Flexing what muscles it has under legislation currently in force, the Securities Commission of the Bahamas (SCB) is warning investors in Bahamas Supermarkets Limited (BSL) to beware.
BSL's failure to hold annual general meetings (AGMs) since 2009 was the primary concern the SCB cited in a public notice on the company's regulatory status, released yesterday.  It also noted that BSL has been "consistently" late in issuing financial statements over the last three years.
"Both of these failings have resulted in information not being available to the public and investors, resulting in their not being properly informed and consequently affecting their ability to make sound investment decisions about their holdings or intended purchases in BSL securities," read the notice. 
The SCB went on to caution about how much faith should be placed in financial information that BSL has released recently.
"There are also serious concerns relating to the status of the financial information presently issued by the company, read the release.
"In this regard the Commission notes the fact that the financial statements have been issued with a disclaimer of opinion brings into question the level of reliance that can be placed on the statements as presently issued."
Without reliable information available to the investing public, investors will be impaired in their ability to make 'sound investment decisions', according to the SCB.
The SCB also noted that it has been pushing the company to hold AGMs, though to no avail.
"... the Commission advises that it has on various occasions sought to require that the company hold its AGM; however, BSL has not acquiesced to the Commission's requests in this regard," read the release.
In a response from BSL, the company said the recent financial hardships experienced by the company in recent years was no secret, and the company's new owners have been "very forthright" with the public.
As for the AGMs, the company may not see them as a priority, considering its current situation.
"Paying out $100,000 for an AGM to tell shareholders what they already know from news reports is not presently the main concern of the company," read the release.
The news may add to existing BSL investor woes as the chain tries to claw its way back to profitability and recapture lost market share.  The once-contender for market leader among Bahamian food stores is now relegated to two operating stores in New Providence and one in Grand Bahama.  Two more New Providence locations are only closed temporarily, however, the company siting renovations and repairs to the refrigeration units and other infrastructure as the reason for the closures. BSL said it expects those stores to reopen by the end of the year.
The SCB and BSL may be well acquainted by now, as they found themselves together in local media earlier this year after the majority shareholder of BSL - Trans-Island Traders announced intentions to take-over competitor AML Foods Limited.  Key to those developments was the fact that under the securities legislation now in force, there is no specific code to govern takeovers of public companies.
For participants in the capital markets it may highlight the need for implementation of new legislation to govern the securities industry, expected to come into force soon.  Under existing legislation, the SCB may not have the 'teeth' needed to do anything more than it has.  It reported having exhausted 'all legal options available to it'.
Trans-Island Traders, owned by BSL president Mark Finlayson and the Finlayson family, including its patriarch Sir Garrett "Tiger' Finlasyon, holds 78 percent of the outstanding, issued shares of BSL, with 22 percent held by minority shareholders.
BSL trades on the over-the-counter market.  A public company, it is not listed on BISX, although trading information is included on BISX's daily price sheet.  According to BISX's price sheet after market-close yesterday, the last trade price of the security was $14.00.  It reported a 52-week high of $10.06 with a 52-week low of $5.01, and no bid or ask prices were reported.

Keeping with the sorority's Educational Awareness Programmatic Thrust, the ladies of Delta Sigma Theta Sorority, Inc. Grand Bahama Alumnae Chapter realize that many students are challenging themselves and achieving excellence through no fortuitous act but through hard work.

It is in this spirit of determination and recognition of such efforts that the chapter established the 'Reach for The Stars' program. 'Reach for the Stars' is a program that the Grand Bahama Alumnae Chapter started to highlight those primary school students who, through hard work and determination, were able to succeed academically.

We would like to congratulate all of our 2010/2011 honorees and wish them the best for this academic year as they continue their pursuit of excellence and REACH FOR THE STARS...

After the murder count hit 104 yesterday morning with the discovery of the body of a missing boy, Bahamas Christian Council president Dr. Ranford Patterson declared that the country is facing a "national crisis" and called for stronger legislative action to fight crime.
"While the home, church, school and community at large must give would-be criminals no comfort, it is Parliament that must institutionalize the laws so that a higher regard for human life would be embraced by all," the statement from Patterson said.
"One hundred and four murders constitute a national crisis and [are too many] for our national conscience. We are late in seeking concrete ways to answer this crime wave."
The 104th murder victim was identified as 11-year-old Marco Archer, whose body was found in bushes near an apartment at Yorkshire Drive in Cable Beach.
Marco was reported missing by his family on Friday.
"We are also disheartened that pregnant women and little children are increasingly becoming targets of criminals known to the police and who have been to our courts several times," the statement continued.
Two pregnant women were killed this year.
"A new resolve by all branches of government and a fresh commitment by all Bahamians to not participate in criminal behavior in any form is needed to lift us out of this quagmire," Patterson said.  "Further, let us return to those principles which made our parents strong to the benefit of our land and the glory of Almighty God.
"We therefore ask Prime Minister Hubert A. Ingraham to urgently give consideration to some measure of the law that would cause the criminals to think before they act."
Last year this time the murder count was 71.  This means that the murder count has increased by nearly 50 percent over this time last year.
Over the past several months, crime has been one of the most discussed topics.
National Security Minister Tommy Turnquest has been harshly criticized over the crime issue.
The Christian Council is encouraging politicians not to use the murders as a political football "since we have been besieged by this crime culture under successive governments".
"It is wrong to blame any minister in government for crime, but all Bahamians bear some degree of culpability for where we are," Patterson said.
As part of its response to crime, the government intends to introduce three bills to Parliament on October 5 -- a bill for a new Bail Act and bills to update the Criminal Procedure Code and the Penal Code.
The new Bail Act would restrict the circumstances under which persons accused of committing serious crimes get bail.
Prime Minister Ingraham said he will address the nation on the issue of crime on Monday.

Bahamian tennis star Mark Knowles is pleased to announce the annual Mark Knowles Celebrity Tennis Invitational will be held on 1-4 December 2011 at the Atlantis Resort & Casino by Presenting Sponsor, MDC-Partners, and organized by the Mark Knowles Management Group (MKMG).  

This year's featured players are Andy Roddick, Xavier Malisse, and Sabine Lisicki with some additional stars to be announced at a later date.   The organizers plan to hold a Pro/Am doubles tournament for Platinum sponsors, a Pro Exhibition and an opportunity for top Bahamian junior tennis players...