Transcript ISABEL DEVELOPMENT COMPANY LTD
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
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SOLOMON ISLANDS GOVERNMENT GAVE FURTHER ASSISTANCE OF SBD$1.5M IN 199?
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PURCHASE OF A PASSENGER BOAT – MV ISABELLA IN 199?
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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