I trust the government has done due diligence on this group. Based on the above website its impossible to know who the shareholders are and if they actually have access to capital and expertise to make a project of this magnitude a success.
As we, as Bahamian people, are signing Heads of Agreement, for concessions and give aways, then the details of the deal, similar to Baha Mar, should be debated and approved by the peoples representatives in Parliament.
The government should be transparent with the Bahamian people in answering the following basic questions:
1. Who are the shareholders? 2. Who are the beneficial owners? 3. Who is financing the project? 4. Obtain a serious environmental study done by an independent internationally recognized environmental impact firm 5. Who is Oban? Can't pin down exactly who they are internationally. They seem to be vaguely connected to a Canadian firm with about 50 staff. 50 staff? 6. Have they done this before? 7. https://www.obanenergies.com/management… Looking at the resumes of the management team on the above link none of them have any expertise in oil and gas.
Have we not learned anything from Baha Mar?
Alternative we should have implicit trust in our leaders that they actually know what they are doing and that they are doing the right thing and approving projects in the interest of the Bahamas.
Also I hope the government is consulting with the state of Florida. They just turned down offshore ocean drilling. I wonder if they will be overjoyed with an oil depots a about 200 miles away just slightly above sea level, regulated by a non existent Bahamian oil regulator. Is this a joke or what?
OMG, don’t blame it on the “desk pushing idiots”. If the Finance Minister would take 5 minutes to review an Excel Spreat Sheet comparing a couple thousand real property bills to last year’s rates he could have easily avoided the family Island foreign community loosing confidence in the Bahamas.
Any idiot in the Finance Ministry would know if you increase real property tax by 1,000% the foreigners will bolt for the door leaving their family Island scrub land for the expansion of shanty towns, web shops and liquor stores.
Dear Minister, please don't take away the last enjoyment I have left in the Bahamas which is a glorious shopping trip to Miami where I can get a Bahamasair deal on a flight, hotel an car for an affordable amount. My Canadian commercial bank gives me a credit card loan as well at a great rate!
In Florida I have a wide selection of quality goods compared to inferior low quality stuff in Nassau, loads of good restaurants compared to fast foods, efficient medical care versus PMH and visit my kids in College where they are getting a great education. I can also go to Disney Land for a beautiful vacation and bring back 2 bags at 50 pounds each on Bahamasair. Did I mention how nice the roads are? No roundabouts where I almost crash every day in Nassau.
We tried going to the family islands but there are no banks down there, numbers houses are everywhere, there are barely any restaurants and there is nothing to buy or do except drink liquor and play numbers. Also, the flight cost to some islands is more than Miami! Also, they only give you 44 pounds spread over 2 bags to the family island. Try taking a cooler with food to the family islands and quickly you have to pay over weight. A better deal is Miami.
I know the Bay Street Boys are complaining that us poor folks are taking bread out of their mouths but don't you guys have enough after hundreds of years of UBP rule? Man leave lil gravy for da poor and stop being so greedy.
I guess the government wants to just suppress commerce in the family islands. Between the implementation of VAT, ridiculously real property taxes, the commercial banks leaving, the numbers houses setting up in each settlement, crumbling airports and runways and shanty towns, liquor stores on every corner there is no hope.
Please don't take away Bahamasair's discounted flights to Miami, cheap hotel and car deals, discounts on baggage and $300 twice a year duty exemption.
It is the only relief poor black Bahamian's get from the Bay Street Boy's cheap Chinese crap, over priced goods, lack of selection, broken down stores, bumpy roads, crime invested streets, VAT, over priced shipping cost with only one monopolistic port of entry (Arawak) overcharging everyone to benefit of the Baystreet/Government owners.
I just love Miami. Nice Mall's (instead of broken down Malls), helpful clerks in shops, Bahamian's are welcomed in these stores because they know we are spending $2 billion a year in Florida so we are treated well. After shopping all day we can go to nice hotels, restaurants and maybe a nice basket ball game. While visiting our child in really nice colleges and universities...compared to you know what. Then we can go to a nice hospital and get quality medical care unlike the hospital in Nassau that is overcrowded and you have to wait 18 hours to get served in Emergency.
Some currency exchange house even use to take Bahamian dollars at 75 cents on the dollar so you can buy your superior goods in the US.
We just love our new Bahamasair planes and luggage discounts. Please please don't take this away from us. Stop listening to the merchant class and leave use poor people alone.
2. Will Aliv actually survive as a start up against BTC and foreign carriers.
I doubt it, but that's my personal opinion. BTC is owned by the Bahamas Government and Liberty Media, both loss making entities. Liberty Media had significant assets in Puerto Rico which suffered massive damage in last hurricane. It will be impossible for them to rebuild as no one will invest in the Caribbean with super hurricanes (wind greater than 150 mph/ greater than Cat 5) caused by global warming. This goes for Aliv as well. Lets just hope we don't have a super hurricane going through Nassau this year. Aliv, BTC and BEC will be complete write offs. Don't believe me? Dig a little deeper into Peurto Rico's recovery and financials. They are now bankrupt. A failed state, due to the hurricane.
Also the foreign carriers, Sprint etc., are competing aggressively for Bahamian customers in Miami. They are offering free low speed internet, free text, no roaming charges and only 20 cents a minute calls to the US. They are also offering free phones to Bahamians! Soon we won't just be shopping for cloths in Miami, we will be getting our phone service as well.
Also, with WhatsApp it doesn't really matter where your phone number is located. All calls are free!
Cable/Aliv's $500m needs to be checked for impairment.
Its actually refreshing to have a conversation with someone who is actually reading financial statements and assessing the risk of an investment as best as possible. Not not taking the company fluff published in the Tribune. Thank God they allow us bloggers!
For too long Bahamian's have blindly invested in Clico, Bank of the Bahamas, Gulf Union, Bahamas Supermarkets etc etc without actually reading the financial statements which are readily available to the general public. If they did many of them would not have lost millions of their hard earned savings.
Based on your comments we are actually discussing two different issues:
1. Should Aliv preference shares and bonds be available to the "average" small investor
and
2. Will Aliv actually survive as a start up against BTC and foreign carriers.
The answer to question one is that the management of Aliv have said no. Aliv is not going to allow small investors into their debt issue because it is not appropriate for them. I am not saying this. Aliv are saying this. They are not publishing on BISX their audited financial statements. I agree with Aliv. Start ups, as Aliv is, in numerous situations fail. If Aliv fails with a bunch of small time investors, the general public will scream to the government and Bisx as to why they weren't protected against such a speculative investment. All of the major tech companies in the US started out as private companies and not available to the general public due to risk. Eg. Google, Facebook and Microsoft. Uber is still private. Once they become profitable they can go public.
My only comment here is weather Bahamians realize it or not, if they own Cable Bahamas stock they have $189 million of Aliv's assets on their balance sheet. If Aliv fails, Cable stock price should be written down.
I suspect, based on only $12m in revenue and $55m in losses the auditors will need to take a significant write down of Cables assets this year.
With due respect you are not correct. Under the equity accounting method of consolidation, because Cable own's 48.75% of Alive the full results of Alive are consolidated into Cable's results. Any ownership over 20% must be consolidated into the parent companies financials.
See Note 21 in the financial statements link above. Actually the results of Aliv are even worse that I had imagined according to this note. Revenues of $12 million and losses last year of $55 million!
Aliv is not a publicly traded company so their non consolidated results are not published to the general public.
Based on my reading of the financial statements it is still my recommendation that Alive is correct in not allowing the general public to subscribe to this debt issuance. Let high net worth individuals and institutions loose their money. Lol.
However, the only problem here is that the pension funds have a high concentration risk to Cable/Aliv with over half a billion dollars owing.
observer2 says...
https://www.obanenergies.com/
I trust the government has done due diligence on this group. Based on the above website its impossible to know who the shareholders are and if they actually have access to capital and expertise to make a project of this magnitude a success.
As we, as Bahamian people, are signing Heads of Agreement, for concessions and give aways, then the details of the deal, similar to Baha Mar, should be debated and approved by the peoples representatives in Parliament.
The government should be transparent with the Bahamian people in answering the following basic questions:
1. Who are the shareholders?
2. Who are the beneficial owners?
3. Who is financing the project?
4. Obtain a serious environmental study done by an independent internationally recognized environmental impact firm
5. Who is Oban? Can't pin down exactly who they are internationally. They seem to be vaguely connected to a Canadian firm with about 50 staff. 50 staff?
6. Have they done this before?
7. https://www.obanenergies.com/management…
Looking at the resumes of the management team on the above link none of them have any expertise in oil and gas.
Have we not learned anything from Baha Mar?
Alternative we should have implicit trust in our leaders that they actually know what they are doing and that they are doing the right thing and approving projects in the interest of the Bahamas.
On Oil facility Heads of Agreement to be signed
Posted 16 February 2018, 11:28 a.m. Suggest removal
observer2 says...
Also I hope the government is consulting with the state of Florida. They just turned down offshore ocean drilling. I wonder if they will be overjoyed with an oil depots a about 200 miles away just slightly above sea level, regulated by a non existent Bahamian oil regulator. Is this a joke or what?
On DPM: $4bn refinery to help eastern GB reach 'full potential'
Posted 15 February 2018, 6:34 p.m. Suggest removal
observer2 says...
During the next Super Hurricane, ocean surge, +150 mph winds, the environmental disaster will be worse than what hit Pueto RIco.
But the above named will have already made thier money and we Bahamians will be left with the clean up.
On DPM: $4bn refinery to help eastern GB reach 'full potential'
Posted 15 February 2018, 6:14 p.m. Suggest removal
observer2 says...
OMG, don’t blame it on the “desk pushing idiots”. If the Finance Minister would take 5 minutes to review an Excel Spreat Sheet comparing a couple thousand real property bills to last year’s rates he could have easily avoided the family Island foreign community loosing confidence in the Bahamas.
Any idiot in the Finance Ministry would know if you increase real property tax by 1,000% the foreigners will bolt for the door leaving their family Island scrub land for the expansion of shanty towns, web shops and liquor stores.
On Eight-fold property tax hikes to 'kill' Exuma
Posted 14 February 2018, 9:30 a.m. Suggest removal
observer2 says...
Dear Minister, please don't take away the last enjoyment I have left in the Bahamas which is a glorious shopping trip to Miami where I can get a Bahamasair deal on a flight, hotel an car for an affordable amount. My Canadian commercial bank gives me a credit card loan as well at a great rate!
In Florida I have a wide selection of quality goods compared to inferior low quality stuff in Nassau, loads of good restaurants compared to fast foods, efficient medical care versus PMH and visit my kids in College where they are getting a great education. I can also go to Disney Land for a beautiful vacation and bring back 2 bags at 50 pounds each on Bahamasair. Did I mention how nice the roads are? No roundabouts where I almost crash every day in Nassau.
We tried going to the family islands but there are no banks down there, numbers houses are everywhere, there are barely any restaurants and there is nothing to buy or do except drink liquor and play numbers. Also, the flight cost to some islands is more than Miami! Also, they only give you 44 pounds spread over 2 bags to the family island. Try taking a cooler with food to the family islands and quickly you have to pay over weight. A better deal is Miami.
I know the Bay Street Boys are complaining that us poor folks are taking bread out of their mouths but don't you guys have enough after hundreds of years of UBP rule? Man leave lil gravy for da poor and stop being so greedy.
On Minister: Bahamasair's Florida promo 'may be a bit misguided'
Posted 14 February 2018, 8:11 a.m. Suggest removal
observer2 says...
I guess the government wants to just suppress commerce in the family islands. Between the implementation of VAT, ridiculously real property taxes, the commercial banks leaving, the numbers houses setting up in each settlement, crumbling airports and runways and shanty towns, liquor stores on every corner there is no hope.
On Eight-fold property tax hikes to 'kill' Exuma
Posted 14 February 2018, 7:56 a.m. Suggest removal
observer2 says...
Please don't take away Bahamasair's discounted flights to Miami, cheap hotel and car deals, discounts on baggage and $300 twice a year duty exemption.
It is the only relief poor black Bahamian's get from the Bay Street Boy's cheap Chinese crap, over priced goods, lack of selection, broken down stores, bumpy roads, crime invested streets, VAT, over priced shipping cost with only one monopolistic port of entry (Arawak) overcharging everyone to benefit of the Baystreet/Government owners.
I just love Miami. Nice Mall's (instead of broken down Malls), helpful clerks in shops, Bahamian's are welcomed in these stores because they know we are spending $2 billion a year in Florida so we are treated well. After shopping all day we can go to nice hotels, restaurants and maybe a nice basket ball game. While visiting our child in really nice colleges and universities...compared to you know what. Then we can go to a nice hospital and get quality medical care unlike the hospital in Nassau that is overcrowded and you have to wait 18 hours to get served in Emergency.
Some currency exchange house even use to take Bahamian dollars at 75 cents on the dollar so you can buy your superior goods in the US.
We just love our new Bahamasair planes and luggage discounts. Please please don't take this away from us. Stop listening to the merchant class and leave use poor people alone.
On Bahamasair discounts undermine local retail
Posted 12 February 2018, 3 p.m. Suggest removal
observer2 says...
2. Will Aliv actually survive as a start up against BTC and foreign carriers.
I doubt it, but that's my personal opinion. BTC is owned by the Bahamas Government and Liberty Media, both loss making entities. Liberty Media had significant assets in Puerto Rico which suffered massive damage in last hurricane. It will be impossible for them to rebuild as no one will invest in the Caribbean with super hurricanes (wind greater than 150 mph/ greater than Cat 5) caused by global warming. This goes for Aliv as well. Lets just hope we don't have a super hurricane going through Nassau this year. Aliv, BTC and BEC will be complete write offs. Don't believe me? Dig a little deeper into Peurto Rico's recovery and financials. They are now bankrupt. A failed state, due to the hurricane.
Also the foreign carriers, Sprint etc., are competing aggressively for Bahamian customers in Miami. They are offering free low speed internet, free text, no roaming charges and only 20 cents a minute calls to the US. They are also offering free phones to Bahamians! Soon we won't just be shopping for cloths in Miami, we will be getting our phone service as well.
Also, with WhatsApp it doesn't really matter where your phone number is located. All calls are free!
Cable/Aliv's $500m needs to be checked for impairment.
I don't think I need go further.
On Aliv’s $15m offering could ‘double’ goal
Posted 11 February 2018, 5:08 p.m. Suggest removal
observer2 says...
Hi DonAnthony
Thank you for your well constructed comments.
Its actually refreshing to have a conversation with someone who is actually reading financial statements and assessing the risk of an investment as best as possible. Not not taking the company fluff published in the Tribune. Thank God they allow us bloggers!
For too long Bahamian's have blindly invested in Clico, Bank of the Bahamas, Gulf Union, Bahamas Supermarkets etc etc without actually reading the financial statements which are readily available to the general public. If they did many of them would not have lost millions of their hard earned savings.
Based on your comments we are actually discussing two different issues:
1. Should Aliv preference shares and bonds be available to the "average" small investor
and
2. Will Aliv actually survive as a start up against BTC and foreign carriers.
The answer to question one is that the management of Aliv have said no. Aliv is not going to allow small investors into their debt issue because it is not appropriate for them. I am not saying this. Aliv are saying this. They are not publishing on BISX their audited financial statements. I agree with Aliv. Start ups, as Aliv is, in numerous situations fail. If Aliv fails with a bunch of small time investors, the general public will scream to the government and Bisx as to why they weren't protected against such a speculative investment. All of the major tech companies in the US started out as private companies and not available to the general public due to risk. Eg. Google, Facebook and Microsoft. Uber is still private. Once they become profitable they can go public.
My only comment here is weather Bahamians realize it or not, if they own Cable Bahamas stock they have $189 million of Aliv's assets on their balance sheet. If Aliv fails, Cable stock price should be written down.
I suspect, based on only $12m in revenue and $55m in losses the auditors will need to take a significant write down of Cables assets this year.
Lets see.
On Aliv’s $15m offering could ‘double’ goal
Posted 11 February 2018, 4:38 p.m. Suggest removal
observer2 says...
Hi DonAnthony
With due respect you are not correct. Under the equity accounting method of consolidation, because Cable own's 48.75% of Alive the full results of Alive are consolidated into Cable's results. Any ownership over 20% must be consolidated into the parent companies financials.
http://bisxbahamas.com/wp-content/uploa…
See Note 21 in the financial statements link above. Actually the results of Aliv are even worse that I had imagined according to this note. Revenues of $12 million and losses last year of $55 million!
Aliv is not a publicly traded company so their non consolidated results are not published to the general public.
Based on my reading of the financial statements it is still my recommendation that Alive is correct in not allowing the general public to subscribe to this debt issuance. Let high net worth individuals and institutions loose their money. Lol.
However, the only problem here is that the pension funds have a high concentration risk to Cable/Aliv with over half a billion dollars owing.
This will not end well. Stay clear.
On Aliv’s $15m offering could ‘double’ goal
Posted 11 February 2018, 8:08 a.m. Suggest removal