Belize for Cayman Water
The only Cayman Islandsutility, the Water Authority, remains in Government ownership,while the West Bay Road privately owned operations make plansto expand to the Bahamas, Belize and elsewhere.
Consolidated Water Co. Ltd. (formerly Cayman Water Company)which develops and operates seawater conversion plants under licensesfrom the Government for the Seven Mile Beach area and the Districtof West Bay for a water distribution system, today announced thatits Board of Directors has declared a second quarter cash dividendof $0.08 per share.
The dividend will be payable on July 31, 2000 to shareholdersof record June 30, 1999. The Company doubled its quarterly cashdividend rate in the third quarter of 1999, to an annualized rateof $0.32 per share, and its Board of Directors adopted a non-bindingresolution to pay future dividends at an annualized rate whichis equivalent to 50%-60% of the Company's reported net income
At Consolidated's Annual General Shareholders' Meeting (AGM),which was held on May 24, 2000, Chairman Jeffrey Parker notedthat an increase in the quarterly cash dividend rate may be forthcominglater this year, if earnings continue to improve. The Companyrecently reported a 23% increase in net income for the quarterended March 31, 2000.
Also at the AGM, the Company's shareholders endorsed a Board ofDirectors resolution expressing its appreciation for the twentyyears' of service on its Board by Hal Carr, who recently resignedhis position as a Director of Consolidated Water Co. Ltd. Shareholdersapproved the appointment of Mr. Carr's son, Steven Carr, to theBoard of Directors at the meeting. Other directors re-electedat the AGM included Richard L. Finlay, Clarence B. Flowers, JeffreyM. Parker and Frederick W. McTaggart.
In his comments at the AGM, Chairman Parker noted that the Companycontinues to pursue seawater conversion projects outside of Caymanand indicated his optimism that opportunities on Bimini Islandin the Bahamas, and in Belize may come to fruition during 2000.
Consolidated Water Co. Ltd. intends to develop and operate seawaterconversion plants and water distribution systems in areas of theworld where naturally-occurring supplies of potable water arescarce or nonexistent. It currently operates its public waterutility in Cayman under a 20-year exclusive license from the Governmentand signed contracts for its first overseas operations in theCommonwealth of the Bahamas.
The two other major utility companies - communications and electricity- are privately owned.