ISABEL DEVELOPMENT COMPANY LTD

Report
ISABEL
DEVELOPMENT
COMPANY LIMITED
THE BEGINNING
START UP CAPITAL
• COLLECTION OF FUNDS FROM INDIVIDUALS
IN THE RURAL AREAS AROUND ISABEL
• THESE FUNDS RANGED FROM $1 to $50 PER
PERSON AT $1 PER SHARE
• NO MINIMUM OR MAXIMUM SET ON
SHARES PER PERSON IN THE BEGINNING
• ORIGINAL SHAREHOLDERS WERE MOSLTY
MEN & WOMEN IN THE RURAL VILLAGES
CORPORATED IN 1971
•
•
•
•
AS A PRIVATE COMPANY
249 SHAREHOLDERS
BUNCHED INTO 49 TRUSTEES
MONIES COLLECTED FROM THE RURAL
PEOPLE WERE USED AS A SECURITY TO
SECURE A LOAN FROM THE COMMERCIAL
BANKS TO BUY THE FIRST BOAT.
FIRST BOAT
• LIGOMO 1
• CONCRETE/TIMBER BOAT
• BOUGHT BRAND NEW IN 1971/72
UNFORTUNATE FATE
• LIGOMO 1 (FIRST BOAT) SANK WHILE
BERTHING AT THE POINT CRUZ MAIN
WHARF DURING BAD WEATHER/ROUGH
SEAS.
REPLACEMENT
• INSURANCE PAYMENT FOR THE SUNK BOAT
• LIGOMO II
• TIMBER BOAT
ANOTHER UNFORTUNATE FATE
• LIGOMO II BURNT DOWN DURING ONE OF
ITS TRIPS AT MAKIRA PROVINCE IN 19??
SECOND REPLACEMENT
• ASSISTANCE BY THE SOLOMON ISLANDS
GOVERNMENT
• BOUGHT LIGOMO III
• WAS LATER SOLD
FURTHER ASSISTANCE
• SOLOMON ISLANDS GOVERNMENT
GAVE FURTHER ASSISTANCE OF
SBD$1.5M IN 199?
• PURCHASE OF A PASSENGER BOAT – MV
ISABELLA IN 199?
• PURCHASE OF ANOTHER PASSENGER
BOAT MV ESTRELLA IN 199?
MV ISABELLA
MV ESTRELLA
LIMITATION
• THE TWO PASSENGER BOATS HAVE
LIMITED CAPACITY TO LOAD, ESPECIALLY
BULK CARGOES
• BOARD APPROACHED THE SI GOVERNMENT
AGAIN TO ASSIST IN GETTING A CARGO
BOAT
FURTHER ASSISTANCE BY SI GOVT
• FURTHER ASSISTANCE OF SBD$2M BY THE
SI GOVERNMENT IN 2007
• SAW THE PURCHASE OF A CARGO BOAT MV
ORTEGA
MV ORTEGA
ADDITIONAL CARGO BOATS
• WITH ASSISTANCE FROM THE COMMERCIAL
BANKS (ANZ BANK) BY WAY OF A LOAN OF
SBD$2.1M
• IN 2012 SAW ANOTHER CARGO BOAT (MV
ARNAVON) ADDED TO THE FLEET
• HAD BIGGER CAPACITY (456 gt) ALMOST
TWICE THAT OF ORTEGA
MV ARNAVON
ADDITIONAL CARGO BOATS
CONT’D
• RECENTLY IN FEBRUARY 2014
• TOOK DELIVERY OF ANOTHER BIGGER (665
gt) CARGO/PASSENGER BOAT –MV
ONOGOU.
MV ONOGOU
FUTURE
• Explore the MSG trade link with our
Pacific neighbours
• Purchase a bigger passenger boat
• Improve current shipping services and
look to servicing new routes
• Improve profitability for the benefit of
shareholders
THE END

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