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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000902664-08-001825.txt : 20080421
<SEC-HEADER>0000902664-08-001825.hdr.sgml : 20080421
<ACCEPTANCE-DATETIME>20080421181008
ACCESSION NUMBER:		0000902664-08-001825
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080418
FILED AS OF DATE:		20080421
DATE AS OF CHANGE:		20080421

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Grant Geoffrey T
		CENTRAL INDEX KEY:			0001387874

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12114
		FILM NUMBER:		08767822

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		805-695-7340

	MAIL ADDRESS:	
		STREET 1:		1482 E. VALLEY ROAD
		STREET 2:		SUITE 555
		CITY:			SANTA BARBARA
		STATE:			CA
		ZIP:			93108

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CADIZ INC
		CENTRAL INDEX KEY:			0000727273
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				770313235
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		550 SOUTH HOPE STREET
		STREET 2:		SUITE 2850
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
		BUSINESS PHONE:		213-271-1600

	MAIL ADDRESS:	
		STREET 1:		550 SOUTH HOPE STREET
		STREET 2:		SUITE 2850
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CADIZ LAND CO INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PACIFIC AGRICULTURAL HOLDINGS INC
		DATE OF NAME CHANGE:	19920602

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARIDTECH INC
		DATE OF NAME CHANGE:	19880523

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Peloton Partners, LLP
		CENTRAL INDEX KEY:			0001352852
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12114
		FILM NUMBER:		08767823

	BUSINESS ADDRESS:	
		STREET 1:		17 BROADWICK STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1F 0DJ
		BUSINESS PHONE:		011 44 20 7317 9500

	MAIL ADDRESS:	
		STREET 1:		17 BROADWICK STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1F 0DJ
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>p08-0882form4_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-04-18</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000727273</issuerCik>
        <issuerName>CADIZ INC</issuerName>
        <issuerTradingSymbol>CDZI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001352852</rptOwnerCik>
            <rptOwnerName>Peloton Partners, LLP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>17 BROADWICK STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LONDON</rptOwnerCity>
            <rptOwnerState>X0</rptOwnerState>
            <rptOwnerZipCode>W1F 0DJ</rptOwnerZipCode>
            <rptOwnerStateDescription>UNITED KINGDOM</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001387874</rptOwnerCik>
            <rptOwnerName>Grant Geoffrey T</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1482 E. VALLEY ROAD</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 555</rptOwnerStreet2>
            <rptOwnerCity>SANTA BARBARA</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>93108</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share  (&quot;Common Stock&quot;)</value>
            </securityTitle>
            <postTransactionAmounts>
                <valueOwnedFollowingTransaction>
                    <value>1385104</value>
                </valueOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Foornote</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock issuable upon conversion of Loan</value>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
                <footnoteId id="F4"/>
                <footnoteId id="F5"/>
                <footnoteId id="F6"/>
                <footnoteId id="F7"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
                <footnoteId id="F5"/>
                <footnoteId id="F7"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-04-18</value>
                <footnoteId id="F6"/>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1663925</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>28672201.18</value>
                    <footnoteId id="F7"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2008-04-18</value>
            </exerciseDate>
            <expirationDate>
                <value>2011-06-30</value>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                    <footnoteId id="F3"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1663925</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                    <footnoteId id="F5"/>
                    <footnoteId id="F7"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Peloton Partners LLP (&quot;Peloton Partners&quot;), as investment manager to Peloton Partners LP and Peloton Multi-Strategy Master
Fund, Ltd. (the &quot;Investment Entities&quot;) may be deemed to be the beneficial owner of the Issuer's securities held by the
Investment Entities.  Peloton Partners disclaims beneficial ownership of such securities, and this report shall not be
deemed an admission that Peloton Partners is the beneficial owner of the securities for the purpose of Section 16 or for any
 other purpose, except to the extent of its pecuniary interest therein.</footnote>
        <footnote id="F2">Geoffrey Grant, as Chief Investment Officer of Peloton Partners, may be deemed to be the beneficial owner of the Issuer's
securities held by the Investment Entities.  Mr. Grant disclaims beneficial ownership of such securities, and this report
shall not be deemed an admission that Mr. Grant is the beneficial owner of the securities for the purpose of Section 16 or
for any other purpose, except to the extent of his pecuniary interest therein.  In additional, Mr. Grant filed another From
 4 in his capacity as a Director of the Issuer.</footnote>
        <footnote id="F3">The convertible term loan (&quot;Term Loan&quot;) which is comprised of two tranches (&quot;Tranche A Term Loan&quot; and &quot;Tranche B Term Loan&quot;)
 provides Peloton Partners the right to purchase common stock of the Issuer.  The conversion of the Term Loan can occur at
 Peloton Partners' election.</footnote>
        <footnote id="F4">The final maturity date for the Term Loan is June 30, 2011.</footnote>
        <footnote id="F5">The conversion price in Table II, Item 2, above, is dependent upon the respective Tranche (Tranche A Term Loan and Tranche B
Term Loan).  The exercise price for Tranche A is $18.15 while the original aggregate amount of the Tranche A Term Commitment
is USD$10,000,000.  The exercise price for Tranche B is $23.10 while the original aggregate amount of the Tranche B Term
Commitment is USD$26,375,000.</footnote>
        <footnote id="F6">The purchase date for the Term Loan was April 18, 2008.</footnote>
        <footnote id="F7">The purchase price of the Term Loan was USD$28,672,201.18.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Geoffrey Grant, Chief Investment Officer of Peloton Partners LLP</signatureName>
        <signatureDate>2008-04-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
