Investing in Our Future

Nassau Cruise Port Limited is owned 49% by Global Ports Holding Plc, 49% by Bahamas Investment Fund and 2% by the YES Foundation. Hence, shareholders will be investing in the Bahamas Investment Fund. As such, investors in the fund will vote on fund specific issues while the Director’s of the fund will vote at the NCP level.

Nassau Cruise Port Limited is owned 49% by Global Port Holdings Plc, 49% by Bahamas Investment Fund and 2% by the YES Foundation. Hence, shareholders will be investing in the Bahamas Investment Fund. As such, investors in the fund will vote on fund specific issues while the Director’s of the fund will vote at the NCP level.

Returns will ultimately depend upon the success of the Nassau Cruise Port and projections outlined in the offering memorandum may not materialize as projected. Investors will earn returns via dividend payments and NAV appreciation.

The company expects dividend payments to begin in 2025.

Shareholders will have the right to redeem all or a portion of their Class A Shares on any Valuation Date and at such other times, with the consent of, and upon such terms of payment as may be approved by, the Board.

Minimum Redemption Amount

Each redemption will be subject to a minimum redemption number of 100 shares, and no partial redemption will be permitted if a Shareholder’s remaining Class A Shares would be less than 100 shares, provided that such requirements may be waived or amended with respect to any Shareholder by the Board, in its sole discretion.

Payment of Redemptions

When a Shareholder makes a request for redemption of its Class A Shares or its Class B Shares, as applicable, the Fund will endeavor to pay the entirety of the redemption price for the redeemed Investor Shares within thirty (30) calendar days following the applicable Redemption Date.

If an individual wishes to sell their shares, they must complete a one time sale order form and a transfer form which can be obtained by emailing bif@cfal.com. Staff members will provide all the relevant information to complete the sale. Shares will be added to the open order book and matched with a buyer if available.

If an individual wishes to purchase, they must complete a one time purchase order form and a transfer form which can be obtained by emailing bif@cfal.com. Staff members will provide all the relevant information to complete the sale. Note that shares must be available via the open order book to purchase as there are no additional shares being issued.

Shares cannot be redeemed until 31 December 2024.

A sale of shares takes place between two investors at a price agreed upon between them. An individual may be unable to find a seller or buyer at their preferred price. Alternatively, after the lockup period, investors would be able to redeem their shares by having the fund purchase them at the Net Asset Value during the redemption period.

The fund will have an annual NAV calculated on March 31 of each year. After the lockup period, investors will be able to redeem at this prevailing NAV.

The NAV will reflect the net asset value of the fund on an annual basis. Directors, along with the Investment Manager, will determine appropriate valuation methods for The Nassau Cruise Port shares which are owned by BIF. Directors intend to use the book value of BIF’s ownership stake in NCP as a base case for the value of the shares. This means that the NAV will reflect movements in NCP’s equity and primarily be driven by the performance of the company.

No. The directors of the fund will attend the board meeting of Nassau Cruise Port and vote on behalf of the fund.

Updates on Bahamas Investment Fund investment opportunities will be available on the website of the fund.

• Strategic National Infrastructure Asset – Nassau Cruise Port is essential to The Bahamas’ economy and benefits from the strong support of the government,
• Long-term cruise industry growth – One hundred and thirteen new cruise vessels are on order with a total passenger capacity of 232,172 scheduled for delivery through 2027; the cruise industry is also highly resilient, with a proven track record for quick recovery from recessions and other shocks.
• Experienced port operator – Global Ports Holding, as sponsor and lead responsible for the operations of NCP, is the world’s largest independent cruise port operator.
• Attractive Caribbean cruise market – The Caribbean is the most popular cruise destination in the world.
• Geographical Location – The Bahamas is one of the closest markets to the U.S., making it very attractive to cruise lines in both 3–4-day short cruises, and longer ones as an essential part of their itineraries from Florida homeports.
• Open access regime – This will enable growth from all cruise lines parallel to the increase in berthing capacity.

At least 80% of the labour required to complete the construction of the new port will be provided by Bahamians. Between 2020 and 2022, this project will create nearly 1,000 new jobs and will have a cumulative impact of approximately B$300 million.

NCP’s high-level estimate is that the Project will have a cumulative impact of B$16.0bn from 2020 to 2049 due to the expected increases to cruise passenger arrivals, onshore rates and cruise passenger  spending.