The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A Bahamian resort community yesterday said it would use the proceeds of a newly-launched preference share offering to "regain momentum" lost to the COVID-19 pandemic.

Sir Franklyn Wilson, chairman of Jack’s Bay Developers, told Tribune Business there was no set closing date or target amount that the Eleuthera-based project was seeking to raise from investors via an offering priced at 6.25 percent and with a minimum $50,000 investment.

"We're doing whatever we can to accelerate the pace of development," he told this newspaper. "We're in a position where today, as soon as this COVID-19 pandemic thing is behind us, we can do what we want to do. The more funding we can raise, the more we can do in the interim. We're using the down time to make the place better to come to.

"Whatever quantum we get we will put to productive use. All we want to do is accelerate the pace of activity, and accelerate the pace of activity in terms of sales." Sir Franklyn confirmed that the funds raised will be used to construct additional villas and amenities in a bid to make Jack's Bay more attractive to the "40 founder" real estate purchasers it is seeking.

Confirming that them development had "tamped down" its marketing initiatives due to COVID-19, and the restrictions imposed on travel and tourism, he added: "We think it's better to get to the stage where our target audience has a degree of confidence that COVID-19 is behind us.

CFAL, the Bahamian investment management and advisory company, is the broker for the Jack's Bay preference share offer. “Along with competitive pricing, our shares also offer short-term and long-term benefits,” said Tommy Turnquest, deputy chairman of Jack’s Bay Developers, said in a statement.

“With a fixed rate of return of 6.25 percent, there is also the option to convert to ordinary shares once the company goes public as expected by 2024, and those shares are listed on the stock exchange (BISX).

“Your investment is secured by $70m in equity, 1,200 acres of land, no bank debt, a signed Heads of Agreement with the Bahamas government, and a skilled and experienced management team that is passionate about this project."

Sir Franklyn added: “What we are doing at Jack’s Bay is bringing to the stunning topography of Eleuthera a business model that has proven abundantly successful throughout the world, on New Providence and other Family Islands. Yet we are bringing top-tier luxury living to Eleuthera in a way that rivals any comparable offering worldwide."

Jack’s Bay, built on 1200 acres with 2.5 miles of Atlantic Ocean beach frontage, said it features five Blue Holes, an inland lake, varied dining options, outdoor adventures, luxury amenities and a golf course designed by Tiger Woods.

Other shareholders include the likes of Royal Bank of Canada (RBC); Sunshine Holdings; the Bahamas Communications & Public Officers Union's pension fund; John Bull; BA Financial; the estates of the late Billy Lowe and the late John Morley, and Eleuthera-based investors such as Lawrence Griffin and Rock Sound Properties (1976) Ltd.

Thomas Sands, Rock Sound Properties chief executive and Eleuthera Chamber of Commerce chief, said his investment in Jack’s Bay was an investment in the development of The Bahamas.

“There are many discussions about Bahamians pooling resources to drive the economy of our country while creating world-class products. Jack’s Bay is an example of not just lip service but of the execution by exceptional leadership, which has been supported by a list of significant domestic and international investors who have consolidated their resources,” he added.