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thenassauguardian.com
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he Bahamas Petroleum Company (BPC) will spend around $120 million on an exploratory drill and could break ground around this time next year, according to its top executive. Simon Potter, the CEO of BPC, said it would take at least one year for the company to
Simon Potter.
timeframe. Most importantly, BPC is looking to secure an oil drilling partner. Potter said that Sunday's announcement by the Ministry of Environment could accelerate this process. The company is genuinely excited about whats ahead. Kenred Dorsett, the minister of environment and housing, released a statement yesterday that it would "hasten our own decision-making process as it pertains to oil exploration and environmental regulation here in BPC, page B2
TODAY
Five key steps for rst-time buyers Talk to a reputable Bahamas Real Estate Association (BREA) licensed agent and ask for a list of houses within your budget and specications. Keep in mind that location is still the number one criteria to consider if you are looking for a sound investment. Business, page B2
Fishermen saddled by high costs Fishermen lose thousands of dollars in prot before their boats even leave the dock, according to the Bahamas Commercial Fishers Alliance (BCFA). Business, page B3
The jewel of the development includes 33 beachfront townhouses. A second row of townhouses, consisting of 30 properties, is in the late stages of construction and should be delivered six months from now. JEFFREY TODD
in sales. Management is estimating a ve- to seven-year exit strategy. "Developing real estate in The Bahamas presents challenges, but if you get the form right, you can be very successful," he told Guardian Business. Palm Cay believes it has achieved the right mix in its new master plan. So far, the project has sold 57 of its 88 single-family home sites. In the garden area, which consists of 12 dwellings, eight have been sold and two are rented. The jewel of the development includes 33 beachfront townhouses. Bonczek said nearly 10 have been sold or are under contract. Meanwhile, a second row of townhouses behind the beachfront lots, consisting of 30 properties, are in the late stages of construction and should be delivered six months from now, according to Bonczek. The Palm Cay executive said that the new master plan calls Plan, page B9
he Central Bank is reporting a decline in total revenue of $51.9 million for the rst half of the scal year and a higher aggregate expenditure of $50.8 million, according to its latest report. According to the institution's Economic and Financial Developments report for January 2013, the overall decit for the rst six months widened by $102.7 million, or 62.9 per-
cent, to $266 million. Domestic sources nanced the ongoing decit, namely the issuance of $325 million in registered stock, $55 million in Treasury bills and $53 million in short-term advances. "On the external side, $180 million was obtained by an international bond in December, with a further $34 million derived from project-based loan nancing," the report explained. The Central Bank said that The Bahamas is still experiencing a mild pace of growth and
recovery that continues to be dependent on an economic rebound in the U.S. and the successful implementation of new revenue streams by government. The Progressive Liberal Party (PLP) is also attempting to reign in expenditure in a number of areas, particularly the funding given to public corporations. Unfortunately, major hotels in New Providence reported a 1.6 percent decline in total room revenues, which CB, page B5
he Bahamas Commercial Fishers Alliance (BCFA) is looking to create a registry as part of its plans to properly manage the industry. Under the shing registry,
all shermen in the country will be required to have a registration number, according to Adrian LaRoda, BCFA president. The Bahamas has between 6,000 and 9,000 shermen. LaRoda told Guardian Business that creating a shing registry is a part of the requirements for the Marine
Stewardships Council (MSC) certication. The move, he said, will give the countrys shermen access to major markets. It could also go a long way to eliminating rampant poaching in Bahamian waters. In order for us to be in total compliance, we are going BCFA, page B8
Ryan Pinder, the minister of trade and manufacturing, personally attended last Friday's meeting of manufacturers. He told Guardian Business that the government is taking the association "seriously". JEFFREY TODD more ecient system for them," he added. On Friday, Guardian Business revealed that manufacturers were growing increasingly worried about the impact of VAT on cash levels. Manufacturers importing raw materials into the VAT, page B9
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BUSINESS
Palm Cay wants to capitalize on a perceived lack of space for boaters during peak season. Developers believe that boater trac will not only bring life to the development, but also cultivate new sources of revenue and generate sales for homes. JEFFREY TODD
Legal Notices
NOTICE MANHATTAN RAINBOW LIMITED Notice is hereby given that in accordance with Section 138(8) of the International Business Companies Act 2000, the dissolution of MANHATTAN RAINBOW LIMITED has been completed; a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. ARGOSA CORP. INC. (Liquidator) (M. 11) NOTICE H.D.S. INC. (In Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 8th day of March 2013. The Liquidator is Argosa Corp. Inc., P.O. Box N-7757, Nassau, Bahamas. ARGOSA CORP. INC. (Liquidator) (M. 11) (M. 11) NOTICE TAKE NOTICE that SHARON LOUISE FRAZIER (nee Wilchcombe) is applying to the Supreme Court of the Commonwealth of The Bahamas to have the Registrar General in the City of Nassau, in the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas, register the marriage had and solemnized between the said SHARON LOUISE WILCHCOMBE and SOLOMON DANIEL FRAZIER on the 11th day of August, A.D. 2003, at Mount Tabor Baptist Church by Bishop Neil Ellis, a Marriage Officer. (M. 11, 12) NOTICE ABERFELDY VENTURES LTD. (In Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 8th day of March 2013. The Liquidator is Argosa Corp. Inc., P.O. Box N-7757, Nassau, Bahamas. ARGOSA CORP. INC. (Liquidator) (M. 11)
NOTICE THE DRAM INVESTMENTS LTD. (In Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 8th day of March 2013. The Liquidator is Argosa Corp. Inc., P.O. Box N-7757, Nassau, Bahamas. ARGOSA CORP. INC. (Liquidator) (M. 11)
NOTICE INVERNOR FAMILY INTERNATIONAL INC. Notice is hereby given that in accordance with Section 138(8) of the International Business Companies Act 2000, the dissolution of INVERNOR FAMILY INTERNATIONAL INC. has been completed; a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. ARGOSA CORP. INC. (Liquidator)
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LOCAL MARKET REVIEW: March 4, 2013 - March 8, 2013 The local market ended this week with 24,500 shares crossing the exchange over 18 trades to accumulate a value of $120,963.76. The BISX All-Share Index gained 2.25 points or 0.163 percent to end the week at 1,379.52. Year to date the index is up 33.26 points or 2.471 percent. This weeks volume leader was Fidelity Bank (FBB) trading 8,250 shares and the value leader was Commonwealth Bank Ltd. (CBL), moving 6,501 shares to accumulate a value of $42,891.226 with 3 trades. The remaining volume this week was attributed to: AML Foods Limited (AML) 3,000 shares in 2 trades, Arawak Cay Port Development Ltd. - 50 shares in 1 trade, Bank of The Bahamas (BOB) 3,000 shares in 1 trade, Cable Bahamas (CAB) 2,000 shares in 2 trades, Commonwealth Brewery (CBB) - 700 shares in 2 trades, and FINCO (FIN) - 999
BISX INDEX Mar. 8, 2013 1,379.52 MARKET MOVERS Daily Volume Avg. Advancers Decliners Unchanged COMPANY 2,940 1 2 20 CLOSING PRICE
PREVIOUS CHANGE% CLOSING PRICE 52 WEEK HIGH/LOW
2.60/1.55
Weekly % +0.163
YTD % +2.4713
WEEKLY VOLUME
8,250
ADVANCERS
Fidelity Bank $2.60 $2.37 +9.70
DECLINERS
Bank of The Bahamas Consolidated Water $5.30 $1.83 $5.41 $1.88 -2.03 -2.66 5.90/4.50 1.88/1.39 3,000 ------------
UNCHANGED
Colina Holdings Pref. A Bahamas Property Fund J.S. Johnson Arawak Port Development Cable Bahamas Ltd. Famguard Commonwealth Brewery $1.00 $9.34 $10.02 $10.85 $10.50 $5.15 $9.43 Benchmark FOCOL Pref. B Bahamas Waste Ltd. FINCO CIBC FirstCaribbean Bank AML Foods Limited Commonwealth Bank Ltd. $0.18 $1.00 $2.70 $6.50 $7.43 $2.00 $6.60 Fidelity Pref A Doctors Hospital FOCOL Holdings Premier Real Estate ICD Utilities Colina Holdings Ltd. $10.00 $1.25 $5.74 $10.00 $6.50 $2.50
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BISX ALL SHARE INDEX: CLOSE 1,379.52 | CHG -0.80 | %CHG -0.06 | YTD 33.26 | YTD % 2.47 ALL SHARE %CHG BISX LISTED & TRADED SECURITIES AS OF FRIDAY, 8 MARCH 2013
52WK HI 2.00 11.01 10.63 5.90 0.53 2.70 2.60 10.00 10.80 2.60 1.00 9.56 9 56 56 6.89 1.67 1.41 5.16 6.50 8.00 5.75 1.00 7.30 10.50 11.00 52WK HI 99.46 100.00 100.00 100.00 100.00 52WK HI 0.55 52WK HI 41.00 0.55 52WK HI 1.71 3.13 1.71 2.49 5.04 5.04 04 04 142.24 122.22 1.17 1.13 1.18 11.79 10.41 10.00 10.00 8.75 52WK LOW 1.18 10.00 8.41 4.93 0.17 2.10 1.55 10.00 7.49 2.15 1.00 8.33 8 33 33 6.00 1.39 1.20 4.64 4.45 6.90 4.50 1.00 6.49 9.82 10.00 52WK LOW 99.46 100.00 100.00 100.00 100.00 52WK LOW 0.40 52WK LOW 29.00 0.40 52WK LOW 1.61 2.99 1.65 2.33 5.00 5 00 00 118.43 106.88 1.00 1.00 1.00 10.21 9.27 8.85 9.39 7.38 SECURITY AML Foods Limited AML APD Limited Bahamas Property Fund Bank of Bahamas Benchmark Bahamas W aste Waste Fidelity Bank Fidelity Bank Class A Preference Cable Bahamas Colina Holdings Colina Holdings Class A Preference Commonwealth Brewery Commonwealth Brewery Commonwealth Commonwealth Bank (S1) Water Consolidated W ater BDRs Doctor's Hospital Famguard Finco CIBC FirstCaribbean Bank Focol (S) Focol Class B Preference ICD Utilities J. S. Johnson Premier Real Estate SECURITY Bahamas Note 6.95 (2029) Fidelity Bank Note 17 (Series Fidelity Bank Note 22 (Series Fidelity Bank Note 13 (Series Fidelity Bank Note 15 (Series SECURITY Colina Real Estate Fund Ltd. SECURITY ABDAB Colina Real Estate Fund Ltd.
Previous Close Previous Close Today's Close Today's Close
2.00 10.85 9.34 5.41 0.18 2.70 2.60 10.00 10.50 2.50 1.00 9.43 9 43 43 6.60 1.83 1.25 5.15 6.50 7.43 5.74 1.00 6.50 10.02 10.00 SYMBOL SYMBOL BAH29 FBB17 FBB22 FBB13 FBB15 BID$ 0.35 BID$ 30.13 0.65
2.00 10.85 9.34 5.30 0.18 2.70 2.60 10.00 10.50 2.50 1.00 9.43 9 43 43 6.60 1.83 1.25 5.15 6.50 7.43 5.74 1.00 6.50 10.02 10.00 LAST SALE LAST SALE 99.46 100.00 100.00 100.00 100.00 ASK$ ASK$ 0.40 ASK$ ASK$ 31.59 0.75
CHANGE CHANGE 0.00 0.00 0.00 -0.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 00 00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 CHANGE CHANGE 0.00 0.00 0.00 0.00 0.00 LAST LAST PRICE 0.55 LAST PRICE LAST 29.00 0.40
2,000
100
EPS $ 0.143 0.000 0.366 0.078 -0.048 -0.048 0.174 0.147 0.000 1.795 0.373 0.000 0.670 0 670 670 0.380 0.084 0.007 0.463 0.540 0.537 0.394 0.000 0.064 0.624 0.762
DIV$ 0.040 0.000 0.400 0.100 0.000 0.090 0.140 0.000 0.450 0.160 0.000 0.580 0 580 580 0.290 0.060 0.060 0.240 0.100 0.260 0.220 0.000 0.000 0.660 0.356
P/E 10.3 0.0 25.5 65.1 N/M 15.5 17.7 0.0 5.8 6.7 N/M 14.1 14 1 17.4 19.5 178.6 11.1 12.0 13.8 14.6 N/M 101.6 16.1 13.1
YIELD 2.00% 0.00% 0.00% 4.28% 1.89% 1.89% 0.00% 3.33% 5.38% 0.00% 4.29% 4.29% 6.40% 0.00% 6.15% 6 15% 15% 4.39% 3.28% 4.80% 4.66% 1.54% 3.50% 3.83% 0.00% 0.00% 6.59% 3.56%
BISX LISTED DEBT SECURITIES - (bonds trade on a percentage pricing basis) (bonds percentage
DAILY DAILY VOL. INTEREST 6.95% 7% Prime + 1.75% 7% Prime + 1.75% EPS$ 0.001 EPS$ 4.540 0.029 DIV$ 0.000 DIV$ 0.000 0.000 20 19 19 30 29 MATURITY MATURITY November November 2029 October 2017 October 2022 May May 2013 May 2015 May YIELD 0.00% YIELD 0.00% 0.00%
A) + B) + C) + D) +
ROYAL FIDELITY MERCHANT BANK ROYAL FIDELITY MERCHANT BANK & TRUST LTD. (over-the-counter securities) TRUST LTD. (over-the-counter securities)
DAILY VOL. DAILY P/E 256.6 P/E 9.03 24.13
CFAL SECURITIES LTD. (over-the-counter securities) CFAL SECURITIES LTD. (over-the-counter securities)
DAILY VOL. DAILY
I urge all manufacturers to have membership and involvement. There is a commonality of concerns in the industry and it is best represented as a group.
RYAN PINDER
2 3 4 5
MARKET TERMS
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 BISX ALL SHARE INDEX 19 Dec 02 1,000.00 52w k-Hi - Highest closing price in last 52 weeks 52wk-Hi Highest closing price in last 52 weeks 52w k-Low - Lowest 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 Previous day's weighted price for daily volume Today's Close Current 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 Change in closing price from day to day Daily Vol. - Number of total shares traded today y Number of total shares traded today DIV DIV $ - Dividends per share paid in the last 12 months Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings Closing price divided by the last 12 month earnings 4-for-1 Date (S) - 4-for-1 Stock Split - Effective Date 8/8/2007 YIELD - last 12 month dividends divided by closing price last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Ask Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Price Last traded over-the-counter price Weekly Vol. Trading volume of the prior week Weekly Vol. - Trading volume of the prior week company's reported earnings rt share for EPS $ - A company's reported earnings per share for the last 12 mths last mths NAV - Net Asset Value A NAV Asset N/M - Not Meaningful Not Meaningful FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100 The Fidelity Bahamas Stock Index. January 1, 1994 100 (S1) 3-for-1 Date (S1) - 3-for-1 Stock Split - Effective Date 7/11/2007
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 ROYALFIDELITY CAPITAL
"I urge all manufacturers to have membership and involvement. There is a commonality of concerns in the industry and it is best represented as a group, he said. Another major concern among manufacturers is the impending accession to the World Trade Organization sometime next year. Pinder assured members that the government is sensitive to the need to protect local industry. He said the negotiations will not shy away from imposed high tariffs on particular imported goods.