Underwriters Exercise Over-Allotment Option for Additional 192,150 Shares
Consolidated Water Co. Ltd., which is engaged in the development and operation of seawater conversion plants and water distribution systems in areas of the world where naturally occurring supplies of potable water are scarce or non-existent, has completed its recent secondary stock offering.
On July 1, 2003, the company announced the issuance, at a price of $14.75 per share, of 1,200,000 ordinary shares by the company and 567,662 ordinary shares by a shareholder. Today, the company announced that the underwriters of the offering -- Janney Montgomery Scott LLC and Wells Fargo Securities, LLC -- have exercised an option to purchase an additional 192,150 ordinary shares to cover over-allotments.
"We are gratified by the confidence, expressed by both our underwriters and the market, that is demonstrated by the exercise of this option to cover over-allotments," stated Jeffrey M. Parker, chairman and chief executive officer of Consolidated Water Co. Ltd. "The company is nearing the completion of its recent acquisitions and their financing and is now well-positioned to pursue further opportunities for the development of its businesses, particularly in the Caribbean Basin and Central America."
Consolidated Water Co. Ltd. currently operates water production and/or distribution facilities in the Cayman Islands, the British Virgin Islands, Barbados, Belize and the Commonwealth of the Bahamas.