238th Edition - November 2025

Dear Members,

As we approach the end of 2025, it’s been an exciting month across our portfolio and initiatives at The FIRM. Here’s a snapshot of what’s happening:

1. Cruise Line Developments

• Our international cruise division is progressing rapidly. The cabin pre-sales for Pacific Encounter and Pacific Adventure continue to exceed expectations, with over 136 cabins pledged for Pacific Encounter and strong interest in Adventure. Strategic discussions are underway to finalize acquisition and financing, ensuring our fleet expansion aligns with long-term growth.

• Kingdom Academy, our onboard Bible College initiative, is gaining traction. We’re finalizing curriculum development and student recruitment for 2026. This program will provide a unique blend of spiritual development and hands-on cruise operations experience.

2. Real Estate & Hospitality

• Bartinon Manor continues to maintain strong occupancy levels, with seasonal demand increasing. Our focus remains on delivering exceptional luxury experiences for our guests.

• In parallel, we are exploring high-level, fully catered short-term rental properties in key locations, aiming to offer premium hospitality experiences for dignitaries and VIPs.

3. Strategic Projects

• Port Discovery Brisbane remains a core development focus. Planning for the associated cruise terminal and supporting infrastructure is advancing, with targeted investor engagement and regulatory approvals progressing as scheduled.

• Our Yidindji Free Trade Zone and Port & Airport development projects in Vanua Levu, Fiji, are moving into feasibility and planning stages. These projects aim to strengthen trade and tourism access in the region.

4. Membership Engagement

• We continue to value your feedback and participation. Please keep an eye out for upcoming opportunities to engage directly with our project teams and cruise initiatives.

• Our digital platforms are being enhanced to provide members with real-time updates, insights, and exclusive content on investment opportunities and company developments.

Looking Ahead
November has set the stage for a strong finish to 2025, and we remain focused on delivering growth, value, and memorable experiences for all our members.

Thank you for your continued support and engagement. Together, we continue to build a legacy of excellence, innovation, and opportunity.

Warm regards,
John Ibbitson
Chairman