Guardian- Palm Cay Reveals New Master Plan

The Nassau Guardian | Monday, March 11, 2013 | Section B ➘ thenassauguardian.com

BU SINESS DOW JONES14397.07

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BPC to invest$120M in first drill

The Bahamas PetroleumCompany (BPC) willspend around $120 mil-

lion on an exploratory drilland could break groundaround this time next year,according to its top executive.

Simon Potter, the CEO ofBPC, said it would take at leastone year for the company to

properly design and plan anexploratory drill.

With the hurricane seasonroughly from June until Octo-ber, the oil explorers hope to be spudding a well some-time in early 2014.

"That would be very muchthe earliest, best case scenario," Potter toldGuardian Business.

The CEO pointed out that anumber of things must fallinto place to meet such a

timeframe. Most important-ly, BPC is looking to secure anoil drilling partner. Potter saidthat Sunday's announcementby the Ministry of Environ-ment could accelerate thisprocess. The company is “gen-uinely excited” about what’sahead.

Kenred Dorsett, the minis-ter of environment and hous-ing, released a statement yes-terday that it would "hastenour own decision-makingprocess as it pertains to oil ex-ploration and environmentalregulation here in

NP project designscondo hotel

Developers at Palm Cayare designing a condo-minium hotel on the

eastern side of its more than150-slip marina in easternNew Providence.

While the plans are still inthe draft stage, the condo ho-tel is "on the radar" in a bid tocapitalize on heavy boatertraffic into the community.

"We know a large portion ofour market is the transientboating community and they

might want to come here forseveral weeks at a time," ac-cording to Zack Bonczek, thenew sales and marketing di-rector at Palm Cay. "The bal-ance of the time, why not havea rental pool for our othertransient boaters?"

This question is just one ofmany that have arisen followingreceipt of a 93-page report fromNorton Consulting Group. PalmCay is now implementing a newmarketing and developmentplan for the next several years.

A condo hotel would cer-tainly lie at the heart of itsplans for the marina, which isthe largest of its kind by slipsin New Providence.

Bonczek told Guardian Busi-ness that "we're looking at

Palm Cay reveals new master plan

Aluxury development ineastern New Providencehas revamped its master

plan and estimates $200 mil-lion in total build-out beforeexiting the market in sevenyears.

Palm Cay, sitting on 69 acresof oceanfront property, ismulling over a 93-page reportfrom Norton ConsultingGroup to cement its futureplans. As it stands, the com-munity contains 163 lots orhomes either completed orunder construction. This fig-ure is poised to double overthe coming years dependingon market conditions.

Zack Bonczek, the new salesand marketing director forPalm Cay, is protectingaround $15 million in sales for2013. In 2014, protections go"way up" at up to $30 million

in sales. Management is esti-mating a five- to seven-yearexit strategy.

"Developing real estate inThe Bahamas presents chal-lenges, but if you get the formright, you can be very success-ful," he told Guardian Business.

Palm Cay believes it hasachieved the right mix in itsnew master plan.

So far, the project has sold57 of its 88 single-family homesites. In the garden area,which consists of 12dwellings, eight have beensold and two are rented.

The jewel of the develop-ment includes 33 beachfronttownhouses.

Bonczek said nearly 10 havebeen sold or are under con-tract. Meanwhile, a secondrow of townhouses behindthe beachfront lots, consist-ing of 30 properties, are in thelate stages of constructionand should be delivered sixmonths from now, accordingto Bonczek.

The Palm Cay executive saidthat the new master plan calls

BCFA seeks registry for fishermen

The Bahamas CommercialFishers Alliance (BCFA) islooking to create a reg-

istry as part of its plans toproperly manage the indus-try.

“Under the fishing registry,

all fishermen in the countrywill be required to have a reg-istration number,” accordingto Adrian LaRoda, BCFA presi-dent.

The Bahamas has between6,000 and 9,000 fishermen.

LaRoda told Guardian Busi-ness that creating a fishingregistry is a part of the re-quirements for the Marine

Stewardships Council (MSC)certification. The move, hesaid, will give the country’sfishermen access to majormarkets. It could also go along way to eliminating ram-pant poaching in Bahamianwaters.

“In order for us to be in to-tal compliance, we are going

Govt ‘recognizes’ industry’s VAT fears

The minister responsiblefor trade and manufac-turing says that the fears

towards value added tax (VAT)are unfounded and the gov-ernment is willing to reachamicable solutions.

Ryan Pinder, who is also theminister of financial services,emphasized that last month'swhite paper is consultative innature. Insisting that the con-cerns are "recognized", the of-ficial said that he invites sug-gestions and recommenda-tions. If it is a realistic ap-proach, manufacturers willhave the support of govern-ment.

"We want to have an openand frank discussion on VATas it applies to manufacturersand get recommendationsfrom the group on how wemake what is proposed a

more efficient system forthem," he added.

On Friday, Guardian Businessrevealed that manufacturerswere growing increasingly

worried about the impact ofVAT on cash levels.

Manufacturers importingraw materials into the

TODAY• Five key steps for first-time buyersTalk to a reputable Ba-hamas Real Estate Associa-tion (BREA) licensed agentand ask for a list of houseswithin your budget andspecifications. Keep inmind that location is stillthe number one criteriato consider if you arelooking for a sound in-vestment. Business, page B2

• Fishermen saddled by high costsFishermen lose thousandsof dollars in profit beforetheir boats even leave thedock, according to the Ba-hamas Commercial Fish-ers Alliance (BCFA). Business, page B3

Development sketches outpossible 72-unit building atmarina to capitalize ontransient boaters

JEFFREY TODDGuardian Business [email protected]


Eastern NP project hires Norton Consulting, targets around $30M in sales in 2014 and ‘full steam ahead’ on restaurant, beach club and gas dock facilityJEFFREY TODDGuardian Business [email protected]

The jewel of the development includes 33 beachfront townhouses. A second row oftownhouses, consisting of 30 properties, is in the late stages of construction and should bedelivered six months from now. JEFFREY TODD


Top executive says exploratory drill will take at least one year to plan and hopes to spud well by early 2014

Simon Potter. • BPC, page B2 • NP, page B5

• Plan, page B9

• VAT, page B9 • BCFA, page B8

SCIESKA ADDERLEYGuardian Business [email protected]

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 theassociation "seriously". JEFFREY TODD

The Central Bank is report-ing a decline in total rev-enue of $51.9 million for

the first half of the fiscal yearand a higher aggregate expen-diture of $50.8 million, ac-cording to its latest report.

According to the institu-tion's Economic and FinancialDevelopments report for Janu-ary 2013, the overall deficit forthe first six months widenedby $102.7 million, or 62.9 per-

cent, to $266 million. Domes-tic sources financed the ongo-ing deficit, namely the is-suance of $325 million in reg-istered stock, $55 million inTreasury bills and $53 millionin short-term advances.

"On the external side, $180million was obtained by an in-ternational bond in Decem-ber, with a further $34 millionderived from project-basedloan financing," the report ex-plained.

The Central Bank said thatThe Bahamas is still experienc-ing a mild pace of growth and

recovery that continues to bedependent on an economicrebound in the U.S. and thesuccessful implementation ofnew revenue streams by gov-ernment.

The Progressive Liberal Par-ty (PLP) is also attempting toreign in expenditure in anumber of areas, particularlythe funding given to publiccorporations.

Unfortunately, major hotelsin New Providence reported a1.6 percent decline in totalroom revenues, which

CB: Total revenue declines $51.9MJEFFREY TODDGuardian Business [email protected]

• CB, page B5

The Nassau Guardian | Monday, March 11, 2013 | B5➘ thenassauguardian.com

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BUSINESS

somewhere in the neighbor-hood of 72 units". Each condowould have three bedrooms,with the ability to "lock off "one or more bedrooms sothey can be offered to tran-sient boaters or othertourists.

The concept, Bonczek said,is to offer a diversity of accom-modations at various pricepoints. The condo hotelwould be constructed in thethird phase of developmentat Palm Cay, likely to com-mence sometime in 2015.

The 69-acre community cur-rently consists of 163 lots orhomes either completed orunder construction. This fig-ure is poised to double overthe coming years depending

on market conditions. Developers are planning

around $200 million in totalbuild out with an exit plan offive to seven years.

Surrounding the condo ho-tel, Bonczek said, will be anumber of other offeringsand amenities to help attractboat traffic.

Management is planning toopen a restaurant and barwith a seating capacity of 102people. A beach club, includ-ing pools, a work out facility,food and beverage facilitiesand beach access, will revolvearound the club house, hesaid.

For boaters, a full-servicegas dock and 1,000-square-footharbor master's office shouldbe of particular interest.

"We have plans approvedfor the harbor master's office.That is about 1,000 square feetand includes the fuel facility,sundry shop, offices, bath-rooms and a fish cleaning sta-tion," he said.

One year from now, the de-velopers are planning to havethe gas dock, restaurant andbeach club fully operational.The harbor master's buildingshould have broken ground.

Palm Cay wants to capital-ize on a perceived lack ofspace for boaters during peakseason. It also benefits frombeing the closest full-serviceharbor to Exuma, making it aconvenient stop-over for visi-tors.

In the second or third quar-ter of this year, Palm Cay will

launch a new marketing ini-tiative geared specifically toboaters coming out of Miami,Fort Lauderdale and PalmBeach, among other places.

Developers have been en-gaged in ongoing discussionswith the Ministry of Tourismand the Marine Operators ofThe Bahamas (MOB) in rollingout the campaign.

Bonczek said that boatertraffic will not only bring lifeto the development, but alsocultivate new sources of rev-enue and generate sales forhomes.

"We have identified thetransient boating communityas a large market for us. Wehope it will be increasinglyheavy over the coming years,"he said.

remained 21 percent below2008 levels.

"Although the average dailyrate improved by 3.5 percentto $240.57, the average occu-pancy rate fell by 1.5 percent-age points to 57.9 percent,"the report noted. "In addi-tion, approximately six of the

nine properties surveyed ex-perienced a fall-off in rev-enue, while the partial closingof a major property con-tributed to a 2.4 percent con-traction in available roomstock."

Turning to the banks, theconsumer loan segment pro-vided a bit of good news for

January. Arrears in this area declined

almost 5 percent, while totalprivate sector loan arrearscontracted by $25.3 million.Total mortgage loans experi-enced a less significantly re-duction, but this segment stillmanaged a 1.5 percent de-cline.

Banks boosted their loanloss provisions by 17.2 millionin January, the report said.

"The modest pace of domes-tic economic activity is ex-pected to be sustained in 2013,

supported by steady improve-ments in tourism output andgains in foreign investment-led construction activity," itnoted. "However, downsiderisks remain, related mainly

to the United States economicoutlook, as efforts by policymakers to constrain govern-ment spending could slowthe pace of economic recov-ery."

• Continued from page B1


NP | Project prepares new marketing campaign

CB | Top NP hotels still 21% below 2008 levels

Palm Cay wants to capitalize on a perceived lack of space forboaters during peak season. Developers believe that boatertraffic will not only bring life to the development, but alsocultivate new sources of revenue and generate sales forhomes. JEFFREY TODD

➘ thenassauguardian.com The Nassau Guardian | Monday, March 11, 2013 | B9

CFAL WEEKLY MARKET RECAP

Mar. 8, 2013 Weekly % YTD % Market Cap $

1,379.52 +0.163 +2.4713 2.940 bln

COMPANY CLOSING PRICE PREVIOUS CHANGE% 52 WEEK WEEKLYCLOSING PRICE HIGH/LOW VOLUME

DECLINERS

UNCHANGED

INTERNATIONAL MARKETS

Colina Holdings Pref. A $1.00 Bahamas Property Fund $9.34J.S. Johnson $10.02Arawak Port Development $10.85Cable Bahamas Ltd. $10.50Famguard $5.15Commonwealth Brewery $9.43

Benchmark $0.18 FOCOL Pref. B $1.00Bahamas Waste Ltd. $2.70FINCO $6.50CIBC FirstCaribbean Bank $7.43AML Foods Limited $2.00Commonwealth Bank Ltd. $6.60

Fidelity Pref A $10.00Doctors Hospital $1.25FOCOL Holdings $5.74Premier Real Estate $10.00ICD Utilities $6.50Colina Holdings Ltd. $2.50

DJIA 14,397.07 2.18% 9.87% 14.45% USD 3.93 tri

S&P 500 1,551.18 2.17% 8.76% 18.59% USD 12.89 tri

NASDAQ 3,244.37 2.35% 7.45% 17.14% USD 4.92 tri

S&P/TSX 12,835.61 0.61% 4.29% 4.12% CAD 1.64 tri

Nikkei 225 12,283.62 5.84% 18.17% 43.66% JPY 195.14 tri

Euro Stoxx50 2,728.78 4.28% 3.52% 13.70% EUR 1.82 tri

INDEX March 8, 2013 WEEKLY % YTD% YOY% MARKET CAP

UK-FTSE 100 6,483.58 1.65% 9.93% 14.14% GBP 1.64 tri

MXEF- Emerging MKT 1,057.92 0.31% 0.26% 7.85% USD 3.6 tri

LOCAL MARKET REVIEW: March 4, 2013 - March 8, 2013

The local mar-ket ended thisweek with24,500 sharescrossing the ex-change over 18trades to accu-

mulate a value of $120,963.76.The BISX All-Share Indexgained 2.25 points or 0.163 per-cent to end the week at1,379.52. Year to date the indexis up 33.26 points or 2.471 per-cent. This week’s volume leader wasFidelity Bank (FBB) trading8,250 shares and the valueleader was CommonwealthBank Ltd. (CBL), moving 6,501shares to accumulate a valueof $42,891.226 with 3 trades.The remaining volume thisweek was attributed to: AMLFoods Limited (AML) – 3,000shares in 2 trades, Arawak CayPort Development Ltd. - 50shares in 1 trade, Bank of TheBahamas (BOB) – 3,000 sharesin 1 trade, Cable Bahamas(CAB) – 2,000 shares in 2trades, Commonwealth Brew-ery (CBB) - 700 shares in 2trades, and FINCO (FIN) - 999

shares in 3 trades.

CFAL TERM OF THE WEEK:Generally Accepted Account-ing Principles (GAAP): Thecommon set of accountingprinciples, standards and pro-cedures that companies use tocompile their financial state-ments. GAAP are a combina-tion of authoritative standards(set by policy boards) and sim-ply the commonly acceptedways of recording and report-ing accounting information.

COMPANY UPDATES & CORPORATE ACTIONS:CIBC-FirstCaribbean Bank(CIB): AGM - Thursday, March14th, 2013 at the British Colo-nial Hilton, Governor’s RoomBay Street at 6:20 p.m.Arawak Port Development(APD): Mr. Franklyn Butler IIhas been appointed as a direc-torCommonwealth Brewery Ltd.(CBB): Mr. Radovan Sirorskyhas been appointed as a direc-tor Commonwealth Brewery Ltd.(CBB): $0.39 per share payableto all shareholders of recordApril 20th, 2013 payable April

31st , 2013.

INTERNATIONAL MARKETOVERVIEW: March 4, 2013 -March 8, 2013:• The international marketsclosed up this week. U.S. Treas-uries rose, the dollar gainedagainst 12 of its major peerswhile the yen continued to slumpagainst 15 of its 16 major peers.In the U.S., the Dow Jones Indus-trial Average gained 307.41points or 2.182 percent to closeat 14,397.07. The S&P 500 gained32.94 points or 2.17 percent toclose at 1,551.18. The NASDAQincreased 74.63 points or 2.354percent to close at 3,244.37. TheToronto Stock Exchange rose77.33 points or 0.606 percent toclose at 12,835.61. In the EuroZone, the Euro Stoxx 50 rose112.03 points or 4.281 percent toclose at 2,728.78 and the FTSE100 ended up 104.98 points or1.646 percent to end at 6,483.58.The Nikkei 225 rose 677.24 pointsor 5.835 percent to end at12,283.62. The commoditiesmarket posted Gold up $2.90 or0.184 percent to 1,578.85 perounce. Crude oil fell $0.22 or0.248 percent to 88.58 per barrel.

www.cfal.com 242.502.7010 Nassau, Bahamas

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Advancers 1

BISX ALL-SHARE INDEX

Bank of The Bahamas $5.30 $5.41 -2.03 5.90/4.50 3,000

ADVANCERS

Decliners 2

Fidelity Bank $2.60 $2.37 +9.70 2.60/1.55 8,250

Consolidated Water $1.83 $1.88 -2.66 1.88/1.39 ------------

Daily Volume Avg. 2,940

MARKET MOVERS

Unchanged 20

BISX INDEX

MARKET REPORT

52WK HI 52WK LOW SECURITY Previous Close Today's Close CHANGE DAILY VOL. EPS $ DIV$ P/E YIELD

BISX ALL SHARE INDEX: CLOSE 1,379.52 | CHG -0.80 | %CHG -0.06 | YTD 33.26 | YTD % 2.47BISX LISTED & TRADED SECURITIES AS OF FRIDAY, 8 MARCH 2013

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

2.00 1.18 AML Foods Limited 2.00 2.00 0.00 0.143 0.040 10.3 2.00%11.01 10.00 APD Limited 10.85 10.85 0.00 50 0.000 0.000 0.0 0.00%10.63 8.41 Bahamas Property Fund 9.34 9.34 0.00 0.366 0.400 25.5 4.28%5.90 4.93 Bank of Bahamas 5.41 5.30 -0.11 3,000 0.078 0.100 65.1 1.89%0.53 0.17 Benchmark 0.18 0.18 0.00 -0.048 0.000 N/M 0.00%2.70 2.10 Bahamas Waste 2.70 2.70 0.00 0.174 0.090 15.5 3.33%2.60 1.55 Fidelity Bank 2.60 2.60 0.00 0.147 0.140 17.7 5.38%

10.00 10.00 Fidelity Bank Class A Preference 10.00 10.00 0.00 0.000 0.000 0.0 0.00%10.80 7.49 Cable Bahamas 10.50 10.50 0.00 2,000 1.795 0.450 5.8 4.29%2.60 2.15 Colina Holdings 2.50 2.50 0.00 0.373 0.160 6.7 6.40%1.00 1.00 Colina Holdings Class A Preference 1.00 1.00 0.00 0.000 0.000 N/M 0.00%9 56 8 33 Commonwealth Brewery 9 43 9 43 0 00 100 0 670 0 580 14 1 6 15%9.56 8.33 Commonwealth Brewery 9.43 9.43 0.00 100 0.670 0.580 14.1 6.15%6.89 6.00 Commonwealth Bank (S1) 6.60 6.60 0.00 0.380 0.290 17.4 4.39%1.67 1.39 Consolidated Water BDRs 1.83 1.83 0.00 0.084 0.060 19.5 3.28%1.41 1.20 Doctor's Hospital 1.25 1.25 0.00 0.007 0.060 178.6 4.80%5.16 4.64 Famguard 5.15 5.15 0.00 0.463 0.240 11.1 4.66%6.50 4.45 Finco 6.50 6.50 0.00 0.540 0.100 12.0 1.54%8.00 6.90 CIBC FirstCaribbean Bank 7.43 7.43 0.00 0.537 0.260 13.8 3.50%5.75 4.50 Focol (S) 5.74 5.74 0.00 0.394 0.220 14.6 3.83%1.00 1.00 Focol Class B Preference 1.00 1.00 0.00 0.000 0.000 N/M 0.00%7.30 6.49 ICD Utilities 6.50 6.50 0.00 0.064 0.000 101.6 0.00%

10.50 9.82 J. S. Johnson 10.02 10.02 0.00 0.624 0.660 16.1 6.59%11.00 10.00 Premier Real Estate 10.00 10.00 0.00 0.762 0.356 13.1 3.56%

52WK HI 52WK LOW SECURITY SYMBOL LAST SALE CHANGE DAILY VOL.99.46 99.46 Bahamas Note 6.95 (2029) BAH29 99.46 0.00

100.00 100.00 Fidelity Bank Note 17 (Series A) + FBB17 100.00 0.00100.00 100.00 Fidelity Bank Note 22 (Series B) + FBB22 100.00 0.00100.00 100.00 Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00100.00 100.00 Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00

52WK HI 52WK LOW SECURITY BID$ ASK$ LAST PRICE DAILY VOL. EPS$ DIV$ P/E YIELD0.55 0.40 Colina Real Estate Fund Ltd. 0.35 0.40 0.55 0.001 0.000 256.6 0.00%

6.95%

BISX LISTED DEBT SECURITIES - (bonds trade on a percentage pricing basis)

MATURITY

19 October 201720 November 2029

Prime + 1.75%

Prime + 1.75%30 May 20137%

ROYAL FIDELITY MERCHANT BANK & TRUST LTD. (over-the-counter securities)

29 May 2015

7%

INTEREST

19 October 2022

52WK HI 52WK LOW SECURITY BID$ ASK$ LAST PRICE DAILY VOL. EPS$ DIV$ P/E YIELD41.00 29.00 ABDAB 30.13 31.59 29.00 4.540 0.000 9.03 0.00%0.55 0.40 Colina Real Estate Fund Ltd. 0.65 0.75 0.40 0.029 0.000 24.13 0.00%

52WK HI 52WK LOW NAV YTD% 12 MTH%1.71 1.61 1.71 0.51% 5.60%3.13 2.99 3.13 0.17% 4.23%1.71 1.65 1.71 0.50% 3.73%2.49 2.33 2.47 -0.59% -1.47%5 04 5 00 5 04 0 79% N/A 31-Dec-12

CFAL SECURITIES LTD. (over-the-counter securities)

BISX LISTED MUTUAL FUNDS

CFAL Bond FundCFAL Balanced Fund

31-Jan-1331-Jan-1315-Feb-1330-Sep-12

CFAL Money Market Fund

FUND NAME

Royal Fidelity Bahamas G & I FundRoyal Fidelity Prime Income Fund

NAV Date

5.04 5.00 5.04 0.79% N/A142.24 118.43 142.24 12.68% 15.56%122.22 106.88 122.22 9.65% 9.65%

1.17 1.00 1.26 0.36% 4.22%1.13 1.00 1.23 0.23% 6.67%1.18 1.00 1.28 0.37% 5.66%

11.79 10.21 11.79 2.63% 11.65%10.41 9.27 9.83 1.20% -5.59%10.00 8.85 9.13 0.12% 1.00%10.00 9.39 9.69 0.43% 0.82%8.75 7.38 8.75 3.40% 11.44%

31-Jan-13

31-Jan-13

31-Jan-1331-Jan-1331-Jan-13

MARKET TERMS

31-Jan-13

31-Dec-12

31-Jan-13

Royal Fidelity Int'l Fund - Equities Sub Fund

Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 4Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 5

31-Jan-13

31-Dec-12

31 Dec 12

FG Financial Growth FundFG Financial Diversified FundRoyal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 2Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 3

Royal Fidelity Prime Income FundCFAL Global Bond FundCFAL Global Equity FundFG Financial Preferred Income Fund

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 YIELD - last 12 month dividends divided by closing price 52wk-Hi - Highest closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelity 52wk-Low - Lowest closing price in last 52 weeks Ask $ - Selling price of Colina and fidelity Previous Close - Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price Today's Close - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week Change - Change in closing price from day to day EPS $ - A company's reported earnings per share for the last 12 mths Daily Vol. - Number of total shares traded today NAV - Net Asset Value DIV $ - Dividends per share paid in the last 12 months N/M - Not Meaningful P/E - Closing price divided by the last 12 month earnings FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100(S) - 4-for-1 Stock Split - Effective Date 8/8/2007 (S1) - 3-for-1 Stock Split - Effective Date 7/11/2007

MARKET TERMS

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

MARKET

REPORTMARKET

REPORT

TRADED

MARKET

52WK LOW52WK HI

E INDEX:RLL SHABISX A& LISTED BISX

1.18

8.41

0.17

2.0010.0011.01

10.634.935.90

0.532.102.70

FRIDAY,

REPORTMARKET

SECURITY

CLOSE 1,379.52 | CHG -0.80 | %E INDEX:OF AS SECURITIES TRADED

L Foods Limited

Fund

Benchmark

AMLimitedAPD

PropertyBahamas Bahamasof Bank

asteWBahamas

2013

REPORT

oseCls 'odayToseClous iPrev NGECHA

CHG -0.06 | YTD 33.26 | YTD % CLOSE 1,379.52 | CHG -0.80 | %MARCH 8 FRIDAY,

0.00

0.00

0.00

2.002.000.0010.8510.85

9.349.34-0.115.305.41

0.180.180.002.702.70

DIV$EPS $ILY VOL.DANGE

2.47CHG -0.06 | YTD 33.26 | YTD %

ww|2320 323.242.f.|2330 323.242.t.

0.040

0.400

0.000

0.14350 0.0000.000

0.3663,000 0.1000.078

0.048-0.0900.174

YIELDP/E

comas.sxbahambi.ww

2.00%

4.28%

0.00%

10.3.00%00.0

25.5.89%165.1

N/M3.33%15.5

1.55

7.49

1.00

2.6010.0010.00

10.802.152.60

1.0069 5 38 3

6.00

1.20

4.45

4.50

6.49

9.56 8.336.89

1.391.671.41

4.645.166.50

6.908.005.75

1.001.007.30

9.8210.50

Bank

Bahamas

Colina Holdings Class A Preference

Fidelity Bank Class A PreferenceFidelity

Cable HoldingsColina

eryBrewealthCommonwealth Bank

Doctor's Hospital

Finco

Focol

ICD Utilities

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31-Jan-13

31-Jan-13

31-Jan-13

31-Jan-13

31-Jan-13

1 Stock Split - Effective D-(S) - 4-for

CALL: TRADE TO

te 8/8/2007a1 Stock Split - Effective D

CFAL CALL: ROYALFIDE| 242-502-7010

(S 1 Stock Split - Effective D-1) - 3-for

CAPFG | 242-356-7764 LITY MARKETS ITAL

te 7/11/2007a1 Stock Split - Effective D

242-396-4000 MARKETS 242-502-7525COLONIAL |

242-502-7525

for fewer multi-level offeringsand more single-level condo-miniums. The developer isseeking to also attract an old-er demographic with a low-maintenance lifestyle.

Another offering is marinacottages for families, in addi-tion to a marina hotel condo-minium complex.

Indeed, developers at PalmCay are hoping to leverage its

more than 150 slips to boostsales and activity, whichmakes it the largest marina byspaces in all of New Provi-dence.

Attached to this concept isthe development's long-await-ed restaurant and gas dock fa-cility.

Acknowledging there havebeen delays in the past, Bon-czek told Guardian Businessthat the permits and budget

have been approved. He saidJune 1 would be a "realistic"timeframe for completion asexecutives mull over three dif-ferent proposals from restau-ranteurs. The restaurants willinclude inside and outsideseating for 102 people.

"We are full steam ahead. Itwill be casual and yet elegantas well. This will end up beingthe heart beat of our commu-nity," Bonczek said.

Management plans to offera total of 400 memberships toits up-and-coming beach club,a portion of which will be of-fered to non-residents of PalmCay. The club includes a largepool, beach, inside and out-side bars, a work out facilityand beach access.

Bonczek said that approxi-mately 30 jobs should be cre-ated through the constructionof a restaurant, beach club,

gas dock and a 1,000-square-foot harbor master's officeand general store, although anumber of "spin off " opportu-nities should grow over time.

Palm Cay, spearheaded byBritish investor Henry Moser,has been constructed throughprivate equity and no involve-ment from the banks. Invest-ment thus far is "north of $40million", according to Bonczek.

Palm Cay is organizing a

number of special events inthe next few months to stimu-late investors and engage theexisting community. In April,the development will host itssecond boat show, while inMay it's planning a Marlin Ma-rine Tournament.

This fishing event will befollowed by the first annualFamily Fun Fishing Tourna-ment for Palm Cay residentsand guests.


PLAN | New facilities to generate 30 jobs

VAT | Pinder urges industryto join association

country must pay 15 percentVAT on the top. While indus-try leaders understand theneed for the tax, concern is be-ing raised on their inability torecoup this cost until the finalpoint of sale. Carrying an ad-ditional 15 percent burden fora month, or perhaps longer,could have a major impact onlocal businesses.

"I am not sure I understandthe logic behind that," saidWalter Wells, president andCEO of Caribbean BottlingCompany (Bahamas).

The issue of VAT came up atlast Friday's inaugural Ba-hamas Light Industry Develop-ment Council meeting at theLutheran Church of Nassau.Pinder said yesterday that heactually flagged the cash flowissue early on following thewhite paper’s release.

As a possible solution, man-ufacturers have suggestedthat the government impose atime lag on VAT collection thatreflects the business. For ex-ample, it often takes a monthor more for the raw materialsto become a product andmake it to market.

Other entrepreneurs havepointed out that major suppli-ers also carry receivables of 30to 40 days, or more, after theinitial sale.

"There are a number of solu-tions. One is the time lag,"Pinder said. "Ultimately itcould mean having a credit onimports. Maybe you have areal-time credit. The impor-tant thing is we are open todiscussions as we further de-velopmental policy."

The minister of trade and

manufacturing, who person-ally attended last Friday'smeeting, said he was "verypleased" that entrepreneurshave organized themselvesinto a formal body.

The ability to present a unit-ed position, he said, will bene-fit both the public and privatesector and ultimately the posi-tion of the country.

He told Guardian Businessthat the government is takingthe association "seriously".

"I urge all manufacturers tohave membership and in-volvement. There is a com-monality of concerns in theindustry and it is best repre-sented as a group,” he said.

Another major concernamong manufacturers is theimpending accession to theWorld Trade Organizationsometime next year. Pinderassured members that thegovernment is “sensitive” tothe need to protect local in-dustry. He said the negotia-tions will not shy away fromimposed high tariffs on partic-ular imported goods.


“I urge all manufactur-ers to have member-ship and involvement.There is a commonal-ity of concerns in theindustry and it is bestrepresented as agroup.

– RYAN PINDER

Guardian- Palm Cay Reveals New Master Plan

Documents