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Baha Mar set for ‘two sales’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Baha Mar’s secured creditor has acquired the project from its receivers for a sum “substantially higher” than that offered by the top bidder, in order to facilitate its construction completion. The pathway to the $3.5 billion development’s completion, and eventual opening, is disclosed by Supreme Court Justice, Ian Winder, who reveals that Baha Mar will be sold ‘twice’. The first sale is from the Deloitte & Touche receivers to a special purpose vehicle (SPV) owned by Chi-
China bank creates SPV to buy assets from receivers SPV offer ‘substantially higher’ than all bidders Prospective buyer came ‘outside bidding process’ Bank’s SPV to buy $192m claim sought by Sarkis
na Export-Import Bank, the project’s $2.45 billion secured creditor. This deal, which values Baha Mar on an ‘as is’ basis, meaning the present value of its incomplete real estate assets, will move the Cable Beach resort development out of receivership. Justice Winder, in his September 27, 2016, ruling said China Export-Import Bank was only willing to invest “hundreds of millions of dollars” in completing Baha Mar if the project was removed from receivership. Once Baha Mar has been completed, under the ownership of the bank’s SPV, the ‘second’ or final sale will occur.
This will see a controlling interest in the SPV being sold by China Export-Import Bank to the intended purchaser. Justice Winder’s ruling does not confirm the identity of Baha Mar’s prospective buyer, but it reveals that its purchase price “remained lower” than that offered by the China ExportImport Bank-controlled SPV to the receivers. Other revelations contained in Justice Winder’s ruling include: * The Baha Mar ‘buyer’ is a group who emerged “outside the bidding process” set up by Deloitte & Touche See pg b7
New mobile operator Baha Mar companies ‘bang on roll-out goal’ put in full liquidation By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas’ second mobile operator and its controlling shareholder yesterday said they were “bang on target” in meeting its first roll-out milestone, describing this and the launch of services as “a miracle”. Top NewCo2015 and Cable Bahamas executives confirmed to Tribune See pg b4
‘Miracle’ to meet first target in three months NewCo offering service, full launch just ‘weeks away’ Targeting 135 staff, 115 Bahamian, before year-end
AML to add 40 jobs with two Carl’s Jr sites By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AML Foods will create 40 jobs with the opening of two more Carl’s Jr. outlets before Christmas, with its inaugural location have experienced 20-30 per cent weekly sales growth in recent months. Gavin Watchorn, the BISX-listed food retail and franchise group’s chief executive, told Tribune Business that the sales growth suggested it was time to expand Carl’s Jr’s volume. “You’re going to see some significant changes with Carl’s Jr. in a little short while,” he said of the group’s hamburger franchise. “It’s taken longer than
Follows 20-30% weekly sales growth at first outlet
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Seven Baha Mar companies have now been placed into full liquidation by the Supreme Court, prompting a well-known QC to say he “can’t understand” the legal strategy pursued by original developer, Sarkis Izmirlian. Justice Ian Winder last week appointed Baha Mar’s joint provisional liquidation team Bahamian accountant Ed Rahming and his UK counterparts, Nicholas Cropper and Alastair Beveridge, as full liquidators of the Baha Mar group entities. This move effectively means Mr Izmirlian and his family now face the total loss of their $800-$900 million equity investment
Sarkis, Scotia face wipe out as equity holders QC ‘can’t understand’ original developer’s strategy Provisional liquidators get nod; Sarkis’s E&Y ‘no go’ in the Baha Mar project, which includes land assembled for the 600-acre development. Wayne Munroe QC, who represents the Gaming See pg b4
Baha Mar pictured during a tour by Prime Minister Perry Christie. Photo: Shawn Hanna/Tribune Staff
Baha Mar in $6m monthly value fall By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Baha Mar’s value is declining at a rate of $6 million per month, a Supreme Court judge has revealed, with none of the purchase offers “anywhere near” to making its Chinese secured creditor ‘whole’. Justice Ian Winder disclosed the alarming extent of Baha Mar’s “depreciation” in a September 27, 2016, ruling, which sanctioned the process set out by the China Export-Import Bank and its Deloitte & Touche receivers for the project’s completion and ultimate sale. Finding that this process did not amount to “selfdealing” by either the receivers or the Chinese state-owned bank, Justice Winder revealed: “As the project continues in receivership, in its unfinished state, it depreciates at a rate of $6 million per month.” Based on this figure, and given that the receivers have been in place since late October 2015, it is possible that Baha Mar’s value has depreciated by some
Buyer offers ‘nowhere near’ making bank whole Judge: About 94% of local creditors to be paid Bank SPV’s offer ‘greatly exceeded highest bid’ $66 million as a result of the project being incomplete, unoccupied and unused. And this figure could be even higher, were the months between the late June 2015 Chapter 11 bankruptcy protection filing and Deloitte & Touche’s appointment factored into the calculations. Either way, Justice Winder’s ruling shows that it is in the interests of all parties, including the Bahamian people’s, for Baha Mar to be completed and opened as rapidly as possible. And he also confirmed See pg b5
Mall, Carmichael Road to open before Christmas Expecting quick returns from Yamacraw Solomon’s we envisaged to grow the brand, but we will have two more stores opening up See pg b9
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PAGE 2, Monday, October 3, 2016
THE TRIBUNE
Judge: Baha Mar deal seal Central Bank warns over for ‘sale process integrity’ e-mail frauds
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A Supreme Court judge agreed to seal details of the Baha Mar construction completion agreement “to preserve the integrity of the process” for selling the $3.5 billion development. Justice Ian Winder, giving brief reasons for agreeing to keep details of the agreement between the Christie administration and the China ExportImport Bank confidential, said the ‘sealing’ of court files and documents in such cases was “not unusual”. Acknowledging that his September 27, 2016, judgment was constrained by the seal Order, Justice Winder wrote: “The reason for the sealing was to preserve the integrity of the sales process, which remains a commercially live issue. “The process of approval [of the sales process] by the court ought not to impact the onward sale of the assets to the proposed purchaser or a subsequent purchaser, should the proposed sale not be concluded. This is not unusual.” In a nod to the public outcry caused by his decision to ‘seal’ the agreement and associated details, Justice Winder said the court had to balance the public’s interest and ‘right to know’ with “other equally compelling considerations”. He did not detail what these “considerations” were although they are likely to involve allowing the Baha Mar sales process to move forward free from scrutiny and public speculation. “Whilst the matters are of importance to the general public, having regard to the overall impact to the people of the Bahamas and the Government involve-
Ian Winder: Sales process still ‘live issue’
Public interest ‘balanced’ by other concerns Billionaire’s death to have no impact if buyer ment,” Justice Winder said of Baha Mar, “it is nonetheless a commercial transaction of a largely private nature. “The court is sensitive to the importance of ‘open justice’ and that proceedings in court should be open to the public, but this is not the only consideration, and it must be balanced against other equally compelling considerations.” Many, though, will likely argue that more information on the details of the Government’s agreement with the China ExportImport Bank should have been released, especially since the taxpayer has given $1.2 billion in investment incentives/tax breaks to the project. And Crown and Treasury land is also among the 300 acres on which the resort complex sits, plus another 600 acres that is currently undeveloped. Justice Winder himself acknowledged this, and why it was so vital that Baha Mar is properly completed and opened in the shortest timeframe possible. “It has, to date, been the recipient of a considerable amount of public funds, via concessions, and its importance to the economy of the Bahamas cannot be overstated,” he said. “The country has suf-
Raymond Winder
Wayne Munroe
fered successive downgrades by rating agencies as a result of the failure to complete the project. The Bahamian people therefore represent another class of stakeholders interested in the resumption of work and the completion of the project.” Meanwhile, a well-known QC said the death of the 91 year-old, billionaire founder of the suggested Baha Mar buyer would have no impact on any sale. Emphasising that he did not know the purchaser’s identity, Wayne Munroe QC, who represents the Gaming Board in the Baha Mar matter, said Cheng Yu-tung’s son had been running New World Development Company for four years. “Limited liability companies don’t die, and if that company is the proposed Baha Mar purchaser, that runs for ever,” Mr Munroe said. Mr Cheng is said to have built a $16 billion fortune from jewellery, real estate, hotels, infrastructure and telecommunications. His son, Henry Cheng, told reporters on Friday that the death would have no impact on New World, a
$12 billion company which controls properties across Asia, including Hong Kong’s Grand Hyatt hotel. “He had spent the past four years in bed. He was unconscious,” Henry Cheng told reporters. Mr Munroe added: “If that is the preferred buyer, he has two children, a son and a daughter, who have been running it for four years. What do you think could happen?” Raymond Winder, Deloitte & Touche (Bahamas) managing partner, and one of Baha Mar’s receivers, said he knew nothing of Cheng Yu-tung or his death. He told Tribune Business he was unable “to give a real answer right now” on the identity of Baha Mar’s prospective purchaser, adding: “All I can say is that we’re moving forward and going through our process of due diligence.” Given Baha Mar’s present circumstances, most observers are convinced that the purchaser is bound to be a Chinese consortium or group with close ties to the Beijing government.
The Central Bank has warned Bahamians against responding to low-level scammers perpetrating ‘phishing frauds’, which involve the sending of false emails in a bid to obtain bank account details. “The Central Bank advises its licensees and the public to use extreme caution when receiving e-mails or other communications, with instructions to make payment or transfer of funds of behalf of their purported clients,” the regulator warned. “E-mails of this nature have circulated, pretending to be from the Central Bank and, in some cases, from the public corporations. These originate from fake addresses.”
It added: “Businesses and the banking public should always rely on independent means to verify the authenticity of the communications received, through secure internal controls and processes that they have in place. “Valid email addresses from the Central Bank end in the format of “@centralbankbahamas.com”. This test alone is not a guarantee of legitimacy. Businesses should also consult with their IT support personnel and with their respective clients through secure, independent channels.” The Central Bank warned persons receiving these e-mails to report them to the Royal Bahamas Police Force, the Central Bank or their financial institutions.
Airlines prepare hurricane plans By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tibunemedia.net
A well-known Bahamian airline executive says his company has discussed its contingency plan ahead of Hurricane Matthew, adding that it will pay a “close eye” to the storm’s development. “We have already met to discuss our emergency contingency plan. We see a lot of models bringing it this way, so we are going to have to keep our eye on this one,” said Sky Bahamas chief executive, Captain Randy Butler. “What we do is we start flying the people who want to come out of the southeast islands before the winds get up to about 40 knot,s and it depends on which way the storm is coming. We will take the air planes the other way,” Captain Butler said Sky
Bahamas has allocated one week in its operations schedule to cover unusual operations due to a hurricane or hurricane threat. “We’re hoping that it doesn’t come, but we’re going to have to keep monitoring it and see what happens and how powerful it’s going to be,” he added. “You really have to prepare as best you can for these kinds of occurrences. Normally we fly our airplanes out and the crew, we check on our families and secure the hangar and the surrounding areas. Depending on how serious it is we may take some family members and employees out with us.” Hurricane Matthew is the second major hurricane of the season, and briefly became the first Category 5 hurricane since Hurricane Felix in 2007.
THE TRIBUNE
Monday, October 3, 2016, PAGE 3
A ‘75% recovered’ Long Island awaits Matthew’s arrival By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Long Island’s post-Hurricane Joaquin recovery threshold was estimated as at 75 per cent by the island’s MP, with the devastation “still fresh in everyone’s mind” as another Category Four storm threatens/ Loretta Butler-Turner said Long Island was not taking Hurricane Matthew lightly. It is the second major hurricane of the season, and briefly became the first Category 5 storm since Hurricane Felix in 2007. “We are not taking this lightly. I have spoken with the island administrator. The Long Island disaster preparedness committee has been mobilised. They have been closely monitoring this,”Mrs Butler-Turner said. “I have spoken to persons on the ground who have been making preparations, because what happened last year is still very fresh in everyone’s mind. “Last year we were taken by surprise and it was a total disaster. Persons are still trying to collect themselves. There is still a lot of work left to be done from Joaquin and, unfortunately for us, we seem to be in the path of Matthew.” Joaquin, a Category Four hurricane with maximum sustained winds around 130 miles per hour, battered the southern and central Bahamas last October, leaving massive devastation in its wake. Joaquin was estimated to have cost damages worth around $100 million. “I would say we are probably at about 75 per cent right now,” Mrs ButlerTurner said of Long Island’s recovery. “There are some persons who would be at zero because nothing has happened for them at all; people who have lost entire homes. “With regard to donations, obviously those donors, the further away from the event, have pretty much dwindled to nothing and
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we are now at the mercies of NEMA (National Emergency Management Agency) who, for some reason or another, seem to have not completed the work and contractors are waiting to be remobilised or paid. “That’s where we are. A lot of the infrastructural work that the Government should have undertaken has been pretty much at a standstill.” Susan Barcham, corporate affairs director for the Oak Bay Marine Group, operator of Long Island’s Cape Santa Maria Beach Resort, told Tribune Business: “Business was good this past year and we recovered from Joaquin quite well in the north, as we did not experience the devastation as they did up south. “ We are as prepared as we can be for this time of year. All we can do now is pray for the people on Long Island and in the Bahamas,
and hope that Matthew will not be as merciless as Joaquin was at this time last year.” Executives of the Flying Fish Marina told this newspaper that everyone “is on edge” over Hurricane Matthew, given that it is so close to the day Joaquin devastated the island. “Business was pretty good considering. Most of our customers and guests were aware of the condition of the marina and the island. We received numerous calls about Long Island and Flying Fish Marina, asking if we were open and operational for months after the storm,” said an executive of the marina. “We did our best to communicate and assure everyone that we were completely operational, were continuing to move forward with our project, and that Long Island was back in business. Everyone here
Pictured is some flood damage done by Hurricane Joaquin last year to Long Island.
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has worked very hard to get back to a normal pace of life, and I believe everyone has done well given the circumstances.” They added: “Hurricane Mathew has definitely given
us cause for concern, and it does have everyone on edge with it being so close to the same date. “Many are still dealing with the devastation and loss from Joaquin, and
with another potential hurricane coming our way we are making sure that we are prepared and doing all we can to be safe and secure. Our hope is that everyone remains safe.”
PAGE 4, Monday, October 3, 2016
Baha Mar companies put in full liquidation From pg B1
Board in its capacity as a Baha Mar creditor, said Mr Izmirlian’s strategy throughout the dispute with his former Chinese partners had left him bewildered. In particular, Mr Munroe queried why the Lyford Cay-based developer and his family declined in early 2015 to give the ‘personal guarantee’ that would have seen them retain ownership, and Baha Mar completed. “He has been out for some time,” Mr Munroe told Tribune Business of Mr Izmirlian. “The sad part of it is, at the very beginning they were inviting him to come back in with a cash guarantee and no new money. “I can’t understand his thinking, and the legal advice he was receiving.” Following the outbreak of the dispute between Mr Izmirlian and Baha Mar’s
general contractor, China Construction America (CCA), several efforts were made to broker a resolution prior to the developer’s Chapter 11 bankruptcy protection filing in late June last year. With initial estimates of the cost to complete Baha Mar pegged at $300 million, the China Export-Import Bank, as the project’s financier, agreed to extend half that amount provided that Mr Izmirlian and CCA agreed to cover the balance by investing $75 million apiece. However, a deal foundered on Mr Izmirlian’s alleged refusal to provide a personal guarantee. He, though, was unhappy about the terms and conditions the Chinese wanted to attach to any agreement, while also wanting to ditch CCA as general contractor. Meanwhile, Scotiabank (Bahamas), which acquired its stake in Baha Mar via a
New mobile operator ‘bang on roll-out goal’ From pg B1 Business that they had met the Saturday, October 1 deadline that represented their first license commitment, and said: “Competition has started.” Anthony Butler, chief executive and president of Cable Bahamas, which has a 48.75 per cent equity stake in NewCo2015, said the company had been “bang on target” in achieving its first roll-out timeline.
The new mobile provider was charged with achieving 99 per cent network population coverage in New Providence, and 80 per cent population coverage in Grand Bahama (Freeport), within three months of its license award. That award occurred on July 1, 2016, thus giving NewCo2015 until the beginning of October to fulfill its commitments to the Government, regulators and the Bahamian people.
debt-for-equity swap, will also have to write-off its investment. Another ‘equity holder’ is China State Construction Engineering Corporation (CSCEC), parent of CCA, which had invested $150 million in the project by way of preference shares. The full liquidation of Baha Mar Ltd, Baha Mar Land Holdings, Baha Mar Enterprises, Baha Mar Properties, BMP Golf, BMP Three and Cable Beach Resorts marks another step towards resolution for the stalled $3.5 billion project, with ‘no turning back’ towards the original developer/owner. In reality, the provisional liquidation had outlived its usefulness in the wake of the ‘Heads of Terms’ agreed between the Government and the China Export-Import Bank for Baha Mar’s construction completion and eventual sale. Tribune Business previously reported that the joint provisional liquidators, starved of funding and having to play ‘second fid-
dle’ to the bank’s Deloitte & Touche receivers, were only left in the game because they kept unsecured creditor lawsuits at bay. Now, with construction set to remobilise and Baha Mar’s assets ‘sold’ to a special purpose vehicle (SPV) owned by the China Export-Import Bank, the continued existence of the Baha Mar companies is surplus to requirements. Alfred Sears QC, the attorney for the now fullliquidators, told Tribune Business that the full liquidation was unopposed - even by attorneys acting for Mr Izmirlian and his Granite Ventures vehicle. Mr Sears said the only ‘argument’ concerned who should be the full liquidators, with Ferron Bethell of Harry B Sands & Lobosky, acting for Granite, pushing for two Ernst & Young accountants, Bahamas-based Igal Wizman, and Roy Bailey from Bermuda, to be given the task. Mr Izmirlian and Granite had sought the duo’s appointment when they petitioned the Supreme Court
to replace the National Insurance Board (NIB) as the entity seeking Baha Mar’s winding-up. However, the Supreme Court rejected this and went for Mr Rahming and his colleagues, knowing that any other appointment would likely increase time and costs because of unfamiliarity with Baha Mar and its issues. Mr Sears told Tribune Business that the Supreme Court had merely heard the full Baha Mar windingup petition, which had been put off several times to allow for the various parties to agree how the project was to be completed and sold. “It was an inevitable step in the process,” he added, “because in our system, unlike the US where you have Chapter 11, when you move for the liquidation of a company, unless you get the petition set aside it ultimately leads to the death of the company. In this case, not even Sarkis says the companies shouldn’t be dissolved.” Mr Munroe confirmed
that the liquidators will be tasked with dissolving and winding-up the Baha Mar companies. “The liquidators will be tasked with making sure there was no funny business with the companies’ assets over time,” he told Tribune Business, adding that they could take legal action against former directors if this was found to be the case. “There is a value to formally winding-up, so the liquidators can identify all the assets and liabilities, make sure all are accounted for, and conduct a general investigation so that when the companies go out of existence there are no hidden assets anywhere.” Mr Munroe expressed hope that the liquidation would take no more than three-six months to complete, suggesting that such a timetable would dovetail nicely with the Government’s intentions for Baha Mar to open by the end of winter tourism season in April 2017.
“We’ve built the first phase in 13 weeks,” Mr Butler said yesterday. “We’re putting together a team at Cable Bahamas and NewCo who we have total confidence in, when it comes to providing the services and the roll-out that customers are longing for.” NewCo2015 currently has a limited service, yet one Bahamians can use, as it tests and tweaks its network infrastructure in preparation for a full launch that will occur within the next few weeks. “It was critical to Cable Bahamas to make sure that we get it right the first time,” Mr Butler told Tribune Business. “We’re excited and confident. “Competition has started, and we’re looking forward to it. The winners are going to be the people of the Bahamas.” Damian Blackburn, NewCo2015’s chief executive, said all its 73 sites across New Providence and Grand Bahama were installed and carrying the company’s mo-
bile services. “I’m dialling you now off a NewCo phone,” he told Tribune Business yesterday. “We’ve got 73 sites, which is the plan we submitted to the regulator back in August. “Now there’ll be a period where we give the regulator (the Utilities Regulation and Competition Authority) our test results, but we’ve got a limited service - a service that people can use.” Mr Blackburn said NewCo2015 had made a $500 unlimited monthly call package available for persons wanting to try out its service, and its staff have already been issued with phones and SIM cards as testing ramps up. “We’ve not quite set the full launch date,” Mr Blackburn said. “It’s variable, depending on market conditions, but it will happen in the next few weeks. “We’ll be announcing soon when that happens. We want to be 100 per cent sure everything is in place
before we commit to that exact date, and that’s what we’re focused on.” He described NewCo2015’s achievement of the first roll-out target as “massive”, adding: “The chief technology officer working with me on this has done 14 roll-outs in the region. Nobody else has got a license and made a service available, on air, in three months. It’s a miracle really. “It’s a testament to the Bahamas that we’ve been able to do it. I’ve not seen it before, and my chief technology officer has not seen it before, and we’ve done this in many other places. Mr Blackburn said the “preparatory work” performed by Cable Bahamas, in terms of identifying mobile tower sites, and the ability to use its existing fibre optic infrastructure, had helped the company to hit its first target. He added that NewCo2015 had to build an organisation, especially its staff, from nothing in parallel with attempting to hit that three-month deadline. “We’ve either got on board, or made offers that have been accepted, 96 staff, 82 of whom are Bahamians,” Mr Blackburn told Tribune Business. “Our target is to get to 135 staff this year or before the launch. One hundred and fifteen will be Bahamian. We’re on the way now.” Mr Blackburn said “millions” had been invested in NewCo2015’s roll-out todate, including the $62.5
million license fee paid by Cable Bahamas, which has Board and management control at the mobile operator. The majority 51.75 per cent stake is owned by the Government through HoldingCo, although it has publicly stated its intention to sell this interest as rapidly as possible to private Bahamian institutional investors. “We’re going to bring a lot of choice, simplicity around pricing and great value,” Mr Blackburn told Tribune Business. “You won’t have to pay any more to receive calls from landlines. You won’t have to worry about picking up a call in our service. You’ll have weekly and monthly packages, and won’t need a PhD in pricing. “We will have a suite of packages that suit every budget, and there’ll be no contracts. You will be able to receive calls without any balance.” Mr Blackburn also promised per second, as opposed to per minute, billing, and added: “We think all these things are fairly revolutionary, and once we share the details and plans, everybody is going to be blown away with the value customers are going to receive from us.” He said “one of the proudest things as chief executive” was to see how rapidly NewCo2015 had been able to build its team, and how they had developed.
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THE TRIBUNE
Monday, Monday, October October 3, 2016, 3, 2016, PAGE PAGE 5 5
Baha Mar in $6m monthly value fall From pg B1
what most observers have long suggested, namely that the China Export-Import Bank’s prospects of being ‘made whole, as Baha Mar’s secured $2.45 billion creditor, are remote to nonexistent - unless a ‘sweetheart’ deal can be struck with a friendly Chinese purchaser. “All of the independent evidence points to the unassailable fact that the project is deep under water,” Justice Winder wrote. “None of the appraisals, nor the bids received, go anywhere near to extinguishing the debt due to China Export-Import Bank, which clearly has outpaced the project’s market value considerably.” Justice Winder added that there was “no equity in the project” that would revert to its original developer, Sarkis Izmirlian, from a sale, while all unsecured creditors “can expect nothing from” the proceeds either. Hence the Christie administration’s eagerness for the Bahamian contractors, vendors and former Baha Mar employees to be paid what is owed to them by the China Export-Import Bank and its Perfect Luck Claims Ltd vehicle. Justice Winder’s ruling indicates that the Government made approval of Baha Mar’s sale to Perfect Luck Claims Ltd (see other article on Page 1B) conditional on all Bahamian creditors being compensated. “The collateral arrangements between the China Export-Import and the Government of the Bahamas, entitled Heads of Terms, which were provided to the court (in a sealed envelope) will provide for the payment of a significant number of creditors (I am told approximately 94 per cent), who would otherwise likely not recover anything
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from their claims but for the approval of this transaction,” Justice Winder wrote. “This will entail an additional and enormous outlay of funds on the part of the SPV, separate and apart from the transaction price.” Tribune Business previously revealed that the China Export-Import Bank, through Perfect Luck Claims Ltd, is making around $100 million available to compensate Bahamian creditors in return for the right to acquire their claims against Baha Mar. This newspaper today is also reporting how the Baha Mar solution involves a two-stage sales process, with the first sale being the purchase of the project’s assets by the China ExportImport Bank’s special purpose vehicle (SPV). Justice Winder’s ruling discloses that the SPV’s offer, which is based on the ‘as is’ value of Baha Mar’s real estate assets, is “by far the highest price” offered to the receivers. “It significantly exceeded the highest bid,” he added. No financial figures were disclosed in Justice Winder’s ruling, but Brian Simms QC, the Lennox Paton partner who represents the Chinese bank and the receivers, told the court that the sum offered by the SPV was “near the headline offer” submitted by the leading bidders.
While the SPV’s ‘price’ is really the acquisition of debts owed by Baha Mar to the China Export-Import Bank, Mr Simms said this was “substantially higher than the preferred bidder’s bid when the cost of construction is subtracted. “The SPV’s bid also greatly exceeds the appraised value of the project on an ‘as is’ basis,” the judgment quoted Mr Simms as saying. Justice Winder then revealed that the receivers had been “unable to come to terms” with the preferred bidder they had identified, ultimately turning to an entity (unidentifed in the judgment) that approached them “outside of the sales process” as the prospective purchaser. And Deloitte & Touche has agreed, at the request of the China Export-Import Bank and its SPV, to sell to the latter Baha Mar’s $192 million legal claim against the project contractor and its parent, China State Construction Engineering Corporation. To justify this, the receivers alleged that there was “legal uncertainty” as to whether the claim would survive the project’s completion, and argued that it was “improbable” they could obtain a larger sum by selling the rights to these claims. “By obtaining a sales price for the completed project from the SPV, the receiver/managers have effectively procured an offer which is far in excess of what the project could
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NOTICE is hereby given that ALEX THALLESE ULYS of Marsh Harbour, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of October, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
have commanded,” Justice Winder quoted them as saying. “A separate sale of the guarantee claim and the construction claims against CCA could never, in the face of CCA’s counterclaim, recover anywhere near those figures.” Deloitte & Touche also
revealed that the price being paid by the SPV for the litigation claim rights would be tied to a further valuation conducted by someone appointed by the receivers. “Any additional consideration will be at the upper end of that valuation if it does, in fact, exceed a
minimum purchase price for those claims,” Justice Winder said, agreeing with the receivers that the SPV was offering “the best price which could be obtained” - especially since it is also acquiring the rights to construction contract with CCA.
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Male Cashiers
Main Duties & Responsibilities: (included but not limited to) • • • • • • • • •
Reports to work in a timely manner as per shift requirements Maintains compliance with regards to company’s grooming policy Assists with ensuring branch is clean and tidy at all times and refreshed for next shift Assists with assuring amenities are prepared and maintained throughout shift Performs daily deposits and lotto sales as needed Greet and engage all customers in a courteous and friendly manner and provide exceptional service in an effort to build superior customer relations Perform any other reasonable task assigned by the Branch Manager Must have the ability to perform at a high standard in high pressured environment Must have a clean record
Interested candidates are required to submit the following: • Resume (along with photo) • Police Record • High School Diploma
Interested qualified candidates may submit the above via email to: info@242careers.com Only successful candidates will be contacted
JOB VACANCY
Growing Financial & Corporate Services Provider is currently seeking applications for an Administrative Assistant. Interested persons can apply by sending your resume to: jobsworld242@gmail.com
EMPLOYMENT OPPORTUNITY
Restaurant Managers
A food service industry leader is seeking to employ Experienced Managers for its restaurants. The successful candidates must possess effective leadership skills and will be expected to work closely with the Restaurant Manager in managing the overall restaurant operations. The individuals should have a solid understanding of the food and beverage industry and possess a minimum of 3 to 5 years experience in the related field with a proven track record of exceptional customer service. Primary Duties and Responsibilities: • Ensures the company’s customer service excellence standards are exemplified consistently and that all team members are held accountable to same • Facilitate a high level of customer satisfaction by obtaining regular customer feedback • Identifies and resolves “bottlenecks” in food preparation and delivery to increase speed of service without sacrificing accuracy of orders • Ability to maintain a safe, clean and high quality restaurant operation at all times • Supervises and trains team members on all restaurant systems • Ability to effectively communicate, both orally and in writing, on a consistent basis with Restaurant Management team, superiors and support staff • Practical knowledge of inventory control management • Ability to coach, train and develop team members as well as delegate work in a way that encourages teamwork during shift to ensure smooth restaurant operations • Proven ability in handling of customer complaints, ensuring speedy and satisfactory resolution • Ensures the awareness and knowledge of all of the company’s systems, policies, procedures and operations through training and development • Provides productive direction to team members in a clear and concise way, and sets an example for team members by working hard to ensure swift and smooth food production and quality service • Sets challenging goals for self and team, provides timely performance feedback and ensures accountability Qualifications and Experience • Minimum of three to five years experience in the food and beverage and hospitality industries in a managerial or supervisory role • Working knowledge of computerized information systems used in restaurant operations, e.g. Point of Sales (POS) systems • Proficiency in various software applications, e.g. Microsoft Word, Excel, PowerPoint Salary will be commensurate with qualifications and experience. Interested candidates should submit their resumes in confidence to the following email address:
submityourform@gmail.com
THE TRIBUNE
Monday, Monday, October October 3, 2016, 3, 2016, PAGE PAGE 7 7
Baha Mar set for ‘two sales’ From pg B1 for the project’s sale. The latest suitor approached the receivers, and made a non-binding offer, after the latter were unable to agree terms with the ‘preferred bidder’ that emerged from the formal sales process. Out of 17 groups who expressed initial interest in acquiring Baha Mar, just five submitted bids. And of those five, just two were invited to participate in the second round. Ultimately, both these bids were also rejected. * The China Export-Import Bank’s SPV “requested”, and the receivers have agreed to, the purchase of Baha Mar’s $192 million claim against China State Construction Engineering Corporation (CSCEC), parent of the project’s general contractor. Baha Mar’s original developer, Sarkis Izmirlian, brought this claim in the UK High Court in a bid to enforce CSCEC’s guarantee that China Construction America (CCA) would hit its completion deadlines. The SPV’s purchase of this claim is likely to infuriate Mr Izmirlian, who will probably view it as a ‘cosy stitch-up’ between the two Chinese government entities that further protects CCA’s interests. He previously petitioned the Supreme Court to allow his Granite Ventures vehicle, or Baha Mar’s joint provisional liquidators, to acquire the rights to the $192 million claim, arguing that it represented one of the best recovery sources for unsecured creditors. This, though, was rejected by Justice Winder on the grounds that Granite Ventures had no standing to purchase the claim. * The Government’s agreement with the China Export-Import Bank in-
cludes the granting of two sets of investment incentives - one for the bank’s SPV, and the other for the ultimate purchaser. The two sides’ agreement, or Heads of Terms, commits the China ExportImport Bank to selling Baha Mar, via disposing of its SPV ownership, in order to obtain the Government’s investment incentives. No dollar figure was provided by Justice Winder for the value of these incentives. His judgment came after the receivers, including Raymond Winder, Deloitte & Touche (Bahamas) managing partner, sought approval for the transactions that would lead to Baha Mar’s completion. Given that they were appointed by the China Export-Import Bank, whose SPV is buying Baha Mar from them, the receivers wanted the Supreme Court’s protection from any allegation that they were engaged in “self-dealing” with a related party. In other words, they wanted Justice Winder’s affirmation that they had acted fairly, and obtained the best possible price for Baha Mar’s assets. Justice Winder, who said Deloitte & Touche had the power to act as they proposed, as long as they obeyed the law, gave his blessing to the ‘two-stage’ Baha Mar sales process and SPV transaction. “I am satisfied that it does not offend the fair dealing/self-dealing rule,” he concluded. “Even if I am wrong as to whether there is an infringement of the fair dealing or self-dealing rule, I would nonetheless have sanctioned the sale to the SPV as it is manifestly in the best interest of the stakeholders involved that the transaction be sanctioned.” Justice Winder said his
ruling was based on the sum offered by the SPV being “the best price obtainable under the circumstances”. He added that China Export-Import Bank, as the secured creditor, was the only entity with a credible “economic interest” in Baha Mar, given that all purchase offers were far below the $2.45 billion owed to it. Both the Government and the joint provisional liquidators, including Bahamian accountant, Ed Rahming, did not oppose the SPV transaction and sale, with Justice Winder citing the payment of unsecured creditors as another factor behind his decision. Detailing the background to the Baha Mar sales process, Justice Winder said Deloitte & Touche engaged Colliers, the Canadianheadquartered international realtor, to market the project to potential purchasers. A ‘teaser’ document was sent out to more than 7,000 potential purchasers, including real estate developers, high net worth individuals, hotel and casino operators/developers, and financial bidders such as hedge and mutual funds, private equity groups and
investment/pension firms. Baha Mar was also advertised in the major US, European, Canadian and Asian newspapers, including the Wall Street Journal, Financial Times and China Daily. Just five of the 17 groups expressing initial interest ultimately submitted bids, and only two of these were invited to participate in the second round. “The remaining bidders were rejected for a variety of reasons, which included their offers being too low, a requirement for financing from China Export-Import Bank, a lack of due diligence and/or the receivers’ concerns about the bidder’s financial capabilities,” Justice Winder said. The two ‘final’ bidders were joined by a third bid, from a group previously rejected, and the ‘preferred bidder’ offered a sum that “represented the highest present value obtainable”. This offer, though, was dependent on a complete Baha Mar being delivered. “According to the joint receiver managers, during the marketing process and in the course of the process of selecting a final bidder, it became apparent that any sale to maximise the reali-
sation value of the secured assets [Baha Mar] would need to be done on the basis that the project was delivered completed,” Justice Winder said. “‘As is’ offers, in comparison to the offers for the completed project, were severely depressed.” Both the receivers and the China Export-Import Bank then “independently reached the conclusion” that it was not feasible to complete Baha Mar’s construction if the development companies remained in receivership. “China Export-Import Bank was unwilling to invest, reputed to be hundreds of millions of dollars, in the completion of the resort whilst in receivership, and carrying the stigma and legal restrictions associated with a company in receivership,” Justice Winder said. “China Export-Import Bank informed the receiver/managers that it was prepared to finance the completion of the project, but only if the assets were no longer subject to the receivership.” This, according to Mr Winder, led to the receivers and China Export-Import Bank developing the
SPV plan, whereby the latter would be beneficially owned by the bank. The SPV was to make a bid for the ‘secured assets’ (Baha Mar), and then complete the project with financing provided by the China Export-Import Bank, prior to selling the development to the ultimate buyer. It is unclear whether the SPV referred to in the judgment is Perfect Luck Claims Ltd, the entity to which all Baha Mar’s Bahamian creditors must assign their claims in order to receive payment. However, the judgment confirms that the SPV’s Baha Mar ‘purchase price’ is its acquisition “of a large amount of debt owed by the Baha Mar companies to China Export-Import Bank”. As a result, one source told Tribune Business that the SPV deal was another ‘smoke and mirrors’ arrangement that would allow the China Export-Import Bank to shift its enormous Baha Mar liabilities ‘off balance sheet’, along with any loss it may incur on an eventual sale.
NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:-
WHERE HIT MUSIC LIVES W W W .
1 0 0 J A M Z
. C O M
@100JAMZ242
CINQUE VERANDE LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 20th JULy, 2016. C.B. Strategy Ltd. LIQUIDATOR
THE TRIBUNE
Monday, Monday, October October 3, 2016, 3, 2016, PAGE PAGE 9 9
AML to add 40 jobs with two Carl’s Jr sites From pg B1 before Christmas.” These stores will be located on Carmichael Road, near the Royal Bank of Canada (RBC) branch and Faith Avenue junction, and at the Mall at Marathon’s food court. “We’ve been growing sales quite nicely,” Mr Watchorn told Tribune Business of the first Carl’s Jr. outlet, located on the
East-West Highway by AML’s Solomon’s SuperCentre site. “In the last couple of months, sales have been growing by 20-30 per cent per week, and the new stores are going to give us the volume the brand needs. “We think these two stores are going to change the perspective of Carl’s, and are going to add volume, create lower overheads and improve purchas-
ing opportunities, driving further efficiencies.” Mr Watchorn estimated that 40 jobs would be created by the opening of the two Carl’s Jr. outlets. He emphasised that AML Foods was seeking to full the management positions at both locations from within. “We want the management positions at both stores to be internal,” he added. “As we grow the company, we want to grow the staff with us, and help them grow as the company grows.” Dionisio D’Aguilar,
AML Foods chairman, told Tribune Business that “opportunity presented” itself for Carl’s Jr. to establish a presence within the Mall at Marathon proper. “We’re expanding that brand. We’re opening one in the Mall at Marathon. That’s under construction now,” he said. “I think the one in the Mall will be ready before that one [Carmichael Road]. That’s an opportunity that presented itself.” A fourth Carl’s Jr. location has been earmarked for the site where AML Foods is investing $14 million to
develop its Solomon’s Yamacraw location in eastern New Providence. Artist renderings of the new store show a Carl’s Jr. attached to it, and both Messrs Watchorn and D’Aguilar confirmed the franchise expansion intentions when Solomon’s Yamacraw is fully constructed by early November 2017. Mr Watchorn told Tribune Business that Solomon’s Yamacraw was expected to start generating positive returns for AML Foods’ shareholders during its first year of operations. “We’ve got some pretty
conservative numbers that will produce good returns for our shareholders,” he said. “We’re pretty confident we will exceed expectations here. “We reckon if not within year one, it will be very close to year one that we will start getting returns. We believe the ramp us is going to be a very short ramp up period. “We feel there is pent up demand for an alternative, and we’re confident we’ll be able to provide that alternative. Our market research is telling us there’s quite a lot of homes out here.”
US teen summer program sparks national backlash in Cuba HAVANA (AP) — A few months after President Barack Obama visited Cuba in March, a group of teenagers left the island for a monthlong visit to the United States funded by the U.S. State Department. The 16- to 18-year-olds spent 10 days learning about community service, followed by two-week homestays with families in Virginia, Texas, Illinois, Michigan, Washington, Oregon and Missouri. There, the Cuban teens volunteered at food banks and recycling centers and read books to young children, according to the Washington-based NGO that organized the activities. Now, four months before Obama leaves office, the Summer Leadership Program for Cuban Youth has provoked a full-blown backlash from the Cuban government, which has organized a nationwide series of campus protests over the past week denouncing the program as a tool of American subversion in language hearkening back to the height of the Cold War. “University students condemn new Yankee manipulation,” declared a headline in red ink above the lead story in Thursday’s edition of Granma, the official
Communist Party newspaper. Cuba said it complained about the program at a meeting in Washington on Friday with the U.S. diplomats negotiating normalization with Cuba. “We insisted once again that the financing of programs aimed at provoking internal change in Cuba needs to be eliminated, which would be an essential step toward normalizing bilateral relations,” Cuba’s director-general of U.S. affairs, Josefina Vidal, said in a video posted as part of a question-and-answer session on Twitter. For most of the last halfcentury, the U.S tried to push Fidel Castro’s government toward collapse or fuel its overthrow in an anti-Communist uprising. The Obama administration abandoned that goal in favor of slowly encouraging Cubans to develop lives independent of a single-party system that, despite limited reforms, controls most aspects of life on the island, from theater programming to the distribution of agricultural supplies. The Obama goal of gradual change is supported by millions of dollars in funding for nongovernmental organizations that attempt to work direct-
ly with Cubans in programs similar to U.S.-funded efforts around the world.
Illegal Procedures Cuba rejects the idea of any foreign government, above all the United States, working with Cubans independently of the government and the more than 2,000 state-run organizations that it describes as Cuba’s genuine civil society. Virtually any organization operating without state approval is viewed as illegal and potentially subversive, particularly if it receives foreign aid. Cuba says such suspicions gained credibility with the publication of reports by The Associated Press in 2014 revealing that the U.S. Agency for International Development funded clandestine programs to undermine the Cuban government, including the creation of a “Cuban Twitter” social network, the dispatch of Latin American youth to recruit activists, and attempts to coopt Cuban rappers as unknowing agents of democratic change. “What’s happening in this country is a rejection by students, by both high-schoolers and college students, of a group of subversive pro-
Josefina Vidal, Cuba’s director-general of U.S. affairs, speaks to reporters beside Gustavo Machin, the deputy chief, backdropped by framed images of Cuba’s President Raul Castro, from left, former Cuban leader Fidel Castro, and rebel leader Ernesto Che Guevara giving a speech at the United Nations in 1964, at the Foreign Ministry, in Havana, Cuba. Four months before President Barack Obama leaves office, a U.S. summer program for teens has provoked a full-blown backlash from the Cuban government. “There’s no place for these U.S. programs and they need to be eliminated in order for there to be normal relations,” Vidal, tweeted Friday, Sept. 30, 2016. (AP Photo) grams being organized by the U.S. government, with U.S. financing, with the idea of forming a group of young leaders in this country who are supposedly more democratic, who can produce social change in Cuba,” said Joan Cabo Mijares, a member of the national board of the Young Communists’ Union. The $1.2 million program run by Washington-based World Learning is one of a series of U.S. programs that aim “to empower Cubans to freely determine their own future by increasing human capacity, promoting community level engagement,
and expanding civil society networks,” according to a 2014 request for applications from the State Department’s Bureau of Western Hemisphere Affairs. World Learning said the program received no funding from USAID, a separate agency. Cuba’s main evening news round-table dedicated its Thursday episode to the World Learning program, inviting participant Alejandro Sanchez Fernandez on to describe his experience. “During the program they took three surveys asking us to make comparisons between Cuba and the United States, with questions like,
‘What is democracy? What is the difference between dictatorship and democracy?’ and others,” Sanchez said. “We always thought that there could be some type of ideological subversion, but we had dreams of traveling to the United States.” World Learning is a nearly 85-year-old organization that organizes academic, cultural, and professional programs for 2,000 people from 140 countries, the organization said. It said the program ran during the summers of 2015 and 2016 and was not meant to continue beyond that.
PAGE 10, Monday, October 3, 2016
THE TRIBUNE
Historic takeover of Puerto Rico’s finances, agencies begins SAN JUAN, Puerto Rico (AP) — A federal control board on Friday took over Puerto Rico’s finances and several government agencies for the first time in the U.S. territory’s history in a bid to haul the island out of an acute economic crisis. The seven-member board met in New York and was briefly interrupted by protesters who yelled, “This is slavery!” and “Stop pillaging Puerto Rico!”
The meeting was livestreamed over the internet following pledges that the board would operate with transparency. It ordered Gov. Alejandro Garcia Padilla to produce a fiscal plan in two weeks and submit weekly and monthly revenue reports that detail how the government is adhering to its budget. Members also voted on which Puerto Rico govern-
ment agencies would come under the board’s oversight. They include the island’s central government, its largest public university, its heavily indebted utility companies, a Government Development Bank that is running out of cash and a public pension system underfunded by more than $40 billion. “We’re working as quickly as possible,” said Jose Carrion III, who was
elected board president, to reporters after the meeting. The board was approved by Congress in June and is charged in part with helping restructure a portion of a nearly $70 billion public debt that Garcia has said is unpayable. Carrion is one of four Republicans on the board, along with three Democrats. Also on the board is a representative of Puerto Rico’s governor who is barred from voting. During a televised address on Thursday, Garcia urged the board to make the public pension system one of its priorities. He also requested that the board consider intervening in a trial in which a federal judge
is expected to soon rule on whether Puerto Rico will have to pay its debts even though the U.S. legislation signed in June also protects the island from lawsuits through February 2017. “In this process, we will try to make the board understand that, for the recovery to be real, it must deal with the fiscal aspects, while protecting the economic ones,” Garcia said Friday. Puerto Rico has been mired in a decade-long economic slump brought about largely by decades of heavy borrowing. The island has defaulted on several multimillion-dollar bond payments since last year and
faces a growing number of lawsuits from creditors trying to recover a portion of their investments. Several government agencies are now operating under a state of emergency that permits withdrawals only for essential public services. Puerto Rico economist Gustavo Velez said the board will likely soon seek help from the capital markets to generate revenue. “If it doesn’t, then it will have to impose severe austerity measures,” he said. “There is no other way to finance the deficit. The government likely will not be able to pay salaries very soon. We’re in a downward spiral.”
a bronze statue of San Juan Bautista stands in front of Puerto Rico’s capitol flanked by U.S. and Puerto Rican flags, in San Juan. A federal control board on Friday, Sept. 30, 2016, took over Puerto Rico’s finances and several government agencies for the first time in the U.S. territory’s history in a bid to haul the island out of an acute economic crisis. (AP Photo)
TEMPORARY ADMINISTRATIVE ASSOCIATE The Bahamas Country Office of the Inter-American Development Bank (IDB), wishes to contract the services of a temporary Administrative Associate. The IDB is a regional multilateral development Bank seeking to contribute to the social and economic development of 26 member countries in Latin America and the Caribbean through lending and non-reimbursable grants. The objective of the contract is to provide assistance to the Operations team in diverse corporate and operational areas, to assist with optimal resource utilization and the adaptation of administrative processes so as to meet program requirements in a highly complex working environment. Duration: Four months. Requirements: A certificate or Associates Degree in Business Administration or Management, Accounts, Human Resources, or a related field and a minimum of two years of relevant professional experience or the equivalent combination of education and experience. Knowledge of Spanish would be an asset. All candidates must be citizens of The Bahamas or of an IDB member country in possession of a valid work permit providing eligibility to work in The Bahamas. For more information about this position and to apply, please refer to the following link before October 11th, 2016: https://iadbcareers.taleo.net/careersection/jobdetail.ftl?job=1600003523&lang=en
THE TRIBUNE
Monday, October 3, 2016, PAGE 11
International Monetary Fund Managing Director Christine Lagarde speaks during a news conference, in Washington. On Friday, Sept. 30, 2016, Lagarde called the inclusion of China’s renminbi as the fifth currency in an elite group of the world’s reserve currencies “an important and historic milestone” for the international financial system. (AP Photo)
MF leader cites ‘historic milestone’ for China WASHINGTON (AP) — Christine Lagarde, the managing director of the International Monetary Fund, is calling the inclusion of China’s renminbi as the fifth currency in an elite group of the world’s reserve currencies an “important and historic milestone” for the international financial system. Lagarde said the expansion of the IMF’s key currencies to include the Chinese renminbi was a recognition of the progress China has made in reforming its monetary and financial systems. Lagarde spoke on Friday at IMF headquarters in Washington, one day before the Oct. 1 expansion of the IMF’s basket of reserve currencies to include the renminbi, which is also known as the yuan. The other currencies in the basket are the U.S. dollar, the Japanese yen, the British pound and Europe’s common currency, the euro. The last change to the basket was the addition of the euro in 1999. China, now the world’s second-largest economy, had mounted a lengthy campaign to be included in the IMF’s
Special Drawing Rights currency basket. This is a virtual currency the IMF can use for emergency loans and IMF member countries can use to bolster their own reserves in time of crisis. In her comments Friday, Lagarde said China’s inclusion acknowledged the advances China has made “in liberalizing and improving the infrastructure of its financial markets. The continuation and deepening of these efforts, with appropriate safeguards, will bring a more robust international and financial system, which in turn will support the growth and stability of China and the global economy.” The IMF’s executive board had approved inclusion of the Chinese currency in the currency basket last November when it made a finding that the renminbi had met the standard of being “freely usable.” Analysts believe the action could give the Chinese economy a boost by encouraging more foreign participation in China’s financial markets.
NOTICE
NOTICE is hereby given that FELLESIA A. DAVIS of Saint Street, P.O.Box CR-54784 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 and signed statement of the facts within twentyeight days from the 3rd day of October, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Employment Opportunity
MARKET REPORT FRIDAY, 30 SEPTEMBER 2016
BISX ALL SHARE INDEX: CLOSE 1,947.88 | CHG 0.02 | %CHG 0.00 | YTD 123.93 | YTD% 6.79 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.50 4.70 0.18 8.30 8.50 6.10 10.60 15.50 2.72 1.60 5.80 9.00 11.00 8.26 6.90 12.25 11.00
52WK LOW 2.47 17.43 9.09 3.15 1.77 0.12 6.09 7.25 5.50 7.00 13.05 2.25 1.31 5.55 6.00 9.85 6.12 6.21 11.80 10.00
PREFERENCE SHARES
MAINTENANCE WORKERS A leading Fast Food franchise is looking for mature, clean-cut individuals to join its Maintenance (Janitorial) Team. Job Summary To be responsible for the general cleanliness and upkeep of the entire Store and its surroundings, so as to facilitate the smooth, efficient operation of the Store. Requirements • Must be a high school graduate. • Must have excellent inter-personal skills. • Must have excellent oral and written communication skills. • Professionalism required. • Must be able to work flexible hours including early mornings, late nights, weekends and holidays. • A basic knowledge of kitchen equipment and electrical and air conditioning repair skills would be a plus. • Must have a clean police record. McDonald’s offers excellent benefits! Please submit Resume to: Human Resources Department McDonald’s Head Office 111 Market Street North P. O. Box SS-5925 Telephone: 325-4444 Nassau, N.P., The Bahamas
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE
LAST CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 6.47 8.50 5.83 10.44 14.00 2.29 1.53 5.80 8.78 10.95 8.26 6.61 11.93 10.00
CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 6.47 8.50 5.83 10.44 14.00 2.32 1.53 5.80 8.78 10.95 8.26 6.61 11.93 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
LAST SALE 100.00 100.00 100.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y 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
BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330
115.11 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
115.04 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
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
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME 4,000 30
VOLUME
EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000
DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000
P/E 13.4 11.7 8.4 15.9 N/M N/M 35.0 15.4 11.5 19.3 26.5 24.7 9.2 11.4 14.3 11.4 12.7 9.4 15.8 0.0
YIELD 2.22% 6.31% 0.00% 4.57% 0.00% 0.00% 2.89% 3.06% 3.43% 3.45% 4.36% 2.59% 2.61% 4.14% 3.13% 0.00% 3.39% 1.82% 5.36% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25%
20-Nov-2029 15-Dec-2017 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
MUTUAL FUNDS 52WK HI 1.99 3.90 1.92 167.58 138.35 1.45 1.67 1.55 1.09 6.94 8.65 5.92 9.94 11.15 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.39 1.60 1.50 1.03 6.41 7.62 5.66 8.65 10.54 9.57
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
NAV 1.99 3.90 1.92 167.58 136.68 1.45 1.67 1.55 1.09 6.94 8.65 5.92 9.59 11.15 9.57
YTD% 12 MTH% 2.33% 4.05% 3.34% 6.09% 1.63% 2.99% 3.41% 5.18% 2.95% -0.58% 2.51% 3.84% 2.48% 4.47% 2.20% 3.79% 5.03% 3.89% 4.05% 8.28% 5.93% 13.53% 2.73% 4.73% 3.97% -3.53% 2.96% 4.33% -4.26% -6.22%
NAV Date 31-Jul-2016 31-Jul-2016 27-Jul-2016 30-Jun-2016 30-Jun-2016 31-Aug-2016 31-Aug-2016 31-Aug-2016 31-Aug-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
PAGE 12, Monday, October 3, 2016
THE TRIBUNE
Britain will launch Brexit by April , prime minister says LONDON (AP) — Britain will begin the formal process of leaving the European Union by the end of March, Prime Minister Theresa May said Sunday, seeking to ease concern about the nation’s future and the threat of reduced foreign investment and the weakening of the economy. Members of the ruling Conservative Party applauded wildly as May said the British people had made it clear that they wanted a clear date for exiting the EU and that she was going to deliver. European leaders and company executives have pushed the government to say when it plans to trigger Article 50 of the EU treaty, starting talks on the U.K.’s departure, so they can begin preparing for a post-EU Britain. “We will invoke it when we are ready, and we will be ready soon,” she said. “We will invoke Article 50 no later than the end of March next year.” While the prime minister had previously hinted that she planned to initiate Britain’s exit early next year, many observers had speculated she would wait until the conclusion of France’s presidential election in May or perhaps even the German elections in late summer or fall of next year. But basking in the glow of party acolytes, a beaming May sounded as if she had campaigned for Britain to leave the EU all along — even though she had op-
Protesters gather at an anti-austerity demonstration near to the venue of the Conservative Party Conference in Birmingham, England, yesterday. The ruling Conservative Party is holding its annual party conference in Birmingham, and Prime Minister Theresa May is scheduled to give a key note speech to conference Sunday. (AP Photo) posed that outcome before the June 23 referendum. In what sounded like a stump speech for “leave,” she hit on the emotive issues of sovereignty, immigration and world status. She insisted there would be no unnecessary delays in bringing Brexit to pass — and that Britain would fight any legal challenges intended to derail the move. She sternly rejected the idea that the government would circumvent the result, mak-
ing a face as she commented on those still fighting to stay. Analysts said the deadline for starting the talks was welcome, but businesses still need more detail about what Brexit will mean for trade and immigration. While Britain seeks to control immigration from the EU, free movement of labor is a founding principle of the bloc. This means that any restrictions on immigration are likely to result in barriers to trade between
Britain and the EU, said Jonathan Portes, a senior fellow at the National Institute for Economic and Social Research. “That means continued uncertainty for businesses, both those who trade with the EU and those who employ EU nationals,” Portes tweeted. “What we cannot do is delude ourselves that we can ‘have our cake and eat it.’” In addition to setting out her timetable, the prime
minister said she would ask Parliament to repeal the European Communities Act, which automatically makes EU rules the law of the land in Britain. At the same time, the government will incorporate all EU laws into British law and then repeal measures as necessary on a case-by-case basis, she said. “That means that the United Kingdom will be an independent, sovereign nation,” she said. “It will be making its own laws.” May said that by offering a timetable now, she hopes to encourage the EU to begin preliminary work that will help the negotiations go smoothly once they begin. EU leaders so far have rejected any such discussions. The president of the 28-nation EU’s governing European Council, Donald Tusk, offered support for her position. He had told her at a recent Downing Street meeting that the “ball is now in your court.” “PM May’s declaration brings welcome clarity on start of Brexit talks,” he tweeted Sunday. “Once Art. 50’s triggered, EU27 will engage to safeguard its interests.” One of the biggest sticking points in any talks will be immigration. The perception that EU immigrants have strained public services and changed the face of many communities was a factor for many British citizens who voted to leave the EU. May said that
she intends to heed public opinion on that point. “Apart from the message of leaving the European Union, I think there was also a clear message from the British people that they wanted us to control movement of people from the EU coming into the UK, so we will deliver on that,” she said. May also flatly rejected the idea that elements within the United Kingdom might be able to negotiate a deal for themselves. The message was clearly aimed at Scotland, which only narrowly rejected an independence move in 2014 and had voted overwhelmingly to stay in the EU. Scotland wants a place at the table because of its numerous trade ties with the EU. “We will negotiate as one United Kingdom and we will leave the European Union as one United Kingdom. There is no opt-out for Brexit,” May told the conference. “I will never allow divisive nationalists to undermine the precious union between the four nations of our United Kingdom.” Critics quickly pounced on the first tangible moves on the process in weeks. Conservative Anna Soubry, a former minister who is in the Tory pro-Europe wing of the party, told ITV that she was concerned that May would trigger the article so soon, warning that companies such as Nissan might leave without a deal on the single market.
Unscripted Trump overshadows his own economic message MANHEIM, Pa. (AP) — Donald Trump questioned Hillary Clinton’s loyalty to her husband on Saturday night, adding an explosive personal charge against his Democratic opponent to a turbulent week when he repeatedly veered off script. “Hillary Clinton’s only loyalty is to her financial contributors and to herself,” Trump told thousands gathered in Manheim, Pennsylvania. “I don’t think she’s even loyal to Bill if you want to know the truth ... Why should she be, right? Why should she be?” The extraordinary personal attack, a reference to former Bill Clinton’s infidelities, came as Trump works to sharpen his focus on the economy — and his Democratic opponent’s shortcomings — as he treks across the Midwestern battlegrounds he needs to become the 45th president of the United States. The audience roared with approval when Trump, reading from a teleprompter, lashed out at an economic system he said was rigged against everyday Americans. Friends and foes agree he is at his best in those scripted moments. But Trump’s frequent unscripted moments are often drowning them out — diverting attention from his economic message and alienating women and minorities with early voting already underway in some states. He raised questions about Clinton’s loyalty to her husband for the first time Saturday night. He also questioned her physical stamina, her mental health and insisted she has contempt for all Americans. “She should be in prison,” Trump declared as his
supporters chanted: “Lock her up!” Even before Saturday’s remarks, the former reality television star this week fueled a self-inflicted political firestorm in a series of interviews and tweets after an underwhelming debate performance by attacking a former Miss Universe, first seizing on her weight and then calling on the world to view her “sex tape.” “He’s not going to change. This is who he really is,” said former Minnesota Congressman Vin Weber, a Republican. “It’s ridiculous to even argue this, but if he could stay on message, which is to say if he could be somebody else, he could win.” Lifelong Republican loyalists across the country are beyond frustrated that Trump’s dueling personas appear to be jeopardizing the GOP’s chance to take back the White House. Despite Trump’s faults, Clinton remains deeply unpopular and untrusted by a large segment of the electorate. There is little room in the national conversation for Clinton’s challenges when Trump tweets about sex tapes and questions his rival’s fidelity to her husband, however. Ohio GOP Chairman Matt Borges calls Clinton a “liar” and says she deserves to lose. “And just when it’s looking like it’s a good bet that she will lose, we’re talking about things that I believe don’t help us win,” he says. There is little sign that Trump’s approach will help him expand his support beyond the white workingclass voters who cram into his rallies. During Monday’s opening debate, the New York billionaire said African-American voters
are “living in hell.” And his four-day feud with former Miss Universe Alicia Machado, a Venezuelan who is now an American citizen, threatens to push his already-low standing among women and Hispanics even lower. The day before his Pennsylvania speech, Trump took another political risk by highlighting Clinton’s role in her husband’s infidelities. “Hillary was an enabler,” Trump told The New York Times on Friday. “And she attacked the women who Bill Clinton mistreated afterward. I think it’s a serious problem for them, and it’s something that I’m considering talking about more in the near future.” That’s even as Trump’s acknowledged his own marital infidelities, although he tried to draw a distinction with Bill Clinton. “I wasn’t president of the United States,” he told the Times when asked about his affair with Marla Maples when he was married to Ivana Trump. “I don’t talk about it.” Trump veered into other areas on Saturday night that may raise questions about his temperament. He questioned the integrity of the nation’s voting system, warning supporters to keep a close eye on polling places after they vote next month — especially in “certain areas.” “We can’t lose an election because of, you know what I’m talking about,” he said. “A lot of bad things happen. I don’t want to lose for that reason.” Trump has repeatedly suggested that only election fraud could stop him from becoming president. There has never been evidence of widespread voting fraud in the United States.
People cheer as Republican presidential candidate Donald Trump speaks at a rally, Friday, Sept. 30, 2016, in Novi, Mich. (AP Photo)
Clinton’s remarks on young voters fuel new Trump pitch WHITE PLAINS, N.Y. (AP) — In a leaked recording from a February fundraiser, Hillary Clinton expressed empathy for young voters who were siding with her primary opponent, Bernie Sanders, saying that for people who don’t see any economic opportunities, the idea that “you could be part of a political revolution is pretty appealing.” Clinton called them “children of the Great Recession” and added: “And they are living in their parents’ basement. They feel that they got their education and the jobs that are available to them are not at all what they envisioned for themselves.” Donald Trump sought to turn her words into a new pitch for Sanders supporters, although Sanders himself has endorsed Clinton and denounced Trump. The businessman contended at a Saturday night rally in Pennsylvania that the audio shows Clinton “demeaning and mocking Bernie Sanders and all of his supporters” and added:
Democratic presidential candidate Hillary Clinton speaks during a campaign stop in Fort Pierce, Fla. Clinton expressed empathy for young Bernie Sanders supporters earlier this year at a private fundraiser, saying that for people who don’t see economic opportunities being “part of a political revolution is pretty appealing.” (AP Photo)
“To sum up, Hillary Clinton thinks Bernie Sanders supporters are hopeless and ignorant basement dwellers.” The hacked recording of Clinton speaking at the fundraiser six months ago in McLean, Virginia, was published Tuesday by the Washington Free Beacon. In its report, the online conservative newspaper told readers that audio of Clinton’s comments was
revealed by hackers who breached the email account of a campaign staffer. One email released by the hackers contained a recording of Clinton’s remarks and a question-and-answer session, the Beacon reported. Young voters have been a stumbling block for Clinton. Many preferred Sanders, a Vermont senator who promised free tuition at public colleges and nationalized health care.