Group Title: Tribune. (Nassau, Bahamas).
Title: The Tribune
Full Citation
Permanent Link:
 Material Information
Title: The Tribune
Uniform Title: Tribune (Nassau, Bahamas)
Alternate Title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Place of Publication: Nassau Bahamas
Publication Date: July 22, 2005
Copyright Date: 2005
Frequency: daily, except sunday
normalized irregular
Genre: newspaper   ( marcgt )
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Bibliographic ID: UF00084249
Volume ID: VID00162
Source Institution: University of Florida
Holding Location: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850

Full Text







Volume: 101 No.197

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FRIDAY, JULY 22, 2005

PRICE -500

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Man dies after

waiting for

emergency flight

Tribune Staff Reporter
Andros are upset with govern-
ment, the Ministry of Transport
and Aviation, and especially
iheir MP'Vincent Peet after a
resident of Red Bay died at the
San Andros airport yesterday.
Rufus Khowles Jr, 21, died at
the San Andros airport at 10am
yesterday after waiting for
almost three hours trying to get
an emergency flight to New
Providence. According to a
source on the island, the pilots
at the airport, which happens
to be the hub for Western Air,
were warned that they would
bfe severely punished if any
IN AN article on page
three of Wednesday's Tri-
bune, Shiela Young was
incorrectly referred to as the
vice president of the
Bahamas Bar Association.
Shiela Young is the vice
president of the Bahamas
Real Estate Association,
and not connected to the
Bahamas Bar Association in
any way.
Ruth Bowe-Darville, who
is the vice president of the
Bahamas Bar Association,
is in no way connected to
the subject of the article, and
The Tribune apologises to
Mrs Bowe-Darville for any
inconvenience the mistake
may have caused.

flights left the runway.
However, according to this
source, someone at the airport
called the Ministry of Transport
and Aviation complaining and
"raising hell" about how the
man had to die at the airport
because none of the pilots
would be allowed to fly him to
A fax from government at
12.45pm yesterday announced
the opening of the San Andros
airport for domestic traffic.
The airport has been closed
since Monday, although it had
been opened temporarily for a
regatta last week.
For domestic flights a cus-
toms building or check point is
not needed. It was reported that
there have been no physical
improvements to the airport
since its Monday closure to its
opening yesterday.
"This man came to the air-
port from Red Bay in an emer-
gency case, but no charter pilot
could bring him into Nassau as
they were warned that they will
be severely dealt with. The
pilots wanted to take the chance
but they couldn't. So the man
died at the airport waiting.
"They opened the airport
during the regatta and then
closed it. So I guess the regatta
is more important than any oth-
er normal life time. This inci-
dent happened here today
because of that closure," the
source claimed.
Some residents are blaming
SEE page nine


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THE President of the Bahamas Christian Council, Rev William Thompson
(right), along with Rev CB Moss, assistant to the president, at yesterday's press

AS A RESULT of com-
plaints by a Grand Bahama
.religious leader earlier this
month, the organisers of the
"Feel the Rush" Junkanoo
parade have decided to hold

the event after church hours
on Sunday, July 31.
In a press conference yes-
terday Christian Council
President Dr William
Thompson told members of
the press that the council is
against the timing of the
Junkanoo parade.

A MENTALLY disabled child drowned yes-
terday in his family's bath tub.
Police late last evening received reports that a.
seven-year-old boy died while taking a bath in his
home off Carmichael Road.
Assistant Commissioner of Police Reginald
Ferguson told The Tribune at press time yester-
day that preliminary reports suggest that the boy
was at home with his two older siblings, without
adult supervision at the time the accident
"It seems that it was just the boy with his sib-
lings. The older one is 16, the other one 12.
Apparently there were no parents home at the
time," he said.
Mr Ferguson said it seems that "all three chil-
dren are mentally challenged."
According to reports, the 16-year-old brother
lifted the young boy out of the tub and put him
on a nearby bed.
Police are now awaiting the autopsy results as
investigations into the matter continue.

He said the parade was
planned for the early after-
noon, but the council asked
the organizers to plan the
parade for that evening.
The Junkanoo parade is
set for Sunday, July 31, to
SEE page nine

COB president

taken to hospital,

panel findings

are withheld
THE findings of the panel considering the
fate of COB president Rodney Smith have
been withheld because Dr Smith has been tak-
en to hospital.
The special advisory panel was convened to
consider the act of plagiarism committed by
Dr Smith and was scheduled to make its find-
ings public this week.
However, according to COB council chair-
man Franklyn Wilson, the release of these find-
ings were suspended when Dr Smith was admit-
ted to hospital some days ago.
Mr Wilson said the panel submitted its rec-
SEE page nine

*Tribune Staff Reporter
TWO frightened Bahami-
an students studying law at
the University of Bucking-
ham told The Tribune yes-
terday that they "may con-
sider transferring to colleges
outside of Britain" if terror-
ist attacks continue there.
The students, who are
both entering their second
year of law school, say their
parents are monitoring the
situation in London closely
and will make a decision
about their transfer very
Although the students
were not directly affected by
Thursday's attempted
bombing or the first series
of bombings that killed 56
people and injured about
700 others on London's
Transport network two
weeks ago, they say "every-
day the situation here (in
Britain) becomes more and
more uncertain."
Yesterday terrorists tried
to set off explosives at four
locations in London -
three tube stations and a
double-decker bus.
British reports state that
the attacks took place
almost simultaneously at
about 12.30pm British Stan-
dard Time 7.30am
Bahamas time.
London's Transport sys-
tem was quickly thrown into
chaos with a number of tube
lines closed and roads cor-
doned off.
The offices of the
Bahamas High Commission
in London yesterday issued
a statement confirming that
"there are no reports of
Bahamians being injured."
However, Metropolitan
Police in London have stat-
ed that although only one
person is reported injured
after Thursday's blasts "the
attempted bombings were
designed to kill people."
In response to Bahamian
students and their parents
considering academic trans-
fers outside of Britain, For-
SEE page nine

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Investigation as

downtown sewer

system overflows

Tribune Staff Reporter
THE government is set to
launch an investigation of
downtown restaurants after
determining that eateries are
one of the main contributors to
the city's severe sewerage prob-
Ron Pinder, parliamentary
secretary in the Department of
Environmental Health, yester-
day told The Tribune that down-
town Nassau has experienced
the problem of backed-up sew-
ers for the past several years.
"There are two main causes
for this. Firstly there is corro-
sion of some pipes, and the sec-

ond problem we have pinpoint-
ed is the high number of restau-
rants in the area," he said.
On Wednesday employees of
the DHL shipping company on
East Bay Street complained
that a backed up sewer was
causing "faeces to float in the
streets." Yesterday, The Tri-
bune received reports that the
lower offices of the Treasury on
Marlborough and George
Street had to be evacuated
because of an offensive odour.
Employees said the sewer
system in the building
The Department of Environ-
mental Health, the regulatory
body for sewerage and general
sanitation, has discovered that

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many restaurants do not have
proper grease disposal facilities,
so-called "grease traps", and as a
result are pouring raw grease
directly into the drainage system.
It is this raw grease which
over time leads to back-ups in
the sewer system, which cause
foul odours and overflow.
Research by environmental
health and Water anid Sewer-
age Corporation personnel also
discovered a number of objects
clogging up the downtown sew-
ers, including clothing items,
female sanitary items, large
food items and plastic.
"It seems that people have
adopted the attitude that it's
okay to dispose of everything
as long as you can flush it down.
This poses a significant chal-
lenge," Mr Pinder said.
He added that the problems
with sewerage back-ups in the
downtown area have continued
over the years because of a
"management oversight" on the
part of the Water and Sewer-
age Corporation.
A committee has been
formed to address the issue and
a survey of all restaurants in
downtown Nassau, including

* THE sewage overflows and the parking lot overflows with -
human faeces outside this restaurant at the bottom of the bridge .
(Photo: Mario Duncason/ Tribune Staff) -

Dowdeswell Street, Madeira
and Mackey Streets, will be car-
ried out shortly.-
Mr Pinder said that talks
would be conducted with mer-
chants to inform them that
grease traps are a health
requirement for restaurants.
Regarding the specific prob-
lem of the East Bay Street and

Okra Hill areas, where faeces
have been reported floating in
the streets due to a sewerage
problem, Mr Pinder said that
tests have shown that the main
drain was blocked.
"Environmental health and
water and sewerage have been
on site and-the drain is now
being cleared," he added.



out the


EMPLOYEES at the the Public
Treasury on Marlborough and
Gerge streets had to evacuate the
building after complaints of a foul
Employees in the building said
that the smell had been caused by
sewerage problems. They added
that it is not the first time that such
problems have been experienced.
However, at the time of going to
press the Water and Sewerage
Corporation said a complaint had
not been made to them.
Photo: Franklyn G

Cheap fares are 'merely temporary incentives'

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THE cheap fares offered by
low-cost carriers are merely an
temporary incentive, according
to Bahamasair general manager
Paul Major.
According to Mr Major, such

carriers have used their low
fares to establish themselves in
flight industry in the past eight
years and are now "here to
Although he is confident their
prices will eventually rise, Mr
Major said that these carriers
are determining the market at
the moment and forcing other
airlines to lower their fares to
stay competitive.
Mr Major said that when
most airlines enter the market it
is quite usual for them to offer
introductory rates for a short
period to entice travellers to use
the carrier.
He said that during this time
the airline does not generate
much revenue, however it is
expected that the cheaper fares

will entice more travellers and
provide sufficient lift.
According to Major, once the
airline has established itself
these low introductory rates
become a thing of the past.
"They may offer low fares
for a while but its only a matter
of time before they raise the
prices to recover their losses,"
Mr Major said.
In relation to Bahamasair, Mr
Major said that the national car-
rier still needs to remain com-
petitive while generating suf-
ficient revenue to cover its own
"We have to follow the mar-
ket, when these low cost carriers
come with their introductory
fares we have to match them,"
Mr Major said.

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FRIDAY, JULY 22, 0~u4,


Hundreds wait at airport when

conveyor belt breaks down

Tribune Staff Reporter
HUNDREDS of travellers were
forced to wait hours for their baggage
yesterday after conveyor belts at Nas-
sau International Airport malfunctioned.
Tourists and Bahamians at the inter-
national terminal found themselves wait-
ing as their luggage was carried from
the aircraft into the building by airport
Speaking with The Tribune, the deputy

Conference to be

held on HIV/AIDS

Tribune Staff Reporter
A HIV/AIDS workshop has been planned to
sensitise church leaders of all denominations to
the disease and its impact on society.
The one-day event is being sponsored by the
Bahamas Christian Council in conjunction with
the Caribbean Conference of Churches.
On July 25 at the British Colonial Hilton, clergy
and lay leaders will be addressed by various speak-
ers involved in HIV/AIDS organisations.
They include: Rose Mae Bain of the Bahamas
AIDS Secretariat, representatives of the People
Living with HIV/AIDS Network, and Miriam
Maluwa, of the United Nations joint programme on
The workshop will be conducted by Ainsley
Reid of the Caribbean Council of Churches.
The director of HIV/AIDS centre Rose Mae
Bain said the secretariat is pleased to welcome
"We welcome the opportunity to deal with
.(church) leaders. They will, be the one that will
spread the message out to all the parishioners of the
importance, of the main goal of the AIDS Secre-
tariat, prevention and control of HIV/AIDS in
this country," said Mrs Bain.
Mrs Bain added that the secretariat will soon
engage in an extensive media campaign, sending
the message to every Bahamian that they need to
know what their HIV status is, she said.
The event will pen at 9am

general manager of the Airport Author-
ity, Joseph Reckley, explained that a
number of conveyor belts ceased to func-
tion at 10.30am yesterday and that the
remaining ones were switched off so the
problem could be dealt with better.
Mr Reckley said that the problem has
existed for the past several years, and that
keeping the conveyor belts running prop-
erly poses a real maintenance challenge.
"We constantly have to maintain these
belts we are always ordering parts, in
some instances from as far away as Hol-

land. In this case someone didn't follow
instructions and failed to order the nec-
essary part," he said.


The conveyor belts in question are
carousel belts, which were installed in
"They are fairly new. We bought them
from a very reputable company, but
we've had problems with them almost

from day one. Whereas our flat belts are
extremely old and are still working per-
fectly. Sometimes modern technology
isn't the best solution," he said.
Mr Reckley regretted that the people
had to wait longer than usual, but
explained the airport have the bags sent
to them at later point in time, because
the luggage had not yet been processed
by Customs.
The conveyor belts were expected to
be up running by late yesterday after-

* THE Bahamas Christian Council in conjunction with the Caribbean Conferences of Churches will sponsor a
HIV/AIDS workshop next Monday at the British Colonial Hilton. From left: President of BCC, Rev William
Thompson; Mrs Rose Mae Bain, of the Bahamas AIDS Secretariat; and Rev CB Moss, assistant to the BCC
(Photo: Mario Duncanson/ Tribune Staff)

Tribune Staff Reporter
THE Rastafarian church
is calling on the public to join
its biggest celebration of the
year so as to understand and
appreciate a culture they say
is growing rapidly in the
On Saturday, July 23, the
Ethiopia Africa Black Inter-
national Congress (EABIC)
will celebrate the birth of
Emperor Haile Selassie I
after their Sabbath Service
*ends at sunset.
The night will bring an
"Ital" feast along with anoth-
er service that will continue
through the night until Sun-
day. The celebration will be
taking place at the church
grounds, known as Israel, on
Fire Trail Road east.
For EABIC priests Mar-
vin Bethel and Phillip Gib-
son, the faith is one that
encourages upliftment of
black people without being
prejudiced to any other race.
"We are not dealing with
race prejudice, we are deal-
ing with race consciousness,"
said Phillip. "There is no
race hatred here because
God is love."
The EABIC sees a parallel
between the Israelite's exo-
dus out of Egypt into the
promise l, a, and the
church's modern day call for
blacks, the descendants of
slaves illegally brought to the
west, to take up the chal-
lenge of returning to Africa.
The priests point to the
scriptures for understanding
on how they say prophecy
was revealed to them.
SThe Rastas say that the
best way to grasp their faith,
is to, come and ask questions
personally at the Fire Trail
Road church.

* THE predicted path of the weather system

Tropical storm warning issued

A TROPICAL storm warn-
ing was issued yesterday after-
noon for the islands of the
central Bahamas after the
sixth tropical depression of the
2005 hurricane season formed
over the country.
The warning was issued for
Eleuthera, New Providence,
the Berry Islands, Abaco and
Grand Bahama.

At press time yesterday the
centre of the tropical depres-
sion was located 125 miles east
of the northwestern Bahamas.
The depression was moving
toward the west-northwest at
13mph with maximum sus-
tained winds of 35mph.
Forecasters expected the
system to intensify to tropical
storm status by late last night

or early today.
The depression is projected
to move away from the
Bahamas by Saturday.
However, current computer
projections show the depres-
sion turning back towards the
Bahamas on Tuesday.
If the depression becomes a
tropical storm, it will be named
Tropical Storm Franklin.

* "Copyrighted Material -

Syndicated Content

Available from Commercial News Providers"

- -a
- -

Man in hospital after car crash

FREEPORT A young man
narrowly escaped with his life
yesterday afternoon when the
vehicle he was driving crashed
into a tree and burst into flames
on East Sunrise Highway.
Kiko Garcia Evans, 24, of
Watkin Lane, Freeport, sus-

tained serious injuries to his
right leg around 1.40pm when
he lost control of his green,
Buick LeSabre just west of
Waterfall Drive.
According to police, a con-
cerned passerby witnessing the
accident and pulled Evans to

safety before the vehicle was
engulfed and destroyed by fire.
He was taken to Rand
Memorial Hospital, where he is
being detained for medical
Traffic police are continuing
investigations in the accident.



KPMG is currently accepting applications for its 2005 scholarship programme.
This programme provides financial support for students attending Bahamian
and North American Colleges with the career goal of becoming Certified Public

The scholarship will be awarded to a deserving Bahamian student with
outstanding scholastic achievement. Interested candidates should submit a
cover letter, resume, school transcripts and at least two
KPMG, Human Resources Manager, P.O. Box N 123, Nassau, Bahamas.


@2005, KPMG, a Bahamian partnership, the Bahamian member firm of KPMG International, a Swiss cooperative. All rights reserved.



The Tribune Limited
Being Bound to Swear to The Dogmas of No Master

LEOQNE-H..DUPUCH, Publisher/Editor 1903-1914

(Hon.) LL.D., D.Litt.

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

Publisher/Editor 1972-

Published Daily Monday to Saturday ..-

Shirley Street, P.O. Box N-3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager (242) 502-2352
Circulation Department (242) 502-2387
Nassau Fax: (242) 328-2398
Freeport, Grand Bahama: 1-(242)-352-6608
Freeportfax: (242) 352-9348

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-EDITQR,-The Tribune. recent Parliamentary ses

I SHOULD be grateful if
you would grant me the
space to make the follow-
ing comments about a
recent experience.
How do you measure
greatness? This weekend I
had the opportunity of hav-
ing my first face-to-face
meeting with a true gentle-
man, a true diplomat and
an intellectual powerhouse
Sir Arthur Foulkes at
his residence.
In an age where politi-
cians are brashful, conceit-
ed, arrogant and even
demeaning, Sir Arthur was
very humble and dignified.
I found this meeting to be
.an enjoyable; exciting and
_._educational occasion as I
was conversing with an
elder statesman; an archi-
tect in the struggle for
Majority Rule and Inde-
pendence; a founding
father of the FNM and a
journalist extraordinaire.

During our three and a
half hour meeting, I was
entranced by Sir Arthur's
personal success story, his
recollection of the early
years of the PLP and the
beginnings of politics led
by black Bahamians. Sir
Arthur's social outlook
professed a genuine love
for The Bahamas and a
strong interest in its youth.
He was well voiced and
expressed a diverse knowl-
edge of many aspects and
arenas of our past and pre-
sent society.
Sir Arthur represents the
embodiment of class.
Today, there is very little
class to be found in our
political culture, just look
at the scandals plaguing
certain politicians and the
crude, reckless blow ups in

These politicians can all
learn a v-aluable lesson
from Sir Arthur's example.
If Sir Arthur's son, Mr.
Dion Foulkes has a politi-
cal and social aura as his
father, the future is bright
for the FNM and if he
becomes prime minister -
The Bahamas!
Sir Arthur Foulkes is a
genuine national hero, and
dare I say, one of the
greatest Bahamians that
has ever lived.
As a country we must
celebrate people as this
whilst they are alive and
I thank Sir Arthur for his
guidance and honesty, and
welcome the future of our
budding friendship/men-

July 4, 2005.

EDITOR, The Tribune.
READING and viewing press reports of the,
recent Forum on LNG one wonders whether these
highly intelligent persons really can think through
the true reality of the concepts of the solutions that
they put forward?
In all probability it would be far less costly to
build a new National Electricity plant on Andros
with a short,.relatively, pipeline for LNG from
Ocean Cay and then cable into Grand Bahama -
New Providence and even Exuma and other
southerly islands than trying to ship LNG or small
uneconomical tankers, which still have to be devel-
oped, or building a very costly pipeline from Ocean
Cay to Grand Bahama and then south to New
BEC at Clifton under present planning is not
going to be moved and if the safety requirement
for LNG in Freeport is as stated, 1.5 miles away
from any residence, then obviously any thought of
a LNG supply and storage at Clifton Pier is off the
radar as South Ocean and the proposed new 500,
unit development of Tavestock Estates is far

too close.
Petro-Caribe how quick are we to reach what
we feel is the educated judgment on this proposal?
Reality is firstly this is an offer from Venezuela,
secondly the Trinidad & Tobago government was
caught selling their oil/refined fuel to CARICOM
at an inflated wholesale price and regrettably it
seems to quell a further fight in CARICOM. The
Heads of Government last week in St Lucia gave
the responsibility back to Prime Minister Man-
ning of Trinidad to negotiate the deal with
Venezuela. A columnist in another publication
seems not to understand that The Bahamas has
basically always relied on Venezuelan oil through
the route of Venezuela to Curacao for refining
and then the refined product shipped to The
Bahamas. Two of our wholesalers actually ship
on the same tanker. I understand even when there
was a strike of the oil workers in Caracas our sup-
ply continued flowing through Curacao unabated.
July 13, 2005.

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Rebuilding work

begins at Casa

Bahama site

Tribune Freeport

a year after the certificate of
occupancy for Casa Bahama
was revoked, structural work to
restore the high rise complex
on the Mall is finally underway.

Casa Bahama lost its occu-
pancy certificate following a fire
last March which caused severe
damage to the apartment com-
plex on the Mall.
Civil engineer Philip English
at Qualfast Construction has
been contracted to carry out
repairs at the 18-storey build-
ing, which is in need of major

Radio is not reaching

Grand bahama residents

Tribune Freeport Reporter

FREEPORT Public radio
transmission is not reaching
the residents of East and West
Grand Bahama due to the
ongoing transmitter problems
at ZNS Radio in Freeport.
;:Radio AM 810 cannot be
heard for more than ten miles
outside of Freeport is either
High Rock MP Kenneth
Russell said: "We are in the
hurricane season right now,
and my concern is that ZNS
is the one public radio that we
depend on to keep us
informed during hurricanes."'
Doiiald Rolle, director of
engineering at ZNS in Nassau,
told The Tribune that the tech-
nical difficulty has been caused
by a transmitter problem.
He said that an electrical
surge might have affected any
number of components in the
He said: "We have a team
of engineers and technical
experts there troubleshooting
the system to find out exactly
where the problems are. We
are making progress and hope
to get the transmitter back to
optimal working operation as
soon as possible," he said.

Up to press time, The Tri-
bune was un able to contact
Diana Swann, general mafiag-
er and director of the
Bahamas Broadcasting Cor-
poration Northern Service.
Mr Russell called on Obie
Wilchcombe, the minister
responsible for broadcasting,
to ensure that radio services
are restored to the entire
island, particularly at East End
and West End.
"We have had quite a num-
ber of hurricanes develop in
the Atlantic already. And I
am concerned that should one
of the hurricanes hit Grand
Bahama those residents would
be left stranded without any
form of communication," he
Mr Russell complained that
transmission is also bad in
Freeport during inclement
Mr Russell also called for
road work and dredging of the
Sweeting's Cay channel at
East Grand Bahama.
He said there have been a
few road accidents in East
End because of the poor con-
dition of roads in East End.
He was also concerned about
the dangerous 14-ft fall offs
from the road at Smith's Point
and McCleans Town.

structural repairs.
Workers are presently carry-
ing out repair work to the roofs
and floors of the balconies at
Casa Bahama, which is com-
prised of some 68 units.
On March 2, fire ravaged a
fourth floor unit and caused
severe smoke damage to sever-
al other units in the residential
complex, which is one of old-
est, and tallest in Grand
Although the flames were
contained to Unit 43, fire offi-
cials and building inspectors
deemed the building was unsafe
due to severe smoke and water
Tenants and apartment own-
ers were forced to vacate their
units after power and water util-
ities were disconnected to the
Before a certificate of occu-
pancy can be re-issued, the
Grand Bahama Port Authori-
ty's Technical Department will
have to inspect the building to
ensure that it meets all require-
Freeport businessman Mario
Donato, the building's owner,
could not be reached for com-
ments before press time.

* CONSTRUCTION workers are seen carrying out repair
work at Casa Bahama on the Mall.
(Photos: Denise Maycock)

San Andros

airport is

open again

for travel


SAN Andros airport, which:
has been closed since a fire'
destroyed its terminal facilities'
three weeks ago, is now open:
for domestic flights. i
Ministry of Transport and.
Aviation officials announced
the reopening yesterday. Inter-.
im measures are currently being
put in place to ensure that the
airport is open to international
traffic as well.
Since the fire in early July'
the Ministry of Transport and,
Aviation has been seeking a
temporary solution to the loss of
flight service to the airport in
North Andros, which is the
main gateway to the North
Andros area.
An arrangement has been
made with the British govern-
ment for the loan of several
structures, known as "modud
lars." Minister of Transport and
Aviation Glenys Hanna Martin
said that once these structures
are installed and the necessary
personnel and other equipment
are put in place, the airport will
be fully opened to both domes-
tic and international traffic.
Police have determined that
the fire which completely
destroyed the airport's termi-
nal, including customs, immi-
gration and Western Air offices
along with the airport snack bar,
was an arson attack. Police
investigations into that incident
are continuing.

I- i


-WEDDING CRASHERS C 1:00 3:30 N/A 6:00 8:10 10:45
FANTASTIC4 B 1:00 3:40 N/A 6:00 8:20 10:45
DARK WATERS C 1:10 3:25 N/A 6:00 8:25 10:55
REBOUND A 1:15 3:20 N/A 6:10 8:15 10:40
AR OF THE WORLDS T 1:00 3:30 N/A 6:05 8:20 10:45
IANDOFIHEDEAD C 1:20 3:30 N/A 6:15 8:25 10:55
ERBIE:FULLY LOADED A 1:15 3:25 N/A 6:10 8:15 10:40

BAD NEWS BEAR NEW 1:10 3:40 6:05 8:15 10:25
THE ISLAND NEW 1:00 NIA 4:00 7:00 10:00
CHOCOLATE FACTORY A 1:15 3:35 6:10 8:15 10:30
FANTASTIC 4 B 1:00 3:25 6:00 8:10 10:40
WAR OF THE WORLDS T 1:00 3:30 6:00 8:20 10:40
REBOUND A 1:30 3:45 6:10 N/A N/A

.. .. .. ........... ... .. ........... .
TO .: 3 80-FL M 3 93-94 6:i I
............ ............................................... I .......... 11 ............. I


FRIDAY, JULY 22, 2004, PAUit b







All Cat Island Boat Cruise, on board the Sea Link,
Saturday, July 23. Special guests: Lady Saw and
Elephant Man. Featuring a $1,500 giveaway, and
music by The Mighty Pencil, Da Butler and DJ
One Dwight. Boarding time: 8pm. Boat leaves Pot-
ters Cay Dock at 9pm sharp. Tickets @ $15 can be
purchased at Star Track Meat, Carmichael Road
(Tel: 341-6030). Or $20 at the boat.

Goin' Back to da Island Boat Cruise Part H (an
Acklins Regatta event), on board the Island Link,
Saturday, July 23. Door prizes include: 2 Round
trips on Bahamasair; Gift certificates from John
Bull, The Polo Company, City Markets, Jaffies
Clothing Store and Subway; dinner for 2 at Cas-
surina's; his and her watches from Colombian Emer-
alds; and Galleria movie tickets. Featuring music by
Marvin A, Gigolo Jeff and Links. Boarding time:
7:30pm. Sailing time: 8pm. Boat leaves east of the
police station, Potters Cay Dock. Tickets: $15 (food
included), available at the Juke Box, V B Travel,
and Hanna's Hardware. Security provided by C &
M Security Firm.

Nelson Cooper Peace on da Streets Basketball
Classic @ Sir Kendal Isaacs Gymnasium, Satur-
days, July 23 at 9am. Featuring: a Three-Point
Shootout and the Jimel Slam Dunk Contest.
Admission: $1 (children under 12), $2 (adults)
before 5pm. After 5pm all entrants pay $5. For
more information call 356-6549 or 326-7269.

Wild Jungle, each and every Wednesday night @
Club Trappers, Nassau's "upscale" gentleman's
club. Featuring a female body painting extrava-
ganza. Free body painting @ 8 pm. Ladies always
welcome. Admission: Men free before 10 pm.
Females free. There will be free food and hors
d'oeuvres between 9 and 10 pm7O0peffuntil.4am.

Ladies Night @ Fluid loungethliisand every Thurs-
day night. Doors open at 10pm.iiadies free before
lam, $10 after. Guys: $15 all night. Drink special: 3
@ $10 (Bacardi) Giveaways and door prizes every

Exotic Saturdays @ Fridays Soon Come starts with
3 for $10 drink specials. Admission: $10 before mid-
night and $15 after. Ladies free before llpm.

Rave Saturdays @ Club Eclipse. DJ Scoobz spinning
the best in Old Skool. Admission $35, all inclusive
food and drink.

Fever @ Bahama Boom, Elizabeth St, downtown,
every Friday night. Admission $10 before midnight.
First 50 women get free champagne. First 50 men
get a free Greycliff cigar. Dress to impress. For
VIP reservations call 356-4612.

Mellow Moods every Sunday @ Fluid Lounge and
Nightclub, Bay St, featuring hits from yesterday -
old school reggae and rockers downstairs, and gold-
en oldies upstairs. Admission: Free. Doors open

Karaoke Music Mondaze @ Topshotters Sports
Bar. Drink specials all night long, including karaoke
warm-up drink to get you started. Party from 8pm-

Reggae Tuesdays @ Bahama Boom. Cover charge
includes a free Guinness and there should be lots of
prizes and surprises. Admission: Ladies $10 and
Men $15.

Hump Day Happy Hour @ Topshotters Sports Bar
every Wednesday 5pm-8pm. Free appetizers and
numerous drink specials.

Flash Nights @ Club Fluid every Thursday. The
ultimate Ladies Night. Join Nassau's and Miami
Beach's finest men. Ladies only before 11.30pm
with free champagne. Guys allowed after 11.30pm
with $20 cover.

The Pit @ Bahama Boom, every Thursday. Doors,
open at 9pm, showtime 11.30pmn. Cover charge $15.
$10 with flyer.

Fantasy Fridays @ Fluid Lounge, featuring late '80s
music in the VIP Lounge, Top of the Charts in the
Main Lounge, neon lights and Go Go dancers.
Glow sticks for all in before midnight. Admission:

Ladies free before llpm, $15 after; Guys $20 all

Dicky Mo's @ Cable Beach. Happy Hour every
Friday 3 for $10 mixed drinks and $1 shots.
Bahamian Night (Free admission) every Saturday
with live music from 8 pm to midnight. Karaoke
Sundays from 8pm to midnight, $1 shots and dinner
specials all night long.

Twisted Boodah Lounge @ Cafe Segafredo, Char-
lotte St kicks off Fridays at 6pm with deep house to
hard house music, featuring CraigBOO, Unkle
Funky and Sworl'wide on the decks.

Chill Out Sundays @ Coco Loco, Sandyport, from
4pm-until, playing deep, funky chill moods with
world beats.

Sweet Sunday Chill Out Soiree Lounge, every Sun-
day, 4pm-midnight @ Patio Grille, British Colonial

Wet Sundays, every Sunday, noon-midnight @ Crys-
tal Cay Beach. Admission $10, ladies free.

Carib Siie @Club Fluid every Sunday. A night of
Caribbean, Latin and Reggae flavours for all audi-
ences. Latin Flair in the VIP Lounge; Old School
Reggae arid Soca in the Main Lounge. Ladies in free
before 11pm. $10 after 11pm. Men, $15 cover

TooLooSe @ Indigo Restaurant on West Bay St and
Skyline Drive. Singer/songwriter Steven Holden
performs solo with special guests on Thursday from
9pm midnight.

The Graham Holden Deal @ The Green Par-
rot....David Graham, Steve Holden, Tim Deal and
Friends perform Sunday, 7pm 10pm @ Hurricane
Hole on Paradise Island.

Jay Mitchell and Hot KC @ Palm Court Lounge,
British Colonial Hilton, Wednesday-Thursday 8pm-

Sunday Night Interlude @ Briteley's Restaurant &
Lounge, Eneas St off Poinciana Drive. Featuring
Frankie Victory at the key board in the After Dark
Room every Sunday, 8.30pm to midnight. Fine food
and drinks.

Paul Hanna, Tabatha and Gernie, and the
Caribbean Express perform at Traveller's Rest,
West. Bay St, every Sunday, 6.30pm-9.30pm.


Off-Broadway's Longest-running Musical Com-
edy celebrates the modern-day mating game and
explores the joys of dating, romance, marriage,
lovers, husbands, wives and in-laws. Tickets are
$20 and $25 and can be purchased at Fox Hill Nurs-
ery on Bernard Road. Proceeds will be going
towards repairs to the Aegency Theatrzein.Freeport.
due to Hlurricane damage and the BahamnasHeart,

Da Spot, a weekly comedy show, features skits and
spoofs on Bahamian life, with improv by a talented
young cast. The show is held Tuesdays @ The Dun-
das at 8pm. Admission is $10, and tickets are sold
at the door.

Bold, an exhibition of paintings by JeRome Harris
Miller at Azure Spa, British Colonial Hilton, runs
through July 30. Spa hours Monday-Saturday, 9am-
6pm and Sunday, 10am-6pm. A second opening
reception will be held on Friday, July 15, from 6pm-

Alternate Photography @ the National Art
Gallery: a course designed to engage interested
students in the visual and aesthetic possibilities of
photography as an art, and alternative photography
as an accessible medium. Students will be intro-
duced to the history of photography. They will
learn how to build cameras, principles of photo-
graphic composition, correct darkroom procedures
and film development and alternative photogra-
phy techniques that allow images to be developed
on all types of surfaces and objects, and produces
images with very particular charecteristics. The
workshop will be held at NAGB, West and West
Hills Sts, and runs from July 18-30, 9.30am 2pm
(some days are full work days and will run from
9am-5pm). Age group: 12 years and older. Cost:
$60 members/$80 non-members. To register call

The National Collection @ the National Art Gallery
of the Bahamas, an exhibition that takes the view-
er on a journey through the history of fine art in the
Bahamas. It features signature pieces from the
national collection, including recent acquisitions by
Blue Curry, Antonius Roberts and Dionne Ben-
jamin-Smith. Call 328-5800 to book tours. This exhi-
bition closes February 28,2006.

Past, Present and Personal: The Dawn Davies Col-
lection @ the National Art Gallery of the Bahamas,
Villa Doyle, West and West Hill Streets. The exhi-
bition is part of the NAGB's Collector's Series.
Call 328-5800 to book tours. This exhibition closes
August 31, 2005.

The Awakening Landscape: The Nassau Water-
The Nassau Amateur Operatic Society in con- colours of Gaspard Le Marchand Tupper, from the
junction with the Freeport Players Guild present "I collection of Orjan and Amanda Lindroth @ the
Love You, You're Perfect, Now Change!" Coming National Art Gallery of the Bahamas. The mid-
to the Dundas Theatre, July 21, 22 & 23, 8pm. nineteenth century paintings that make up the exhi-
bition are part of one of the earliest suites of paint-
ings of Nassau and its environs. Tupper was a British

military officer stationed at Fort Charlotte in the
1850s. The works show a pre-modern Bahamas
through the decidely British medium of water-
colour. Call 328-5800 to book tours. This exhibition
closes August 31, 2005.

W. = HEALTH il

The Cancer Society of the Bahamas meets at
5.30pm on the second Tuesday of each month at
their Headquarters at East Terrace, Centreville.
Call 323-4482 for more info.

MS (Multiple Sclerosis) Bahamas meets the third
Monday every month, 6pm @ Doctors Hospital
conference room.

The Bahamas Diabetic Association meets every,,,
third Saturday, 2.30pm (except August and Decem4
ber) @ the Nursing School, Grosvenor Close, Shirley

Doctors Hospital, the official training centre';of the
American Heart Association offers CPR classes
certified by the AHA. The course defines, thewarn-
ing signs of respiratory arrest and gives prevention
.strategies to avoid sudden death syndrome and the
most common serious injuries and choking that can
occur in adults, infants and children. CPR and First
Aid classes are offered every third Saturday of the
month from 9am-lpm. Contact a Doctors Hospital
Community Training Representative at 302-4732 for
more information and learn to save a life today.

REACH Resources & Education for Autism and
related Challenges meets from 7pm 9pm the sec-.
ond Thursday of each month in the cafeteria of the
BEC building, Blue Hill Road.

Toastmasters Club 1095 meets Tuesday, 7.30pm@ @
C C Sweeting Senior School's Dining Room, college
Avenue off Moss Road. Club 9477 meets Fiday,
7pm @ Bahamas Baptist Community College Rm
A19, Jean St. Club 3956 meets Thursday, 7.30pm @
British Colonial Hilton. Club 1600 meets Thurs-
day, 8.30pm @ SuperClubs Breezes. Club 7178
meets Tuesday, 6pm @ The J Whitney Pinder Build-
ing, Collins Ave. Club 2437 meets every second,
fourth and fifth Wednesday at the J Whitney Pinder
Building, Collins Ave at 6pm. Club 612315 meets.
Monday 6pm @ Wyndham Nassau Resort, Cable
Beach. Club 753494 meets every Wednesday, 6pm-
8pm in the Solomon's Building, East-West Highway.
Club Cousteau 7343 meets every Tuesday night at
7.30 in the Chickcharney Hotel, Fresh Creek, Cen-
tral Andros. All are welcome.

Alpha Kappa Alpha Sorority, Eta Psi Omega chap-
ter meets every second Tuesday, 6.30pm @ the
Eleuthera Room in the Wyndlham Nassau Resort,
Cable Beach.

Alpha Phi Alpha Fraternity meets every first Tues-
day, 7pm @ Gaylord's Restaurant, Dowdeswell St.
Please call 502-4842/377-4589 for more info.

Kappa Alpha Psi Fraternity meets every second
Tuesday, 6.30pm @ Atlantic House, IBM Office, 4th
floor meeting room.

The Nassau, Bahamas Pan-Hellenic Council
(NPHC) meets every third Monday of the month in
the Board Room of the British Colonial Hilton
Hotel, Bay St.

Nassau Council 10415 Knights of Columbus meets
the second and fourth Wednesday of the month,
8pm @ St Augustine's Monestary.

Nassau Bahamas Koinonia meets every second Fri-
day of each month, 7.30pm at Emmaus Centre at St
Augustine's Monestary. For more info call 325-
1947 after 4pm.

International Association of Administrative Pro-
fessionals, Bahamas Chapter meets the third Thurs-
day of every month @ Superclubs Breezes, Cable
Beach, 6pm.

AMISTAD, a Spanish club meets the third Friday'
of the month at COB's Tourism Training Centre at
7pm in Room 144 during the academic year. The
group promotes the Spanish language and culture in
the community.

Send all your civic and social events to The Tri-
bune via fax: 328-2398 or e-mail: outthere@tri-

PAGE 6, FRIDAY, JULY 22, 2004


0. .< .
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1 1


PM announces new

$l1m development

on New Providence

Bahamas Information Services
THE government is in the process of closing a
deal on a $1 million development in south-west
New Providence, Prime Minister Perry Christie
has revealed.
His announcement was made at the ground
breaking ceremony for the reconstruction of the
world famous Cotton Bay Club, a proposed $300
million estate and villa complex aimed at restor-
ing Eleuthera to its tourism hay day.
The prime minister commended Starwood
Hotels and Resorts Incorporated and its partner
Eleuthera Properties Limited for their vision.
"This is even more important because in addi-
tion to Kerzner launching imminently their third
phase, and that those persons who make up the
shareholders at Cable Beach will be moving short-
ly, you will also find that we are in the process of
closing on major development in the south-west
of New Providence to quantify over $1 million,"
the prime minister said.
Mr Christie was among an impressive list of
guests, including Governor General Dame Ivy
Dumont, at the 1,500-acre property in Rock
Sound on July 15, where 114 estate lots and a
26,000 square-foot clubhouse will be constructed.
A soft opening is scheduled for December,
2006 which will include 25 premier beach-front
units, the clubhouse with full amenities and ser-
vices, and a private marina.
Completion of the 73-guestroom resort is sched-
uled for December 2007.
Other plans will include an 18-hole champion
golf course, a wellness centre/spa and an expan-
sion of the marina.
Mr Christie said he had made a special effort to
attend the ceremony because of his long associa-
tion with the late businessman Albert Sands, a
< partner in Eleuthera Properties Limited.
"Withstanding all the rigours of the economy,
the negative commentary of people who saw pol-
itics through jaundiced eyes, and even our rela-
tives here who have not been able to grow with
the times, and yet they persevered, I come just to
congratulate them, to speak to the vision of
Albert Sands," the prime minister said.
He also commended the developers for their
commitment to preserve the natural environment
that Rock Sound is known for.
Eleuthera Properties Limited chairman
Franklyn Wilson said the groundbreaking cere-
mony was a re-launch of the historical Cotton

* PRIME Minister Perry Christie
(Photo: BIS)

Bay Club, which first opened in 1959 by Juan
Trippe, founder and chairman of Pan American
Other 'members were John McCone, former,
head of the CIA, William Searle of Searle Labo-
ratories, and Henry McNeil of McNeil Labora-
"We are gathered to witness Cotton Bay
reclaiming its heritage as the destination of choice
in the Commonwealth of the Bahamas for the
most discerning, and to launch the enhancement
of that heritage," Mr Wilson said. "Cotton Bay
will be restored as the place where the 'Who's
Who in America' went barefoot in the Bahamas."

* HAFSAH Abdul Halim (Brunei Darussalam), Pamela
Deveaux (Bahamas), Mariam Waheeda (Maldives) and
Rehana Banoo (Bangladesh)

Plans made for

girl guiding

Plans for Commonwealth
countries to meet the needs
of girls and young women,
have been made by the
Bahamas Girl Guides Asso-
ciation at a conference held
The 36 Commonwealth
country delegates present at
the Chief Commissioner' Con-
ference were seeking to find
"ways to ensure that girls and
young women are equipped
with the skills to be the deci-
sion-makers and leaders of the
The conference, titled
"Reach for the Stars", was
held from June 14 to the 18.
Strategies were also devel-
oped to address the challenges

faced by the Associations "by
using and valuing good prac-
* Pamela Deveaux, deputy
chief commissioner of the
Bahamas Girl Guides Asso-
ciation, who represented the
Bahamas, was also presented
at the 32nd World Confer-
ence, held under the theme
"New Challenges New
This conference, which was
held in Jordan from June 20 to
24, is held every three years
to promote the Girl Guide
Mission, to consider and to
determine the policy of Girl
Guiding and Girl Scouting
throughout the world.
After consideration the pol-
icy is then set for the next
three years.

Scouts meet minister

SEVEN boy scouts and
three scout leaders accompa-
nied by family members paid
a courtesy call on Youth,
Sports and Culture Minister
Neville Wisdom on July 7.
Mr Wisdom was told about
members of the association
who would be traveling to Fort

AP Hill Virginia for the Boy
Scouts of America Jamboree
from July 25 to August 3.
The scout association aims
to encourage the physical,
social, mental and spiritual
development of young people
so that they may take a con-
structive place in society.

6:30 Bahamas @ Sunrise live
11:00 Immediate Response
Noon ZNS News Update live
12:03 Caribbean Today News
12:05 Immediate Response
1:00 Ethnic Health America
1:30 Dance Nia Pt. 2
2:00 CMJ Club Zone
2:30 Treasure Attic
3:00 International Fellowship.j
and Christian & Jews *q
3:30 Lobias Murray
4:00. Walter Hawkins ,
4:30 Gospel Grooves
4:58 ZNS News Update
5:00 Caribbean Newsline.
5:30 Cybernet
6:00 One Cubed ..
6:30 News Night 13 :;
7:00 Bahamas Tonight.'
8:00 Cinema, Cinema,;Ginenla
8:30 Inside Hollywood
9:00 3 D'Funk Studio.-, .. I
9:30 The Lounge -
10:30 News Night 13. ,. i.
11:00 Bahamas Tonightj *,vri
11:30 ImmediateResporei t.
1:30 Community Page .i',

JULY 23 ,


Community Page
Bahamas @ Sunrise
Treasure Attic
CMJ Club Zone
Kids On The Move
This Generation

z NOE ZSTV1 esreste
rih tomae at int
prgam chang-es-


Parts and service guaranteed

Collins Ave (South of 6th Terrace)
Open Mon to Fri 8am 5:30 pm ii
Sat 8am 12 noon
Tel: 322-6705/6 Fax: 322-6714
Salespersons: Pam Palacious,
Terrol Cash, LJ Albury, Barry Pinder

PAGE 8, FRIDAY, JULY 22, 2004



Junkanoo parade moved

till after church hours

FROM page one
take place in downtown Freeport.
. The three top finishers of the New
Year's Junkanoo parade in Nassau
will compete against an all star
group from Grand Bahama.
."We have nothing against the
parade, we support the culture of
the Bahamas. We would love if the

organisers would plan it for after
the day of worship is over, which is
around 8pm (on Sunday)," said. Rev
He reiterated that the council has
nothing against the parade.
"We believe that the programme
is designed to help in a touristic
way. We are not fighting the pro-
gramme. We are just asking the
organisers to please move the time

to begin the parade after the day of
worship is over," he said.
Rev John C Wallace, immediate
past president of the Grand Bahama
Christian Council, had earlier this
month asked "how in the name of
God could a people who call them-
selves Christians be partakers of
such a devilish cultural event on a
Sunday, the day set aside for Chris-
tian worship."

However, current Grand Bahama
Christian Council president, Bish-
op Ricardo Grant, said there is no
issue between the church commu-
nity and the organisers of the "Feel
the Rush" Junkanoo parade in
Bishop Grant said he had spoken
with the organisers and had given
his consent to proceed with the
parade at 8.30pm on Sunday.

"That would surpass our worship
period," said Bishop Grant.
Peter Adderley, Public Relations
Director of C-cube, a seating com-
pany, said : "The 8pm start was
already agreed to with the Grand
Bahama Council president, but are
pleased and delighted to have spo-
ken with C B Moss of the Bahamas
Christian Council to advise of our

Fury over

death at


FROM page one
Mr Peet, their MP who is
presently away on vacation.
They claim that "political
spite" was involved in
Thursday's problem at the
"How heartless can you
be to go on vacation while
your constituency is in a
state like this? Why would
you leave? The young men
down here are outraged.
"If that airport was open
he could have gotten some
medical help. It might be
speculation now but it could
have been a big help to that
family," another resident
Vice President of West-
ern Air and North Andros
resident Shandrice Rolle,
who has announced her
intention of running against
Mr Peet in the 2007 general
elections said that it is very
sad that something such as
this had to happen.
"How convenient that
they can open the airport
back up now after the guy
,dies," she said. She saw the
*:problems at the airport as
_"a blatant political attack
,against Western Air", and
although recognising that
Mr Peet's jurisdiction is
Immigration blamed him for
the allowing "this mess" to
continue for so long.
The Tribune attempted to
contact the minister of Avi-
ation and Transport Glenys
Hanna-Martin, but were
told that she was in Bimini.
Attempts by The Tribune
to reach Minister Peet were
also unsuccessful and he was
said to be off the island yes-



in London

FROM page one
eign Affairs Minister Fred
Mitchell told The Tribune
yesterday that "it is an indi-
vidual decision" about
which students and their
parents are advised to act
"We do not have a society
that is regimatic. You can't
say that they shouldn't
(transfer), but that they
should act prudently. I think
that's the best you can say in
these circumstances," said
Mr Mitchell.
He said these claims of
students and their patents
considering transfers
because of London's most
recent crisis is one that
reminds him of two separate
incidents "the height of
the IRA bombings in Lon-
don and the murder sprees
in Jamaica" some time
In the case of the
* Jamaican murders, Mr
Mitchell said there were sev-
eral Bahamian parents who
threatened and did pull their
children from schools in
However, he said, in Lon-
don "most students contin-
ued to go to school."
The Ministry of Foreign
Affairs is advising Bahami-
ans who plan to travel to
Britain to "exercise the
appropriate level of cau-

COB president is taken to

hospital, panel findings withheld

FROM page one
ommendations over the week-
end but are keeping them under
wraps until Dr Smith recovers.
"Dr Smith has been in and
out of health challenges and has

been in hospital for several
days," he said.
Mr Wilson said the illness is
not life threatening as far as he
knows, but it is a private matter
and details are not being
"Right now our entire focus

* Bachelor ofScience Degree in Physiotherapy
* Minimum of 2 years experience in ahospital
and out-patient setting
Registered with the Health ProfessIns

and prayers go toward Dr Smith
and his recovery," said Mr Wil-
son. "There is no set date as to
when the panel's responsibili-
ties will be resumed, but as of
now they are suspended."
The panel, made up of local
and international experts was
first convened in late June after
Dr Smith admitted to plagia-
rising the content of .his COB
Honours Convocation speech.
He had incorporated para-
graphs from a speech given by
John Sexton of New York Uni-
versity into his own speech with-
out giving credit to the author.
Since his admission of plagia-
rism Dr Smith and his support-
ers at COB have been under
fire by some students and mem-
bers of the public calling for his
resignation as president of the
The FNM Action Group has
publicly rejected the advisory
panel and Dr Smith's behav-
iour, calling the panel a case of
attempted "whitewashing." The

group also alleged that the pan-
el had been composed of
"members considered to be

politically sympathetic to the
COB council chairman and the


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the late

P.C. 2747 HENRY
a resident of Hann Road will be held
at St. Barnabas Anglican Church,
Wulff and Baillou Hill Roads, on
Friday at 10:00 a.m. Officiating will
be Canon Basil Tynes, assisted by
Rev'd Fr. Enrique McCartney and
other ministers. Interment follows
in St. Barnabas Cemetery, Moore
He will be affectionately remembered by his parents, Henry II and
Lorraine; daughter, Aaliyah; brothers, Henchell, Henrick, Henrington,
and Henderson; sister, Henrea; adopted brothers, Stephen Curry,
Sidney Johnson and Kendal Cohen; grandmother, Winifred
McKenzie; uncles, John and Earl Curry, and Michael Huyler; aunts,
Louise Davis, Shirley Cleare, Shelia McKenzie, Deanne Huyler,
and Brenda Lockhart; granduncles and grandaunts, Sybil McKenzie,
Rev. Dr. 0. A. Catherine Pratt, Hexton and Pamela Pratt, David
and Millicent Pratt, Alton and Cleofield Pratt, Murial and Bloneva
Pratt; godparents, Beverley Archer, Horace Wilson and Christopher
Chea; godchild, Maygen St. Claude, numerous friends and relatives
including, Alma Adams, Elsie Pople, Helen Miller, Dennis, Kendal,
Percy, Mark, Francis, Michelle and Keith Davis, WPC 553 Melinda
Seymour, Sonia, Micheal, Glenell, Elaine, Charlie and Derek Cleare,
Kevin, Brent, Owen, Christopher, Paul, Natasha, Monique, Earlison,
Keyshanae, Tyrone and Terrance Curry, Sheryl Munnings, Hendrick
McIntosh, Latina Cooper, Derek and Daphne Burrows, Demteria
Davis, Lisa Swaby, Zandricka Bannister, Neisha Gray, Rhonda
Edgecombe, Jamal and Charles Lockhart Jr.; Malvese Hepburn,
Lydia Knowles, Dwayne, Danny and Keith Decosta, Sandra and
Delores McKenzie, Dorothy and Noel St. Claude, Roderick
Robinson, Karen, Crystal, Lillian and Oscar Russell, Francis Milfort,
Tamar and Rosemary Sargeant, Dianna Hepburn and family, Zelma
McCoy, Betty, Romeo, Deandra and Keisha.Dean, Leila Smith,
Vivian Armbrister, P. C. Benjamin Moss, P. C. Charlos Bain, P. C.
372 Reynaldo Burrows; Sgt. Charles "Sky" Bain, A. S. P. Christopher
Rahming, Brian and Edward Taylor, Michael Kirby, Harry and
Veronica Seymor, Rose and Rufus Johnson, Joan Wood, Arlene
Strachan, Melden and Paulette Reckley, Naomi Johnson and family;
godbrothers and godsisters, Instructors Sgt. McKenzie and Cowan,
'c" 1 "C" & "D" Squad 2003; Drug Enforcement Unit, Strike Force
i;- [ of the Royal Bahamas Police Force; The Milton Street Family;
Y-i;e Burial Ground Comer Family; The Joe Farrington Road Family;
The Graveyard Boys; One Family Junkanoo Group; Solomon
Mine's Family; St. Barnabas Church Family; C. H. Reeves Junior
High School Family; 23rd Company of Boys' Brigade Family; Canon
Basil Tynes and Family; Bishop Gilbert Thompson; Cat Island
Family; R. M. Bailey Graduating Class of 1995.
Friends may pay their last respects at Demeritte's Funeral Home,
Market Street, from 10:00 a.m. to 6:00 p.m. on Thursday and on
Friday at the church from 8:45 a.m. until service time.
In lieu of flowers donations maybe sent to Finco Palmade branch
P.O. Box N-3038 in care of Aaliyah L. Curry.
Fr. Pr Jn Rev ..adton .p.. .

a resident of 2nd Street the Grove
& formerly of Bottle Creek, Turks
& Caicos Island, will be held at
Bethel Baptist church, Meeting
Street, on Saturday at 10:30 a.m.
Officiating will be Pastor Timothy
Stewart, assisted by Fr. Crosley
Walkine, Fr. S. Patrick Johnson & Rev. Gladstone Thompson.
Interment follows in the Church's Cemetery.
Left to cherish her memory are her two daughters, Joanne Hepburn
and Ardeth Bowleg; six grandchildren, Mendel, Timitria, Stanley,
D' Angelo, Sammijo and India; brothers, Thomas "Baba" of Vero
Beach, Fl., Marcus of Philadelphia; Darville "Sonny" and Fr. Crosley
Walkine; sisters, Abigail Bethel, Isula Hamilton of Freeport, Emerald
Lightbourn, Sharon Johnson of Freeport, Miriam Gertrude Miller
and Ellen Romer of Freeport; son-in-law, Stanley Hepburn Sr.;
brothers-in-law, Matson Hamilton, Lealand Lightbourn, Rodger
Johnson, Eldric Miller and Dr. Hayward Romer; sisters-in-law, Doris
Murphy, Cassandra Gardiner, Sambriana Walkine, Dorothy Walkine
and Janet Walkine; nephews, Thomas Jr., Dr. Dwight and Berthram
Murphy; Nathaniel, Bertram, Bruce and Barry Smith; Gary and
Addison Bethel; Patrick and Porter Hamilton; Don, Dwayne, Sean,
Brandon and Delano Gardiner; Gordon, Marvin and Jason
Lightbourn; Jan Johnson; Travis, Troy and Diarra Miller; Marcus
Walkine; Christian Romer and Robert Walkine; nieces, Carolyn,
Sharon, Bettyann and Inez; Dorothy, Ethel, Audrey, Jackie, Marsha,
Tracy and Lisa; Kelly, Darnell, Karen and Dr. Kendra Gardiner,
Melonie, Dede and Erica; Colette and Carla; Gillian and Gia; Mellie;
Nahdia, Kahrin and Christine Ashley; Janette and Stephanie;
godchildren, Gretel' Harvey, Maybell Calvise Cosby, Paulette Higgs
and Harry Sturrup; cousins, Sadie Tucker and Rosa Higgs of Dania
Fl., Patrina Oemler, Yvonne Pratt, Anna Forbes, Emaline Hamilton,
Gertrude Gardiner of Turks Island; Carmine Gardiner, Bernice
Lightbourne and Sarah Walkine of Grand Bahama; Manfred,
Reuben and Alvin Gardiner; Jandlyn Forbes, Gartha Jones, Henry
Brown, Rev. Wesley Walkine and John Henfield; friends, Rose
Whitehead of Camden, N.J., Deputy Prime Minister The Hon.
Cynthia Pratt, Sybil Cooper, Catherine Johnson, Elvera Wilson,
Carolee Wilson, Cislyn Dames, Eldica Wilson, Rev. Beryl Francis,
Maxine Adderley, Cynthia Duvalier, Henrietta Farquharson, Judy
Roberts, Virginia Gray, Francis Richards, Roselyn Richie, Loise
Williams, Esther Carter, Deloris Missic, Gertrude Demeritte, Inez
Russell, Hartley Forbes, Paul and Elsiemae Higgs, Alfreda Johnson,
Thelma Pinder, Esther Winder, Debbie Clarke, Raymond and Addie
Winder, Yvonne McFall, Bro. and Sis. Bertram Armbrister, Susan
Russell, George and Maude Sturrup; Molly Hutchinson, Helen
Brown, Albert Gibson, Milishia Brown, Pedro Bowleg, Rosalie
Minus, Jennifer, Kay, Carolyn, Charlene, Aris, Dexter, Rolanda,
Sandra, Lucille, Consuela Carter, Ingrid Bethel, Albertha Lynes,
Pamela Deveaux, Betty Davis, Lindamae Hunt, Corina Bethel, Ms.
Vera Coakley, Matred Gardiner, Normalee Stubbs, The Five Porches
Family, The Sick and Shut-in-Committee, Members of the Senior
Saints, Pastor and Sis. Stewart and members of Bethel Baptist
Church and the community of Second Street the Grove.
Friends may pay their last respects at Demeritte's Funeral Home,
Market Street, from 10:00 a.m.-6:00 p.m. on Friday and on Saturday
at the church from 9:30 a.m. until service time.

of Sunderland Road Stapledon
Gardens will be held on Tuesday
July 26th 2005 at II am at New
Covenant Baptist Church, EastWest
Highway. Bishop Simeon B. Hall will
officiate. Intermnent will follow in
Wood Lawn Gardens, Soldier Road.
Left to cherish her memory are her husband, Niccolo Small; five
children, Prince Albert of Ft. Lauderdale Florida, Dale and Dwight
of Orlando Florida, Franklyn of Freeport, Grand Bahama and Ward;
Thirteen grand children, Darren, Kizzy, Willercy, Cantella, Tony,
AJ, Boo, Kim, Meagan, Samantha, Wardrick, Edison and Fantasia;
one great grandchild, Ormiaj Omar; two brothers, Thaddeus Taylor

of Eustis and Charles Taylor of Orlando Florida; two sisters, Delores
Harvey of Orlando Florida and Linda Taylor of Miami Florida; four
brothers-in-law; Lester, Vasco, Dugald and Shogi Small; seven
sisters-in-law, Eleanor Taylor of Orlando Florida, Muriel Mitchell,
Beulah Johnson, Virgil Knowles, Aleselle Deleveaux of Crooked
Island, Musienne McDonald and Eldeace Wright; numerous nieces
and nephews, Glen, Agatha, Diane, Haggle, Erica, Maurice, Janet,
Lawrence, Joey and Renae Lightbourne, Marylee Burrows, Dena
Seymour, Annette Moss, Kim, Debbie, Linda, Troy, Kevin and Mark
Taylor, Isaac, Wayde, Calvin and Carlos Shaw of Orlando Florida,
Melissa Harvey of Orlando Florida and Latasha Williams of Miami;
one aunt, Margaret Charlton; one daughter-in-law, Carol Wilson
of Freeport Grand Bahama, other relatives and friends including,
Bishop Simeon and Minister Linda Hall and the New Covenant
Church family, Rev. Robert Colebrooke and the New St. Paul's
Church family Bias Street, Gloria Pritchard, Herman and Pearl
Pratt, Rev. Leroy Higgins and family, Rev Oswald Gardiner and
family, Agnes Deleveaux and family, Doreen Deveaux and family,
Cynthia Russell and family, Princess Cooper and family, Sarah
Strachan of Ft. Lauderdale, Donald Charlton, Enid Cooper and
family, Mavis Charlton and family, Cheryl McKenzie and family and
Rev. Anthony J. Carroll and the Antioch Church family.
Friends may pay their last respects at Demeritte's Funeral Home,
Market Street, from 12:00 p.m. -6:00 p.m. on Monday and at the
church on Tuesday from 10:00 a.m. until service time.

a resident of Nicholls Court West,
Yellow Elder and formerly of Duncan
Town, Ragged Island, will be held
at Friendship Baptist Church, Laird
Street, on Sunday at 1:00 p.m.
Officiating will be Rev. Archeleaus
Burrows, assisted by Rev. Hester
Johnson and Rev. Beryl Pratt.
Interment follows in Western
Cemetery, Nassau Street.
Left to cherish her memory are her 1 son, Dexter; 1 daughter,
Jacqueline; 16 grandchildren, Joseph, Nathaniel, Trevor, Lavardo,
Vaughn, Barry, Kimberley, Karen, Laurette, Raquel, Michelle, Teisa,
Chiquitta, Linda, Colleen and Shawn; numerous great and great
great grand children including, Vincent, Valentino, Mario, Shervin,
Marissa, Gia-van, Stacy, Johnelle, Lakeisha, Monette, Latoya,
Tanai, Chloe, Cierra, Byron and B.J.; 1 sister, Leorna Wallace;
numerous nieces and nephews including, Rev. Althea Davis and
family, Esther Bridgewater and Siblings, Calvin Wallace and siblings,
Cleveland Wallace and siblings, Margaret Johnson and siblings
and Rev. Stephen Armbrister and siblings; 3 sisters-in-law, Marjorie
and Tiny Wallace and Mae Davis; special friends, Wenzel Miller,
Hazel Chipman and family, Myrtle Daly and family, Kendal and
Ricardo Marshall, Kevin Rolle, the Brennan and Greenslade families,
the Curtis family, Ada Munroe and family, Mavis Morley and family,
the Friendship Baptist Church family, the Laird Street Community
and the entire Community of Ragged Island.
Friends may pay their last respects at Demeritte's Funeral Home,
Market Street, from 10:00 a.m. -6:00 p.m. on Saturday and on
Sunday from 9:00 a.m.-11:00 a.m and at the church from 12:00
p.m. until service time.

a resident of Pirates Well,
Mayaguana, will be held at Zion
Baptist Church, Yamacraw Beach
Estates, on Saturday at 11:00 a.m.
Officiating will be Rev. Howard Smith,
assisted by Rev. Paula Cox Rolle
and Rev. Alexander Missick.
Interment follows in Woodlawn
Gardens, Soldier Road.

3 "i Left to cherish her memory are her
two daughters, Gloria Greenslade
and Natalie Clyde; one adopted daughter, Cynthia Brown; one
brother, Omedias Higgins; three sisters-in-law, Joycelyn Higgins
and Daisy and Mary Black; one brother-in-law, Rev. Robert Black;
three sons-in-law, Rev. Copeland Morley, Livingstone Henfield and
Wellington Clyde; two daughters in law, Alvetha and Advilda Black;
thirty-five grandchildren, Maureen Storr, Tony Lewis, Judy and
John Deveaux, Betty Greenslade, Ellison and Lelia, Alvin and
Pandora Greenslade, Gwendolyn and.Levi Johnson, Wellington
and Doreen, Alexander and Anika, Sophia, Nathaniel and Flo and
Anatasha Clyde, Maguerita and Ray Rahming, Solome' and Ricardo
Smith, David, Paul and Carrol, Paula, Ishmael and Esther Morley,
Sarah and Sylvin Edgecombe, Sue-Ann and Whitney Kenny,
Emmanuel and Alice, Elkenah and Delicia, Janice, Kevin and
Debera, and Peter Black, Sharon and Gerald King, Dennis Black,
Susanne and Bertram Roker, Kendrick, Sharea, Leroy, Solomon
and Keva, Laurie, and Rochelle Henfield; ninety-four great
grandchildren; thirteen great, great grandchildren, three nieces,
Brenda Coakley, and Merva and Coreen Higgins; two nephews,
Jacob and Nathaniel Higgins; and numerous other relatives and
friends including Doretha Murphy and Family, Florence McPhee
and Family, Olive Tucker and Family, Dorothy Johnson and Family,
Edith Collie and Family, Arlington Higgins and Family, Daniel Gibson
and family, Matilda Taylor and Family, Hayward McKinney and
Family, Ernal Brown and Family, Mildred Williamson and Family,
Edna Deveaux and Family, Effie McPhee and Family, Rev. Alexander
Missick and Mount Carmel Baptist Church Family Pirates Well,
Mayaguana, Howard Williamson and Robinson Morris Chapel
Family, Briciemae Gibson, Patricia Dean, Nurse Dianna Moncur,
Roselyn Johnson, Dorrimae and Reginald Charlton, and lona
Friends may pay their last respects at Demeritte's Funeral Home,
Market Street, from 10:00 a.m.-6:00 p.m. on Friday and on Saturday
at the church from 10:00 a.m. until service time.

a resident of Carmichael Road, will
be held at St. Cecilia's Parish, Third
Street the Grove, on Saturday at
10:00 a.m. Officiating will be Fr.
Simeon Roberts and Fr. Remy
David. Interment follows in St.
Joseph's Church Cemetery, Tyler

Left to cherish precious memory are her son, Ferdinand Sherman;
daughter, Effie-Jane Mary Sherman Wallis; daughter-in-law, Louise
Sherman; granddaughters, Michelle, Karen and Nicole Wallis of
Leeds, UK; brother, Mr Thomas Rahming; sisters, Sr Maria Rahming,
Mrs Margaret Demetrius and Mrs Alice Woodside; sisters-in-law,
Abbie LaFluer, Rosemary Sherman, Esther Sherman and Mrs.
Missouri Sherman-Peter; brothers-in- law, Dr George Sherman,
Dr Roger Sherman, Mr Eugene Sherman and Mr Ezel Sherman;
sixteen nieces and nephews and a host of grand nieces, grand
nephews, relations and friends.
Friends may pay their last respects at Demeritte's Funeral Home,
Market Street, from 10:00 a.m.-6:00 p.m. on Friday and on Saturday
at the church from 9:00 a.m. until service time.


of Nassau, The Bahamas
will be held at St Matthew's
Anglican Church, Shirley
and Church Streets,
Nassau on Saturday, 23rd
July, 2005 at 4:00 pm.

Archbishop Drexel Gomez and Archbishop Patrick
Pinder and the Rev Father James Moultrie will officiate
and interment will follow in the Church Cemetery.

Mr Morley is survived by his wife, Diane Cole Morley
and their children, Tara and Sarah Morley; he is also
survived by his children, Ann Morley Carmel and her
husband, Jeffrey Carmel; his daughter, Deborah
Morley pre-deceased him; Janet Morley Lovely and
her husband, Rod Lovely; David Morley and his wife
Susan Morley; his grandchildren, Alexandra, Jay and
Chase Carmel; Morgan Lovely; Emily, Laura and
Peter MorleV; his mother-in-law, Mrs Peter (Marion)
Cole; his sisters-in-law and brothers-in-law, Linda and
Hugh Prichard, Denis and Nicola Cole, Peter and
Philippa Cole, Brock and Annabel Cole and James
Cole; his aunt, Miss Winifred Cole; his nieces and
nephews, Stephen and Michelle Stanhope, Neil
Pritchard, Sean, Duncan, Jessica, Ashley, Bennett,
Sophie and Alastair Cole and many other relatives
and many friends.

Instead of flowers, friends who wish, may make a
donation to the following charities, Bahamas Air Sea
Rescue Association (BASRA), P.O. Box SS-6247,
Nassau, The Salvation Army, P.O. Box N-205, Nassau,
Cancer Society of The Bahamas, P.O. Box SS-6539,
Nassau or the St Andrew's Society, P.O. Box N-3611,
Nassau, in memory of Mr John R Morley.

Friends may pay their respects at Kemp's Funeral
Home Limited, 22 Palmdale Avenue, Nassau on
Saturday, 23rd July, 2005 from 11:00 am to 2:00 pm.

Established 1950
P.O. Box N-1222,22 Palmdale Avenue, Palmdale
Nassau, N.P., The Bahamas

the late


of Nassau, The Bahamas
and Man-O-War Cay, Abaco,
will be held at Calvary Bible
Church, Collins Avenue,
Nassau on Monday, 25th
July, 2005 at 5:00 pm.

Pastor Allen R Lee assisted by Pastor Frederick Arnett
will officiate and interment will follow in the family plot
in Ebenezer Methodist Cemetery, East Shirley Street,

Mr Carey is survived by his wife, Joan Carey; two
sons, Charles E Carey III and Christopher Carey; two
daughters, Loree Stephens and Elaine Cates; one
daughter-in-law, Karen Carey; two sons-in-law, David
Stephens and David Cates; seven grandchildren,
Diana and Leah Stephens, Rachel, Nathan and
Elizabeth Cates and Luke and Laura Carey; three
sisters, Mizpah Urich, Noreen Lauderdale and Margie
Albury; his mother-in-law, Merle Rogers; three aunts,
Dorothy Johnson, Pauline. Stibbards and Annette
(Annie) Russell; one uncle, Curtis Johnson; four
brothers-in-law, Billy Albury, Glen Rogers, Andrew
Rogers and Terry Kanitsch; two sisters-in-law, Margaret
Rose Kanitsch and Ann Rogers; special friends,
including Mr and Mrs Geoffrey Brown, Mr and Mrs
Fred Kanitsch, Mr and Mrs Vincent Higgs, Mr and
Mrs David Lowe, Mr an Mrs Lyman Pinder, Mrs Joan
Albury, Mr and Mrs Freddie Albury, Mr and Mrs Allison
Underwood, Dr and Mrs Sidney Sweeting and Mr and
Mrs Ronald Atkinson and many other relatives and

Instead of flowers, friends who wish, may make a
donation to the Christian Counselling Centre, P.O.
Box SS-6106, Nassau, in Memory of the late Mr
Charles Edward (Sonnie) Carey, Jr.

Friends may pay their respects at Kemp's Funeral
Home Limited, 22 Palmdale Avenue, Nassau, the
Bahamas on Monday, 25th July, 2005 from 11:30 am
to 1:30 pm

PAGE 10, FRIDAY, JULY 22, 2005



I I ii.J-'lr, IJULJLI i-, -, .-

Dear Shareholders,
We present our j.i quarter 2005 unaudited financial statements and once again, we are pleased to
report another quarter of sales growth. Unfortunately from a profitability perspective, our
quarterly results reflected a net loss of (S147,088). This loss was driven primarily by a loss in our
concrete operation. Our 3Pd quarter sales have increased to $5,684,881 or 4.8% over the same
quarter last year due to sales increases at RobinHood. This has resulted in an EBITDA (earnings
before interest, taxes, depreciation and amortisation) of ($40,415) vs. last year's profit of
S236.859 and a net loss of ($147,088) (vs. last year's net profit of $94,059). Our gross profit
margin has decreased modestly falling from 25.8% in Q3 2004 to 24.1% in Q3 2005.
As it relates to general and administrative expenses, payroll related costs during the 3d quarter
rose from 12.1% of our sales in 2004 to 14.0% in 2005. This increase was due principally to the
addition of new staff related to the opening of our new store in Freeport and increased payroll
costs at RobinHood due to their sales increases. All other general and administrative expenses
increased to $616,397 or 10.84% of sales vs. $509,042 or 9.4% primarily as a result of increases
in bank and professional fees due to our refinancing and additions to our credit facilities.
We are pleased to report a substantial decrease in our accounts receivables from $1,969,292 at
the end of February 2005 to $1,684,716 at the end of Q3 2005. Senior management and the
accounts receivable department are aggressively pursuing overdue accounts and will continue to
do so seeking redress from the courts if necessary. It should also be noted that we were able to
refinance our credit facilities with our primary lender and secure additional financing related to
the relocation of our concrete plant and the construction of our new block making plant.
For the nine months ended May 31, 2005, our cumulative sales of $16.5 million dollars remained
relatively unchanged over the same period last year. Additionally our net profitability also
remained relatively stable over the same period last year.
Many of you are aware that since the two hurricanes in September 2004 we have been working
and selling merchandise, at the Home Centre on Peel Street, Freeport, out of a seriously damaged
leased building. Although our building supply sales revenues have increased at this facility, we
have lost ground on the retail side and this was the primary reason we opened up a new retail
store at Seahorse Plaza in the Lucaya area of Freeport. This store is performing very well and has
been profitable since we opened. We have now terminated our lease at Peel Street facility and
will be leasing a brand new building, currently under construction at a prime location in
Freeport. This building is expected to be finished by the end of2005 and we should be moved in
by February 2006.
We are expecting an improved fourth quarter performance and we remain committed to our goal
of reporting another profitable year in 2005.

Ray Simpson
Chief Executive Officer

Darvin Russell
Chief Financial Officer

July 13,2005
Freeport Concrete Company Limited
Consolidated Statement of Operations
Nine months ended May 2005, with comparative information for 2004
Outstanding shares = 4,708,334
(Expressed in Bahamian dollars)
9 months ended 9 months ended
May 31, 2005 May 31,2004
Sales 16,480,277 16,402,406
Costofsales 12,100,232 12,185,463
Gross profit 4,380,045 4,216,943
Payroll costs 2,243,872 1,999,639
Other operating costs 928,436 734,718
Rent expense 337,198 364,085
Advertising expense 173,131 243,118
Utilities expense 203,455 208,600
Other income (97,831) (24,713)
3,788,262 3,525,447
Income/(loss) before interest, taxes
depreciation and amortisation 591,784 691,496
Depn. and amort. expense (223,554) (256,861)
Net financing income/(expense) (50,690) (96,180)
Profit/(Loss) before minority interest 317,539 338,455
Minority interest in gain 5,377 (10,937)
Net income/(loss) 322,916 327,518

Earnings per share
Basic and diluted earnings/ (loss) per s $ 0.069 0.070
Freeport Concrete Company Limited
Consolidated Balance Sheet
As at May 31, 2005

May 31, 2005 August 31,2004
Unaudited (Audited)
Cash 49,141 58,895
Time deposits 81,178 79,740
Accounts receivable, net 1,684,716 1,718,031
Inventories 3,379,437 3,431,533
Inventories of spare parts and supplies 143,560 93,246
Deposits and prepaid expenses 162,316 94,980
Total current assets 5,500,348 5,476,425
Fixed assets 3,586,237 3,197,387
Total assets 9,086,584 8,673,812

Bank overdraft $ 655,235 750,341
Accounts payable and accrued
expenses 3,180,768 3,050,784
Warranty Provision 35,267 35,267
Due to Shareholder 440,272
Current portion of long term debt 18,911 39,810
Total current liabilities 3,890,182 4,316,474
Long term liability 717,938 196,412
Minority interest
Share Capital 47,083 47,083
Contributed surplus 5,774,868 5,774,868
Appraisal excess 1,433,867 1,433,867
Retained earnings (3,094,892) (3,094,892)
Current earnings 317,539
Total equity 4,478,465 4,160,926
Total liabilities and
shareholders'equity $ 9,086,584 8,673,812

Freeport Concrete Company Limited
Consolidated Statement of Operations
Three months ended May 2005, with comparative information for 2004
Outstanding shares = 4,708,334
(Expressed in Bahamian dollars)
3 months ended 3 months ended
May 31, 2005 May 31,2004
Sales 5,684,881 5,424,914
Cost of sales 4,312,222 4,025,244
Gross profit 1,372,659 1,399,670
Payroll costs 796,679 653,769
Other operating costs 401,790 251,082
IRent expense 94,923 119,206
'Advertising expense 62,711 92,347
Utilities expense 80,493 66,195
Other income (23,525) (19,788)
1,413,076 1,162,811
Income/(loss) before interest, taxes
depreciation and amortisation (40,415) 236,859
Depn. and amort, expense (100,423) (96,974)
Net financing income/(expense) (8,140) (37,946)
Profit/(Loss) before minority interest (148,978) 101,939
Minority interest in gain 1,890 (7,880)
Net income/(loss) (147,088) 94,059


Success for hotel

staff on training


HOTEL staffers from the Peace and Plenty
Beach Inn and the Palm Bay Beach Club in
George Town, Exuma received their certifications
for completing a Skills for Success training pro-
Pictured from left seated are: Tom Sutton, man-
ager of the Peace and Plenty; Charity Armbrister,
general manager, Exuma Tourism office; Sammy
Gardiner, director of the training and education
department at the Ministry of Tourism; Jacqueline
Wilchcombe-Ramsey, manage of the small hotels
unit; Betty Francis, owner of Palm Beach Club;
Petherina Hanna, assistant manager, Exuma
Tourism office.
Standing from left are: Carmel Turnquest, Bian-
ca Cooper, Anya Adderley, Theresa Glass, Mazell
Dames-Hinzey, Michaela Turnquest-Rolle, Janet
P Bethel, Erica Johnson, Nyroka Hayles, Dianna
Seymour, Grace Curry, Mildred Forbes and
Kendon Brown.


Hostel is just

the ticket
members of Omega Psi
Phi fraternity's Pi Xi
chapter visited the Chil-
dren's Emergency Hos-
tel on Wednesday, July
The Fraternity's New
PIrovidence Chapter pre-
sented twenty tickets for
its upcoming 'Greasy Pit'
cookout event, as a treat
for the children who live
at the home.
The cookout is sched-
uled for Saturday, July
23 at the corner of West
Bay Street and Perpall
It is the latest in a
series of fundraising
efforts by the fraternity
aimed at the establish-
ment of a community
centre in New Provi-
The photo shows
(from left to right): Lam-
ont Ellis, first vice
Basileus of the Pi Xi
Chapter; Nakita Smith,
administrative assistant,
Children's Emergency
Hostel; Arien Rolle,
keeper of records and
seal, Pi Xi chapter.
For more information
regarding Omega Psi Phi
in the Bahamas, see the
Pi Xi chapter website at:




The Tribune wants to
hear from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
If so, call us on 322-1986
and share your story.

S. I 1l %,J- M1-


Earnings per share
Basic and diluted earnings/ (loss) per s $

(0.031) 0.020


DALIA FELDMAN playing the bride and Bob Jennings playing the groom act out a
scene with Eddie Llambias as the Minister and Joanna Llambias as the bridesmaid in the
Freeport Players Guild's ILove You, You're Perfect Now Change! which is being presented at
the Dundas Centre for the Performing Arts from Thursday July 21 to Saturday July 23. This hilar-
ious adult musical comedy (no one under 18 please) presents a portrayal of the modern day mat-
ing game which explores the joys of dating, romance, marriage, lovers, husbands, wives and in-
laws. Tickets are on sale at Fox Hill Nursery and proceeds go towards the rebuilding of the
Regency Theatre and the Bahamas Heart Association.
(Photo: TimAylen)

Smash hit musical

comes to Nassau

THE trials and tribulations
of being single, dating, mar-
riage, loss, and heartbreak are
all cleverly explored in a musi-
cal that made its debut in Nas-
sau last night.
Reviewers insist that I love
You, You're Perfect, Now
Change! addresses everything
in the relationship process that
you have ever secretly thought
about, but were afraid to

This musical joyride through
the jungle of the modern-day
mating game is fast, up-beat
and hilarious.
With four actors playing
over forty roles during this
outstanding performance
revealing the romance, diffi-
culties and joys of connecting
with another person; no mat-
ter what age, is portrayed so
well, the audience is in awe
wondering if they are refer-
ring to you and your signifi-
cant other when playing out
the skits.

Affectionately called "Sein-
feld" and set to pop music, I
love You, You're Perfect, Now
Change! is Off-Broadway's
longest-running musical, and
has broken records in New
The Nassau show, which
will run again tonight and
tomorrow night, is great
opportunity to experience this
"must see" show that proves

romance sells.
The Freeport director and
producer promise that the
special Nassau performance
has something for every-
The Nassau Amateur Oper-
atic Society said it is proud to
sponsor Freeport Player's
Guild in the show.

It is being shown at the
Dundas Center for perform-
ing Arts on Mackey Street at
8pm nightly.
Proceeds will go towards the
rebuilding of Freeport's
Regency Theatre which suf-
fered major damage from last
year's hurricanes..
A donation will also be
made to the Bahamas Heart
Association in memory of Mrs
Kitty Lawrence.
Tickets are on sale at Fox
Hill Nursery at $20 and $25.
Interested persons can phone
324-6147 for more informa-

The Guys, Bikes & Cars

%~L- lltsI(IuraCm

EDDIE LLAMBIAS jumps in between Dalia Feldman and
Bob Jennings as they perform a scene in the Freeport Players
Guild's I Love You, You're Perfect Now Change! being pre-
sented at the Dundas Centre for the Performing Arts from
Thursday July 21 to Saturday July 23. This hilarious adult musi-
cal comedy (no one under 18 please) presents a portrayal of the
modern day mating game which explores the joys of dating,
romance, marriage, lovers, husbands, wives and in-laws. Tickets
are on sale at Fox Hill Nursery and proceeds go towards the
rebuilding of the Regency Theatre and the Bahamas Heart
(Photo: Tim Aylen)



- --

PAGE 12, FRIDAY, JULY 22, 2004


FRIDAY, JULY 22, 2005




Miami Herald Business, Stocks, Analysis, Wall Street

Kerzner refutes

'breaching law'

claims on $2 00m

condo hotel sales

Tribune Business
erzner Inter-
national yes-
K terday denied
S" claims by real-
tors that
;:; Bahamian law was being
,.: breached through its partner
;,in the Phase III $200 million
condo hotel joint venture,
US-based Turnberry Associ-,
ates, selling the 400 units to
wealthy international buyers.
Patrick Strachan, the
Bahamas Real Estate Asso-
Sciation's (BREA) president,
told The Tribune that he and
other realtors had "big time
concerns" over sales of the
condo-hotel's units, pointing
out that Turnberry Associ-
ates could be in breach of the
Real Estate Broker and
'.Salesman Act 1995.
This Act stipulates that in
order for a realtor to receive
a commission or fee from sell-
ing Bahamian real estate or
land, they must be licensed
.under this law. Foreign
-agnts., though, are not
licensed under this Act.
However, at a meeting with
Bahamian realtors last
'Wednesday, Mr Strachan said
Turnberry Associates
revealed it had already sold
"close to" 20 per cent or 75
units in pre-sales itself.
The BREA president
Described this as "slap in the
Face" to Bahamian realtors,
but Kerzner International
spokesman, Ed Fields, told
The Tribune that the compa-
ny and its joint venture part-
ner had the right to sell the

Says rights as developer
and existing licence allow US
partner to sell 400 units priced
between $675,000 to $2m

1k -

" lPHASE MiI at Atlantii, Paradise Island
(The Tribune archive photo)

400 units because they owned
the property and were its
Mr Fields said they were
entitled to do so under some-
thing called the 'Paradise
Island Limited Developers'
licence, which had been in
existence for the past three
to four years.
He added: "The developer
has the right to sell its own

property. It gets the develop-;
ment licence land can sell its
own property" without need-
ing to employ the services of
a realtor.
Mr Fields said the two
companies asked Bahamian
realtors to last week's meet-
ing so they could be "invit-


Auditors blast

Colina's 2004


Tribune Business Editor.
SERIOUS questions were
raised yesterday about corporate
governance at Colina Financial
Group (CFG), after the external
auditors for its publicly-listed life
and health insurance subsidiar
I"were not able to satisfy" them-
selves that all related-party trans-
actions had been disclosed in a
year when the latter's net earn-
ings slumped to just $313,687
from $5.577 million the year
In signing off on the 2004 year-
end audit of Colina Holdings,
the holding company for the
newly-named Colinalmperial

insurance firm, auditors from
PricewaterhouseCoopers (PwC)
said that despite having "signifi-
,cant arrangements and transac-
tions" with related parties, "the
company does not havr adequate
procedures in place to ensure
that such arrangements and
transactions are identified and
reported to the Board of Direc-
tors on a periodic basis".
PwC added: "Consequently,
the company's records may not.
provide sufficient and appropri
ate detailed information regard-
ing these transactions. Accord-
ingly, we were not able to satisfy
ourselves that all related party
transactions were properly
accounted for and disclosed."

Colina Holdings paid out some
$4.431 million to purchase ser-
vices from related parties during
the financial year to December
31, 2004, an almost three-fold
increase upon the $1.658 million
spent the year before.
Out of this sum, some. $900,000
in management fees and
$921,000 in brokerage fees went
to the company's parent, CFG,
whose shareholders at that time
were Colina Holdings' chairman,
Emanuel Alexiou; Colina Hold-
ings president, Jimmy Campbell;
and fellow principal Anthony


October target for Private

Trust Companies Bill

Tribune Business Editor
ALLYSON Maynard-Gibson,
minister of financial services and
investments, said yesterday that
the Government hoped to pass-
the Private Trust Companies leg-
islation by October, "opening up
unimaginable doors," for the
Bahamian financial services
She said the Government
hoped to table the Bill when the
House of Assembly reconvenes
in September, with the legislation
passed "with unanimity" for
Mrs Maynard-Gibson said the
first round of consultation on the
draft Bill, involving the Financial
Services Consultative Forum, the
Bahamas Financial Services
Board (BFSB), the Society of
Trust and Estate Practitioners
(STEP) and the Association of
Banks and Trust Companies

Bill could open up 'unimaginable
doors for Bahamian financial services

(AIBT), had been completed.
The Bill would now be more
widely circulated through the
financial serices industry during
the smmer to obtain further
"We'd like to be able to table
that when the House reconvenes,
so during the summer we will
meet with stakeholders to gain
all their views," Mrs Maynard-
Gibson said.
Of the Bill, she added: "It real-
ly will open up unimaginable
doors. The sector strongly advised
for this to be passed as quickly.
as possible.
"I think what it will do is
cement our position in the region
as the leader in private wealth
management." -

Private trust companies are
viewed as a critical product by
the Bahamian financial services
industry- w*ichias private wealth
* management as the cornerstone
of its reputation and market posi-
tioning. This product is seen as
providing a gateway into family
offices, which are set up to man-
age the personal financial needs
and affairs of a high net worth
,individual and his family.
Private trust companies are
companies incorporated to act as
the trustee for. a single trust or
related group of trusts, and are
often exempt from the licensing
requirements-of institutions such


North Andros hit

hard over airport

and airlift situation

Senior Business
THE San Andros Airport
closure and the halt to flights
by;Western Air have devastat-
ed the North Andros econo-
my, with al least 100 jobs
impacted through air service
coming to a standstill, said Dr
Huntley Christie, senior deputy
administrator for North
Andros and the Berry Islands.
While the area's tourism
business was never as brisk as
that experienced in the Cen-
tral Andros/Fresh Creek area,
the North Andros Airport did
receive substantial domestic
business, plus a steady flow of
commercial flights. .Its sched-
ule included a weekly flight of
some 40 US college students
that came to Andros to study at
the Forfar Field Station in
Stafford Creqk.
As a result of the loss of traf-
fic, airport employees, taxi dri-
vers, customs agents and other
ancillary vendors are either out
of work or have relocated their
businesses to other settlements.
Government revenue streams,
such as customs duties and
landing and airport fees, have
also been significantly impact-
ed with the closure of the San
Andros Airport.
Dr Christie confirmed, how-
ever, that the airport had
opened yesterday morning for
domestic business. It had pre-

viously been open at the week-
end for the North Andros
Regatta, but closed again on
"Traditionally, even though
we .don't have large numbers
of persons coming in as
tourists, the local domestic
business and local employment
levels have all been affected by
the fire and the subsequent clo-
sure of the terminal," Dr
Christie said.
"In terms of dollars and cdnts
I can't say what the impact is,
but there were almost 100 jobs
lost due to the lack of flights."
Dr Christie said the airport's
closure also negatively impact-
ed the local community
because it made it more diffi-
cult for residents of North
Andros to travel to Nassau.
"You have to travel to Fresh
Creek and that takes almost an
hour. To take a taxi to go all
the way up there, that's $70 one
way. You're actually paying in
taxi fares $10 more than the air
fare into Nassau," he added.
The administrator said, how-
ever, that there seemed to have
been a breakthrough, with the
North Andros MP, Vincent
Peet, promising to provide air
conditioned trailer facilities for
customs and immigration per-
While he is not sure when a
new terminal will be construct-
ed, Dr Christie said the remains

SEE page 2B

you're prefftty sure

college is in his future
Reality Check.
You never know what's in yours.
His future and ypurs can be protected
with the right life insurance or investment plan.


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takes to be a business owner

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Sy'.l-Syndicated "Content ^-

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One of the largest properties in the nautical enclave of
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Priced below market for quick sale

Phone 242-424-3641 or 242-357-3535
BREA Realtors welcome, please addfei




A vacancy exists at The Grand Bahama Port Authority, Limited for
one LEGAL SECRETARY in the Legal Department.
Applicants must be at least 21 years old and should have the
BGCSE English Grade C or higher, or GCE "0" Level English
Grade C or higher
Proficiency in Microsoft Word and WordPerfect
Knowledge of Microsoft Excel and Access
Strong Organizational Skills
Good Computer Skills
Clean Police Certificate
The individual will be responsible for:
Preparation of Legal Documents and managing transactions
Assist Counsel in the drafting of letters and memos.
Typing correspondence
Management of Counsel's Diary
Photocopying, Faxing and Emailing
Applications with supporting documentation should be submitted
The Personnel Department
The Grand Bahama Port Authority, Limited
P.O. Box F-42888
Freeport, Grand Bahama
on or before August 2, 2005

Pricing Information As Of:
21 July2005

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FROM page 1B

of the old terminal were being
removed and the community
was looking forward to gradu-
ally easing back into normality.
Meanwhile, the loss of West-
ern Air is also negatively
impacting North Andros,
although the charter company
is continuing operations in
Central Andros.
Dr Christie said that in the

Financial Advisors Ltd


52wk-HI 52wk-Low Symbol Previous Close Today's Close Change Dally Vol. EPS Div $ P/E Yield
1.10 0.89 Abaco Markets 0.89 0.89 0.00 -0.208 0.000 N/M 0.00%
8.70 8.00 Bahamas Property Fund 8.70 8.70 0.00 1.452 0.340 6.0 3.91%
6.44 5.55 Bank of Bahamas 6.44 6.44 0.00, 0.561 0.330 11.5 5.12%
0.85 0.70 Benchmark 0.80 0.80 0.00 0.187 0.100 4.3 1.25%
1.80 1.40 Bahamas Waste 1.40 1.40 0.00 0.122 0.000 11.5 4.29%
1.15. 0.87 Fidelity Bank 1.15 1.15 0.00 0.062 0.050 18.5 4.35%
8.65 6.76 Cable Bahamas 8.50 8.50 0.00 0.589 0.240 14.4 2.82%
2.20 1.87 Colina Holdings 2.20 2.20' 0.00 0.259 0.060 8.5 2.73%
9.08 6.75 Commonwealth Bank 8.80 8.80 0.00 0.673 0.410 12.5 '4.66%
2.50 0.62 Doctor's Hospital 2.26 2.26 0.00 1,600 0.452 0.000 5.0 0.00%
4.12 3.85 Famguard 4.12 4.12 0.00 0.428 0.240 9.6 5.83%
10.50 9.12 Finco 10:49 10.49 0.00 300 0.662 0.500 15,7 4.77%
8.75 7.00 FirstCaribbean 8.75 8.75 0.00 0.591 0.380 12.6 4.34%
8.98 8.31 Focol 8.98 8.98 0.00 0.708 0.500 12.7 5.57%
1.99 1.27 Freeport Concrete 1.15 1.15 0.00 0.022 0.000 52.3 0.00%
10.20 9.50 ICD Utilities 9.80 9.60 0.00 0.818 0.405 11.7 4.20%
8.25 8.20 J.S. Johnson 8.30 8.30 0.00 0.561 0.550 14.8 6.75%
6.69 4.36 Kerzner International BDRs 5.80 6.00 0.20 0.184 0.000 31.2 0.00%
10.00 10.00 Premier Real Estate 10.00 10.00 0.00 2.010 0.5665 5.0 5.65%
52wk-HI 52wk-Low Symbol Bid $ Ask $ Last Price Weekly Vol. EPS $ Div $ PIE Yield
13.00 12.50 Bahamas Supermarkets 12.25 13.25 11.00 1.488 0.960 9.1 7,25%
10.14 10.00 Caribbean Crossings (Pref) 10.00 10.35 10.00 0.000 0.800 NM 7.80%
0.60 0.40 RND Holdin s 0.29 0.54 0.00 -0.066 0.000 NM 0.00%
43.00 28.00 ABDAB 41.00 43.00 41.00 2.220 0.000 19.4 0.00%
16.00 13.00 Bahamas Supermarkets 13.00 14.00 13.00 1.105 0.810 14.6 6.93%
0.60. 0.35 RND Holdings a 0.29 0.54 0.35 -0.103 0.000 N/M 0.00%
52wk-HI 52wk-Low Fund Name NAV YTD% Last 12 Months Div $ Yield %
1.2402 1.1741 Colina Money Market Fund 1.240183*
2.3657 2.0018 Fidelity Bahamas G & I Fund 2.3657 *"
10.4330 10.0000 Fidelity Prime Income Fund 10.4330-"
2.2528 2.1164 Colina MSI Preferred Fund 2.252768"*
1.1200 1.0510 Colina Bond Fund 1.120044""

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 FidelitI
52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fideilt)
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 mtht
Dally Vol. Number of total shares traded today NAV Net Asset Value
DIV $ Dividends per share paid In the last 12 months NIM Not Meaningful
PIE Closing price divided by the last 12 month eamings FINDEX The Fidelity Bahamas Stock Index. January 1.1994 = 100
- AS AT JUNE. 30,20051- -AS AT MAY. 31, 2005
- ASAT JULY 1, 2005 -AS ATJUNE. 30, 20051- AS AT JUNE. 30, 2005

-0 -q. a e

absence of Bahamasair, which
discontinued flights to Andros
in 2003, Western Air was flying
into the area every day twice
a day and, sometimes, three
times a day. Residents of the
community now face costly and
time consuming travel to the
Andros Town International
Airport when they want to
travel to Nassau.
"We are going through a
testing time. North Andros will

o~p a 0 0

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a -- a&ama

w ..q-& -
qo 490-4- a10-o-
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rebound. With the will of the
people, their resourcefulness
and.industry and their willing-
ness to trust God and support
the community and the district,
we will get back to where we
were," he added.
Dr Christie pointed out that
even before the airport's clo-
sure, the North Andros econo-
my was sluggish., With little
industry outside of fishing and
farming, plus government
employment, he described the
economy as "touch and go and
not very healthy".
Emmeth Miller, owner of the
16-room.Conch Sound Resort
in North Andros, said the hotel
had no guests at this time
because of the airport's closure.
He said that while the resort
usually had a number of visi-

tors. during the bone fishing
season, from February to June,
domestic tourism:was the prop-
erty's largest business; sector.
The inability of persons to fly
directly into North Andros has
meant that some of the guests
they might have received are
now staying in Fresh Creek
instead, because they do not
want to drive the long distance.
A representative from the
Ministry of Tourism said that
even before the airport's clo-
sure, tourism in North Andros
was non-existent. Other areas,
such as Central Andros, are
enjoying a substantial boom in
tourism traffic, and as a result,
most of the taxi drivers who
were operating in North
Andros are now operating
from the Andros Town airport.

for 24 apartment condominium on Cable Beach.
References-and business experience essential.

Please reply to:

The Tribune Limited
DA 3864
P.O. Box N 3207
Nassau, Bahamas


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 22ND day of JULY,
2005 to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.

is hereby given that JOY F. CAMPBELL McKINNEY CLOSE,
P.O.BOX CR 54975, NASSAU, 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 15TH day of JULY, 2005 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,

The Public is hereby advised that I, NADIA BAPTISTE,
of Baillou Hill Road, RO. Box N-7101, Nassau, Bahamas,
intend to change my name to NADIA JEAN-BAPTISTE.
If there are any objections to this change of name by Deed
Poll, you may write such objections to the Chief Passport
Officer, P.O.Box N-742, Nassau, Bahamas no later than
thirty (30) days after the date of publication of this notice.

The Public is hereby advised that I, NATHANIEL PIERRE, of
Montgomery Kent Avenue, Nassau East, P.O. Box N 8522,
Nassau, Bahamas, intend to change my name to NATHANIEL
PIERRE-HART If there are any objections to this change of
name by Deed Poll, you may write such objections to the Chief
Passport Officer, P.O.Box N-742, Nassau, Bahamas no later
than thirty (30) days after the date of publication of this notice.

e-t5 .flft - -4* s-a4
-eww- -quoa4wld-



A vacancy exists at The Grand Bahama Port Authority, Limited for
one ELECTRICAL CODE OFFICIAL in the Building and
Development Services Department.
Applicants must be at least 21 years old and should have the
Bachelor of Science in Electrical Engineering
Minimum of five (5) years relevant engineering experience
Minimum of three (3) years relevant supervisory experience
Certification as a Master Electrician
The individual will be responsible for:
Enforcing the Canadian Electrical Code
Review/approval of electrical parts
Review/approval of Electrical Permit Application documents
Certification of electrical contractors
Supervision of electrical inspection staff
Engineering support to Port Group capital/repair projects
Applications with supporting documentation should be submitted
The Personnel Department
The Grand Bahama Port Authority, Limited
P.O. Box F-42888.
Freeport, Grand Bahama
on. or before August 2,2005

PAGE 2B, FRIDAY, JULY 22, 2005




Co mnwat B ak

Bank released its half-year
results yesterday, reporting
net income of $14.6 million
for the period, a nearly $2 mil-
lion or 15 per cent increase
over 2004 levels.
Earnings per share
increased from $0.32 to $0.38
per share. Annualised return
on equity for common shares
was 30.83 per cent, up from
29.73 per cent. Total assets
stood at $771.2 million.
Commonwealth Bank was
said to be entering its ninth
consecutive year of record
profits. In April, the bank
shared its increased profits
with shareholders, issuing an
extraordinary dividend of five
cents per share.
"We are very pleased to





Notice is hereby given that in accordance with Section
137 (4) of the International Business Companies Act
No. 45 of 2000, TEMPER INVESTMENTS LTD. has
been dissolved and struck off the Register according to
the Certificate of Dissolution issued by the Registrar
General on the 27th day of June, 2005.

Edgar de Souza Toledo Filho,
Rio Janeiro N 1551,
6 andar, San Pablo, Brasil



TAKE NOTICE that the Board of directors of PREMIER
CORPORATION LIMITED has resolved to declare a
Quarterly Divedend in the amount of Nineteen and one-half
cent ($0.195) per share for all shareholders of record as of the
close of business on the 11llth day of May, 2005, the same to be
payable on the 16th day of May, 2005.

All payments shall be made through Genesis Fund Services
Limited, the Registrar & Transfer Agent, pursuant to the
instructions of the relevant shareholders on the files of SG
Hambros Bank & Trust (Bahamas) Limited as at the 16th dayof
May, 2005.

Gregory K. Moss.

report exceptionally strong
results for the first six months
of 2005 to our shareholders,"
said TB Donaldson, chairman.
"Over the past six months,
with the increased liquidity in
the economy, we have
engaged in a mortgage cam-
paign allowing more Bahami-
ans than ever to enjoy the
benefits of home ownership.
The campaign has been so
successful that we have agreed
to extend it to a third quar-

That same liquidity is neces-
sitating the bank to revise its
Preference Share capital to a
variable rate of 1.5 per cent
above prime. Preference
shares were earning 8 to 9 per
cent for investors.
In addition to the increase


International Business Companies Act (No. 45 of 2000)

(In Voluntary Liquidation)

Notice is hereby given that in accordance with Section
137 (4) of the International Business Companies Act
is in Dissolution.

The date of commencement of dissolution is 3rd day of
May, 2005.

Edgar de Souza Toledo Filho,
Rio Ja~ero N 1551,
6 andar; San Pablo, Brasil
S. .........,, qui ator i.- :


(No. 45 of 2000)

In Voluntary Liquidation

Notice is hereby given in accordance with Section 137(8)
of The International Business Companies Act, No.45 of
2000, the Dissolution of FIDDLESTICK LIMITED
has been completed, a Certificate of Dissolution has
been issued and the Company has therefore been struck
off the register. The date of completion of the dissolution
was the 10th day of March, 2005.

Irene Jornod

.... ...... ..

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in mortgages, the bank bene-
fited from the acquisition of
a consumer loan portfolio in
2004 and further tightening of
its reins on loans to assure a
quality loan portfolio.
Mr Donaldson credited
executive management and
staff with much of the bank's
He said: "We want to take

this opportunity to thank our
dedicated and enthusiastic
staff, loyal customers and
many shareholders.
Barring any unforeseen nat-
ural or other disasters, we
look forward to an exciting
remainder of the year and
ongoing success as the econo-
my continues to improve and



(No. 45 of 2000)


Notice is hereby given in accordance with Section 137 (8) of the International
Business Companies Act, No.45 of 2000, the Dissolution of BARSPARTS
INTERNATIONAL LIMITED has been completed, a Certificate of
Dissolution has been issued and the Company has therefore been struck
off the Register. The date of completion of the dissolution was July 14,

Alrena Moxey


Equity Side

IN THE MATTER OF ALL THAT piece parcel or lot
of land containing an area of 17,634 square feet situate
on the Northeri side of Dorsett Street, Fox Hill in the
Eastern District of the Island of New Providence in the
Commonwealth of the Bahamas being bounded
Northeastwardly by land the property of one Rolle and
running thereon One Hundred and Nine and five
Hundredths (109.05) feet Southeastwardly partly by
land reputed to be the property of Eric Davis and partly
by land reputed to be the property of Jasmine Pratt and
running thereon jointly One Hundred and Sixty-one
and Thirty-seven Hundredths (161.37) Feet.
Southwestwardly by Dorsett Street and running thereonr
One Hundred and Twelve and Fifty-three Hundredths
(112.53) feet and Northwestwardly by land reputed to
be the property of Melissa Demeritte and running
thereon One Hundred and Fifty-seven and Thirty-four
Hundredths (157.34) Feet.


IN THE MATTER OF the Quieting Titles Act, 1959




ALL THAT piece parcel or lot of land containing
17,634 Square Feet situate on the Northern Side of Dorsett
Street, Fox Hill in the Eastern Distrit of the Island of New
Providence one of the Islands in the Commonwealth of The
Bahamas as described on the Plan at Department of Lands and
claims to be the Owner of the fee simple estate in possession of
the said lot of land hereinbefore described and the Petitioner has
made application to the Supreme Court of the Commonwealth
of the Bahamas under Section 3 of the Quieting Titles Act, 1959
to have its Title to the said land investigated and the nature and
extent thereof determined and declared in a Certificate of Title
to be granted by the Court in accordance with the provisions of
the said Act.
Copies of the field plan may be inspected during normal
office hours at:

a. The Registry of the Supreme Court, Ansbacher Building,
Bank Lane, Nassau Bahamas;

b. The Chambers of E. Verona Douglas-Sands & Co.,
East Shirley Streets, P.O. Box N-8566, Nassau, Bahamas

c. The Attorney General's Office, East Hill Street, Nassau,
The Bahamas.

Notice is hereby given that any person having Dower
or right to dower or any adverse claim not recognized in the
Petition shall before the expiration of Thirty (30) days of the
receipt of this Notice file in the Registry of the Supreme Court
and serve on the Petitioner of the undersigned statement of such
claim. Failure of any such person to file and serve a statement
of such claim within Thirty (30) days of the receipt of this Notice
will operate as bar to such claim.

2nd Floor, Columbus House,
East and Shirley Streets,
Nassau, Bahamas

Attorney for the Petitioner.


TAKE NOTICE THAT the administrator of Premier
commercial Real Estate Investment Corporation
'Limited has been changed from SG Hambros Bank
& Trust (Bahamas) Limited to GENESIS FUND
SERVICES LIMITED of address Goodman's Bay
Corporate Centre, West Bay Street, P.O. Box N-9058,
Nassau, Bahamas with effect from the 1st day of July

Dated this 5th day of July, 2005.

Gregory K. Moss





PAGE 4B, FRIDAY, JULY 22, 2005



7:30 8:00 8:30 9:00 9:30 10:00 10:30

Issues Round- Washington NOW (N) A McLau hlin Journal Editorial World Class Trains "The Rocky
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PAGE 6B, FRIDAY, JULY 22, 2005

Co-aolRdaled Pliuacial Stattuet of
Colina Holdings Bahamas Limited
D.e eral o31,004
July 19, 2005

Message from the Chairman Emanuel M. Alexiou

As a shareholder you are very much aware of the changes and developments with
Colina Holdings Bahamas Limited since our last annual report, especially within the
first six months of 2005.

The most significant development occurred in January 2005 with the completion of
the transaction to transfer ownership of Imperial Life to Collna, a move that brought
us one step closer to realizing our vision of establishing Colina as the premier
Insurance company of The Bahamas. The consolidation of Imperial Ufe Financial will
bring the total assets to $400M.

For the year ended December 31, 2004, net revenues Increased from $57.4M to
$91.3M mainly due to the consolidation of the Canada Life portfolio. However, our
net earnings Were affected by non-recurring expenses of approximately $5M,
primarily associated with the implementation of new computer systems, the
integration of Canada Ufe portfolio and the acquisition of Imperial Ufe Financial.

Another significant development followed the Extraordinary General Meeting (EGM)
held on Friday May 20, 2005, when the Board of Directors approved a reorganization
plan involving a name change (Collnalmperial), the appointment of a new executive
team and the appointment of three new Directors.

We believe these changes were essential to help the Company continue on a path of
sustained growth following a period of accelerated expansion through a series of
strategic acquisitions, culminating with the Imperial transaction.

In June 2005 the Company along with all the other Collna Financial Group companies
consented to the performance of an Independent review and monitoring of their
activities and operations by the Group of Financial Service Regulators as part of the
approval process In the Company's acquisition of Imperial Financial.

The Company has early adopted a number of new and/or revised International
Financial Reporting Standards (IFRSs) In its audited accounts which has resulted In
greater disclosure and a higher level of transparency for the benefit of all

We are excited about our new name, leadership and direction. The name
Collnalmperial combines the heritage and strong brand recognition of two highly
successful and innovative companies which generations of Bahamians have trusted'
with their life and health Insurance needs.

We recognize that the past several months have been extraordinarily challenging for
our staff, customers, policyholders and shareholders and we wish to thank them for
their continued support and confidence.

The professionalism displayed by our staff during this challenging period in
continuing to provide the highest level of service to our customers has been truly
outstanding and deeply appreciated.

Change, of course, Is a reality with any corporate reorganization, particularly with
respect to internal policies and procedure and business operations. We are
proceeding with a studied rationalization of the organization's policies, processes and
products. Some changes will occur sooner than others but the end goal In each case
will be to build a stronger organization, one that will continue to be a leader In all
aspects of our business and one In which our staff can take pride, and our staff,
I shareholders, policyholders and customers can reap the benefits.

We have entered an exciting era in the history of our Company, with the launch of. a
rkw brand and a bright outlook to the future. Your Board of Directors is confident the
organizational changes that are now In place will provide the leadership and
framework necessary to broaden and enhance our offerings and add shareholder
value. We pledge nothing less than a relentless dedication and commitment to
achieve this goal.



0.0. ,2. 910

t0ad(2 wwp)aso3n

To the Shareholders of Colina Holdings Bahamas Limited
We have audited the accompanying consolidated balance sheet of Colina Holdings Bahamuas
Limited and its subsidiaries (the "Company") as of December 31, 2004 and the related
consolidated statements of income, changes in equity and cash flows for the year ths ended.
These consolidated financial statemets are the responsibility of the Compay's mnagemen
Our responsibility is to express an opinion on thee consolidated financial statements based on
our audit.
Except as explained in me next paragraph, we conducted our audit in accordance with
International Standards on Auditing. Those Standaid require that we plan and petfotn the audit
to obtain reasonable assurance a to whether the consolidated financial statements ae ftee of
material misstatement. An audit includes examining, on a est basis evidence supporting the
amounts and disclosures in the consolidated financial statement A audit also includes
asessig the accounting principles sed and sigmficant etimate made by management's well.
as evaluating the overall consolidated financial statement presentation. We believe that our audit
provides a rasonable basisfor our opinion.

As disclosed in Notes 24 and 28 to the consolidated financial satetnets, the Company, has
signdfiant anrngements a a rd antiaiiois with relate d parties The Cbhpany dodcs its ove
adequate procedures in place to ensure that such argements and transactions are identified sAi
reported to the Board of Directos on a periodic baais; consequamly;the Company's records may
not provide sufficient and apprpriate detailed information regarding these transactl6ns.
Accordingly, we were not able to satisfy ournelve* thi sill :elaredparty transactions were
properly accounted for and disclosed.
in our opinion, except for the eflfe of such adjustments, if ny, as.migbl have been dteined
to be necessary had We been able to satisfy ourselves a to hr matter referred to in the third
parabsaph above, the accompanying consolidated financial statements present fairly, in all
material respects, the financial position of the Companyas of Decemberi3, 2004, and the results
of its operations and its cash flows for the yesr thn ended in accordance with Internatonal
FinancialReporting Standards.

Chulrtered Accountant
July 18.2005

* Eckler Partners Ltd.
P S1* W I

*Tfti8l4pi0 I ia5
fT4,o uo..ft II.,I,
3,55m( ( q5 D~29

Collna Holdings Bahamas Umlted
and Colna Insurance Company Llmited

2004 Certification of Actsuaral UabllitUes

I have valued the actuarial liabilities and other policy Ilabilitles of Collna oulwings
Bahamas Lmited and Colina Insurance Company Limited for its consolidated balance
sheet as of 31 December 2004 and their change n the consolidated stat ement of
operations for the year then ended In accordance with accepted actuarial practice, the
CIA Consolidated Standards of Practice In Canada, and the Canadian valuation
method, all of which are accepted In the Bahamas, including selection of appropriate
assumptions and methods.

In my opinion, the amount of the actuarial and other policy liabilities makes appoidpBte
provision for al future policyholder obligations, and the consolidated financial
statements of Collna Holdings Bahamas* Lmited and Colla Insurance Company
Limited present fairly the results of the valuation.

T g -^-- ^ "
16" MAY 2005
Consolidated Balance Sheet

As of December 31, 2004, with comparative figures as of December 31, 2003
(Expressed in Bahamian dollars)

Not 2004 2003
Cash and cash equivalents 4 S 4,713,590 12,638,410
Financial assets
Equity securities
Available-for-sale 5 14,386,813 12,423,069
Fair value through 5 6,102,604 7909,060
Debt securities
Held-to-maturity 5 54,163,633 43,022,.443
Available-for-ale 5 2,961,498 3,219.258
Fair value through income 1,812,600 814,000
Loaans d receivables 6 111,8,587 87,630,652
Goodwill 7 8,654,199 3,773,467
Otherassets 8 11,260,297 3,750,138
Investment property 9 31,440,201 24,529,695
Property and equipment 10 8,289,302 5.759,523
Other intangible assets II 512,524
Total Assiets 256,178,838 205,539,715

Liabilities and Equity
Policy liabilities
Provision f future policy benefit 12 S 164,245654 116241.799
Policy dividends on deposit 15371,206 11.600,317
179,616,860 127.842,116
Other liabilities
Bank loan 13 11,567,294 11.921,245
other liabilities 14 17.210.258 ISA15 .699
28.777.552 27,342,943
Total Liabilities S 208.394.4i2... 155185,059

Capital and reserves attributable to the Company's
equity holders
Share capital Is 24,729,613 24,729,613
Share premium 5,960,299 5,960.299
Revaluation reserve 16 (104,228) (350,367)
Capital surplus arising on consolidation 4,731
Treasurystock 17 (807,723) (649,020)
Retained eaminsi3.4i.737 15.050.485
43,229,698 44,745,741
Minority interat 4.554728 560891
Total Equity 47,784.426 50,354,656
Total Liabilities and Eqaiy 256.178.838 205.539,715

The accompanying notes are an integral part ofthse consolidated financial statements.

Approved by the Board of Directors on July 18, 2005 nd signed on Its behalf by:

E. M. Alexiou Chairman

Consolidated Income Statement

Year ended December 31, 2004, with comparative figures for year ended December 31, 2003
(Expressed in Bahamian dollars)


Premium revenue
Less: Reinsurance prmiums

2004 2003

S 78,832,676 51,336,401
5,430,025 3,827,262

Net premiums 73,402,651 47,509,139

Management fees and other income 1,242,766
Net investment income 19 16,681,102 9 935,621
91,326,519 57,444,760

Benefits and expenses:
Policy benefits
Change in provision for future polic)
General and administrative expenses
Interest expense
Tax expense
Impairment/amortization of goodwill

Results from operating activities
Share oforofit in associate

26 48,640,430

12 11,465,697
20 19,704,185
7 1.158.833




91,012,832 52,228,451

313,687 5,216,309

Net earnings for the year S 313,687 5,577,528

Net eanings/(loss) attributable to:
Equity holders of the Company (114,972) 5,577,528
Minority interest 428,659

Basic earnings per share 21 $ 0.00 0.23

The accompanying notes are an integral part of these consolidated financial statements.

Csoolided StteCm et of Cthag in Equity
Yearteed Deembr 31, 2004. wih commparive Simes for yearded Denembr 31, 2003
S(Epre ,edin BahaUin dollar)

Sak. S 2 R. l. A.4rMiltl. Tr.-"r R0m 9, 1 Ta
sa60 f... a1... V..,dM 3... h. .

a-Sbl e S24.729S613 5.90.25(0 1,43) ( J) A6-142 4M 3lm
*. e .* ,.. W . l"/. ,UU S.
ilniof, 1,606,9)3 ,<1.0011) )53 I
L* ..-.btt. (129A3e 7) 1(2 7)
Koiu un I u
Ntamoardo M do
iidn9 epafi tdf ur jle, (254 .tt ( ''4
Ni,,anio=q s, S7,2 .7t,5 r9.r 13s 59n 0so 350ss,7 4711 64.0o>1 H1nIasJ ISMI.S $Mwl$

BniL5b*1,sf> S .677 .613 50.29 os,367) l4,7 (60eA) 1tiwse !5~V15 05UMM4
lnarOM (4.731) (4I,71)

..i3* 32.015s m3 ls
?taery ..s.u.lo..rusdod
mi-t-ia. 2 7 (510.) ( W(5)
"5|0ark6. O 7) -S 1A ) 7
Ai*6*d,5.k 0 0 m 5 71 7 47 .<53 4

Consolidated Statement of Cash Flows

Year ended December 31, 2004, with comparative figures for year ended December 31, 2003
(Expressed in Bahamian dollars)

2004 2003

Cah flows om operating activities:
Change in unralized (apprecitionydpreciatio of fair value
though income scurities
Inta in provision P on r f fturelolicy befit
lnqrjpovisionjA M l .ri stes

Net realized loisV(gaiO).pfqp v ,luctihugt imncmsecaurities
Net realized gan on sale of availablW ir- ae security ...
Share of pofrfit f associate
Intiret income ..
Dividend income

S 313.6p7 n,57528

(216,377) 304.492
11,465,698 3,409,640

1,946,422 534,791
15,212 (67,175)
(55,876) (7,616)
(6,675,428) (9,279,035)
(1,68,718) (1,21,918)

S .oss L ondisposaloffixed asst 4.71
Opening oash flows bfre changes in
operating assets and liabilities 6,234,620 (122.841)
Inenaise in other assets (7,919,519) (886,95)
(Decaseincrese in other liabilities (339.423) 1, 53.789
Net cash (used foryprovided by operating activities. (2024,322) 643,913

Cash flows ftom investing activities:
Acquisition ofCanada Life, net of cash acquied 6,130,835
Acquisition of other subsidiaries, net of cash acquired (1,91U,169) (912,602)
(Incrcase)ydecreas in term deposits with bhas (221,247) 1,918,013
Fair value through income securities purchased (830.455) (363,72)
Proceeds on disposal offair value through income securities 1,635,620 187,900
Availablc-for-sal securities purchased (12,946,679) (11,273.320)
Proeeeds on disposal of available-for-sale securities 17,023,376 6,09,710
Trasurystock purchased (IS,103) (129,037)
Proceeds on disposal of held-o-maturity securities 2967,210
Held-to-maturity scurities purchased (10,63,300) (10,487"843)
Increase in loans to policyholders (420,419) (473,658)
New nmo:gage and commercial loans (9,912325) (4,641,964)
Repayments of mortgage ad commercial loans 6,580,654 5,211,227
Increase in investment property (6910,505)
Imerst received 5,483,29 9,904,462
Dividends received 1,668,718 1322,358
Additions to property and equipment (747,505) (1,311,379)
Additions to other intangibles (5568609)
Net cash used for investing activities (3.850208) (4267,035)

Cash flows rom financing acvtivies
Proceeds from short-term bank borowng 5400,000
Repayment of short-term borrowing (5,500,000)
Dividendspaid (1,690339) (989,185)
Repayment oflong-term bank loan (359.951)
Net cash used for financing activities (2,050290) (989.185)
Net decrease in cash and cash equivalens (7,924,820) (4,612,237)
Cah and cash equivalents, beginning ofyear 12,63.8410 17.250.647
Ca sandcash equivalents, end of year Note4) S 4.713.90 12,38,410

The accompanying notes are an integral part of these consolidated financial statements.

Notes to Consolidated Financial Statements

Year ended December 31, 2004
(Expressed in Bahamian dollars)

1. General Information
Colina Holdings Bahamas Limited ("the Company"), formerly Global Bahamas Holdings
Ltd. was incorporated under the laws of the Commonwealth of The Bahamas on July 6,
1993. During 2003 the shareholders approved a resolution to change the Company's name
from Global Bahamas Holdings Ltd. to Colina Holdings Bahamas Limited, with effect from
August 18, 2003.
The Company acts principally as the holding company of Colina Inurance Company.
Limited ("Colina"), a wholly owned life and health insurer incorporated and registered in
The Bahamas.
At December 31, 2004, approximately 67% of the Company's issued share capital was
owned by Colina Financial Group Limited ("CEO") and 33% by the Bahamian public. All
significant balances and transactions with CFG and parties related to CFO are disclosed in
the consolidated financial statements (See Note 24).
The registered office of the Company is located at StAndrew's Court, Frederick Street
Steps, P.O. Box N-4805, Nassau, The Bahamas and its principal place of business is
located at 12 Village Road, P.O. Box N-3013, Nassau, The Bahamas.
As of December 31, 2004 Colina employed 144 (2003: 91) administrative employees and
81 (2003: 83) agents.
The ordinary shares of the Company are listed on the Bahamas International Securities
2. Significant accounting policies
The principal accounting policies applied in the preparation of these consolidated financial
statements are set out below. These policies have been consistently applied to the years
presented, unless otherwise stated.
a) Basis f preparation
The consolidated financial statements are prpaTed in accordance with International
Financial Reporting Standards ("IFRS") and under the historical cost convention, as
modified by the revaluation of certain financial assets and liabilities that are required
to be remeasured at estimated fair value.
The preparation of the consolidated financial statements in conformity with IFRS
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosures of contingent assets and liabilities at
the date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those

Early adoption ofstandards

The Company early adopted the following IFRSs in 2004, which are relevant to its
operations. The 2004 accounts have been amended to comply with the relevant


The fair values of quoted investments are based on current bid prices. If the market for
a financial asset is not active, the Company and/or its Investment Manager establishes
fair value by using valuation techniques. These include the use of recent arm's length
transactions, reference to other instruments that are substantially the same" an
discounted cash flow analysis.

(h) Impairment offinanal assets
Financial asset carried atamortized cost i. i.;
The Company assesses at each balance sheet date whether there is objective evidencqr
that a financial asset or group of financial assets is impaired. A financial asset or group
of financial assets is impaired and impairment losses are incurred only if there Is
objective evidence of impairment as a result of one or more events that have occurred
after the initial recognition of the asset ('a loss event') and that loss event (or events)
has an impact on the estimated future cash flows of the financial asset or group of
financial assets that can be reliably estimated. Objective evidence that a financial asset i
or group of assets is impaired includes observable data that comes to the attention ofr
the Company about the following events: til



IAS 1 (revised 2003) Presentation of Financial Statements ,
IAS 8 (revised 2003) Accounting Policies, Changes in Accounting Estimates and
Errors 'c
IAS 17 (revised 2003) Leases
IAS 24 (revised 2003) Related Party Disclosures .
IAS 27 (revised 2003) Consolidated and Separate Financial Statements ,,
IAS 32 (revised 2003) Financial Instruments: Disclosure and Presentation
IAS 33 (revised 2003) Earnings per Share
IAS 36 (revised 2004) Impairment of Assets .
IAS 38 (revised 2004) Intangible Assets
IAS 39 (revised 2004) Financial Instruments: Recognition and Measurement.(
IFRS 3 (issued 2004) Business Combinations ,

The early adoption of IAS 1, 8, $7, 24, 27, 32, 33 (all revised 2003) and IAS 39
(revised 2004) did not result in substantial changes to the Company's accounting
policies. In summary:

a IAS 1 (revised 2003) affected the presentation of minority interest in the
income statement. The Standard requires separate allocation at the bottom of
the income statement and a separate column in the statement of changes in
equity as well as other disclosures.

IAS 24 (revised 2003) affected the identification of related parties and some .,
other related-party disclosures.

The early adoption of IFRS 3, IAS 36 (revised 2004) and IAS 38 (revised 2004) i-
resulted in a change in the accounting policy for goodwill. In all years ended on or -
prior to December 31, 2003, goodwill was amortized on a straight-line basis over a a ,.
period of 5 years and assessed for an indication of impairment at each balance sheet :
date. In accordance with IFRS 3:

The Company ceased amortization of goodwill retroactively from January 1,
2004; :',-

Accumulated amortization as at December 31,2003 has been eliminated with
a corresponding decrease in the cost of goodwill; and

From the year ended December 31, 2004 onwards, goodwill is tested .
annually for impairment, as well as when there are indications ofimpairment.

IFRS 4 which deals with financial reporting for insurance contracts has been issued ;:
and will be adopted as required for the accounting period commencing January2005. r.
The Company does not anticipate a material adverse impact on results of operations
as a resultofimplementing IFRS 4. ,.

) Pn4es ofconsolldadlon
Ii) Subsidiaries

The consolidated financial statements include the accounts of the Company ,
and controlled subsidiaries where the Company has the power to govern the
financial and operating policies, generally accompanying a shareholding of
more than 50% of the voting rights. Subsidiaries are fully consolidated from
the date on which control is transferred to the Company and are de- ,,t
consolidated from the date on which control ceases.

The Company uses the purchase method of accounting to account for the
acquisition of subsidiaries. The cost of an acquisition is measured as the fair '
value of the assets given and liabilities incurred or assumed at the date of 1i.
exchange, plus costs directly attributable to the acquisition. Identifiable assets b .
acquired and liabilities and contingent liabilities assumed in a business
combination are measured initially at their fair values at the acquisition date,
irrespective of the extent of any minority interest. The excess of the cost of I
acquisition over the fair value of the Company's share of the identifiable net
assets acquired is recorded as goodwill. If the cost of acquisition is less than
the fair value of the net assets of the subsidiary acquired, the difference is n
recognized directly in the income statement .

All material inter-company balances and transactions re eliminated on .<
consolidation. Unrealized losses are also eliminated unless the transaction r
provides evidence of an impairment of the asset transferred. The accounting
policies of subsidiaries have been changed where necessary to ensure ''
consistency with the policies adopted by the Company.. .

(ii) Associates

Associates are those enterprises in which the Company has significant
influence, but not control, over the financial and operating policies, generally "
accompanying a shareholding of between 20% and 50% of the voting rights.
The consolidated financial statements include the Company's share of the'
total recognized earnings or losses and movements in reserves of associates a I
using the equity method of accounting, from the date that significant influence
commences until the date that such influence ceases. Associates' auntn
policies have been changed where necessary to ensure consiency with the
policies adopted by the Company. .I : .n
(c) Forcgn curreMcy trnsleton .
The Company's functional and presentation currency is the Bahamian dollar. Assets
and liabilities denominated in currencies other than the Bahamian dollar are translated
to Bahamian dollars using the rate of exchange prevailing at the balance sheet date.
Income and expense items denominated in foreign curencies are translated at a rate of
exchange that approximates the actual rate prevailing at the time of te transaction.
Resulting differences are recognized in income in the reporting period in which they i,,
arise. J

(d Piaum revenue and related expenses ,

Individual life and individual and group annuity premiums are considered revue
when due. Individual health insurance premiums are recognized as revenue when
received Group life and health insurnce premiuns are recognized as revenueover t
related contract periods. The Canadian Asset Liability Method ("CALM") matches the
recognition of benefits, claims and expenses with premiums and investment income n
over the expected life of the contracts [See Note 2(m)]. Future profits will emerge toiq:
the extent that actual experience is better than the expected assumptions, and the ~f.r
provision required for adverse deviation is less than assumed. 1,

(C) RetAinsUrwaN ceded i
Policy benefits and the provision for future policy benefits are recorded net of amounts a
ceded to, and recoverable from, reinsurers. Amounts recoverable are estimated in a4'Ti
manner consistent with the policy liability associated with the reinsured. .:c
1|) I
( Inrlst Income and dividend income nt;:

Interest income for financial assts that are not classified as fair value through income'
is recognized using the effective interest method. .
Dividend income is recognized when the Company's right to receive payment isq"
established this is the ex-dividend date for eqiity securities. '

(g) Financal assets .

The Company classifies its investments into the following categories: loans and'
receivables, held-to-maturity financial assets, available-for-sale financial assets and,,
financial assets at fair value through income. The classification depends on the purtos
for which the investments were acquired. Management determines the classification of1
its investments at initial recognition and re-evaluates this at every reporting date.

(i) Financial assets at fairvalue through income i

This category has two subcategories: financial.assets held for trading and those
designated as fair value through income at inception. A financial asset is classified'
into this category at inception if acquired principally for the purposeof selling in.'
the short-term, or if so designated by management.

(ii) Loans and receivables ,:

Loans and receivables are non-derivative financial assets with fixed or, ,
determinable payments that are not quoted in an active market other than those
that the Company intends to sell in the short term or that it has designated as at
fair value through income or availaeble-for-sale. Receivables arising fromi.. s
insurance contracts are also classified in' this category and are reviewed for.'q
impairment as part of the impairment review of loans and receivables. on

(iii) Held-to-maturity financial assets 'ii

Held-to-maturity financial assets are non-derivative assets with fixed or
detenninable payments and fixed maturities other than those that meet thAc<'
definition of loans and receivables that the Company's management has the
positive intention and ability to hold to maturity.

(iv) Available-for-sale financial assets 7'

Available-for-sale financial assets are non-derivative financial assets that are
either designated in this category or not classified in any of the other categories..

Regular way purchases and sales of investments are recognized on trade date the dat '
on which the Company commits to purchase or sell the asset. Investments are initially,
recognized at fair value plus, in the case of all financial assets not carried at fair value2
through income, transaction costs that are directly attributable to their acquisition. I
Investments are derecognizcd when the rights to receive cash flows from the,
investments have expired or where they have been transferred and the Company has,
also transferred substantially all risks and rewards of ownership. .

Available-for-sale financial assets and financial assets at fair value through income are
subsequently carried at fair value. Loans and receivables and held-to-maturity financial.
assets are carried at amortised cost using the effective interest method. Realised and
unrealised gains and losses arising from changes in the fair value of the financialll
assets at fair value through income' category are included in the income statement inC
the period in which they arise. Unrealised gains and losses arising from changes in tS&e'
fair value of financial assets classified as available-for-sale are recognized in equity.' ,
When financial assets classified as available-for-sale are sold or impaired, thet
accumulated fair value adjustments are included in the income statement in,,ne,
investment income.

ii I -------- ~~

A. R. -Diror
A. R.iswy Z4Diirector

FRIDAY, JULY 22, 2005, PAGE 7B

* significant financial difficulty of the issuer or debtor;

* breach of cuntr.t, such as a default or delinquency in payments;

* i comingg probable that the issuer or debtor will enter bankruptcy or other
tinancil reorganization

* te disappearance of an active market for that financial asset because of
financial difficulties;

= bservable data indicating that there is a measurable decrease in the
timated future cash flow from a group of inancial assets since the initial
recognition of those assets, though the decrease cannot yet be identified with
lhe individual financial assets in the group, including:

o adverse changes in the payment status of issuers or debtors in the
group; or
o local economic conditions that correlate with defaults on the assets in
the group

h:re is objective evidence that an impairment loss has been incurred on loans and
eivables or held-to-maturity investments carried at amortized cost, the amount of the
0 Is measured as the difference between the asset's carrying amount and the present
le of estimated future cash flows (excluding future credit losses that have been
uired) discounted at the financial asset's original effective interest rate. The
rying amount of the asset is reduced through the use of an allowance account and the
ont ofithe loss is recognized in the income statement. If a held-to-maturity
citmentior a loan has a variable interest rate, the discount rate for measuring any
iirnment loss is the current effective interest rate determined under contract.
ona subsequent period, the amount of the impairment loss decreases and the decrease
be related objectively to an event occurring after the impairment was recognized,
unt. The amount of the reversal is recognized in the income statement.
'ancial assets carried at fair value
t Company assesses at each balance sheet date whether there is objective evidence
tan available-for-sale (AFS) financial asset is impaired, including in the case of
mty investments classified as AFS, a significant or prolonged decline in the fair
ue of the security below its cost. If any evidence exists for AFS financial assets, the
alative loss measured as the difference between the acquisition cost and current
r ralue, less any impairment loss on the financial asset previously recognized in
fit or loss is removed from equity and recognized in the income statement.
pairment losses recognized in the income statement on equity instruments are not
equently reversed. The impairment loss is reversed through the income statement
a subsequent period the fair value of a debt instrument classified as AFS increases
the increase can be objectively related to an event occurring after the impairment
Iwas recognized in profit or loss.

fvestment property
Investment property comprises freehold land and buildings, mainly commercial
properties, that are held for long-term yields and capital appreciation purposes. Such
property is carried at estimated fair value based on open market value determined
periodically by external appraisers. Fair value gains and losses on investment property
areincluded in the results of operations in the year in which they arise.
binusgible assets
Goodwil represents the excess of the cost of an acquisition over the fair value of the
Company's share of the net identifiable assets of the acquired subsidiary at the
acquisition date. Goodwill is tested annually for impairment and carried at cost less
accumulated impairment losses. Goodwill is allotted to 'cash-generating units for the
purpose of impairment testing. Gains'and losses on the disposal ofan entity include the
carrying amount of goodwill relating to the entity sold.
Computer software
Acquired computer software licenses are capitalized on the basis of the costs incurred
to acquire and bring to use the specific software. These costs are amortised using the
straight-line method over the estimated useful life, not exceeding a period of three
years. .
Property and equipment
Property and equipment are carried at cost less accumulated depreciation. Depreciation
is charged using the.straight-line method to allocate the cost of the assets over their
estimated useful lives, as follows:
Fu e, ures and equipment 5 to 10 years
Computer hardware 3 to 5 years

Computer software
Motor vehicles

3 to 5 years
4 to 5 years

Leaseliold improvements 5 to 15 years, or shorter lease term
Land improvements and buildings 40 to 50 years
Land is not depreciated.
The assets' useful lives are reviewed at each balance sheet date and aajustg. if
appropriate. An asset's carrying amount is written down immediately to its recoverable
amount if the asset's carrying amount is greater than its estimated recoverable amount.
Gains imd losses on disposals are determined by comparing proceeds with carrying
amounts. These are included in the income statement.

I) Cash and cash equivalents
Cash and cash equivalents comprise: cash on hand; demand deposits held at banks;
term deposits with banks with original maturities of three months or less; and bank
,.Poliy Nabl/tides
Policy liabilities represent the amounts required, in addition to future premiums and
investment income, to provide for future benefit payments, commissions and policy
administration expenses for all insurance and annuity policies in force with the
Company. The Company's Appointed Actuary is responsible for determining the
amount of the policy liabilities such that sufficient funds will be available in the future
to meet the Company's contractual obligations.
The policy actuarial liabilities are determined using accepted actuarial practices
according to standards established by the Canadian Institute of Actuaries ("CIA"). In
accordance with these standards, the policy actuarial liabilities have been determined
by the Appointed Actuary using the Canadian Asset Liability Method ("CALM") and
the CIA's Consolidated Standards of Practice ("'CSoP").
CALM involves the projection of future interest rate scenarios in order to determine the
amount of assets that must be set aside currently to provide for all future obligations.
The method consists of four basic steps:
1; Determination of the period over which these projections i i performed.
2: Projection of liability cash flows.
3; Projection ofasset cash flows.
4. Performance of interest rate scenario testing under a variety of plausible
economic conditions.
The Company maintains specific assets to back the policy liabilities by the lines of
business. The projection of liability and asset cash flows recognizes these specific
asset. The projection period is chosen so as to include all insured events in the
valuation process.
The actuarial liabilities for very small blocks of business have been set up as 100% of
their annual premiums. Incurred But Not Reported ("IBNR") reserves for group life,
accident and health are computed as a percentage of related premiums based on
experience studies. These bases are in accordance with CALM and CSoP.
The pension business consists of group defined contribution plans and group defined
benefit plans with fund accumulations at rates of interest determined by the Company.
There are no future interest or annuity rate guarantees. Provision for future pension
benefits established is equal to the fund balances at the valuation date.
Policy dividends on deposit comprise dividends declared on policies but not paid out,
together with accrued interest.

Employee benefits
The Company operates a defined contribution pension plan. Contributions ar made to
the plan on a mandatory and voluntary basis. The Company has no further payment
obligations once the contributions have been paid. The Company's portion of the
contributions is charged to the income statement as employee benefits expense in the
year to which they relate.
Share based compensation
The Company operates an Employee Share Ownership Plan ("ESOP"). Under this plan,
eligible employees can purchase common shares of the Company through regular
payroll deductions up to a maximum of 10% of eligible earnings. Employee and
management contributions are matched by the Company at 20% and 25%, respectively.
The Coinpany's matching contribution fully vests to the employee after a period of 4
years. The cost of matching employee and management contributions is recognized as
employee benefits expense.
) Teaxaion
The Company was subject to tax on taxable gross premium income at the fiat rate of
3% (2003:2%). There are no other corporate, income or capital gains taxes levied on
the Conmany in The Bahamas. The Company owns a subsidiary in the United States
which is subject to Federal and State taxes that are accrued on its taxable income at an
overall effective tax rate of 30%.
Share capital
Shares are classified as equity when there is no obligation to transfer cash or other
assets. Incremental costs directly attributable to the issue of equity instruments arm
shown in equity as a deduction from the proceeds.
Where any subsidiary purchases the Company's equity share capital (treasury stock),
the consideration paid, including any directly attributable incremental costs, is deducted
from equity attributable to the Company's equity holders. Where such shares are
subsequently sold, reissued or otherwise disposed of, any consideration received is
included in equity attributable to the Company's equity holders, net of any directly
attributable incremental transaction costs.
I Provisids farlegal claims
ProvisioWforlgal claims are recognized when: the Company has a present legal or
coansrutive obligation as a result of past events; it is more likely than not that an
outflowof resources will be required to settle the obligation; and the amount has been
9 Coparative figures
Certain 'comparative figures have been reclassified to conform to the financial
statement presentation adopted in the current year.


Residential mortgages 8.28% 8.50%
Commercial mortgages 9.02% 9.28%
Commercial paper 8.39% 9.77%
Policy loans 10.67% 10.86%
Deposits greater than 90 days 5.43% 4.80%

Policy loans are secured by the cash surrender values of the policies on which the loans are
made. Interest is accrued on a monthly basis and the loans are settled on termination of the
policy, if not repaid while the policy remains in force.

Included in residential mortgages at December 31, 2004 are staff loans amounting to
$4,030,905 (2003: $3,030,813). Commercial paper at December 31, 2004 includes loans of
$737.137 (2003: Nil) to key management personnel of IRM relating to their acquisition of a
40% equity interest in that subsidiary (See Note 25(b)).

Included in deposits greater than 90 days is a restricted amount of $460,000 (2003: Nil).

3. Responsibilities of the Appointed Actuary and Independent Auditors
The Appointed Actuary is appointed by the Board of Directors and is responsible for
carrying out an annual valuation of the Company's policy liabilities in accordance with
accepted actuarial practice and reporting thereon to the Board of Directors. In performing
the valuation, the Appointed Actuary makes assumptions as to the future raes of interest,
asset defaults, mortality, claims experience, policy termination, inflation, reinsurance
recoveries, expenses and other contingencies taking into consideration the circumstances of
the Company and the policies in force. The Appointed Actuary's report outlines the scope
of the valuation and the actuary's opinion.
The Independent Auditors have been appointed by the shareholders and are responsible for
conducting an independent and objective audit of the consolidated financial statements in
accordance with International Standards on Auditing. They report to the shareholders
regarding the fairness of the presentation of the Company's consolidated financial
statements in accordance with International Financial Reporting Standards. In carrying out
their audit, the Independent Auditors also make use of the work of the Appointed Actuary
and the Appointed Actuary's report on the policy liabilities. The Independent Auditors'
report outlines the scope of their audit and their opinion.

4. Cash and cash equivalents
2004 2003

Cash at bank and in hand S 4,562,567 6,236,488
Short-term bank deposits 151.023 6.401.922
Total cash and cash equivalents $ 4,713,590 12,638,410

The effective interest rate on short-term bank deposits is 2.250% (2003: 4.640%) and the
average maturity is 6 days (2003: 22 days).

5. Financial assets
The Company's financial assets are summarized by category in the following table:

2004 2003
Fair value through income S 7,915,204 8,793,060
Available-for-sale 17,348,301 15,642,327
Held-to-maturity 54,163,633 43,022,443
Loans and receivables (See Note 6) 111,881,587 87,630,652
Total financial assets S 191,308,725 155,088,482

The current portion of financial assets is $24,877,393 (2003: $19,437,179). The assets
included in each of the categories above are detailed in the tables below.

Fair value through Income
Financial assets at fair value through income comprise the following financial instruments
classified as held for trading in the Bahamas Investment Fund (See Note 23):

2004 2003
Equities -listed $ 4,363,870 7,691,462
Equities unquoted 218,668-
Preferred shares nquoted 800,000 54,000
Shares in investment funds 1,520,066 217,598
Government securities 952,600 830,000
Other debt securities unquoted 60,000
$ 7.915,204 8,793.060

Available-for-sale securities
Available-for-sale securities comprise the following:

2004 2003
Equities- listed 7,670,273 4,055,490
Equities-unquoted 381,949 583,737
Preferred shares unquoted 618,500 622,500
Shares in investment funds 6,334,591 7,783,842
Government securities 2,188,988 2,243,238
Other debt securities quoted 203,520
Other debt securities unquoted 154,000 1.000.
S 17,348,301 15,642,327

Held-to-maturity securities

Held-to-maturity securities comprise the following:

2004 2003

Government securities S 47,657,000 34,775,700
Mortgage-backed bo: 827,903 998,713
Preferred shares ...5,678,730 7"248,030
$ 54,163.633 43.022t443

The carrying amounts o financial assets held-to-maturity approximate their ftir vales as
interest rates on held-to-maturity bonds approximate the current market rates.

As of the reporting date, government securities mainly comprise variable rate bands issued
by The Bahamas Government with interest rates ranging from 5.75% to 8.75% per
annum (2003: from 5.75% to 8.75% per annum) and scheduled maturities between 2005
and 2024 (2003: between 2004 and 2024).
The movements in the categories of investment securities were as follows:

Fair vale
through Available Held-to-
Income -for-sae maturity Total

At the beginning of 2003 $ 9,554,575 10,675,125 32,534,600 52,764,300
Additions 363,702 11,273,320 9,717,843 21,354,865
Disposals and maturities (117,900) (6,324,513) (6,442,413)
Fair value gains (losses) (237,317) 18,395 (218,922)
Transfers, net (770,000) 770.000
At beginning of 2004 8,793,060 15,642,327 -43,022,443 67,457,830
Additions 830,455 12,946,679 10,653,300 24,430,434
Acquisition of Canada Life 8,661,900 8,661,900
Disposals and maturities (1,650,831) (17,023376) (2,967,210) (21,641,417)
Fair value gains 216,376 302,015 518,391
Transfers, net (273,856) 5.480,656 (5,206,800)
At end of2004 $ 7,915,204 17,348,301 54,163.633 79.427.138

Included in net transfers for 2004 are previously recognized financial assets that were
reclassified into or out of the fair value through income or available-for-sale categories on
early adoption of IAS 39 (revised 2004). These reclassifications were recognized as of
January 1, 2004 without restatement of the comparatives as management considered it
impracticable to do so.

6. Loans and receivables
The estimated fair values of loans and receivables are the discounted amount of the
estimated future cash flows expected to be received. Expected cash flows are discounted at
current market rates to determine the fair value, as shown below:

2004 2003

Residential mortgages $ 17,724,426 13,900,813
Less provision on residential mortgages (637,780) (1,279,526)
Commercial mortgages 19,236,076 16,746,203
Less provision on commercial mortgages (56,363)
Commercial paper (Note 24(e)) 7,655,764 4,779,940
Less provision on commercial paper (549,000) (99,000)
Total mortgages and commercial loans 43,373,123 34,048,430
Policy loans 49,319,520 38,226,368
Reinaurance recoveries receivable 3,423,164 3,722,083
Less provision on reinsurance recoveries receivable (1,653,936)
Premiums receivable 7,713,438 6,430,200
Less provision on premiums receivable (1,049,970) (1,190,611)
Agents' balances 1,393,588 1,254,032
Less provision on agents' balances (952,933) (711,352)
Deposits greater than 90 days 3,349,764 3,128,517
Accrued interest income 3,634,984 2,330,679
Receivables from related parties 28,554 987,734
Advances to CFO (Note 24(e)) 1,648,355 1,058,508
Balance at end of year S 111,881,587 87,630,652

The current portion of loans and receivables is $17,877,058 (2003: $13,403,729). The
approximate effective interest rates on non-current loans and receivables were as follows:

2004 2003

AtDecember31, 2004 $ 461,636

Net book value:

At December 31.2004 S 5674.033

53,237 4,078,154 149,827 4,742,854

139.983 2427.234 48.052 8.89302

S 33'6 .2I2 acQ.

. a'. Ma a i n :.. ,a, a r",cv es"

S The cost ofland, land improvements and buildings i compies the liowmg: '. '

2004 2003

Landand land improvements S 1,540,000 1,040,000
Buildings 4,595,669 2,892,123
S$ 6,135,669 3,932,123

11. Other Intanglbleassets

2004 2003

Cost $ 558,609
Accumulated amortization (46,085)
Net bookamount 512,524

Opening balance $
Acquisitions 558,609
Amortization charge (46,085)
Netbookamount $ 512,524

Other intangible assets consist of costs associated with the design and building of systems
to integrate acquired life product features. Such costs are amortized over a period not
exceeding three years.
12. Isuranes lablities
The provision for Afture policy benefits represents an estimate of the amount required,
together with future premiums and investment income, to provide for future benefits,
dividends and expenses payable on insurance and annuity contracts. The provision is
calculated using expected future policy lapse rates, mortality, morbidity, investment yield
and policy maintenance expense assumptions and any other relevant contingency. The
process of determining the provision necessary involves the measurement of the risks that
the actual results will deviate from the best estimates.
The provisions for adverse deviation recognize uncertainty in establishing these best
estimates and to allow for possible deterioration in experience. As the best estimate
.assumption is realized, the provisions for adverse deviations will bereleased in future
income to the extent that they are no longer required to cover adverse experience.

Sensitivity to assumption changes
The assumptions used in determining the provision for future policy benefits are reviewed

regularly, compared to emerging experience and updated when appropriate. The
assumptions that are most susceptible to change in the near term are policy lapse rates,
expenses and future investment yields.
Policy lapserates:
Policyholders may allow their policies to lapse by choosing not to continue to pay
premiums. The Company bases its estimate of future lapse rates on previous experience for
a block of policies.
The administration expense assumption was based on an expense study conducted by the
Company for 2004; the expenses are allocated by line ofbusiness using allocation factors
developed by the Company. Such expense studies are conducted annually, and are subject
to changes in the Company's cost structure as well as the rate of inflation.
Investment yelds:
The computation of policy liabilities takes into account projected net investment income on
assets supporting policy liabilities and income expected to be earned or forgone on
reinvestment or financing of mismatched cash flows. Uncertainties exist with respect to
projections of interest rates and the magnitude of losses from asset defaults. The Company
accounts for such uncertainties by incorporating provisions for losses into projections of
investment income.

Analysis ofprovisionfor fure policy benefits

S2004 2003

Life insurance $ 114,067,004 82,385,317
Pension and annuities 22,310,428 16,642,891
Accident and health/lBNR 13,356,234 4,772,763
ColinaInvestment Plan (See Note 23) 14,511,988 12440,828
S. ..164,245,654 116,241,799
Analysis of change in provision forfuture policy benefits

S 2004. 2003

Balance, beginning of year $ 116,241,799 112,832,159
Acquisition of Canada Life 36,538,157
Normal change in IRM IBNR reserve (See Note 25(b)) 4,888,733
Normal changes in other policy liabilities 6,885,983 6,202,259
Changes in assumptions and refinement of estimates 274,699 (318,457)
New reinsurance treaty (662,839) (3,382.342)
CIP minimum guaranteed contingency reserve 79,122 908,180
$ 164,245,654 116,241,799



I :~

~- -- E~-

~~~uuru=tLTW~- ~~ ~O'~LV :i:l~r.ou~ -.;l~rliq:?8

7. Goodwill

2004 2003

Cost $S 9,813,032 5,390,668
Accumulatedamortization (1,617,201)
Accumulated impairment charges ..(1,158.833)
Net book amount S" 8 654.199 3.773.467

Opening balance S 3,773,467 4,851,601
Acquisitions (See Note 25) 5,9 1694
Arising from additional investment in
GBDC (See Note 27) 47,871
Amortization charge (1,878,136) (1,078,134)
Write-backof amortization charge 1,878,136
Impairment charge (1,158,833)
Net book amount S 8,654,199 3,773,467

Goodwill is allocated to the cash-generated units (CGUs) identified according to nature and
type of insurance contract within each major block of business purchased. For each CGU
the impairment charge is calculated by comparing the present value of the in force and
projected new business at time of purchase and currently to determine how much the value
has decreased relative to the original amount of goodwill booked.

& Oteraets

2004 2003

Prepayments and other assets S 5,365,713 2,414,938
Due from IRM reinsurance pool (See Note 25(b)) 4,888,733
Leasehold improvements recoverable from tenants 1.005.851 1.335.200
Balance at end of year 5 11,260,297 3,750,138

Included in other assets at December 31, 2004 is property held for sale that is carried at
estimated realizable value of $500,000 (2003: Nil).

9. Investment property

2004 2003

Balance at beginning of year $ 24,529,695 1,522,071
Additions (See Note 27) . 6,910,506 23,007,624
Fair value gain .
Balance attend of year $ 31,440,201 24,529,695

Freehold land and buildings have been purchased for investment purposes. Bank debt is
secured on investment property to the value of S12.5 million (2003: $12.5 million) (See
Note 13). Rental income arising from investment property, which amounted to $2,370,832
(2003: $66,595), is included in net investment income (See Note 19).

10. Property and equipment

Land, land Leasehold Furniture,
improvements improve- fixtures and Motor
and buildings ments equipment vehicles Total

AtDecember 31, 2003 $ 3,932,123 193,220 5,387,481 164,157 9,676,981
Acquisition of
subsidiaries 2,196,796 410,874 2,607,670
Additions 6,750 707,033 33,722 747,505

At December 31,2004 $ 6,135,669 193,220 6,505,388 197,879 13,032,156

Accumulated depreciation:
SAt December 31,2003 $ 342,891 40,355 3,408,168 126,038 3,917,458
Acquisition of
subsidiaries 83,892 83,892
Depreciation charge 118,739 12,882 586,094 23,789 741,504
SDisposals ...- ...- -

'-'*At Mmlur. 1 il

I .. : -J

6 .

PAGE 8B, FRIDAY, JULY 22, 2005


Closed Participating Fund

Included in the provision for future policy benefits as of December 31, 2004 are actuarial
reserves totalling $22.2 million relating to Colina's commitment to maintain and operate a
Closed Participating Fund ("Closed Par Fund") covering the individual participating
business (both life and annuity) of the Canada Life portfolio of business acquired on
January 1, 2004. The objective of this Closed Par Fund is to finance the participating
policyholders' reasonable expectations that Colina will: (i) pay the benefits guaranteed by
each participating policy according to its terms; (ii) pay dividends according to the current
dividend scale provided that current experience continues; and (iii) make an equitable
adjustment to the dividend scale in future years to reflect any deviations from the current
experience, in accordance with the insurer's dividend policy as well as applicable actuarial
standards. Future profits that may emerge within the Closed Par Fund are for the sole
benefit of the participating policyholders. The Appointed Actuary's valuation of the
Closed Par Fund as of December 31, 2004 shows that it had the following asset mix:
government securities 39.7%; policy loans 39.1%; mortgage loans 21.2%.

13. Bankloan
The bank loan was obtained by Goodman's Bay Development Company in April 2000 to
finance the development of the Goodman's Bay Corporate Centre. The loan bears interest
at the B$ Prime Rate plus 2%, effectively 8% per annum, and is repayable in sixty
quarterly installments of $359,599 including interest.
The loan is secured by:
A debenture creating a first demand legal mortgage over the Goodman's Bay
Corporate Centre stamped and recorded to $12,500,000.
Assignment of insurance coverage for fire and hurricane loss.
Assignment of all current and future leases from the tenants of the Goodman's Bay
Corporate Centre.
The loan balance is scheduled to be repaid as follows:

2004 2003

Within 1 year $ 549,302 499,011
Later than 1 year and not later than 5 years 2,668,398 2,547,282
Later than 5 years 8,349,594 8,880,952
$ 11,567,294 11,927,245

14. Other liabilities

2004 2003

Benefits payable to policyholders $ 6,121,183 6,280,355
Reinsurancepayables 2,911,003 1,646,654
Due to pension plan 287,402 3,963,704
Accrued expenses and other liabilities 7,230,670 3,418,291
Provisions for legal claims 660,000 -
Due to Life of Jamaica Group- 106,694
S 17,210,258 15,415,698

15. Share captal

2004 2003

Class "A" preference shares of B$ each:
Authorized- 20,000,000 shares
(2003: 20,000,000 shares) S 20,000,000 20,000,000
Issued and fully paid -nil shares
(2003: nil shares) :$ -
Ordinary shares of B I each:
Authoried- 35,000,000 shares
(2003:35,000,000 shares) $ 35,000,000 35.000,000
Issued and fully paid- 24,729,613 shares
(2003: 24,729,613 shares) S 24,729,613 24,729,613

The Class "A" preference shares are non-voting and a re deemable and convertible at the
discretion of the Board of Directors. Dividends are payable quarterly at the rate of interest
determined by the Directors at the time of issuance. The Class "A" preference shares rank
in priority to the ordinary shares in a winding up as regards repayment of capital.

16. Revaluation reserve
The revaluation reserve is comprised of the net loss on remeasurement ofavailable-for-sale
securities to fair value as of the reporting date.

2004 2003

Balance at beginning of year $ (350,367) (116,343)
Fair value gains during the yai 302,015 18,395
.Tansfers to netarofie, (55,716)' .(252419).
UBalanceat endofyear,,, .,, ., $ (104,228) (350367)

'':' -::;aitt

17. Treasury stock
Treasury stock is stated at cost and comprises 521,128 ordinary shares (2003: 457,779
ordinary shares) of the Company that are held by Colina.

18. Contingent liabilities and commitments
Contingent liabilities
The Company has contingent liabilities in respect of bank and other guarantees and other
matters arising in the ordinary course of business. It is not anticipated that any material
liabilities will arise from the contingent liabilities. The Company has given guarantees to
third parties in the ordinary course of business amounting to $460,000 (2003: Nil) as of the
year-end reporting date.
The Company, like all other insurers, is from time to time, in connection with its
operations, named as defendant in actions for damages and costallgedly tainted by the
plaintiffs. The Board of Directors is of die opinion, based upon the advice of counsel, that
the final outcome of such actions will not have a material adverse effect on the financial
position of the Company.
Mortgage commitments: Commitments to extend credit for mortgages amounted to
$3,742,256 (2003: $861,853).
Capital commitments: Coimitments for purchases of capital equipment and services
amounted to $1,447,890 (2003: $462,000).


The Company leases various properties for use in day-to-day business activities. The
expenditures related to these lease arrangements are not considered to be material. The
future aggregate minimum lease payments under operating leases as of December 31,2004
are as follows:

Nolater than 1 year $ 230,718
Later than 1 year and no later than 5 years 551,910
Later than 5 years
S 782,628

19. Net investment Income
Investment income was derived from the following sources:

2004 2003

Loans and receivables $ 8,773,535 7,043,798
Pair value through income 679,938 172,345
Available-for-sale securities 1,621,746 499,834
Held-to-maturity securities 2,907,227 2,486,251
Rental income 2,370,832 66,595
Miscellaneous 906,044 51,690
Investment management fees (Note 24(b)) (578,220) (384,892)
$ 16,681,102 9,935,621

Net investment income includes realized gains of $55,876 (2003: $17,616) from disposals
ofavailable-for-sale securities.

20. General and adminitratve expenses
General and administrative expenses are comprised of:

2004 2003

Salaries and employee benefits $ 7,622,536 5,233,104
Depreciation and amortization 787,588 456,656
Premises and maintenance 1,026,293 703,776
Underwriting fees 422,471 394,742
Advertising and communications expense 1,719,002 1,515,247
Fees, insurance and licences 4,908,836 2,289,760
Other expenses 3,217,459 651,311
$ 19.704,185 11,244,596

21. Earnings per share and dividends per share
Basic earnings per share is calculated by dividing net earnings attributable to equity holders
of the Company by the weighted average number of ordinary shares in issue during the
year, excluding ordinary shares of the Company purchased by Colina and held as treasury
stock (See Note 17).

2004 2003

Profit/(Loss) attributable to the Company's equity holders $ (114,972). 5,577,528
Weighted average number of ordinary shares outstanding 24,208,485 24,271,834

Basic earnings per share 0.00 0.23

Dividends to the Company's shareholder are recognized as a liability in the period in
which they are declared payable by the Board of Direcon. Dividends paid by the Company
in 2004 and 2003 were $1,483,776 ($0.06 per share) and $989,185 (50.04 per share),

22. lPeaionpla

The Company operates a defined contribution plan for administrative staff and gets. The
plan is administered by an affiliate. Under the plan, all eligible staff and agents contribute
5% of pensionable earnings and the Company contributes 5%. The Company's matching
contributions vest fully with the employee after five yea. Pension expense for the year
was $330,491 (2003: $321,964).

The Company's acquisition of the Bahamas and Cayman operations of Canada Life
resulted in the accumulated benefits due to staff and agents from the Canada Life defined
benefit pension plan being transferred to the Company's defined contribution plan. The
transfer value of the accumulated benefits was determined by an independent actuaria.
valuation as of December 31, 2003.

23. Uait inked fhads and veatmeMat p
Certain policy contracts allow the policyholder to invest in units ina notional fund called
the Bahamas Investment Fund (the "BIF"). The value of the units is linked to the
performance of the underlying assets of the BIF. These assets may be varied by the
Company from time to time and neither the policyholder nor any other person who may be
entitled to benefit has any legal or beneficial interest in the BIF or the units or any
underlying sets, which are solely the property of the Company.
Certain policy contracts, obtained through the acquisition of Colina in 2002, allow the
policyholder to acquire units in a notional investment fund known as the Colina Investment
Plan (the "CIP"). The value of the units is based on the performance of the underlying
assess of the CIP. These asses may be varied from time to time.

Depending on the issue date of their investment, the Company guarantees investors in th
CIP a minimum rate of return of either 4% or 4.5% per annum, payable at maturit

Issuance of new CIP policies was discontinued in January 2001.
The underlying aats of the BIF and CIP that are included in their respective categories i;
the consolidated baianoe sheet atDecember 31 are as follows:

Bahamas lavstmait Fund Celga lavstmi nt
ASSETS (NotoaI) 2004 2003 2004 20tli

Equities listed
Equities unquoted
Prefrred shares unquoted
Shares in investment funds
Govemenm t securities.
Debt curitie- unquoted
Term deposit wih banks
Policy loan










Total asse $ 11415.318 8.832,890 14.511.988 12,440t.2:

24. Related party balaces ad transactns

All significant balances and transactions with CFO and enities controlled or significantly
influenced by CFO or otherwise related to it, are disclosed in these financial statements as
being with related parties (See Note 28(e)).
The following transactions were carried out with related parties:
(a) Sale of insurance contracts and otherservices
Groam life and health
The Company received revenue of $345,950 (2003: $113,932) ftom related parties for
group life and health insurance coverage.
Rental income
The Company received rental income of $492,869 (2003: $291,876) from related

(b) Purchases ofservicer

Ote related Total Total
CFO afiliates patties 2004 2003

Mnagment fee $ S900,000 900,000 488,000
Bmikerage fis 921.000 21.000
Rpricing and ece fees918,100 918,100 918 545,448
Legal fee 967,450 967,450 105,521
Investment m gaugement fees578,220 578,220 384,892
Property msaigtmentfs 72.000 72,000 72,000'
Other 74,890 '" 74,890 62259
Total 1.821.000 1.643,210 967.40 4.431,60 1.658.120
The management fees totaling $900,000 (2003: $488,000) were paid to CFG pusuar'
to the term of an agreement dated July 18, 2002 (the "July 2002 Services Agreement
whereby CFO renders to the Company technical, administrative, financil, advisory an
other services. Such fees, although payable quarterly, are determined annually i
advance having regard to CPO's budgeted operating costs that ae allocated to the CPF
group companies on bases agreed between them and CFO (See Note 28(c)).
The brokerage fees totaling $921,000 (2003: Nil) were billed by and paid to CF<
during 2004 for its involvement in contract negotiations that resulted in the aoquiitioc
of Canda Life, IRM and Imperil Life(See Notes 25 and 28). The Compay'
director have determined that all such fees invoiced by CFG pursuant to the termn
the July 2002 Services Agreement should be expensed in the period billed havin
regard to their related-pty nature.
The repricing and access fees totaling $918,000 (2003: $545,448) were paid to a
affiliate under the terms of an agrementwhereby the affiliate serves as the exclusive
provider of services to the Company that result in a reduction in medical exposes paid
to health care providers. Such fees, which are baed on a percentage of the amount
saved or recovered on the Company's behalf from medical providers, insurance
companies and other third parties, are included in policy benefits expense.
The investment management fees totaling 578,220 (2003: $385,185) were charged by
an affiliated Investment Manager pursuant to the ea of an Investment Managemen
Agreement dated January 1, 2004. Such fees comprise (i) a bas fee calculated an
payable monthly in arrears at the rate of 0.65% per annum (2003: 0.45% per annum) o:
the value of the managed assets, and (ii) a performance fee calculated and payabk

quarterly in arrears equal to 20% (2003: 0%) of the investment returns in exesM o
stipulated performance standards up to a maximum of 0.50% per annum of the vaIl
of the managed assets. The Investment Manager is a registered broker-dealer and, a
such, has custody ofa significant portion of the Company's invested assets.
(c) Key smanagseM compensation

Key management personnel are those peron having authority and responsibility foi
planning, directing and controlling the activities of the Company, directly or indirect'
including any director (whether executive or otherwise) of the Compan
Compensation for key management personnel for the year ended December 31, 200
was $1,706,080 (2003: $1,264,861).

(d) Year-endbalances'arlingfrom sales~purchases ofproducts

S: 2004 00

Cash balances demand and time deposits $ 540,850 3,849,55n
Receivables 609,402 1,018,86
Shares in investment finda,(fair value through income) 1,301,604 217,59
Shares in investment funds (available-for-sale) 6,134,453 6,476,70

The Company's affiliated Investment Manager also seves as investment advisor for th
related-party investment funds in which the Company has invested. These investmm
Hinds pay annual management fees based on their average net assets and in some cua
also pay an additional incentive fee based on their new net profits. Certain of th
investment funds have significant investments in affiliates of the Company (See Not

(e) Loans to rledS Noe. 28(e))

Included in the loans and receivables are advances to CFG totalling $1,648,355 (200.
$1,058,508). The advances to CFG are unsecured, repayable on demand, and bear
interest at 6.5% per annum.

'Loans and receivables, commercial paper' includes $725,409 due from a whol
owned subsidiary of CFG (2003: $725,409). This amount is repayable on demand ar
bears interest at 7% per annum. CPO has unconditionally and irrevocably assigned .
the Company all rights, title and interest CFG may have in dividends declared payab
by the Company after May 2005, in an amount not to exceed $250,000 annually, for t
purpose of assisting the affiliated borrower with the repayment of this indebtedness
the Company.

25. Acqauistions and dispoals

(a) Canada Life
Effective January 1, 2004, the Company acquired the Bahamas and Cayman Islanc
portfolio of The Canada Life Assurance Company ("Canada Life"). The Cayma
operations of Canada Life are not material to the Company's consolidated financial
statements. The acquisition was accounted for using the purchase method and the tot
acquisition cost amounted to $7,216,553. Total assets of $43,514,023 and tot
liabilities of $41,014,023 were acquired, resulting in goodwill of $4,716,553. '1
operations of the acquired business are included in the consolidated financier
statements from January 1, 2004, the effective date of the acquisition.
The assets acquired and liabilities assumed from Canada Life were as follows:

Loans and receivables $ 17,222,450
Held-to-maturity securities 8,661,900
Cash and cash equivalents 13,347,388
Property and equipment 2,500,000
Other assets 1,782,285
Total assets 43,514,023

Life and health policy reserves 36,538,157
Dividends on deposit 3,310,458
Unpaid claims and claims expenses 760,644
Other liabilities 404,764
Total liabilities 41,014,023

Fair value of net identifiable assets acquired 2,500,000
Goodwill 4,716,553
Total purchase price 7,216,553
Less: Cash and cash equivalents acquired (13,347,388)
Cash inflow on Icquisition $ (6,130,835)

(b) International Reinsurane Managers
In 2004 the Company finalized an agreement to acquire 100% of International
Reinsurance Managers, LLC ("IRM"), an underwriting management company
domiciled in the United States of America. IRM provides group health reinsurance
services to nearly 100 small to medium size insurance companies in the Caribbean and
Latin America. The total acquisition cost amounted to $2,303,020 of which $1,078,000
was paid in December2003 and the balance in 2004. Concurrent with the acquisition
of IRM, the Company entered into an agreement to sell 40% of IRM to the
management of IRM at book value. resulting in no main or lss. Connserentlv. the
Company acquired total assets of $946,791 and total liabilities of $769,006, resulting in
the recognition of goodwill of $1.275,141 after taking account of minority interest of
Under the terms of th purchase agreement, and with effect from July 1, 2003, the
Company began assuming an increasing percentage of the vendor's share of the
underwriting risk for new business underwritten in a reinsurance pool managed by
IRM. At December 31, 2004, the Company was assuming 30% of the underwriting
risk for the 2003-04 management year and up to 80% for the 2004-05 management
year. The Company's interest in the IRM managed reinsurance pool is included in other
assets (Note 8). The underlying assets of the pool are invested in US Treasury money
market instruments.
Regulatory approval for the acquisition of IRM was still pending as of the date of the
approval of these financial statements by the Board of Directors.

Maagement of urarace, financial and other risks
The Company issues contracts that transfer insurance risk or financial risk or both. This
section summarizes these risks and the way that the Company manages them.
Insurance risk
The risk under any one insurance contract is the possibility that the insured event occurs
and the uncertainty of the amount and timing of the resulting claim. By the very nature of
an insurance contract, any such individual risk is random and therefore unpredictable.
For a portfolio of insurance contracts where the theory of probability is applied to pricing
and povisioning, the principal risk thti the Company faces under its insurance contracts is'
that the actual claims and benefit payments exceed the carrying amount of the insurance
liabilities. This could occur because the frequency or severity of claims and benefits are
greater than estimated. Insurance events are random and the actual number and amount of
claims and benefits will vary from year to year from the estimate established using
statical techniques.
Experience shows that the larger th portfolio of similar insurance contracts, the smallerie
relative variability about the expected outcome will be. In addition, a more diversified.
portfolio is less likely to be affected across the board by a change in any subset of the
portfolio. The Company has developed its insurance underwriting strategy to'diversify the
type of insurance risks accepted and within each of these categories to achieve a
efficiently large population of risks to reduce the variability of the expected outcome.
Factors that aggravate insurance risk include lack of risk diversification in terms of type
and amount of rik, geographical location and type of industry covered.

Firae ey Uad aseity of clams
For contracts where death is the insured risk, the most significant actors that could crease
the overall frequency of claims are epidemics or wide spread changes in lifestyle buch a

eating, smoking and exercise habits, resultingin earlier or more claims than expected. For
contracts where survival is the insured risk, the most significant factor is continued
improvement in medical science and social conditions that would inrease longevity.
At present, these risks do not vary significantly in relation to the location ofthe risk insured
by the.Company. However% undue concentration by amounts could have an impact on the
severity ofb fitpayments on a portfolio basis.
The Company manages these risks through its undc tilg strategy adsrmpns a
arrangements. The underwriting strategy is intended to ensure that the risks ufderwrittes
are well diversified in tiers of typeof risk and the level iof insured'benifits Medical -
selection is also included in the Company's underwriting procedures with premiums varied
toreflect the health condition and family medical history of the applicants. The Company
limits the amount of loss on any one policy by reinsuring certain levels of risk in various
areas of exposure with other insurers. Generally, the Company has retention limits or a
maximum exposure on insurance policies as follows:

2004 2003

Individual life $ 150,000 150,000
Individual accidental death and dismemberment 50,000 50,000
Personal accident 50,000 50,000
Group accidental death and dismemberment 50,000 50,000
Individual and Group Medical 250,000 250,000

Reinsurance ceded does not discharge the Company's liability as the primary insurer and
figure of resurers to honour their obligations could result in losses to the Company.

Policy benefits for the year are stated net of reinsurance recoveries totaling $5,147,979
(2003: $2,177,989).

flnandal risk
The Company is exposed to financial risk through its financial assets, financial liabilities
(investment contracts and borrowings), reinsurance assets and insurance liabilities. In
particular the key financial 'rik is that the proceeds from its financial assets are not
sufficient to fund the obligations arising from its insurance and investment contracts. The
nost important components of this financial risk are interest rate risk, equity price risk,
credit risk and liquidity risk.
These risks arise from open positions in interest rate, and equity products, all of which are
exposed to general and specific market movements. The risk that the Company primarily
faces due to the nature of its investments and liabilities is interest rate risk.
The Company manages these positions within an asset'liability management (ALM)
framework that has been developed to maximize long-term investment returns in excess of

its obligations under insurance and investment contracts. The principal technique of the
Company's ALM is to match cash flows from assets to the liability cash flows arising from
insurance and investment contracts by reference to the type of benefits payable to contract
holders. For each distinct category of liabilities, a separate portfolio of assets is maintained.
The Company's ALM is integrated with the management of the financial risks associated
with the Company's other financial assets and liabilities not directly associated with
insurance and investment liabilities.

Interest rate risk
Colina is vulnerable to periods of declining interest rates given that most of its investments
in government bonds and mortgages have floating interest rates tied to the B$S Prime Rate.
The Company manages this risk by attempting to retain a level of assets to liabilities with
similar principal values, interest rates and maturity dates.
The Company monitors interest rate risk by calculating the duration of the investment
portfolio and the liabilities issued. The duration is an indicator of the sensitivity of the
assets and liabilities to changes in current interest rates. The duration of the liabilities is
determined by projecting expected cash flows from the contracts using best estimates of
mortality, morbidity and terminations. No future discretionary supplemental benefits are
assumed to accrue. The duration of the assets is calculated in a consistent manner. Any
gap between the duration of the assets and the duration of the liabilities is minimized by
means of buying and selling securities of different durations.

Credit risk

Credit risk arises from the failure ofa counterparty to perform according to the terms of the
contract. From this perspective, the Company's credit risk exposure is primarily
concentrated in its deposits placed with other financial institutions, loans to policyholders
and other clients, and amounts due from reinsurers and insurance contract holders.
The Company's deposits are, in the main, placed with well-known high quality financial
institutions. Loans to policyholders are collateralized by cash surrender values of the
respective policies. Mortgage loans are adequately secured by properly registered legal
charges on real property. With respect to the Company's unsecured commercial loans and
other material unsecured receivables, management is satisfied that the debtors concerned
are both financially able and willing to meet their obligations to the Company except in
those instances where impairment provisions have been made.
Reinsurance is used to manage insurance risk. This does not, however, discharge the
Company's liability as primary insurer. If a reinsurer fails to pay a claim for any reason,
the Company remains liable for the payment to the policyholder. The creditworthiness of
reinsurers is considered on an annual basis by reviewing their financial strength prior to
finalisation of any contract. The Appointed Actuary advises management with respect to
the Company's reinsurance placement policy and assists with assessing the
creditworthiness of all reinsurers by reviewing credit grades provided by rating agencies
and other publicly available financial information. The Company's main reinsurer is
Munich Re.

I I-


;,; ~~---:

FRIDAY, JULY 22, 2005, PAiGE 9B



The management fees were
lid under what was described as
July 18, 2002, Services Agree-
'ent, whereby CFG provided
chnical, administrative, finan-
al and advisory support to Col-
la Holdings. The brokerage fees
ere related to CFG's involve-
ient in "contract negotiations"
*ading to Colina Holdings
acquiring Imperial Life Finan-
al, Canada Life and a US rein-
irance underwriter, Interna-
onal Reinsurance Managers.
However, Colina Holdings'
)04 annual results, which were
iried deep in the Colina-owned
assau Guardian yesterday,
tiled to mention who Colina
| oldings paid $967,450 in legal
[es to. It is likely that at least
)me of this amount went to Mr
.lexiou's law firm, Alexiou,
nowles & Co.
Colina's critics and those who
pposed the company's acquisi-
on of Imperial Life, fearing it-
'ould allow the firm to domi-
ate the capital markets and
mng-term investment assets, yes-
;rday seized upon the compa-
y's results as justifying their
Several said the Government
ad financial services regulators
ad serious questions to answer,
aving approved the deal, with
)me describing the results as
anvbelievable" and question-
ig whether CFG, Colina Hold-

ings and other Colina sub-
sidiaries were in compliance with
the 21 conditions imposed in
return for agreeing the Imperial
Life purchase.
The regulators themselves
clearly have some doubts, with
Colina Holdings revealing in its
2004 results that last month,
CFG "consented to the perfor-
mance of an independent review
and monitoring of its activities
by a firm of accounting and
financial advisers" acting for the
This agent is understood to be
KPMG, and the review will focus
on Colina's compliance with the
21 conditions, "the appropriate-
ness of the financing of the
acquisition [of Imperial Life], the
current and ongoing financial
performance and the integration
of Imperial Life with Colina,
together with the appropriate-
ness and effectiveness of Coli-
na's internal controls".
Several sources yesterday
raised questions about whether it
was correct for Colinalmperial
to sell government bonds it held
as investments to meet policy-.
holder benefits to an unnamed
bank that provided bridging
financing for the Imperial Life
The bonds were sold for just
over $17 million under a repur-
chase agreement, and financial
executives queried whether the
company should use securities
held to benefit policyholders for
collateral in capital-raising.
Almost $6 million of these bonds
have since been bought back by

s a bank and trust company. They are increasingly
opular with clients from civil law jurisdictions and
lose wanting to create a family office.
Private trust companies would also act as a further
timulus to legislation passed last year, as most pri-
ate trust companies are incorporated as a purpose
rust or foundation.
But the Bahamian industry fears high net worth
individuals seeking private trust companies would
imply move to another jurisdiction if the product
vas not offered in the Bahamas.
I The Central Bank of the Bahamas is understood
o have been concerned about ensuring private trust

companies fell into line with the anti-money laun-
dering regulatory regime.
However, there are no formal licensing require-
ments for private trust companies in rival jurisdic-
tions such as the Isle of Man, Bermuda, Jersey, the
UK and British Virgin Islands. Currently, only the
Bahamas and the Cayman Islands require licensing.
Private trust companies are popular with high
net worth individuals because they allow settlors
to have more control over the assets held in trust,
greater control over income and expenditure relat-
ing to the trust, and because a private trust compa-
ny is more familiar with the business affairs of the
settlor and beneficiary. Private trust companies also
provide confidentiality and are seen as being more
cost-effective that institutional trustees in some cas-

the group in an atmosphere ter feud that saw Mr Campbell had been a "breakdown" in
where there is not transparency removed from both CFG and his some internal processes and sys-
or disclosure, position as Colina Holdings' tems that caused a "significant
Despite the net earnings being president earlier this year. backlog of items in suspense
far poorer than in fiscal 2003, the It is also too soon to pass accounts that need to be investi-

Colinalmperial, using $5 million
provided to it by Colina Finan-
cial Advisors. The remaining
bonds will be bought back
through more than $11 million
set to be raised in a planned pref-
erence share offering, but finan-
cial sources queried whether this
would be successful given the
problems highlighted in the 2004
Colina Holdings added that
payments of $941,500 in man-
agement fees, and $440,500 in
brokerage fees, that it had been
billed for by CFG during the
2005 first half had yet to be
approved by regulators under
the 21 conditions.
And earlier this month, Coli-
nalmperial asked Colina Finan-
cial Advisors to redeem all
shares it held in investments
funds the latter managed and
administered worth more than
$6 million and "a significant
portion of the total value of such
related party investments as at
December 31, 2004".
Colinalmperial also request-
ed repayment of all advances
owing to it by CFG and an "affil-
iated borrower", worth some
$2.374 million, as at December
31, 2004, plus accrued interest.
As at July 18, this had not been
Colina Holdings' financial
statements are algo likely to be
seized upon by the company's
critics as proving that CFG and
its principals are continuing to
take large sums out of the insur-
ance company, with the latter
helping to prop up the rest of

judgement on whether Colina
Holdings' series of acquisitions
has been a success or failure, as it
normally takes 18 months to two
years to complete the integra-
tion process and examine
whether cost savings, economies
of scale and shareholder value
has been delivered.
However, although not expect-
ed to be a material impact, Coli-
na Holdings' report said there

gated and cleared". The sum
involved is said to be $1 million.
Colina Holdings paid a net
$18.929 million for Imperial Life,
gaining assets of $143.312 mil-
lion and liabilities of $126.858
The Canada Life purchase,
which involved a total cost of
$7.216 million, involved assets of
$43.514 million and liabilities of
$41 million.

d" to sell the condo-hotel's
nits. The company had
mployed the same process in
eeking Bahamian realtors'
nvolvement in selling the
cean Club Estates and Ocean
lub Residences.
"Everything we have done
ias been in full compliance
with the law], and that has
)een done for all previous
developments," Mr Fields said.
The 400-unit property, which
kill be called The Residences
it Atlantis, will be 22 storeys
all when constructed. Units' in
t are being priced at between
'675,000 and $2 million, with
;ales commissions standing at
1 per cent.
Purchasers will be able to
;pend a maximum of 90 days
)er year at their condo proper-
y, real estate sources told The
Tribune,; with each unit then,
placed back into a rental pool
m nd leased out to earn Kerzner
International and Turriberry
Associates extra income.
The $200 million property
Will be financed from pre-sales,
minimising risk, and with 50-60
per cent of the revenues going
io Kerzner International, the
company will be able to lever-
age its land interests on Par-
adise Island and gain high
returns, while tapping into one
of the most affluent segments
of the leisure-residential mar-
However, Mr Strachan yes-
terday expressed concerns that
Turnberry Associates would
!make thousands of dollars in
commissions alone from selling
the condo units, "and Bahamian
iealtors will not see a penny'.
: "How can Turnberry sell
close to 75 units? How can unli-
censed agents sell Bahamian
real estate?" Mr Strachan
asked, pointing out that Kerzn-
er International's partner had
been advertising The Resi-
dences at Atlantis in US media
such as the Miami Herald.
Turnberry Associates is also
understood to have set up a
sales office at Atlantis, which
will likely enable it to capture
most business from the resort's
Mr Strachan, though, ques-
tioned how Turnberry Associ-
ates was able to obtain a busi-
ness licence without first hav-
ing a Bahamian real estate bro-
ker's licence something all
Bahamian companies had to
present to gain their business
The BREA president said the
organisation had formed a new
chapter in Freeport, but real-
tors throughout the Bahamas
in locations such as Grand
Bahama, Abaco and Harbour
Island were losing out on sales
commissions and business to
unlicensed foreign realtors.

Liquidity risk
The Company is exposed to daily calls on its available cash resources, mainly from claims
arising from insurance contracts. Liquidity risk is the risk that cash may not be available to
pay obligations when due at a reasonable cost Management sets limits on the minimum
proportion of maturing funds available to meet such calls and on the minimum level 'of
borrowing facilities that should be in place to cover maturities, claims and surrenders at
unexpected levels of demand.

Operational risk

Operational risk is the risk of loss resulting from inadequate or failed internal processes or
systems. Internal processes include activities relating to accounting, reporting, operations,
compliance and personnel management. Such risk manifests itself in various breakdowns,
errors and business interruptions and can potentially result in financial losses and other
damage to the Company. The Company has gone through a series of acquisitions in recent
years that make it vulnerable to operational risk associated with the integration of the
portfolios purchased.

Breakdowns in certain of the Company's internal processes and systems have caused a
significant backlog of items in suspense accounts that need to be investigated and cleared.
As of the date of the Board's approval of these financial statements, the suspense items
relating to 2004 and earlier years amounted to a net credit balance of approximately $1
million. Management is of the view that the eventual resolution and clearance of the
backlog of items in suspense accounts will have no material effect on these financial

To better enable the Company to monitor and control its exposure to operational risk, the
Company continues to invest in new systems that are designed to keep operational risk at
appropriate levels.

Fair values of financial Instruments
The carrying'amounts of the Company's financial assets and liabilities approximate their
fair values due to one or all of the following reasons:

(a) immediate or short-term maturity;,
(b) interest rates approximate current market rates;

(c) carrying amount approximates or equals market value.

27. Subsidiaries

Place of Share-
Name Incorporation holding Nature ofbuslness

Colina Insurance Company 100% Life and health
Limited ("Colina") The Bahamas insurer

Sharp-Investments Ltd. The Bahamas 100% Investment holding
Goodman's Bay Development The Bahamas 67.19% Investment property
Company Limited ("GBDC") holding company

P.I. Investments Ltd. The Bahamas 100% Investment property
holding company
Bay St. Holdings Ltd. The Bahamas 100% Investment property
holding company
NCP Holdings Ltd. The Bahamas 100% Investment property
holding company
International Reinsurance Delaware, United 60% Reinsurance broker
Managers, LLC States of America

.Dax Limited The Bahamas 100% Investment property
holding company
Bay St. Holdings Ltd. and NCP Holdings Ltd. were formed by the Company in late 2004
for the purpose of acquiring investment property comprising a commercial office building
and related car parking lot, the total cost of which amounted to $6,910,506 (See Note 9).
During 2004 the Company acquired additional shares of GBDC from a related party for
cash consideration of $1,400,000, resulting in the recognition of additional goodwill of
$47,871. This transaction increased the Company's ownership in GBDC from 56.95% to

28. Other significant subsequent events not disclosed elsewhere in these consolidated
financial statements
(a) Acquisition of Imperial Life
In late December 2004 regulatory approval was received for the Company to purchase
Imperial Life Financial, the Bahamian life and health division of D[tsjardins Financial
Security Life Assurance Company, for a net amount of $18,929,357. Th. effective date of
the purchase was January 1, 2005. Total assets of $143,312,012 and total liabilities of
$126,858,016 were acquired, resulting in goodwill of $2,475,361,
To facilitate this transaction, temporary funding was obtained from a commercial bank. In
mid-January 2005. Bahamas Government Registered Stocks (bonds) were sold by Colina to

the commercial bank at their aggregate per value of $17,051,900 under a epmhdme
agreement In February 2005 Colinm issued a one-year 7% Guaranteed hvestmeat Contrat
("GIC) to its Investment Manager for proceeds of $5 million. The GIC a call opion
feature that entitles Cohnl, at anytime during its one-yea tmn, to onverwt te value of the
GIC to preferred shares of the Company. The proceeds of the ICweapplied towadthe
repurchastin February 2005 of $5,911,000 of Coin's bonds subject to f he rqseis,
agreement with the commercial bank. The terns of the original eprqwchase areement wh
the commercial bank were amended and extended A6hat CohsM mant m the
remaining bonds by August 12, 2005. The repumhase pace is par value pis acrued
interest at an effective rate of 6.50% per manum. It is conemplaied the at epmla c of
the remaining $11,140,900 of the bonds will be finded by he proceeds ftm an issue of
prefeence shares by the Cdmpany.
The assets acquired and liabilities awued fim IperialLife Finncialwaweasfollows:

Loans and receivables $ 91,972322
Held-to-maturity securities 32,292,800
Available-for-sale securities 4,499,790
Caub and cash equivalents, net of bank overdrlaft 1,383,201
Property and equipment 799,725
Other assets 12.364.171
Total assets 143.312,012

Life and health policy reserves 88,285,767
Policy dividends on deposit 21,525,580
Unpaid claims and claims expenses 10,691,067
Other liabilities 6,355.602
Total liabilities 126.858,016
Fair value of net identifiable asse acquired 16,453,996
Goodwill 2,475,361
Total purchase price 18,929,357
Less: Cash and cash equivalents and bank overdeaftacquired (1.383.201)
Cash outflow on acquisition $ (17.546156)

(b) ImpendIg tadepeademt relew ammaid oa by regitatw
In June 2005 the Colta Financial Group the Group"), including the Cmpony, coneed
to the performance of an independent review and monitoring of itactivit e andopea
by a firm of financial and accounting advison acting a agent or theas Qup of Financial
Services Regulators which includes the Securities Commialon of The B m Iand the
Office of the Registrar of Insurance Companies. The review will foeen on.Colim's
compliance with the 21 conditions set by The Bahamas Govermment in he approval of
Colina's acquisition of Imperial Life ("the 21 Conditions), the approprisatenes of the
financing of the acquisition, the current and ongoing financial performance and the
integration of Imperial Life with Colina, together with the ppropriaeness and
effectiveness of Colina's internal controls.

(c) Fees paid and payable to CFG da g first half f 5

During the first half of 2005, the Comipany pd management fees totaling $9'..500 to
CFG, and CFG billed an additional brokerage fee of $440,450 relating to the acquisition of
Imperial Life (See Note 24(b)). Under certain of the 21 Conditions, the payment of theae
fees requires the approval of the regulators. The Company has oughtbut has bu hot yet
received, such approval.

(d) New names for the Compsay and Collas
On May 20, 2005, the Board of Directors proposed that the Company adopt the name
Colinalmperial Financial Limited, subject to approval by the regulators and the Company's
shareholders. Effective June 9, 2005, the name of the Company's principal operating
subsidiary, Colina Insurance Company Limited, was changed to Colinalmperial Insurance
Ltd. ("Colinalmperial").

(e) Additional steps taken towards compliance with the 21 CAmdiefis

In June 2005, CFG engaged a leading Canadian law firm to conduct a governance review
of CFG and all of its associated and subsidiary companies, including the Company, for the
purpose of:

(i) identifying existing governance practices already in effect within the Group; and

(ii) making recommendations to the Board of Directors of CFO (or to the Board of an
associated or subsidiary company, as the case nay be) regarding any necessary or
desirable improvements to governance practices within the Group.

In early July 2005, Colinalmperial instructed its affiliated Investment Manager to redeem
all shares/units held by Colinalmperial in certain of the investment funds managed and
administered by the Investment Manager, representing a significant portion of the total
value of such related-party investments as of December 31, 2004 (See Note 24(d)). The
Company anticipates receiving the redemption proceeds in early August 2005.

Also in early July 2005, Colinalmperial requested repayment of all advances owing by
CFG and an affiliated borrower, totalling $2,373,764 as of December 31, 2004, plus
accrued interest to the date of repayment (See Note 24(c)). As of the date of the Board's
approval of these financial statements, these advances had not yet been repaid.



A vacancy exists at The Grand Bahama Port Authority, Limited for one GEOGRAPHICAL INFORMATION SYSTEMS
(GIS) TECHNICIAN in the Building and Development Services Department.
Applicants must be at least 21 years old and should have the following:
An Associates of Science Degree or equivalent in Geographical Information Systems (GIS), Civil Engineering,
Cartography, Geography, Computer Science.
Knowledge of AutoCAD version 2000 or higher
Knowledge of Microsoft Applications
Knowledge of GIS software
Two (2) years experience with GIS or related field
Skills to read maps and architectural drawings
Ability to handle internal and external communications effectively
Excellent organizational skills (i.e. the ability to catalog and maintain data entry and map procedures)
Ability to work effectively in a team environment.
The individual will be responsible for:
Performing technical duties in the maintenance, development and operation of geographic information systems.
Ensuring quality an accuracy of a variety of GIS data, including researching and revising maps and data from other
data systems.
Operating a variety of geographic information system input and output devices, including digitizing boards, scanners,
printer and plotters.
Creating, maintaining and editing departmental spatial databases, including the preparation of data dictionaries and
Assembling, organizing and digitizing information of the GIS database
Preparing and executing queries of individual electronic databases and thematic maps, producing products that
include, but not limited to maps, tables, plots, charts and graphs.
Ensuring the quality and accuracy of a variety of geographic information system data, including researching and
revising maps and data from other data systems.
Applications with supporting documentation should be submitted to:

The Personnel Department
The Grand Bahama Port Authority, Limited
P.O. Box F-42888
Freeport, Grand Bahama
on or before August 2, 2005


Colina Holdings Board approved
a major increase in dividends -
$1.484 million compared to
$989,185 in 2003. Some 67 per
cent of that went to CFG, which
means Mr Alexiou, Mr Camp-
bell and Mr Ferguson.
Colina's view is that the com-
pany is engaged in a 'cleaning-
up' exercise on its balance sheet
following its recent acquisition
spree, plus the bloody and bit-



The Bahamas to send its

largest ever CCCAN team

* By RENALDO DORSETT of the most challenging and difficult
Junior Sports Reporter -v- ::competitions in the region," he said. i *

ONE of the largest swimming
teams in recent years will compete in
the region's most prestigious swim
The Bahamas Swimming Federa-
tion is fielding a 19 member team to
compete in the 24th Central Ameri-
can and Caribbean Amateur Swim-
ming Confederation Championships
(CCCAN) in Santo Domingo,
Dominican Republic.
The CCCAN Championships are
scheduled for August 1-8.

The 19 member team has achieved
the qualifying standard for the
Championships and has also gar-
nered "Quadruple A" qualifying
"Quadruple A" qualifying times
are one level below the Olympic
Games standards.
This team will be the largest the
BSF has ever fielded for the CCCAN
A large majority of the qualifying
standards were reached at the RBC

National Swimming Championships.
There are 24 countries competing
in the championships which also
includes diving, water polo, and syn-
chronized swimming.
The majority of the team, 15 of its
19 members, have qualified for a
number of events, meeting more than
one time standard.
BSF President Algernon Cargill
said the rapid progress of swimming
in the Bahamas, particularly the 19

swimmers, is indicative of the BSF's
growth as an organisation.
"Last CCCAN Championships we
had just eight swimmers qualify," he
said. "This year we had had 19, the
largest team we have ever fielded."
He said the country should expect
the swimmers to perform well in
what he said is considered the
Olympic Games of these specific age
"These Championships are some

"Our swimmers will be competing
against some of the very best in the
Cargill said the BSF is also focus-
ing on improving qualifications of
coaches and officials.
Stella McPhee and Hilary Bethel
have been named qualified referees
by the Federation Internationale De
Natation and FINA, the world gov-
erning body for swimming,
diving, water polo, and synchronized
swimming for all countries that
participate -in the Olympic
Maegueritte Knowles has also
been named an official starter by
"Previously we have only had one
referee certified by FINA, this year
we have added two additional refer-
ees," he said. "Now we will not have&
to import referees to monitor inter-
national meets."
Two members of the team, Nikia
Deveaux and Chris Vythoulkas, will
represent the Bahamas at the Swim-
ming World Championships.
The Swimming World Champi-
onships are scheduled for July 16-31
in Montreal, Canada.

John Bradley 11-12 yrs.
Johnothan Bain 13-14 yrs.
Vereance Burrows 15-17 yrs.
Inoa Charlton.- 15-17 yrs.
Ashton Knowles 15-17 yrs.
Denaj Seymour 15-17 yrs.
Robert Dillette -
18 yrs. and over
Jeremy Knowles -
18 yrs. and over
Travano Mcphee -
18 yrs. and over
Chris Vythoulkas -
18 yrs. and over
Ashley Butler 11-12 yrs.
McKayla Lightbourne -
11-12 yrs.
Kadesha Culmer 11-12 yrs.
Alicia Lightbourne 13-14 yrs.
Ariel Weech 13-14 yrs.
Arianna Vanderpool-Wallace -
13-14 yrs.
Alana Dillette 15-17 yrs.
Teisha Lightbourne 15-17 yrs.
Nikia Deveaux 18 yrs. and over

Team to head to Junior Pan American Championships

Junior Sports Reporter
THE roads of Nassau will
be taken by storm by cycling
enthusiasts this coming Sun-
SThe 'Clash of the Speed-
sters' will be used as a physical
test for local cyclists, who will
have to ride over 55 miles for
the crown.,
Jr d ace will
's Bay
tai id ers on a western
This race was designed for
the tougher cyclist, but anoth-
er route, provided by the New
Providence Cycling Associa-
tion (NPCA), is set for 45
According to Byron Mus-
grove, the lengthy route will
test the strength of all those
taking part, but the younger
cyclists will also be tested in
the 45 mile hike.
He said: "We are expect-
ing a big cycling race on Sun-
day, this race is a strength
tester which all the cyclists
look forward to.

"We have cut down the
length for cyclists, so we have
an A or B route. This is to
ensure that all persons inter-
ested in riding take part.
"But everyone is expected
to be there, they are really
excited about the whole
Juniors and opef women
will start at 6:30 that morn-
ing, while the open masters
and elite cyclists start at 7am.
Thisis to ensure that all
cyclists finish at the same
The route starts at Good-
man's Bay with cyclists ven-
turing along the Cable Beach
strip, passing through Sandy
Port, Delaporte, Gambier into
Lyford Cay, Clifton Pier, pass-
ing the South Ocean Resort,
passing the Adelaide Comer
moving to the Coral Harbour
rounabout, to the Comer field
Airport Road left onto JF
Kennedy to the Fort Bay
Round-About, returning the
same way the came.
Route B starts at Good-
man's Bay but cyclists will
turn-around at the Coral
Habour roundabout, heading
back to Goodman's Bay.
Musgrove added: "There is
an option of which route you
want to take, but basically we
are sending the juniors and
the open women out before
the other cyclists.
"In terms of the women
riders, we are expecting it be
just as tough as the men. This
is also the case for the junior
Names lined-up for the
road race are Lee Farmer, the
Bahamas' top cyclist, John
Cox, Christine Jones, Mark
Holoweskeco, Tracy Sweet-
ing, Eddie Bethel, Jay Major
and Julianne Glinton.

Junior Sports Reporter
DAYS after the World
Youth Championships, the
Bahamas Association of Ath-
letic Association (BAAA) is
gearing up to send another
squad into battle.
BAAA has selected a 17-
member team to compete at
the Junior Pan American
championships, one of the top
ranked meets for juniors this
The meet is set for Windsor,
Canada, 29th-31st July and is
expected to feature more than
600 of the world's top junior
athletes over the three'

O *" f.. .0



day period.
Team Bahamas, expected to
leave on Tuesday, July 26th,
will start competing for top
honours on the 28th of July
against 45 other countries.
The bi-annual champi-
onships are for junior athletes
19 and under.

Leading the Bahamas team
will be Nivea Smith, who
returned home from the World
YouthLChampionships oi
Monday. Smith will be joined
by Eugena Patton and Shani-
qua Ferguson, who also took

part in the championships.
Ferguson ran to a season's
best time in the 200m at the
event, but failed to make the
This was also the case for
Patton in the 100m, running a
season's best time of 11.93 sec-
Smith was the only one of
the trio to advance into the
semi-finals in both the 100m
and 200m, but failed to make
the final round appearance.
For the boys, fast times are
expected from Ryan Penn and
Juan Lewis, who had
exceptional performances -at
the World Youth Champi-

Lanece Clarke
Shaniqua Ferguson
Eugena Patton
Nivea Smith
Bianca Stuart
Tracey Morrison
Jamal Moss
Ramon Miller
Jamal Wilson
Ramon Farrington
Carl Stuart
Ryan Penn
Tyrone Sawyer
Wendell Collie
Dannon Lightbourne

Juan Lewis
Deangelo Griffin

Roosevelt Thompson
(team manager)
Stephanie Rahming
(technical official)-
Debbie Smith (chaperone)
Fritz Grant (assistant
Ronald Cartwright
(field coach)
David Charlton
(head coach)


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Senior Sports Repo
THE final verdict i
Bahamas men's 4 x 400r
will have to settle for t


rter Fourth place confirmed for

elay te me's 4 x 400 relayteam
he fourth r e a

place finish they turned in at the
2000 Olympic Games in Athens,
The Court of Arbitration for
Sport ruled yesterday that the
results of the race will remain the
same and only the gold medal
awarded to American Jerome
Young will be stripped after he
was found guilty of a doping
offence prior to going to the games.
Therefore, the United States will
hold onto the gold with Nigeria.
keeping the silver and the
Jamaicans staying with the bronze.
As a result of the ruling; the
Bahamas' team of Avard Moncur,
Troy McInotsh and Carl Oliver
will remain in fourth place.
It was a decision that didn't sit
too well with McIntosh, but one
that Moncur was willing to put
behind him.

"It's a big disappointment
because when you look at cases
like these, you should show exam-
ple and the United States is no
exception," said McIntosh, who is
currently at home working with
the Ministry of Works.
"You should use them to set an
example and because they com-
peted as a team, then the team
should be disqualified and not one
member because that one mem-
ber didn't run by himself. He ran as
a member of the team."
The United States Olympic
Committee and athletes Michael
Johnson, Antonio Pettigrew,
Angelo Taylor and twin brothers
Alvin and Calvin Harrison acted as
the appellants in the case.

The respondents were the Inter-
national Olympic Committee and
the International Association of
Athletics Federations.
The case first came to light on
June 28,2004 when a Panel of the
Court of Arbitration for Sport
found that a Doping Appeals
Board of USA Track and Field,
the national federation that gov-
erns the sport of athletics in the
United States of America, had mis-
directed itself and reached an erro-
neous conclusion when, on July
10; 2000,' it exonerated Jerome
Young (a sixth member of the
USA team, who is one of the
Appellants in this arbitration) of
having committed a doping offense
on June 26, 1999, just prior to the
Sydney Games.
And on July 18,2004, the IAAF
Council determined that "as a con-
sequence of Jerome Young's inel-
igibility to have competed at the
Sydney Games in 2000 (by virtue
of having committed a doping
offense on June 26, 1999), the
results of the USA men's 4 x 400
relay event is annulled and the final
placings are revised accordingly."
Mcintosh said he feels the Court
of Arbitration for Sport sent out
the wrong message when it ruled
that the USA should keep their
gold medal.
"If another games come along, it
says that they will have to set the
same precedence," McIntosh sug-
gested. "They will have to follow
through and give the same leeway
as they did for the US."
McIntosh further questioned
what role, if any, did the Bahamas
Association of Athletic Associa-

tions and the Bahamas Olympic
Association played on their behalf
to take. their case utinlerconsider-
But Moncutr, when contacted in
Atlanta, Georgia where he's train-
ing, said it's a decision that he was
prepared to live with from the
moment they crossed the finish
line in fourth place in Sydney.
"Even if we were given the
bronze medal, I think the thing
that we were working towards was
to run, represent our country well
and run around the track with our
flag and show the world that we
are a force to reckon with," he
"Regardless of whatever deci-
sion was made, that was the
moment that everybody prepared
for and we never got the oppor-
tunity. After something like that
happens, you pretty much prepare
for other opportunities."
While they didn't get the oppor-
tunity to parade around the track
as the medallists do after their
races,' Moncur said he was pre-
pared to close the door on that
chapter in his life.
"The decision doesn't affect me
in any way because I was already
prepared to put it all behind me,"
he said. "I was prepared to move
on from that day."
- Both Oliver and Brown were
unavailable for comments. Also
on the Bahamas team as alternates
were Timothy Munnings and Den-*
nis Darling.


___Billingy single-handedly brought the her
team back, closing the eight point lead the

.,Bahamas lost in three straight sets to
Trinidad and Tobago during the feature
game of the fifth junior Caribbean Vol-
;leyball Championships, (CVC), Wednesday
.. The game started almost an hour-and-a-
,half late after Jamaica defeated Nether-
.ands Antilles in five sets during the open-
.jng match.
- The team showed fatigue in the opening
Asset and got off to a slow start.
i During the first set, the Bahamas strug-
gled to get into their game plan.
Meanwhile, Trinidad and Tobago took
full advantage of the much smaller
"Bahamas side, by winning the first set 25-
13, 26-24 and 25-13.
* In a gruelling second set, Team Bahamas
camee back fighting, leading the game by
* eight points at one point
With the Bahamas' confidence ujp
"notch from the first set, Trinidad and Toba-
go fumbled the ball, continuously serving
,into the net.
Determined not to let the Bahamas win
pn their home court, Trinidad and Tobago
;,vent to power hitter Kellyann Billingy,
.Who was now in back court.

Bahamas had established.
With hundreds of Trinidadian's
watching and cheering loudly, the home
side fought back to overthrow the
Bahamas captain Cheryse Rolle said:
"Trinidad never expected us to get that
close. We got too excited. We let our
guards down and they slipped through our

In the third set Trinidad used their height
to their advantage, hitting over the
Bahamas' blocks.
Rolle added: "I think we played good
overall. Inside, I believe we were all a little
timid starting out but after the first set we
got rid of our nervous energy.
"We proved to everyone that we are a
force to be reckoned with, we didn't get
h-7 ', but when we meet them
a., .i.....ii's war!"
Billingy led the game in attacks, with an
average of 15.
Leading the Bahamas team was Rolle
and Camilla Miller, both having 12 and 10
The Bahamas will play again tonight
against the Netherlands Antilles.


ronze for

j Z J,
....... .....

f C








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