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<SEC-DOCUMENT>0000950144-04-000370.txt : 20040120
<SEC-HEADER>0000950144-04-000370.hdr.sgml : 20040119
<ACCEPTANCE-DATETIME>20040120124447
ACCESSION NUMBER:		0000950144-04-000370
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040105
ITEM INFORMATION:		Acquisition or disposition of assets
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20040120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSOLIDATED WATER CO LTD
		CENTRAL INDEX KEY:			0000928340
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25248
		FILM NUMBER:		04531795

	BUSINESS ADDRESS:	
		STREET 1:		TRAFALGAR PL
		STREET 2:		WEST BAY RD
		CITY:			GRAND CAYMAN BWI CAY
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		8099474277

	MAIL ADDRESS:	
		STREET 1:		TRAFALGAR PLACE, WEST BAY ROAD, P.O. BOX
		STREET 2:		GRAND CAYMAN, CAYMAN ISLANDS, BWI

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CAYMAN WATER CO LTD
		DATE OF NAME CHANGE:	19941212
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>g86763e8vk.htm
<DESCRIPTION>CONSOLIDATED WATER CO. LTD. FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>CONSOLIDATED WATER CO. LTD. FORM 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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<P align="center"><FONT size="3">SECURITIES AND EXCHANGE COMMISSION</FONT>

<P align="center"><FONT size="2">Washington, D.C. 20549</FONT>

<P>
<HR width="26%" align="center" size="1" noshade>
<P>


<P align="center"><FONT size="4">FORM 8-K</FONT>

<DIV align="center"><FONT size="2">CURRENT REPORT</FONT></DIV>

<P align="center"><FONT size="2">PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</FONT>

<P align="center"><FONT size="2">January&nbsp;5, 2004<BR>
(Date of earliest event reported)</FONT>

<P align="center"><FONT size="5">CONSOLIDATED WATER CO. LTD.</FONT>

<DIV align="center"><FONT size="2">(Exact name of Registrant as specified in its charter)</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
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    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Cayman Islands, B.W.I</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
0-25248
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">Not Applicable</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(State of incorporation<BR>or organization)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(Commission File No.)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">(IRS Employer Identification No.)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">Trafalgar Place, West Bay Road<BR>
P.O. Box 1114 GT<BR>
Grand Cayman, Cayman Islands, B.W.I.<BR>
(Address of principal executive offices)</FONT>

<P align="center"><FONT size="2">(345)&nbsp;945-4277<BR>
(Registrant&#146;s telephone number, including area code)</FONT>

<P>
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<HR size="4" noshade color="#000000" style="margin-top: -10px">




<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>







<P align="left"><FONT size="2"><B>Item&nbsp;2. Acquisition or Disposition of Assets.</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;5, 2004, Consolidated Water Co. Ltd. (the &#147;Company&#148;) completed
its tender offer outside the United States to the remaining shareholders of
Waterfields Company Limited, a company incorporated under the laws of the
Bahamas (&#147;Waterfields&#148;), bringing the Company&#146;s total equity ownership in
Waterfields to approximately 91%. Waterfields owns and operates a reverse
osmosis seawater desalination plant and sells desalinated water on a take or
pay basis to the Water &#038; Sewerage Corporation of the Bahamas, which in turn
distributes the water to customers via its own pipeline. The Company paid
approximately $6.7&nbsp;million for approximately 64.7% of the outstanding stock of
Waterfields in the tender offer. The Company had previously acquired
approximately 26.2% of the outstanding stock of Waterfields in two separate
transactions in 2003 for an aggregate of $2.7&nbsp;million.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;7. Financial Statements, </B><B><I>Pro Forma </I></B><B>Financial Statements and Exhibits.</B></FONT>

<P align="left"><FONT size="2"><B>(a)&nbsp;Financial Statements of Businesses Acquired.</B></FONT>

<P><FONT size="2">Financial Statements relating to the acquisitions described in this Form&nbsp;8-K
and required pursuant to Rule&nbsp;3-05 of Regulation&nbsp;S-X are not included herein
but will be filed by an amendment to this Form&nbsp;8-K within sixty (60)&nbsp;days from
January&nbsp;20, 2004.
</FONT>
<P align="left"><FONT size="2"><B>(b)&nbsp;Pro Forma Financial Information.</B></FONT>

<P><FONT size="2">Pro forma financial information relating to the acquisitions described in this
Form&nbsp;8-K and required pursuant to Article&nbsp;11 of Regulation&nbsp;S-X are not included
herein but will be filed by an amendment to this Form&nbsp;8-K within sixty (60)
days from January&nbsp;20, 2004.
</FONT>
<P align="left"><FONT size="2"><B>(c)&nbsp;Exhibits.</B></FONT>

<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Exhibit Description</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">2.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Tender Offer Announcement by the Company to the Shareholders of Waterfields</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Press Release announcing the Company&#146;s completion of tender offer for
shares of stock in Waterfields.</FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="2">2</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2">SIGNATURE</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
CONSOLIDATED WATER CO. LTD.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By: /s/ Frederick McTaggart</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Name: Frederick McTaggart<BR>
Title: Chief Executive Officer</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Date: January 20, 2004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">3</FONT>
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<P align="center"><FONT size="2">EXHIBIT INDEX</FONT>

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<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">2.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Tender Offer Announcement by the Company to the Shareholders of Waterfields</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Press Release announcing the Company&#146;s acquisition of an additional 13.5%
equity interest in Waterfields.</FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="2">4</FONT>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>3
<FILENAME>g86763exv2w1.htm
<DESCRIPTION>TENDER OFFER ANNOUNCEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>TENDER OFFER ANNOUNCEMENT</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right"><FONT size="2">Exhibit&nbsp;2.1</FONT>

<P align="center"><FONT size="2">&#091;Waterfields Logo&#093;</FONT>

<P align="center"><FONT size="2">20 December 2002</FONT>

<P align="left"><FONT size="2">To The Shareholders of Waterfields Company Limited</FONT>

<P align="center"><FONT size="3">THIS CIRCULAR CONTAINS IMPORTANT INFORMATION.</FONT>

<P><FONT size="2">Waterfields Company Limited (the &#147;Company&#148;) has received notice from Bacardi &#038;
Company Limited that Bacardi &#038; Company Limited wishes to sell all its holding
of 2025 ordinary shares, which shares carry special rights of nomination to the
Company&#146;s Board.
</FONT>
<P><FONT size="2">The proposed buyer is Consolidated Water Co. Ltd., a Cayman Islands company
with its principal offices at Trafalgar Place, West Bay Road, P.O. Box 1114 GT,
Grand Cayman. There is, enclosed with this circular, a description of the
buyer and of its activities.
</FONT>
<P><FONT size="2">A price of B$690.00 per share has been agreed, subject to the Company&#146;s
performance (financial and operational) as set forth in the Share Sale
Agreement between Bacardi &#038; Company Limited and Consolidated Water Co. Ltd.
dated 16 December 2002 (the &#147;Share Sale Agreement&#148;). A finalisation of the
sale and purchase is further subject to certain conditions that are set out the
Share Sale Agreement. These conditions include:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">a)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
the approval of the Bacardi &#038; Company Limited and this Company&#146;s Boards</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">b)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
the approval of the Bahamas Investment Authority, and</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
the non-execution by shareholders of any pre-emption rights vested in
them in respect of all the 2025 shares.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">The Company, subject to final approval of its Board, is minded to approve the
proposed sale and purchase to Consolidated Water Co. Ltd. provided that there
is no member or members who is or who between them are willing to purchase ALL
2025 shares at the said price.
</FONT>
<P><FONT size="2">The purchaser of the shares will be required to (1)&nbsp;provide its/their guarantee
or a bond or both for the due performance of the Company&#146;s obligations under
the contract with the Water &#038; Sewerage Corporation, and (2)&nbsp;enter into an
agreement with the company to provide such services to it as are now provided
under contract by Bacardi &#038; Company Limited.
</FONT>
<P><FONT size="2">Bearing in mind the obligations which attach to Bacardi &#038; Company Limited&#146;s
shares, the Company, in accordance with the transfer provisions contained in
its Articles of Association, now offers them at the stipulated price to
existing shareholders or personal related to them.
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P><FONT size="2">If you are interested in purchasing all the shares and you (or any group of
purchasers to which you belong) will satisfy the guarantee and servicing
requirements, you must so notify the Company <B><I>in writing </I></B>not later than 31
January 2003, providing all necessary supporting material.
</FONT>
<P><FONT size="2">In the absence of there being existing shareholders willing to purchase all the
shares at such price, the proposed sale to Consolidated Water Co. Ltd. will
proceed.
</FONT>
<P align="left"><FONT size="2"><B>IMPORTANT NOTES</B></FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Tender Offer by Consolidated Water Co. Ltd.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">Please be advised that in conjunction with its offer to purchase the 2025
shares (and subject to the completion of such purchase), Consolidated Water Co.
Ltd. is making a Tender Offer to you and all other shareholders (other than
DesalCo Limited) to purchase all your and their shares at the same price of
B$690.00 per share, subject to the Company&#146;s performance (financial and
operational) as set forth in the Share Sale Agreement. The Tender Offer is
enclosed herewith. Please note in particular that the time limit for
acceptance of the Tender Offer is 31 January 2003, and that all responses to
the Tender Offer must be made <B><I>in writing </I></B>as directed therein.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">2.</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Purchase of Shares in Waterfields Company Limited</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">This request for notification of your interest in the purchase of the 2025
shares held by Bacardi &#038; Company Limited shall also have effect in respect of
all other shares of the Company which are the subject of the Tender Offer.
Accordingly, if you are interested in purchasing any such other shares at the
stipulated price from the Company&#146;s existing shareholders, you must similarly
notify the Company <B><I>in writing </I></B>not later than 31 January 2003.
</FONT>
<P><FONT size="2">The following documents are available at the Company&#146;s office for review:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">The Transfer provisions in the Articles of the Company;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">The Share Sale Agreement;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">The contract between the Water &#038; Sewerage Corporation and the Company; and</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">The service contract between the Company and Bacardi &#038; Company Limited.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">Responses should be directed to my attention at the address or fax number
above.
</FONT>
<P align="left"><FONT size="2">Very truly yours,</FONT>

<P align="left"><FONT size="2">/s/ Linda Beidler-D&#146;Aguilar</FONT>

<P align="left"><FONT size="2">Linda Beidler-D&#146;Aguilar<BR>
Assistant Secretary</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="right"><FONT size="2">&#091;Consolidated Water Co. Ltd. Logo&#093;</FONT>

<P align="center"><FONT size="3"><B>TENDER OFFER</B></FONT>

<P><FONT size="2">TO: All Shareholders of Waterfields Company Limited (&#147;WCL&#148;)
</FONT>
<P><FONT size="2">Consolidated Water Co. Ltd. (hereinafter referred to as the &#147;Offeror&#148;) has made
an offer to Bacardi &#038; Company Limited (hereinafter referred to as &#147;BACO&#148;) for
the purchase of all of the shares held by it in WCL being 2025 ordinary shares
(hereinafter referred to as the &#147;said Shares&#148;) which said Shares carry special
rights of nomination to the WCL&#146;s Board of Directors for the sum of B$690.00
per share, and BACO has agreed to sell the said Shares to the Offeror for the
price subject to the terms and conditions set out in the circular by WCL to all
of its Shareholders pursuant to Article&nbsp;35 of the Articles of Association.
</FONT>
<P><FONT size="2">Concomitant with the offer made by the Offeror for the purchase of the said
Shares for the sum of B$690.00 per share, the Offeror hereby offers you the sum
of B$690.00 per share for the purchase of all shares held by you in WCL. This
offer is subject to the same conditions set out to in the circular by WCL in
connection with BACO&#146;s acceptance of the offer made to it by the Offeror and
completion of the purchase of the BACO Shares.
</FONT>
<P><FONT size="2">In particular this offer is subject to the Offeror assuming the position held
be BACO in respect of its entitlement under the Articles of Association to
appoint four (4)&nbsp;Directors to the Board of Directors of WCL.
</FONT>
<P><FONT size="2">The above mentioned offer shall remain open until 5:00 PM January&nbsp;31st, 2003
and if the same is not accepted by that date it shall be deemed to have expired
and it will no longer open to you for acceptance.
</FONT>
<P><FONT size="2">All acceptances should be forwarded to the following address so as to reach an
address before the expiration of the above mentioned date:
</FONT>
<P align="left"><FONT size="2">Linda Beidler-D&#146;Aguilar<BR>
Assistant Secretary<BR>
Waterfields Company Limited<BR>
P.O. Box N-4880<BR>
Nassau, Bahamas<BR>
or via fax at 242-362-1918.</FONT>

<P align="center"><FONT size="2">This offer is tendered by the Offeror this 20th day of December 2002.</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="50%">
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
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/s/ Jeffrey M. Parker</FONT></TD>
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Consolidated Water Co. Ltd.</FONT></TD>
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<P><FONT size="2">I/We ____________, hereby accept the above offer in respect of the
______________ (Number of Shares) shares held by me/us in WCL
</FONT>
<P align="left"><FONT size="2">Dated this &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day of 20</FONT>

<P align="left"><FONT size="2">_______________________________<BR>
Shareholder Name and Signature</FONT>

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    <TD valign="top"><FONT size="5"><B>CONSOLIDATED WATER CO. LTD.<BR>
NASDAQ &#150; &#145;CWCO&#146;</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<B>Consolidated<BR>
Water</B></FONT></TD>
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<P><FONT size="2">Consolidated Water was formed, in the Cayman Islands, in 1973 to provide water
and sewerage services for the upscale Governor&#146;s Harbour development. Its
initial plant produced 14,400 US gallons per day.
</FONT>
<P><FONT size="2">1974 saw the start of the construction and tourism boom in the Cayman Islands
that the Cayman Islands government has acknowledged would not have occurred
without the reliable high quality water supplied by the Company.
</FONT>
<P><FONT size="2">The Company began to extend its pipelines to properties along the famed Seven
Mile Beach and, in 1979, was granted a 20 &#150; year exclusive License by
government to supply that area. In 1990, a new exclusive 20 &#150; year License was
granted that also included the major residential area of West Bay.
</FONT>
<P><FONT size="2">The pipeline distribution system now covers some 65 miles and, in 2001, total
unaccounted for water was less than 5%. Never, in its 29&nbsp;year history, has the
Company failed to supply its customers and, in a World Bank Report some years
ago, it was recognized as one of the three most efficient water utilities in
the world.
</FONT>
<P><FONT size="2">Through an agreement with DesalCo Ltd., in 1989, the Company began basing its
water making operations on reverse osmosis technology and now exclusively uses
this technology in all its operations. It maintains its plants on the cutting
edge of proven technology and, for their size, they are among the most energy
efficient in the world.
</FONT>
<P><FONT size="2">In 2000, the Company began operations on Ambergris Cay in Belize and, in 2001,
on South Bimini in the Commonwealth of the Bahamas.
</FONT>
<P><FONT size="2">The Company presently operates five plants in three countries in the Caribbean
basin with a total capacity of 2.9&nbsp;million US gallons per day.
</FONT>
<P><FONT size="2">Consolidated Water is quoted on the NASDAQ National Market in the United States
under the symbol &#145;CWCO&#146;. It has in excess of 3,000 shareholders and has paid
dividends at a consistently increasing rate since 1985.
</FONT>
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    <TD valign="top"><FONT size="2">For further information:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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www.consolidated-water.com<BR>
Frederick W. McTaggart, President &#038; C.O.O.<BR>
Tel. (345)&nbsp;945-4277<BR>
E mail cwco@candw.ky</FONT></TD>
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<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>g86763exv99w1.htm
<DESCRIPTION>PRESS RELEASE
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<P align="right"><FONT size="2">Exhibit&nbsp;99.1</FONT>

<P align="left"><FONT size="2">For Immediate Release</FONT>

<P align="center"><FONT size="2"><B>CONSOLIDATED WATER CO. LTD. ANNOUNCES COMPLETION<BR>
OF TENDER OFFER FOR WATERFIELDS COMPANY LIMITED</B></FONT>

<P><FONT size="2">GEORGE TOWN, Cayman Islands, B.W.I. (January&nbsp;14, 2004) &#151; Consolidated Water
Co. Ltd. (the &#147;Company&#148;) (Nasdaq National Market: &#147;CWCO&#148;), which develops and
operates seawater conversion plants and water distribution systems in areas
where natural supplies of drinking (i.e., potable) water are scarce, today
announced that it has completed its tender offer outside the United States to
the remaining shareholders of Waterfields Company Limited (&#147;Waterfields&#148;).
</FONT>
<P><FONT size="2">Waterfields owns and operates a reverse osmosis seawater desalination plant and
sells desalinated water on a &#147;take or pay&#148; basis to the Water &#038; Sewerage
Corporation of the Bahamas, which in turn distributes the water to customers
via its own pipeline. The Company paid approximately $6.7&nbsp;million for
approximately 64.7% of the outstanding stock of Waterfields in the tender
offer. The Company had previously acquired approximately 26.2% of the
outstanding stock of Waterfields in two separate transactions during 2003 for
an aggregate of $2.7&nbsp;million.
</FONT>
<P><FONT size="2">&#147;From an accounting perspective, we have been consolidating Waterfields&#146;
results since August 2003,&#148; noted Rick McTaggart, President &#038; Chief Executive
Officer of Consolidated Water Co. Ltd. &#147;We are pleased to announce the
completion of the tender offer, which brings our ownership in Waterfields to
approximately 91%.&#148;
</FONT>
<P><FONT size="2">Consolidated Water Co. Ltd. is engaged in the development and operation of
seawater conversion plants and/or water distribution systems in areas of the
world where naturally occurring supplies of potable water are scarce or
nonexistent. The Company currently operates water production and/or
distribution facilities in the Cayman Islands, the British Virgin Islands,
Barbados, Belize and the Commonwealth of the Bahamas.
</FONT>
<P><FONT size="2">The common stock of Consolidated Water Co. Ltd. is traded on the Nasdaq
National Market under the symbol &#147;CWCO&#148;. Additional information on the Company
is available on its website at http://www.cwco.com.
</FONT>
<P><FONT size="2"><I>This press release includes statements that may constitute &#147;forward-looking&#148;
statements, usually containing the words &#147;believe&#148;, &#147;estimate&#148;, &#147;project&#148;,
&#147;intend&#148;, &#147;expect&#148; or similar expressions. These statements are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements inherently involve risks and uncertainties
that could cause actual results to differ materially from the forward-looking
statements. Factors that would cause or contribute to such differences
include, but are not limited to, continued acceptance of the Company&#146;s products
and services in the marketplace, changes in its relationship with the
Governments of the jurisdictions in which it operates, the ability to
successfully secure contracts for water projects in other countries, the
ability to develop and operate such projects profitably, the Company&#146;s ability
to manage growth and other risks detailed in the Company&#146;s periodic report
filings with the Securities and Exchange Commission. By making these
forward-looking statements, the Company undertakes no obligation to update
these statements for revisions or changes after the date of this release.</I>
</FONT>
<P align="center"><FONT size="2">For further information, please contact:</FONT>

<P align="center"><FONT size="2">Frederick W. McTaggart, President &#038; Chief Executive Officer at (345)&nbsp;945-4277 or via e-mail at<BR>
<I>info@cwco.com<BR>
http://www.cwco.com</I><BR>
or<BR>
RJ Falkner &#038; Company, Inc., Investor Relations Counsel at (800)&nbsp;377-9893 or via e-mail at<BR>
<I>info@rjfalkner.com</I></FONT>


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