 2019 by Order of the Supreme Court of the Commonwealth of the Bahamas and that Mr. Edmund L. Rahming of Intelisys, No 2 Caves Professional Centre, Caves Village, West Bay Street and Blake Road, Nassau, Bahamas and Messrs. Mark Nicholas Cropper and Alastair Beveridge of AlixPartners UK LLP, 6 New Street Square, London, England, EC4A 3BF were released unconditionally as Joint Official Liquidators of the above company and discharged from all liability in respect of any act or default of theirs in relation to the liquidation and administration of the Company Dated this 27th day of February, A.D. 2019. Edmund L. Rahming Joint Official Liquidator Caves Professional Centre Caves Village Blake Road, West Bay Street Nassau, The Bahamas Tel: +1 (242) 327 4001

PAGE 6, Wednesday, March 6, 2019

THE TRIBUNE

Banks’ bad loans strike tenyear low FROM PAGE ONE

YOUR

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MARCIA CHARLOW of Bougainvillea Dr. #74, South Beach Estates, P.O. Box N-8607, Nassau, Bahamas, mother of RHYLEIGH ANAYA-GRACE LEWIS, a minor, intend to change her name to XAYLA MARIE CHARLOW-BETHEL. 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, Bahamas, no later than thirty (30) days after the date of publication of this notice.

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ANTHONY McCARROL SMITH of #409 Nansen Ave., Freeport, Grand Bahama, Bahamas, intend to change my name to ANTHONY McCARROL BURROWS. 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, Bahamas no later than thirty (30) days after the date of the publication of this notice.

MARKET REPORT TUESDAY, 5 MARCH 2019

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

BISX ALL SHARE INDEX: CLOSE 2,072.22 | CHG 2.64 | %CHG 0.13 | YTD 8.65 | YTD% 0.42 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.50 1.80 0.80 3.68 10.20 6.60 4.64 12.50 2.74 1.81 8.50 6.40 14.19 6.99 4.47 13.85

52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.70 6.10 3.54 9.75 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.20 4.24 2.03 184.51 158.55 1.60 1.74 1.69 1.12 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.54 1.68 1.63 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

LAST CLOSE 4.37 17.43 7.00 5.39 1.78 0.80 2.28 9.85 6.16 4.28 10.99 2.65 1.78 8.68 6.40 14.19 6.98 3.31 13.85

CLOSE 4.37 17.43 7.00 5.39 1.78 0.80 2.28 9.85 6.16 4.29 10.99 2.68 1.78 8.64 6.40 14.19 6.98 3.34 13.85

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.03 0.00 -0.04 0.00 0.00 0.00 0.03 0.00

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

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

CLOSE 100.00

CHANGE 0.00

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

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

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

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

VOLUME 165

483 10,000

5,000

VOLUME

EPS$ 0.147 0.932 -0.306 0.323 0.104 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631

DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.240 0.500 0.150 0.090 0.600

P/E 29.7 18.7 N/M 16.7 N/M N/M -4.4 14.1 12.8 27.9 17.5 26.3 8.5 N/M 13.3 18.6 12.1 12.1 21.9

YIELD 2.75% 7.23% 0.00% 4.45% 0.00% 2.50% 0.00% 7.21% 3.57% 2.80% 5.64% 2.24% 3.37% 0.97% 3.75% 3.52% 2.15% 2.69% 4.33%

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

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

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

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

NAV 2.20 4.24 2.03 184.51 147.81 1.60 1.74 1.69 1.12 7.47 8.64 6.60 10.37 11.69 10.38 9.92 8.69 11.79

YTD% 12 MTH% 3.97% 3.97% 2.49% 2.49% 2.43% 2.43% 3.26% 3.26% -3.65% -3.65% 0.47% 4.42% -0.04% 2.71% 0.27% 3.85% 0.75% 2.58% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

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

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

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

that there are still too many Bahamians struggling to meet their repayment obligations. “The reduction was due mainly to an $18.6m (6.4 percent) decline in short-term arrears (31 to 90 days) to $274.3m, while the corresponding ratio fell by 32 basis points to 4.8 percent,” the Central Bank confirmed. “In a partial offset, non-performing loans (NPLs), firmed by $7.9m (1.5 percent) to $524.9m, and by 14 basis points to 9.2 percent of total private sector loans. “Disaggregated by loan type, the overall decrease in arrears was mainly attributed to a $15.7m (3.2 percent) contraction in mortgage delinquencies to $483.7m, as both the short and long-term components fell by $9.4m (5.7 percent) and $6.4m (1.9 percent), respectively. “In addition, consumer loan arrears softened by $0.7m (0.3 percent) to $228.6m, as the 31-90-day segment decreased by $8.4m (8.8 percent), in contrast to the $7.7m (5.8 percent) rise in NPLs. “In contrast, the commercial component rose by $5.7m (seven percent) due

to a $6.6m (13.7 percent) rise in long-term delinquencies, which overshadowed the $0.8m (2.5 percent) fall-off in short-term arrears.” Bahamian commercial banks increased their loan loss provisions by $8.5m or 1.9 percent to $447m in line with the rise in nonperforming loans. “As a consequence, the ratio of total provisions to arrears firmed by 1.8 percentage points to 55.9 percent,” the Central Bank said. “In addition, the total provisions to NPL ratio edged-up by 35 basis points to 85.2 percent. At the end of January, banks’ write-offs and recoveries amounted to $6.2m and $1.2m, respectively.” Bahamian businesses and households are still deleveraging, as local currency credit outstanding fell by $31.4m in January - a smaller decline than the $52.1m contraction experienced in the same month in 2018. “The decline in private sector credit was extended by $6.8m to $17.7m,” the Central Bank said of January 2019, “as growth in commercial credit tapered to $6.9m from $17.8m last year, while consumer loans and mortgages fell further by $16.8m and $7.7m, relative to $19.9m and $8.8m in 2018.”

NOTICE

NOTICE is hereby given that EMROY ALE BROOKS of Carmichael Road, P.O. Box CR-55750, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas. LEGAL NOTICE

NOTICE

International Business Companies Act (No. 45 of 2000)

TROLLF CORPORATION In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), TROLLF CORPORATION (the “Company”) is in dissolution. The date of commencement of the dissolution is March 1, 2019. Nassadmin Ltd. is the Liquidator and can be contacted at Old Fort Bay Town Centre, Nassau, Bahamas. 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 April 1, 2019.

LEGAL NOTICE

NOTICE FARHSA LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) FARHSA 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 4th March, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 6th day of March, A. D. 2019. _________________________________ TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

Bukit Merah Limited Liquidator

PAGE 8, Wednesday, March 6, 2019

THE TRIBUNE

MARYLAND SENATE OKS BAN ON FOAM FOR FOOD, DRINK CONTAINERS ANNAPOLIS Associated Press MARYLAND’S Senate voted yesterday to make the state the first in the nation to ban foam containers for food and drink to fight pollution. The Senate voted 34-13 for the measure, which now goes to the House of Delegates. Sen Cheryl Kagan, a Democrat who’s sponsoring the bill, says more than half of the state’s residents already live in places where foam containers are banned for food and drink containers. She described it as a chance to do more to help the Chesapeake Bay, the nation’s

MARYLAND state Sen Cheryl Kagan, a Democrat, talks about her bill to make Maryland the first state in the nation to ban foam containers for food and drink statewide to fight pollution during a debate yesterday in Annapolis, Md. Sen Robert Cassilly, a Republican, is standing in the background in opposition to the bill. Photo: Brian Witte/AP

largest estuary. “We have the opportunity to do the right thing for the Chesapeake Bay, for the environment and for our fish and wildlife that eat this product,” Kagan said. “It infects them; we ingest them.” But opponents said the bill only covers a small amount of foam material used in food and drink containers, not for other uses such as packaging. They also said the measure would hurt small businesses. “It’s an unnecessary burden that isn’t going to do anything for the environment,” said Sen Justin Ready, a Republican. “This bill does not move the needle

at all on protecting the environment.” The measure would ban businesses that sell food from using “expanded polystyrene food service products” starting July 1, 2020. There currently are no statewide bans on foam food and drink containers, according to a review by state analysts. However, some local jurisdictions across the country have introduced measures to ban or partially ban the use of expanded polystyrene foam. Supporters note that foam drink and food containers cannot be recycled. The bill has been named as a priority this year among Democrats, who

control both chambers of the Maryland General Assembly. The measure received some Republican support in the Maryland Senate. Sen Bryan Simonaire, a Republican, said all have a responsibility to be good stewards of the environment. He also noted that large chain restaurants have moved away from using foam food containers, some of them long ago. “Thirty years ago they stopped producing them, and we say, ‘let business catch up. Let business catch up.’ I think 30 years is long enough for them to catch up,” Simonaire said.

PUBLIC AUCTION HOUSE FOR SALE Single family dwelling house located at Number 49 Oxford Street, South Beach, Lot No. 30, Block 27, New Providence. The house has nine (9) rooms: four (4) bedrooms, three (3) bathrooms, a kitchen, dining room, living room, utility room and a family room. The property size is 60 x 120.

The Auction will be held on

Wednesday, 15th May, 2019 at 12:00 noon. Place: Parking Lot located next to the Supreme Court, Ansbacher House on Bank Lane and East Street, Nassau, The Bahamas. The winning bidder must present Ten percent (10%) of the purchase price at the time of winning the auction. The balance is to be paid within sixty (60) days.

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