Change in ownership prompts new filings for Consolidated Water
Cayman’s Consolidated Water Company will now be required to file beneficial ownership reports to reflect the change in hands that made US citizens its majority shareholders.
In a statement released the to media, Consolidated Water said that the company no longer meets the definition of a “Foreign Private Issuer” under the rules and regulations of the US “Securities and Exchange Commission (“SEC”) due to the fact that U.S. citizens now constitute the majority of the Company’s directors and executive officers.”
The company presently files Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K with the SEC. As a result of the loss of its foreign private issuer status, the company will now be required to file the proxy statements for its shareholder meetings with the SEC. In addition, the company’s directors and executive management are subject to the requirements of Section 16 of the US Securities Exchange Act of 1934, as amended. Consequently, such individuals must file beneficial ownership reports with the SEC and are subject to liability for any profit derived by them as the result of the purchase and sale or sale and purchase of the company’s ordinary shares of common stock occurring within a period of six months.