Central Bank of The Bahamas.
Curly and Jon arrived home last week after their latest trip to The Bahamas carrying with them the approval of the Central Bank of The Bahamas for the issue of the shares in P.S.G. Limited, our Bahamas company, in accordance with the application which had been made by our lawyers. The Bank has also confirmed that it is willing to grant approval for the mortgage facility which we propose to take, upon receipt of a copy of the relevant agreement.
In respect of the investment to be introduced to the Bahamas company by our Jersey company, Port St. George Limited, pursuant to our funding arrangements with BDO Investment Management Limited ("BDOIM"), the Bank require a copy of the documentation between the two companies in order to formalise their approval of the arrangement. This documentation has not yet been finalised, but we shall, of course, produce copies to the Bank in due course.
Progress with BDOIM
As was set out at some length in the update we issued in March, our arrangements with BDOIM are already at an advanced stage. At that time, on the basis of only draft documentation, their discussions with investors were already producing a good response. Now that the Central Bank approvals have been received, the documents can be issued in their final form.
We are currently in discussion with BDOIM regarding changes which will be made to the draft documentation. Some of these changes will simply be to ensure that the final versions contain up to date information. Other changes will be made to take into account information gleaned from responses received to the draft documentation. Due to the detailed nature of the earlier draft, the work required to finalise the documents is not extensive. The issue date of the final versions will be decided in the next few weeks, with due consideration given to the forthcoming holiday period.
Right to Buy Window
The questions we are asked most often concern the timing of the Right to Buy window and we know that this is of interest to most readers of our updates. Given the work which must be completed in advance of the Right to Buy window, we now know that it will not open this year. Our best estimate is that the 60 day window will open during the first half of next year.
Another Major International Name at Port St. George?
From time to time we receive enquiries about the opportunities which the Port St. George marina and village will present to other businesses. There are a considerable number of enquirers who we have agreed to contact when the time is right to discuss the possibilities of them taking space in the marina village, but these do not usually merit a mention in an update.
However, we have received an enquiry which we do believe warrants a mention. This is from a major international yacht builder who has expressed interest in establishing a substantial charter and sales base at Port St. George. The discussions are at an early stage and it would be inappropriate for any name to be mentioned at this time. However, the company concerned is an international concern and a household name which would sit well alongside the top level contributors and operators who have already decided to be a part of the development. We hope that this will lead to another five star addition to Port St. George.