NASSAU, Bahamas — A Bahamian resort community said it would use the proceeds of a newly-launched preference share offering to “regain momentum” lost to the COVID-19 pandemic, The Tribune, one of The Bahamas’ leading newspapers, reported on Thursday, December 17, in an article written by Business Editor Neil Hartnell.
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 The Tribune. “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 the 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,” Tommy Turnquest, deputy chairman of Jack’s Bay Developers, said in a statement. See complete story in The Tribune at http://www.tribune242.com/news/2020/dec/17/developers-offering-regain-momentum/
