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MONDAY, AUGUST 27, 2018
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Lucayan director predicts one-two years over exit
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A NEWLY-appointed Grand Lucayan director is predicting the Government may have to own the resort for one to two years, suggesting that its exit “won’t happen overnight”. Carey Leonard, pictured, a former Grand Bahama Port Authority (GBPA) inhouse counsel, told Tribune Business that all stakeholders needed “to take a deep breath” and determine the best strategy for avoiding any “fire sale” of Freeport’s anchor resort property to an unqualified buyer. Emphasising that “stability” for the resort and Grand Bahama’s tourism economy was the immediate concern, Mr Leonard said the Government should not find it hard to beat the Grand Lucayan’s “abysmal” performance under soon-to-be former owner, Hutchison Whampoa. “We need to make it clear, and it seems Dionisio [D’Aguilar, minister of tourism] and those recognise it, that we don’t want to be in a position where we have a fire sale,” he told Tribune Business. “We need to hold on to it, see what needs to be done, and find a thoughtful way out for the Government. “The Government has been very clear that they don’t want to be in the hotel business, but it will take some time. I wouldn’t expect it [a sale] to happen overnight. Everyone needs to take a deep breath, see what we can do for advertising, how we bring in airlift - whether we do it ourselves or get airlines to do it for us from particular markets. “Bahamians cannot expect it to happen overnight. I expect a slow and steady improvement, and Government will try and offload it as soon as they reasonably can. What they’ve got to do is stabilise the situation. Nobody knew what was going to happen and if Hutchison was going to shut down at the end of the month. Government is not going to find a private buyer quickly.” The sale timeline forecast by Mr Leonard, now a Callenders & Co attorney, is different from the threesix month exit targeted by his chairman, Michael
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BPL Board battle ‘like Nightmare on Elm St’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A
RIVAL Board member is accusing Bahamas Power & Light’s (BPL) ex-chairman of “making mischief where none exists” over aborted efforts to give Bahamians early relief from high energy costs. Patrick Rollins, the utility’s now-former vicechairman, told Tribune Business that proposals for BPL to jump-start development of New Providence’s new power plant itself by financing 100 megawatts (MW) of new generation capacity were approved by the full board - including former chairman, Darnell Osborne, and her faction. Mr Rollins said the
* 100MW energy relief jump-start aborted * Ex-vice chair: “Mischief where none exists” * “No leadership” over Shell plant signing
PATRICK ROLLINS plan put forward by himself and BPL’s chief executive, Whitney Heastie, was intended to bridge the “three-year gap” to Shell North America’s planned 2021 completion of
THE new Grand Lucayan board will meet this morning to determine if a hotel operator is needed, its chairman asking critics of the Government’s deal: “Do you want another Royal Oasis?” Michael Scott, also chairman of the Hotel Corporation, told Tribune Business that the rundown condition of that long-closed resort and International Bazaar was “enough to make you cry”, with a repeat of that experience something
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* Board to decide on operator today * Mid-October targeted for all bids * Calls for PPP to own GB airport MICHAEL SCOTT
THE GRAND Lucayan Resort in Freeport, Grand Bahama. Freeport and its economy can ill-afford.
The well-known attorney said Lucayan Renewal
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Holdings Ltd, the Governmentowned special purpose vehicle (SPV) that will own the Grand Lucayan, was aiming to receive all private sector bids to acquire the property via an open tender process that will close in
Minnis Cabinet in April, but the energy giant was unwilling to adjust its construction plans such that Bahamian households and
Lucayan chair: ‘Do you want another Oasis?’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BTC in a ‘fight for its survival’
A “YEARNING for better” Internet and TV services means the Bahamas Telecommunications Company (BTC) can reverse recent revenue declines if it deploys its latest infrastructure more rapidly, its past union president believes. Bernard Evans, pictured, who did not seek re-election to the Bahamas Communications and Public Officers (BCPOU) top post after serving three consecutive terms, told Tribune Business that BTC and its majority owner had responded too slowly to loss of its mobile monopoly. He argued that the incumbent carrier had needed to move faster in rolling out its Fibre-to-the-Home (FTTH) infrastructure to better compete with BISXlisted Cable Bahamas on Internet and TV, the two areas long dominated by the latter. BTC’s ultimate parent, Liberty Latin America (LiLAC), is now pinning its hopes on a new management team led by Jamaican Garry Sinclair to reverse the $100m drop in BTC’s revenue since its mobile monopoly peak - a goal that Mr Evans described as “very realistic” if the carrier can raise the pace. “I worked in the enterprise department as an account manager responsible for banks and hotels, and I haven’t lost contact with most of them,” Mr Evans told Tribune
DARNELL OSBOURNE
the new Clifton Pier-based facility. Shell’s selection as the preferred bidder to build, own and operate the 270 MW multi-fuel plant was approved by the
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Works ministry can’t save developer held in contempt By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Philip Davis-led Ministry of Works’ failure to follow the law means that a Rum Cay developer has no protection against claims he is in contempt of court, a judge has ruled. Justice Rhonda Bain, in an August 16, 2018, ruling found that David Cummings had no defence for his demolition of properties at the island’s Sumner Point Marina because the Christie administration had failed to issue the written order
* Did not follow Act under then-DPM * Marina demolished in defiance of court * Long-running Rum Cay land dispute required by the Building Regulations Act. As a result, the Supreme Court held Mr Cummings and his associate, Bryan Meyran, in contempt of court for violating an October 2012 injunction order that prevented the former from demolishing both the marina and clearing an associated 80-acre land parcel on Rum Cay.
The injunction was granted during legal proceedings between Mr Cummings and Bobby Little, principal of Sumner Point Properties and the marina’s original developer, which stemmed from the duo’s long-running real estate dispute on Rum Cay. Mr Cummings, in denying the injunction breach, alleged in legal documents
that he had merely been working for an entity called the Wahoo Resort Foundation, which had been seeking a crown land grant for the 15-acre parcel containing the Sumner Point Marina. He added that the Wahoo Resort Foundation informed him it had obtained a directive from the Ministry of Works to
demolish buildings at the marina due to their rundown state, which gave legal cover for his work. Mr Cummings’ position was supported by the Foundation’s president, Everett Hart, who in a July 21, 2015, affidavit said he had attended “numerous meetings at the Office of the Prime Minister” in a bid to obtain the crown land grant despite knowing the 15 acres was embroiled in a legal dispute with Mr Little. Mr Hart alleged that Mr
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PAGE 2, Monday, August 27, 2018
THE TRIBUNE
MINISTER REVIEWS 250 JOB BIOMASS PLANT PROPOSAL A CABINET minister has reviewed a Bahamian start-up’s proposal to create up to 250 jobs through an Abaco-based biomass plant that will generate 24 megawatts (MW) of energy. Michael Pintard, newlyappointed minister of agriculture and marine resources, met with officials from Dunlap Petroleum, which says its proposed elephant grassfuelled Spring City plant can be ready within 24 months of cabinet approval. The project has been on the drawing board for five years, with its farming and green energy benefits attracting the attention of Bahamas Power & Light (BPL). Abaco is also home to The Bahamas’ only sod and turf farm, 5 Star Farms. A major part of the Ministry’s short term goals is to
MICHAEL PINTARD, minister of agriculture and marine resources, met with potential investors interested in establishing a biomass alternate fuel source power plant in Abaco. Joining Mr Pintard were Adrian Lismore of Dunlap Petroleum; Jimmy Vaughan of Dunlap Petroleum; Patrice Cox, senior official with Bahamas Agricultural and Industrial Corporation (BAIC); Andrew Pinder, senior official with the Department of Agriculture; and Isaac Collie. To the right, Minister Pintard views a map of the 5,600 acres of land in Abaco leased by Dunlap Petroleum. Just under half is currently being used for the cultivation of elephant grass. spark activity in non-food Some 5,600 acres of land, material. Just under half the while bio-mass energy sustain the operation. His agricultural production owned by the Bahamas land, or 2,600 acres, is cur- production is new for The concerns were addressed Agricultural & Industrial rently being cultivated for Bahamas, the technology by Dunlap’s projection that, throughout the country. Corporation (BAIC), has elephant grass. is a proven option for fuel based on 5,000 acres availaalready been secured for Dunlap’s representa- generation globally and a ble, with three harvests per the Dunlap Petroleum pro- tive, Adrian Lismore, viable renewable source for year the company would ject. The agreement allows said a minimum eight lower energy costs. the company to study the MW output of bio-mass Mr Pintard expressed able to operate for a miniland and water table, and to energy was enough to concern about the turna- mum of 15 years before conduct soil tests to deter- power at least 5,000 homes round time, following expanding. Dunlap hopes mine optimal growth rates on Marsh Harbour. Mr an initial harvest, for the to replicate the operation for the proposed bio-mass Lismore pointed out that regeneration of crops to on other Family Islands.
Natural resources group challenges $2.5m royalty for aragonite mining By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net A BAHAMIAN natural resources lobby group believes the Government can reap more than $2.5m a year from aragonite royalties, and urged it to publicly disclose all economic impact studies. Dana Munnings, an attorney and president of The Bahamas Natural Resources Foundation (BNRF), which launched in February, told Tribune Business: “Bahamians have been talking about aragonite and its value for a while. We have constantly asked for government to
We at J. S. Johnson & Company Limited proudly honour the life and memory of Charles T. Fernie for his invaluable and enduring contribution to the growth and expansion of the Company and for his pivotal role in the ongoing development of the insurance industry in the Bahamas. Charles, or “CTF” as he was affectionately known to our corporate family, was an inspirational leader who provided employment opportunities for many Bahamians in the insurance sector. His legacy as a remarkably successful insurance executive will serve as an example to aspiring entrepreneurs throughout our country. Charles Fernie joined J. S. Johnson & Company, Limited in 1959 and through his industry, vision, competence, skill and old fashioned hard work ultimately became the Managing Director in 1973. He held that position until his retirement from
make public the reports which have been done. “When you hear the Minister speak about an economic report, our questions would be who conducted it, when was it conducted, and will it be made available for the public to review if it was paid for by the taxpayers? The minister also referred to other geological reports.” Ms Munnings spoke out after Romauld Ferreira, minister of the environment and housing, last week said the cabinet is close to reaching a conclusion that could increase the country’s aragonite mining revenue. He added that his ministry
the day to day activities of the Company in 1985. During his tenure of leadership, J. S. Johnson experienced substantial growth and consolidated its position as one of the premiere insurance agents and brokers within the Commonwealth of the Bahamas. The success of the Company during that period was largely attributable to Mr. Fernie’s adroit leadership, his business acumen and his perceptive understanding of the insurance industry. He had a special bond with his staff and was thoughtful and generous in his dealings with other people. His sense of humour was always welcomed around the office and contributed to the overall congeniality of the working environment at J. S. Johnson. The Company became a public company in 1986 and Mr. Fernie was elected the first Chairman of the Board of Directors. In that role he led
received an economic report on the subject earlier this year, which the Minnis administration has been analysing in conjunction with geological reports conducted in the past. The Government earned a $2 per metric ton royalty when the Sandy Cay Development Company mined aragonite off Ocean Cay near Bimini, prior to the Christie administration’s deal with Mediterranean Shipping Company (MSC) for that island to become a private cruise port. Mr Ferreira suggested royalty revenues could increase from $40,000 per annum to
the Board through the transition to a public company where today there are approximately 800 public shareholders of J. S. Johnson & Company Limited. That is an eloquent tribute to Mr. Charles T. Fernie and we thank him for his immense contributions to the Company. He will always have a special and elevated place in the history of J. S. Johnson. In recent years Mr. Fernie experienced declining health and after a short illness passed away on August 7th, 2018. We celebrate his life and his accomplishments with all who had the privilege of knowing Charles. The Directors, Senior Management and Staff of J. S. Johnson convey our condolences to his widow, Dorothea, his children and all his family. May his soul rest in peace!
$2.5m, with aragonite used to produce cement, glass containers, auto glass, soil, acid, neutralising animal and poultry seed. “We believe the revenue can be more than $2.5m. What has happened to the revenue we have been receiving from the Sandy Cay Development? Has any of it touched the sovereign wealth fund and, if not, when is it going to be established so we can have accountability? We are not just talking about jobs here; we are talking about ownership of industries and our natural resources,” said Ms Munnings.
THE TRIBUNE
Monday, August 27, 2018, PAGE 3
Bahamas contests top family, regional award
80 BAHAMIANS BUY INTO CRYPTO START-UP By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net BAHAMIANS are “eager” to explore cryptocurrency opportunities, a local businessman says, suggesting this was highlighted by 80 locals purchasing tokens from a cryptocurrency start-up’s Australian offering last week. Wayne Johnson, who with Parrish Simmons is a corporate manager for the Zucaz Group that launched its Zucoin cryptocurrency token on August 15, told Tribune Business the token had increased in value by between 233-300 percent since he began promoting it last year. “When I started promoting the coin in The Bahamas last year it was at $1.25—$1.50,” Mr Johnson said. “We just launched in Australia on August 15 and it was $5. Bahamians have an opportunity to participate in a blockchain and cryptocurrency start-up out of Australia. They are going throughout the Caribbean, and Turks and Caicos as well as Latin America. “Bahamians get a chance to not only participate in an initial coin offering (ICO) but also benefit from this blockchain cryptocurrency start-up that is going to be major global player in the space. We have close to 80 Bahamians who have already purchased coins when they were in the $1.25 to $1.50 range, and even though the coin has gone up to $5 retail investors still have an opportunity to participate. The ones who have gotten in are very happy with the returns so far.” Mr Johnson said Zucoin will be traded on the trade.io crypto exchange. It is being promoted as the world’s first “augmented reality-backed cryptocurrency that can be instantly and securely stored or exchanged between everyday users with a truly decentralised
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peer-to-peer blockchain”. Zucoin was launched alongside the Zukaz app, which allows merchants to “drop real cash vouchers in the augmented reality world, allowing consumers to collect, trade or redeem their cash vouchers at their favourite shops, cafés, restaurants and businesses”. Mr Johnson said the coin’s value will be driven by consumer use. He added that for more Bahamians to become involved in the cryptocurrency and blockchain space, “there needs to be proper legislation. “You can come with a one-size fits all approach,” he added. “There are a lot of Bahamians doing amazing things in the cryptocurrency blockchain space, and I’m just one of them. People right now are doing mobile to mobile commerce and participating in the blockchain space without any regulation because its a peer-to-peer digit platform that is decentralised. “You want business to be able to use it. The businesses that are first to market will be the ones to benefit because a lot of people want to use the technology.”
THE Bahamas has been chosen as a finalist for the Best Caribbean and Family Destination categories in AFAR magazine’s travel awards. This nation is going up against the British Virgin Islands; Saint Lucia; Bermuda; Antigua and Barbuda; Cancun/Riviera Maya; Aruba; Barbados; Curaçao; Martinique; Cayman Islands; Jamaica; Los Cabos and Grenada for the Best Caribbean award. And, in the Best Family Destination category, The Bahamas is facing off against Big Island, Hawaii; Cannon Beach, Oregon; Charleston, South Carolina; Costa Rica; Fort Myers and Sanibel Island, Florida; Grand Canyon, Arizona; Orange County, California; Orlando, Florida; Puerto Rico; Riviera Maya, Mexico; San Diego, California and Toronto, Canada. The public can vote at AFAR.com. The magazine will publicly reveal the Travelers’ Choice Destination winners on December 13 via the website, and in their January/February 2019 “Where to Go” issue. Joy Jibrilu, The Bahamas’ director-general of tourism, said: “The recent AFAR experience was undoubtedly one of the best media trips in the islands of The Bahamas. The writers, editors and guests of AFAR magazine got to experience the heartbeat of the destination, and are still talking and writing about it today. “And since they already believe that the islands of The Bahamas are extraordinary, the public can help to cement that notion by going to vote for the world’s best destination.”
NASSAU DARTS ASSOCIATION
AGM Wednesday September 5th, 2018 at Garden of Eden, Eastwood 7:30pm for registration of Teams 8pm Meeting
While the magazine’s executive and guests were in The Bahamas, they met with Governor-General Dame Marguerite Pindling;
at the underwater Sculpture Garden; dinner at the National Art Gallery; a boat cruise and beach party at the Maillis Farm. AFAR’s media coverage led to seven editorial pieces on The Bahamas, which generated an estimated 4.4 million TOP Bahamas impressions. tourism execs Using the hashtag with AFAR mag’s #AFARBahamas, personnel. guests of the experience were able to generate 10,337 impressions on Facebook with 63 engagements, and 10,337 on Instagram with 1,783 engagements. Through AFAR’s digienjoyed a People-To- People tal campaign there were experience; painting on the 5,236,593 impressions. In beach with artist Antonius total, the AFAR experience Roberts; lunch at Gray- in The Bahamas generated cliff Restaurant; snorkeling 20,198,697 impressions.
PAGE 4, Monday, August 27, 2018
THE TRIBUNE
Works ministry can’t save developer held in contempt FROM PAGE ONE Little had been given notice of the demolition, but did not remove his personal possessions from Sumner Point Marina despite being asked by Sergeant Smith of the Royal Bahamas Police Force to do so. The Wahoo Resort Foundation’s inability to make progress then became an issue at Rum Cay Day in 2015, which was attended by then-deputy
prime minister and minister of works Philip Davis in his capacity as the island’s MP. “The local MP, who also heads the Department of Works, attended and held a town meeting which was attended I am advised by most of the very small community of Rum Cay, including Robert Little,” Mr Hart alleged. “I am advised by members of the foundation that an announcement was
NOTICE OF REMOVAL As required by statute, Miracle Auto Touch Care would like to notify the owners of automobiles abandoned on our premises that we will be disposing such vehicles by September 1st 2018. You may collect your vehicle at any time before that date by coming to our shop during regular business hours to collect the automobile and pay any balance owing on your account.
made at the town meeting by the MP for the area that the 15-acre tract where the marina sits is crown land. Before the minister’ departure from the island, the foundation expressed to the minister the frustration caused by Mr Little’s failure to comply with the order to remove his items; the result of which was that the demolition work could not be started.” Mr Hart said he was unaware that there were two separate Supreme Court actions involving the Sumner Point Marina land when he hired Mr Cummings to demolish the property. He admitted
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to only seeking a written demolition order from the Ministry of Works’ building control department once made aware of the contempt of court proceedings launched by Mr Little against his rival. The foundation president alleged that he obtained a July 9, 2015, letter from Craig Delancey, building control officer, describing the demolition work carried out as “satisfactorily performed”. He also provided an “internal minute” from Ralph Brennen, a consultant in the Prime Minister’s Office, to then-minister of state for investments, Khaalis Rolle. Mr Cummings and Mr Meyran’s attorney, Travette Pyfrom, argued that her clients were protected from Mr Little’s action because the foundation had been given permission by the Building Control Department to proceed with demolition. This, coupled with the protection offered by the Building Regulations Act’s section 18, safeguarded them from any lawsuit. But Justice Bain agreed with the attorneys for Mr Little and Sumner Point, who argued that the Act’s
requirement for written demolition authorisation had not been complied with. She ruled that no Notice was ever served on Mr Little, while the Foundation’s Mr Hart “had nothing in writing” and only sought such approvals after the fact upon being informed of the contempt action. “The Building Control Officer and/or the Minister failed to comply with the provision of section 10 of the Building Regulation Act,” Justice Bain ruled. “As a result, the respondent cannot rely on section 18 of the Building Regulation Act ousting the jurisdiction of the court. “The court finds that the first respondent and the second respondent [Mr Cummings and Mr Meyran] cannot rely on the fact that they were assisting the foundation in doing works that contravened the injunction or the fact that the foundation was purportedly requested to demolish the buildings by the minister of works and urban development. “The first respondent, who used as a defence that he was assisting the foundation, and that the
foundation was authorised by the minister to demolish the building and to clear the land, did not deny these breaches.” Mr Little, in his affidavit evidence, alleged that Messrs Cummings and Meyran had “torn down almost every building and piece of infrastructure that once made up the Sumner Point Marina complex” during the 2015 first half. He claimed that the buildings demolished in defiance of the Supreme Court’s Order included four furnished beach cottages; the “Out of the Blue” restaurant; “Kalik House”; pavilions, a fire pit, dockage and infrastructure such as water and power lines. “The marina complex has been completely decimated,” Mr Little further alleged. “Almost nothing remains. All of the buildings my father and my family constructed, and which Mr Cummings was expressly prevented from damaging by the order, are now gone. Mr Cummings has now taken full control of the area, which is unrecognisable from the marina complex that existed a few months ago.”
THE TRIBUNE
Monday, August 27, 2018, PAGE 5
BPL Board battle ‘like Nightmare on Elm St’
FROM PAGE ONE businesses saw earlier relief from the burden of high power bills. As a result, Mr Rollins and Mr Heastie suggested using some of the proceeds from BPL’s recently-concluded $100m short-term financing to fund construction of the first 100 MW of new generation capacity. But, just as Shell’s technology and construction partners were ready to give a presentation on the plan, Mr Rollins confirmed that the BPL board’s finance committee - made up of Mrs Osborne and her ally, Nicola Thompson - shut it down on the basis that the utility had insufficient cash flow to finance construction. The former vice-chairman said this was accepted by all former board members, adding that Mrs Osborne and her faction were trying to create a non-existent controversy through their Thursday night statement raising concerns over how the plan was handled. And Mr Rollins also accused Mrs Osborne of an “extremely frustrating” failure of leadership in bringing negotiations over BPL’s memorandum of understanding (MoU) with Shell to completion. Refuting claims that the Board’s technical committee, featuring himself and Mr Heastie, had failed to adequately answer MoU-related questions posed by other directors, Mr Rollins said the former chairman failed to call a meeting to address these concerns in time for the Shell agreement’s scheduled signing. Mr Rollins described the increasingly bitter public dispute between the two former board factions as “like an old horror movie”, comparing it to the Nightmare on Elm Street movie series featuring Freddy Krueger, the razer-gloved serial killer who frequently returns from the dead. “It’s all about trying to make issues where there were no issues, and to make mischief where there shouldn’t be mischief,” Mr Rollins told Tribune Business. “I just wish this whole thing would stay dead. It’s like an
old horror movie. “This is going on for a second week. I’m calling this one of the scary movies Freddy [Krueger] is in. You think he’s dead and he comes back to life again.” Mr Rollins hit back after Mrs Osborne and her former board faction, featuring Ms Thompson and Nick Dean, last week accused himself and Mr Heastie of failing to advise them about meetings with contractors over the “early start” on New Providence’s new power plant. “On May 4, directors Rollins and Heastie had counter-proposed to the board that BPL enter into the consortium with Shell, and use its available funds from the interim financing to build the LNG plant and, by so doing, reduce the financing cost of the plant,” Mrs Osborne and her faction said. “The board had given the technical committee the approval to gather and present the information to the board for construction of the LNG plant, so that an informed decision could be made. Directors Heastie and Rollins continued to travel and meet with contractors, without pre-advising the chair or other board members. “The chair and other board members chastised them, and insisted that all prospective contractors be brought to the company to make presentations. Director Heastie seemed particularly angered when the board refused to finalise a decision to build the plant on the insistence of chair Osborne that a tender report must be presented to the board by the executives of the company,as is the normal protocol. “On the day that a member of the executive made the presentation, the [board] finance committee recommended that the cash flow could not support the construction of the plant by BPL until the Rate Reduction Bond (RRB) funding was in place.” The RRB represents BPL’s long-term financial restructuring, which is likely to be placed in 2019. While largely confirming this version of events, Mr Rollins denied that he and Mr Heastie had conducted unauthorised meetings with power plant contractors. He disclosed that they only met
with Shell’s technology and construction vendors, Wartsila and BWSC (Burmeister & Wain). Shell North America’s proposal calls for both power generation and liquefied natural gas (LNG) regasification/ bunkering facilities to be constructed at Clifton Pier, given that LNG is a key fuel source for the new plant. Shell plans to develop both “together at the same time”, rather than doing the power plant first to cause an immediate cut in light bills. “We met with the Board and asked if we can get 100 MW to provide some relief to the Bahamian people upfront,” Mr Rollins told Tribune Business. “We met with the whole Board, and they decided it was a good idea. It was a unanimous decision. “The finance committee called, and said the funds were available. Based on their answers we went and spoke to the two vendors Shell was speaking to, Wartsila and BWSC. We had them present proposals to the board. “It was at the time that proposal was presented to the board that the finance committee said no, we don’t have the money. The finance committee reversed course and we said: ‘Ok, Shell will deal with it. When the power plant is built, it’s built’. We were trying to get some relief for the Bahamian people earlier.” Mr Rollins then revealed that there were “certain options for BPL to be part of the whole consortium” with Shell that will own the new power plant, adding: “We would just have been advancing some monies upfront. Our investment in the power plant would be part of our investment in the consortium; that was our thinking.” But Mrs Osborne and her group argued that using the $100m short-term BPL financing to kick-start the new power plant would have been contrary to the explanation given to lenders for why the funds were needed. “The finance committee (of Osborne and Thompson) guided the board to use the interim financing for the original intent,” they said. “The original earmark of funds were allocated to the [staff] VSEP settlement, Advanced
Metering Infrastructure (AMI) initiative, and the many capital projects which had been languishing due to lack of funds. This approach also supported declarations which had been made to the lending syndicate.” Mr Rollins’ comments, especially those relating to Wartsila and BWSC (Burmeister & Wain), are also likely to interest General Electric (GE). Tribune Business previously revealed how the leading multinational and electricity turbine manufacturer was complaining it “cannot get a fair hearing”, and was being shut-out of the process to supply both the new Clifton plant and shortterm generation. It is understood that GE has taken its complaints to both the US Embassy and the Trump administration’s State Department, having offered to provide 80 MW of short-term generation to BPL to “bridge the gap” between now and when the new Shell power plant comes on stream. This mirrors the Rollins/ Heastie proposal. Tribune Business also revealed that GE touted its offer as saving BPL and its customers around $75m per annum through reduced fuel costs alone. And, to sweeten the pot, GE offered a $110m funding facility to upgrade BPL’s transmission and distribution infrastructure. But Mr Heastie, in an interview with Tribune Business last month, dismissed the GE short-term offer as “making no economic sense” because the narrow three-year timeline to the new power plant’s completion made it impossible to generate a viable investment return. He also suggested that GE’s aeroderivative gas turbine engines do not work well in hot and humid environments such as The Bahamas - a charge GE is known to vehemently dispute, and it has provided evidence to refute Mr Heastie’s position. Mr Rollins, meanwhile, described the Osborne faction’s account of events surrounding the Shell MoU negotiations as “a fabrication” and “absolute nonsense”. He blamed the former chairman for the delays, adding that former director Nick Dean - another of her allies - kept on asking
questions for which answers had already been given. “Shell came to The Bahamas, and negotiations were pretty much completed I would say by July 12,” Mr Rollins told Tribune Business. “At that meeting, a date was set for the signing. After, a lot of questions started to be asked about the MoU by director Dean. “There were lots of answers going back and forth by e-mail. We were getting nowhere. We’d give an answer and the same question would come back. The chairman never tried to convene a meeting to have these issues addressed.” Mr Rollins conceded that “it got to the point” where he asked BPL’s company secretary “to hold off” doing anything further with the Shell MoU “until we can get the chairman to have a meeting”. “We never had a meeting to sit down and face-to-face discuss these issues,” he added. “There was no leadership to have this MoU signed. It was a total reversal of her [Mrs Osborne’s] position on July 12. It was very frustrating; extremely frustrating.” Mrs Osborne and her group, in their statement last week, said Messrs Heastie and Rollins had been tasked with negotiating the Shell MoU as members of BPL’s technical committee. The first draft version was presented to the board on June 28, 2018. “Director Dean had put forward a number of questions which had been primarily ignored by the technical committee. In seeking to have all board members’ views and the legal issues addressed, chair Osborne specifically asked that director Dean’s queries be addressed along with a few posed by her,” the statement said. “After noticing a delay in progress, she [Mrs Osborne] sought out the manager of legal about the urgency of finalising the document, and was informed that director Rollins issued instructions to put the MoU on hold. This direction was given days before the agreed signing date with Shell, and without the knowledge of the chair and other members of the board. “Chair Osborne then
issued an e-mail to director Rollins inquiring on what basis the Shell MoU was put on hold, to which a response was never received. A few days prior to director Rollins’ issuance of the ‘on hold’ instructions, minister Bannister issued a directive to chair Osborne via director Rollins to sign the MoU by end of the same day. Chair Osborne responded that all of the directors’ concerns and some other legal issues had not been settled, and the document was not ready.” Mrs Osborne and her group then said Messrs Heastie and Rollins, together with attorney Ferron Bethell, gave minimal notice of their non-attendance at an August 13 Board meeting where the Shell deal was to be discussed. The latest developments show that the Shell power plant, and hopes of more reliable, lower cost energy for Bahamian consumers, are increasingly being caught in the cross-fire of the allegations and counter-allegations between the two former board factions. The row over make-up bills and security cameras is effectively a sideshow, and distraction, from the real issues at BPL that have the potential to affect all Bahamians in terms of their light bill, plus the utility’s operational and financial performance, and well-being of staff. The battle, which split the former board in two, seems to have resulted from a power struggle between Mrs Osborne’s faction and that featuring Messrs Rollins, Heastie and Bethell. It appears to have been sparked when Mrs Osborne was not made executive chairman, and Mr Rollins instead appointed executive director at BPL. While no longer on the board, Messrs Heastie and Rollins remain part of BPL’s executive management as chief executive and executive director, respectively. And Mr Bethell is the only director from the old board to be appointed to the new one. As a result, many observers believe the real objective behind the former board’s dissolution was to remove Mrs Osborne and her allies.
PAGE 6, Monday, August 27, 2018
THE TRIBUNE
BTC IN A ‘FIGHT FOR ITS SURVIVAL’ FROM PAGE ONE Business. “There’s a yearning for better service in Internet and TV, and if we can deploy that FTTH fast enough we will reap the rewards from getting that done; the sooner the better. “All the machinations in getting FTTH to the home out there, it’s been slow in getting that done...” The ex-BCPOU president, who still remains head of the umbrella National Congress of Trade Unions (NCTU), spoke out after Balan Nair, LiLAC’s chief executive, recently told investment analysts that BTC’s parent was targeting a 2018 second half turnaround in its Bahamian
subsidiary’s top-line. Mr Sinclair and his management team will be key to achieving this, and Mr Evans said he was present when the new BTC chief executive was introduced to the staff and union some two-three weeks ago. “BTC is in for somewhat of a fight to continue to survive,” he told Tribune Business. “BTC’s principal problem is two-fold, maybe even three. A new company was coming into the market, and mobile probably makes up the bulk of any telecommunications company’s revenue - between two-thirds to three-quarters. That’s how it is for anyone in the region. “They knew it was
coming, and knew market share would leave BTC, but thought they would offset that by increasing Internet and TV. Even though BTC has the better service when it comes to programming, they have been somewhat slow in deploying FTTH in New Providence. “BTC believes if they can get 70 percent penetration on FTTH that will create a dent, and hopefully that makes up the shortfall from loss of mobile customers.” Mr Evans said Mr Sinclair’s experience as Cable & Wireless Communications (CWC) chief executive in Jamaica, where he competed headto-head with Digicel, would stand him and BTC in good stead as they seek to
Lucayan director predicts one-two years over exit FROM PAGE ONE BTC HEADQUARTERS, JFK DRIVE.
reverse the top-line decline against Cable Bahamas and Aliv, which it controls. He described Mr Sinclair as “a real chief executive”, pointing out that previous incumbent, Bahamian Dexter Cartwright, came from a financial rather than a telecommunications background. “Dexter did the best he
could, but he was not a true chief executive for telecommunications,” Mr Evans explained. “He worked on the money side.” The former BCPOU head, though, expressed concern that BTC would likely have to share Mr Sinclair’s services as chief executive with CWC’s Jamaica and Cayman operations.
Scott, who will head the same Lucayan Renewal Holdings board that he has been appointed to. Lucayan Renewal Holdings is the Government-owned special purpose vehicle (SPV) that will hold and own the Grand Lucayan, with Mr Leonard last week unaware he was in line to be appointed to the board of the SPV until informed by Tribune Business. “If the Government does take this on they will probably do a better job marketing it than Hutchison,” he told Tribune Business. “I don’t know how many people stay at the Grand Lucayan, but I don’t think it’s a lot. There’s roughly the same number of rooms at Pelican Bay, but you see activity there and at Lighthouse Pointe you can’t. “It wouldn’t be hard to do a better job than Hutchison; they’ve been abysmal. Hutchison has control of very major, significant assets that have a major, direct effect on the economy of Grand Bahama and the country as a whole. They have behaved badly, and I don’t think anyone would blame the Government for taking a firm stand on it.” Mr Leonard suggested that the Government “see what the other properties have to offer” in terms of the still-closed former Memories and Breaker’s Cay resorts at the Grand Lucayan complex. It then needed to “target somebody we think can develop it for a particular reason”. “It’s going to be interesting to see who we attract and for what purpose,” he added. “If the Government can do a good job on Lighthouse Pointe, with Pelican Bay it will have 400 rooms. That will fuel growth because neither one is allinclusive. If we have good occupancy at Lighthouse Pointe you’ll see a vast improvement.”
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THE TRIBUNE
Monday, August 27, 2018, PAGE 7
Lucayan chair: ‘Do you want another Oasis?’ FROM PAGE ONE mid-October. The tender process is set to launch in mid-September, giving potential bidders around one month to craft their offers, with Mr Scott conceding that “a fair amount of leg work” is required to meet his objective of selling the Grand Lucayan within three to six months. Carey Leonard, a fellow Lucayan Renewal Holdings director, told Tribune Business that the Government may have to hold the resort for up to two years to find the right purchaser (see other article on Page 1B), but Mr Scott pledged that the board was “kicking into gear right away” to ensure state ownership of Freeport’s anchor property was as short lived as possible. The SPV chairman said no final decision had been taken on renovating and re-opening Grand Lucayan’s former Memories property, something the prime minister last week suggested would occur under the Government, as he hit out at the property’s previous owner. Apart from the difficulty of obtaining the resort’s Hurricane Matthew damage assessment report, Mr Scott said Hutchison Whampoa had never been fully committed to the Grand Lucayan - especially when it came to marketing and promoting the property. He lamented that previous governments had “not fully addressed the issues” with the Hong Kong-based conglomerate, with the former Christie administration having given up all potential leverage by giving the Grand Bahama Development Company (DevCo) a 20-year extension of its real property tax breaks. Hutchison Whampoa has a 50 percent equity interest and management control at DevCo, and Mr Scott argued that ownership change at another asset it controls - the Grand Bahama International Airport - was essential if Grand Bahama was to attract sufficient airlift to support the Grand Lucayan re-opening and future tourism growth. He also revealed that, “while I’m not going to fire people left, right and centre”, there was interest among some members of the Grand Lucayan’s remaining 423strong workforce in taking severance packages if the terms were right. Mr Scott said he would lean heavily on advice from hotelier Russell Miller, a Lucayan Renewal Holdings Ltd board member who has extensive experience in managing Grand Bahama hotels,
to determine whether a resort management company was needed and, if so, which should be selected. “The board and I are meeting on Monday morning at 8.20am in Freeport, and we are going to make that decision then on how we approach who runs it,” he told Tribune Business. “Lighthouse Pointe is fully functional. It probably needs some cosmetic work and some repair, but apart from that it’s fully functional. The occupancy rate is 45 percent.” Magnus Alnebeck, managing director at Freeport’s Pelican Bay resort, last week told Tribune Business that “under no circumstances” should the Government get involved in the Grand Lucayan’s operations and day-to-day running. He argued that it needed to engage a hotel brand operator, or management company, as rapidly as possible. Mr Scott, meanwhile, said potential repairs to the former Memories property was another issue facing the new board. “We’ve got to do an assessment of what it will take to get that open,” he added. “I understand that’s possible, but I’m trying to get from Hutchison the damage assessment report.” The Hotel Corporation chairman revealed that the Government is already moving to develop a prospectus containing all essential
information that potential Grand Lucayan buyers will wish to know. “When I say quickly it’s going to take some months,” Mr Scott said of the sales process. “We’re designing a proper prospectus now. We have a draft of one but that, in my respectful view, is not adequate. It’s being properly designed and properly vetted. “We’re hoping to go out with the invitation to tenders process by mid-September, and to close receipt of bids by mid-October.” Mr Scott last week suggested he hoped to effect a sale on the Government’s behalf within three to six months, and he now added: “I’m doing my very best. I think it’s possible, but it’s going to take a fair amount of leg work. “We’re working with a number of international agencies, accounting firms, real estate agencies and so forth that will be connected to high-end developers and people of that strength. This is not something you put in the classified section of the newspaper.” The Government is unlikely to recoup the full $65m purchase price it has agreed to pay for the Grand Lucayan in any sale. Paul Wynn, chief executive of the Wynn Group, who was the last private sector buyer to emerge, revealed he had sought to renegotiate that price down to $40m to give
NOTICE Notice is hereby given that medlyne lubin of Yamacraw Beach, New Providence, Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 20th August, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.
NOTICE Notice is hereby given that JONAS JOSEPH of Murphy Town, Abaco, Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twentyeight days from the 20th August, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.
him sufficient funds to rebuild airlift and marketing. Hutchison Whampoa, though, refused and stayed firm at $65m. Replacing it, with the Government now acting as vendor, could make a sale faster and easier as the latter will not be so wedded to the $65m price. Accepting a lower offer could help attract the right buyer to restore the Grand Lucayan and generate sufficient economic activity such that the Government makes up for any losses incurred via taxes at the back end. Mr Scott said Hutchison Whampoa’s removal was “very important because I don’t think they were ever committed to the hotel”. He added: “They were never interested in the hotel. It was something they did reluctantly. It was never promoted, and was expected to almost promote itself. “It was important for us to be involved in the process. We’re the ones that can look at it from a national interest point of view and say what is needed. What is the creative package and vision that needs to be articulated. What is the right blend of capital, product and vision that is needed? What is the right development strategy? It’s not enough to throw money at something.” The Lucayan Renewal Holdings board, besides Mr Scott, includes attorneys Mr
Leonard and Terence Gape; Mr Miller; accountant Ed Rahming; Willie Moss; and Linda Turnquest from the Grand Bahama Shipyard. “We’re kicking into gear and moving right away,” the chairman said. “We have to consider whether to appoint a manager for it to ensure it’s properly run and maintained, and maintain critical efficiencies by deciding which employees take packages and which to keep, as we need to maintain the resort in tip-top shape until we find the correct investor package and vision. “We have a lot of infrastructural and administrative decisions to make. We have to make an assessment on whether or not it’s feasible at this stage to look at getting Memories operational and what the timeframe will be on that.” Mr Scott said some Grand Lucayan employees had “indicated a desire to go subject to getting the appropriate package”, although he would not know numbers until the board met today with resort management. “I’m not going up to fire people left, right and centre,” he told Tribune Business. “Those who want to go and take packages, those will be available, and there are those that want to stay.” Mr Scott, meanwhile, questioned what alternatives Fred Smith
QC and other critics had to the Government’s Grand Lucayan purchase. “What are we supposed to do? Create another International Bazaar and Royal Oasis?” he asked. “I walked through there the other day. It was enough to make you cry. What are we supposed to do? We’ve got to have some stability. Quite frankly, the real fault is in previous administrations not fully addressing the issue with Hutchison and not fully addressing the Grand Bahama Port Authority and its ownership.” Mr Scott argued that previous governments had conceded too much to Hutchison Whampoa, and agreed that new ownership was needed for Grand Bahama International Airport - which is owned and managed through the Hong Kong conglomerate’s 50 percent owned Freeport Harbour Company. “That’s the sixth or seventh most expensive airport in the world to run,” he told Tribune Business. “My vision for that is we need to start applying pressure to Hutchison. That should be taken over by a public-private partnership of some kind, much like the airport in Nassau operates. “That’s not just the gateway for the Lucayan but the entire island. You’re going to have other developments coming on stream. We need to think about these things today. It’s airlift and these linkages.”
PAGE 8, Monday, August 27, 2018
THE TRIBUNE
PUBLIC NOTICE
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, RAYSHANN FELISEA CAMPBELL, of 104 Pinta Avenue South Bahamia, P.O.Box F-42021, Grand Bahama, Bahamas mother of OMARI JUAN MAKHAI CAMPBELL, intend to change his name to OMARI JUAN MAKHAI FOX. 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.
NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DIANA KNOWLES, of Fresh Creek, Andros, Bahamas, mother of ANTONIQUE ANGEL ALLEN, intend to change her name to ANTONIQUE ANGEL JOHNSON. 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.
NOTICE
Lizard Management Limited Company No. 1714037 (In Voluntary Liquidation)
PRUDENCE WEALTH MANAGEMENT INC.
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that Lizard Management Limited is in voluntary liquidation. The voluntary liquidation commenced on 15th August, 2018 and DR. PETER MARXER JUN. of Kirchstrasse 1, 9490 Vaduz, Principality of Liechtenstein, has been appointed as the Sole Liquidator.
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, PRUDENCE WEALTH MANAGEMENT INC. is in dissolution as of August 22ND, 2018.
LIQUIDATOR ______________________
International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________
Company No. 1837215 (In Voluntary Liquidation)
ALISMA OVERSEAS LTD. Company No. 1604666 (In Voluntary Liquidation)
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that AILUNA UNIVERSAL S.A. is in voluntary liquidation. The voluntary liquidation commenced on 16th August, 2018 and Dr. ROLF SCHMID of Limmatquai 94, 8021 Zurich, Switzerland, has been appointed as the Sole Liquidator.
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that ALISMA OVERSEAS LTD. is in voluntary liquidation. The voluntary liquidation commenced on 16th August, 2018 and IAN DAVID FEBER of Gretenweg 13, 8038 Zurich, Switzerland has been appointed as the Sole Liquidator.
MARKET REPORT THURSDAY, 23 AUGUST 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
Dated the 27th day of August, 2018.
BISX ALL SHARE INDEX: CLOSE 1,976.42 | CHG -0.09 | %CHG 0.00 | YTD -87.15 | YTD% -4.22 BISX LISTED & TRADED SECURITIES
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
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
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 ##########
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
SYMBOL LAST CLOSE AML 3.90 APD 17.43 BPF 9.09 BWL 4.06 BOB 1.00 BBL 0.18 CAB 2.75 CIB 9.17 CHL 6.15 CBL 3.75 CBB 12.50 CWCB 2.73 DHS 1.75 EMAB 7.67 FAM 6.21 FBB 13.00 FIN 6.36 FCL 3.75 JSJ 13.00 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)
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 108.44 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 3.90 17.43 9.09 4.06 1.00 0.18 2.75 9.17 6.15 3.75 12.50 2.72 1.75 7.57 6.21 13.00 6.36 3.75 13.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.10 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
CHANGE 0.00
108.60 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.16 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
VOLUME
VOLUME
EPS$ 0.268 0.932 -0.306 0.283 -0.973 0.000 -0.996 0.638 0.573 0.171 0.627 0.102 0.231 0.000 0.545 0.679 0.719 0.277 0.631
DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.070 0.084 0.320 0.500 0.200 0.120 0.590
P/E 14.6 18.7 N/M 14.3 N/M N/M -2.8 14.4 10.7 21.9 19.9 26.7 7.6 N/M 11.4 19.1 8.8 13.5 20.6
YIELD 2.56% 6.48% 0.00% 5.67% 0.00% 5.56% 0.00% 7.74% 3.58% 3.20% 4.96% 2.21% 4.00% 1.11% 5.15% 3.85% 3.14% 3.20% 4.54%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.50 1.62 1.58 1.08 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 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
NAV 2.16 4.12 2.00 180.30 155.10 1.56 1.70 1.65 1.09 7.27 8.32 6.48 11.32 11.71 10.31 9.93 8.45 11.20
YTD% 12 MTH% 1.87% 3.98% -0.44% 4.28% 1.05% 2.26% 0.90% 3.44% 1.11% 6.05% 2.14% 4.33% 0.17% 4.01% 1.67% 4.18% -0.96% 0.73% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.61% 0.75% 1.13% N/A 2.95% N/A
############### 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 30-Jun-2018 30-Jun-2018 29-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jun-2018 30-Jun-2018 30-Jun-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
Delano Aranha LIQUIDATOR of LOCKHART HOUSE LIMITED
MATURITY 19-Oct-2022
MUTUAL FUNDS 52WK HI 2.16 4.16 2.00 180.30 157.58 1.56 1.70 1.64 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.45 11.20
LOCKHART HOUSE LIMITED __________________________________________ NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of LOCKHART HOUSE LIMITED is hereby called to be held in Nassau, Bahamas on the 17th day of September, 2018 at 12 o’clock in the forenoon. The object and purpose of said meeting is to have laid before the Shareholders of the Company the accounts of the Liquidator, Delano Aranha, showing the manner in which the winding up of the Company has been conducted and also to hear any explanation that may be given by said Liquidator.
Dated this 20th day of August, 2018 Sgd. IAN DAVID FEBER Voluntary Liquidator
Dated this 21st day of August, 2018 Sgd. Dr. ROLF SCHMID Voluntary Liquidator
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
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Ready Mixed Concrete (PRC Holdings) Limited is in dissolution as of August 22ND, 2018.
In Voluntary Liquidation
AILUNA UNIVERSAL S.A.
52WK LOW 3.50 19.17 7.50 3.32 0.90 0.12 2.75 8.55 6.09 3.33 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50
In Voluntary Liquidation
Ms. Ophelia NG Mei Yuk situated at No. 7 Lung Yiu Street, Tap Shek Kok, Tuen Mun, New Territories, Hong Kong is the Liquidator.
Dated this 16th day of August, 2018 Sgd. DR. PETER MARXER JUN. Voluntary Liquidator
52WK HI 4.50 19.17 7.50 4.10 1.39 0.19 3.92 9.17 6.60 5.30 12.00 2.71 1.77 8.21 6.21 13.00 7.00 13.67 13.00
Ready Mixed Concrete (PRC Holdings) Limited
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
Legal Notice
NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
KARLTON LIMITED In Voluntary liquidation
“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). KARLTON LIMITED, is in Dissolution.” The date of commencement of dissolution is the 22nd day of August, 2018. Nicola Hodge Eglantine, La Rue Militaire, St. John, Jersey, JE3 4DP Liquidator
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
PAGE 10, Monday, August 27, 2018
To advertise in The Tribune, contact 502-2394
THE TRIBUNE
As more immigrants wear monitors, effectiveness is disputed
YOUR HEALTH IS YOUR GREATEST ASSET Trust it to Generali Worldwide, a leader in insurance for over 180 years IMMIGRANT seeking asylum Ildra Medreano wears an ankle monitor at a Catholic Charities facility not long after she was reunited with her son in San Antonio. Federal authorities’ shift away from separating immigrant families crossing into the US illegally now means that many parents and children are quickly released from custody only to be fitted with electronic monitoring devices, a practice that has spiked in recent years but which both the government and advocacy groups oppose for different reasons. Photo: Eric Gay/AP EL PASO, TEXAS Associated Press
For more information, please contact your insurance broker, otherwise, we invite you to contact our Sales Team: T: 242-328-6330 salesbahamas@generali-worldwide.com Generali Worldwide Insurance Company Limited. Nassau office: 2nd Floor, Campbell Maritime Centre, West Bay Street, Nassau, Bahamas. Freeport office: Pajaro House, Unit 200, 7B West Mall Drive, Freeport, Grand Bahama, Bahamas. Licensed by the Insurance Commission of the Bahamas to carry on long-term insurance business in the Commonwealth of the Bahamas. Incorporated in Guernsey under Company Registration No. 27151. Registered Head Office address: Generali Worldwide Insurance Company Limited, Generali House, Hirzel Street, St Peter Port, Guernsey, Channel Islands GY1 4PA. Regulated in Guernsey as a licensed insurer by the Guernsey Financial Services Commission under the Insurance Business (Bailiwick of Guernsey) Law, 2002 (as amended). Generali Worldwide Insurance Company Limited is part of the Generali Group, listed in the Italian Insurance Group Register under number 026.
generali-worldwide.com
FEDERAL authorities’ shift away from separating immigrant families caught in the US illegally now means that many parents and children are quickly released, only to be fitted with electronic monitoring devices — a practice which both the government and advocacy groups oppose for different reasons. US Immigration and Customs Enforcement is issuing thousands of 5.5-ounce (155gram) ankle monitors that immigrants call grilletes, or electronic shackles, spelling big profits for GEO Group, the country’s second largest private prison contractor. Government officials say the devices are effective in getting people to show up to immigration court, but that they stop working once deportation proceedings begin. The reason, according to attorneys and people who wore the devices or helped monitor those wearing them: Some immigrants simply ditch them and disappear. Immigrant advocates and legal experts argue, meanwhile, that the devices — which are commonly used for criminal parolees — are inappropriate and inhumane for people seeking US asylum. The American Bar Association has called doing so “a form of restriction on liberty similar to detention, rather than a meaningful alternative to detention”.
Congress first established the program in 2002, though GPS monitors grew more common as deportations rose to record levels under President Barack Obama’s administration, averaging more than 385,000 annually from 2008-2012. Their use increased even more after 2014, when thousands of unaccompanied minors and families began traveling to the US-Mexico border and asking for asylum, fleeing gang and drug smugglers or domestic violence in Central America. Earlier this year, immigrant families were separated as part of a “zero tolerance” programme. But President Donald Trump reversed that policy with an executive order in June, meaning reunited families are being treated like other asylum seekers. They’re usually detained for a few days, then issued ankle monitors and released to live with friends or relatives already in the US as they progress through a process that can take years. As of early July, there were nearly 84,500 active participants in ICE’s Intensive Supervision Appearance Program, or alternatives to detention — more than triple the number in November 2014. Around 45 percent of those were issued GPS monitors, 53 percent report by phone using biometric voice verification and two percent use facial recognition apps. ICE spokesman Matthew Bourke said immigration court attendance is strong for immigrants in intensive supervision, but that ankle monitors and other measures are “not an effective tool” after deportation orders are issued. There isn’t reliable information on the number of ankle monitor recipients who remove them and flee — especially when deportation is imminent — but experts say it’s high. “People can just cut those things off if they want to,” said Sara Ramey, a San Antonio immigration attorney whose asylum-seeking clients are routinely assigned ankle monitors. “It doesn’t really ensure compliance.” The most recent available data was in 2012, when a contractor’s annual report (later referenced in a 2015 Department of Homeland Security Inspector General report) showed that 17,524 people, or around 65 percent of nearly 40,500 total participants, left the intensive supervision programme that year. Of those, around a fifth were deported or granted asylum, while about five percent “absconded”. The rest were arrested, violated other programme rules or were no longer required to participate for unspecified reasons — which made determining the programme’s true success rate impossible. Many in the Trump administration see alternative to detention programmes as undermining their larger goal of keeping immigrants in custody, which helps resolve court cases faster and leads to more deportations. Officials wanted to keep families in detention until their cases were completed, but a federal agreement on the handling of children in government custody generally prevents youngsters
from being detained longer than 20 days. In the meantime, ankle monitors and other alternatives to detention programmes resulted in 2,430 people being deported from the US in fiscal year 2017, Bourke said. That’s an average cost of $75,360 per deportation. Overall spending on alternatives to detention rose to $183m for the fiscal year that ended Sept 30, 2017, up from $91m in 2014, Bourke said. In the same period, the number of deportations for people in the programme only increased by 273, from 2,157 to 2,430 — or only about one percent of the more than 226,000 people ICE deported over the same period, Bourke said. ICE’s average length of stay in immigration detention is about 40 days, while the average length of time for immigrants not in custody to have immigrant cases on court dockets is more than eight years. Though daily costs are lower when releasing immigrants with electronic monitoring rather than keeping them in custody, the average cost of detention is about $5,500, compared to $16,000 for someone who is released but remains under surveillance for years, the Trump administration says. That’s a key reason why ankle monitors have been a boon to Boca Raton, Florida-based GEO Group, which in 2010 acquired Behavioral Interventions Inc. of Boulder, Colorado, for $410m. A year earlier, Behavioral Interventions had secured ICE’s first nationwide supervision contract for immigrants in the country illegally. GEO signed an intensive supervision contract in 2014 that has been re-negotiated several times and is set to expire in November. GEO says, under its contract, it must refer all questions to ICE. Stock in the company, which employs David Venturella, a former ICE assistant director, and has ex-ICE chief Julie Myers Wood on its board, has outrun the larger bull market since Trump took office in January 2017. Ankle monitors used to be most frequently issued to women with young children, but now are being increasingly affixed to all kinds of immigrants. Sandra — who asked that her full name not be published so as not to jeopardise her asylum case — said she left La Union el Pozo Sayaxche in northern Guatemala with her 12-year-old son, Juan Carlos, on May 12. She said she fled because she faced discrimination because of her dark skin, but that she also was attacked sexually by a man who threatened to kill her if she went to the police. The pair walked through the night and turned themselves into US authorities about three weeks later. They were held in different Texas detention centers for nearly two months, then reunited and released — but not before she got an ankle monitor. They now live in New Jersey, where she’s required to meet regularly with an immigration official.