The Tribune

• Second ex-tourism minister to invest at Jack's Bay

• Chair: 'Strong signal' to boost credibility, confidence

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Sir Franklyn Wilson yesterday hailed as an “historic first” the involvement of two former tourism ministers as investors in a project aiming to become “the Bahamian destination of choice for the most discerning” traveller.

Confirming that Dionisio D’Aguilar has become the latest to invest in his Eleuthera-based Jack’s Bay development, the Sunshine Holdings and Arawak Homes chairman asserted that the move “sends a very strong signal” that boosts the project’s “credence and credibility”.

The Minnis administration’s former tourism and aviation minister is now poised to join one of his predecessors, Tommy Turnquest, on the Board of Jack’s Bay Resort Development and its parent, Eleuthera Properties, and Sir Franklyn argued that his participation is “a remarkable statement of confidence in the future of The Bahamas”.

Mr D’Aguilar, who is thought to be out of the country, could not be reached for comment despite Tribune Business calls and messages to his mobile phone. The dollar value of his investment, and size of the equity stake he will take, were not disclosed by Sir Franklyn or in the statement announcing the Superwash principal’s move.

However, the Eleuthera Properties chairman said that since Mr D’Aguilar’s involvement “leaked out, the phone has been ringing more and more” from other potential investors inquiring whether - and how - they can buy-in. Asked whether an initial public offering (IPO) or some other share issuance was being considered, Sir Franklyn confirmed the developer is “giving careful thought” as to when it makes further investment opportunities available.

Jack’s Bay, which in April 2023 revealed that renowned golfer, Jack Nicklaus, and his company will design and develop a $20m, 18-hole golf course at the property to complement the existing shorter course produced by Tiger Woods’s firm, has also launched its latest ‘founders programme’ featuring 24 sites valued between $1m and $3m.

Sir Franklyn, stating that the programme has attracted “dozens upon dozens” of inquiries, said multiple “highly credible” persons have paid deposits to become founders although he declined to provide further details.

“Jack’s Bay is pleased to welcome Dionisio D’Aguilar as its newest investor and director,” the Eleuthera Properties chief told Tribune Business. Asked when the former minister will join the Board as a director, he added: “The process for that happening is now beyond just an idea.

“There’s a degree of historic aspect to this. The historic aspect is that this will be the first time I know of in the history of the country that two former ministers of tourism are investors in, and directors of, a substantial tourism-oriented project. That makes it historic.

“Two, in Dionisio D’Aguilar and Tommy Turnquest, I think the capital markets would see those two individuals as being sound participants in that space. They’re not just regular investors. These are highly credible investors generally. When you consider those two factors then it’s a remarkable statement of confidence in the future of The Bahamas.”

Sir Franklyn added that this was likely to have further positive spin-off impacts for Jack’s Bay. “I think it sends a very strong signal,” he said. “In fact, I can tell you that since word about this has leaked out, the phone is ringing more and more. There are other investors wanting to know what opportunities exist for them to get involved. That’s what’s happening.”

Asked whether this may involve an IPO or some other share issue mechanism, the Eleuthera Properties chief added: “We are giving slow, careful thought to when we open up additional opportunities and how we go about it. Clearly, this is seen as a sea change in terms of investor confidence in the country. How we go about doing it, we’re giving a lot of thought to it.

“Our vision for Jack’s Bay is not an ordinary project. We’ve owned these assets now for approximately four decades. As I speak to you, we owe no bank no money. We owe no bank no money. The fact Tommy Turnquest is now chief executive of the company [Eleuthera Properties] is reassuring to a lot of other investors, including Mr D’Aguilar.

“A lot of people, because of Mr Turnquest’s career in politics, there’s a generation of Bahamians that may have forgotten he was one of the first Bahamians to qualify as a member of the Chartered Bankers Institute of Canada. When you have a company able to own this value of assets for this length of time, and owe the bank no money, we now have leadership. There’s no project like Jack’s Bay with Bahamian leadership,” Sir Franklyn continued.

“Having Mr D’Aguilar join us is significant in that regard. It’s our intention to make Jack’s Bay the destination of choice for the most discerning, the Bahamian destination of choice for the most discerning. Mr D’Aguilar joining will be of assistance in giving credence and credibility to that notion. We see this as a material event.”

Jack’s Bay, in a statement, confirmed that its latest founders initiative has launched. “You ask how the founders programme is going,” Sir Franklyn replied. “The best I can say is swimmingly well. We’re not in the single digits, we’re talking dozens and dozens. Dozens have phoned. Highly credible people have paid deposits to be founders. There’s a strategy as to how we go about dealing with that part of it. We’ll have more to say on that relatively soon.”

Jack’s Bay has a large number of Bahamian shareholders in its immediate holding company, Eleuthera Properties. While Sir Franklyn’s Sunshine Holdings group is the largest shareholder, its other investors include the likes of Colina, BAF Financial, the John Bull Group of Companies and Royal Bank of Canada (RBC). Besides the corporate investors, the Anglican Church has been “gifted” shares in Eleuthera Properties Ltd, while the estates of the late John Morley and Billy Lowe were also among the shareholders.

Eleuthera links to the investors are through the estates of the late Albert Sands and Whitfield Kemp. Another Eleuthera shareholder is businessman Lawrence Griffin from Governor’s Harbour, while Sir Orville Turnquest, the former governor-general, and his family - long-time investment and business partners of Sir Franklyn - are also invested. Tommy Turnquest, Sir Orville’s son and the former MP and Cabinet minister, is Jack’s Bay’s deputy chairman and chief executive.