Consolidated Water Co. Ltd. announced that, effective with its 2013 fiscal year, the company no longer meets the definition of a “Foreign Private Issuer” under the rules and regulations of the United States Securities and Exchange Commission due to the fact that American 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.
The Certified Financial Analysts Society of Cayman will be hosting an information night on Thursday, 17 January, presenting an overview of the CFA programme and highlighting the value and benefits of becoming a CFA Charter holder.
The session, led by Wendy Pirie, the director of curriculum projects at the CFA Institute, for anyone considering enrolling or studying toward the CFA designation to find out more about the programme and the society. There is no charge for attending this event at 5.30pm at the Grand Cayman Beach Suites.
The presentation is followed by the annual awards to those who became CFA Charter holders and successful Level III candidates in 2012 at a Champagne reception and dinner from 6.30pm at Hemingways Restaurant. The evening will include a review of last year’s event’s market forecasts with prizes for the winners and a look ahead to 2013. The charge is $40 for members and $60 for nonmembers.
Digicel has become the latest company to support the one-year scholarship to the Purple Dragon Martial Arts school. The telecommunications company joins law firm Conyers Dill & Pearman, CML and RE/MAX in offering a student a full year of paid instruction in martial arts discipline at Purple Dragon.
The programme provides a deserving, if disadvantaged, young Caymanian an opportunity to reap the rewards of a rigorous training regime by boosting the Purple Dragon scholarship programme.
The school is aiming to gain financial support for at least 16 young people.
Digicel will contribute a $1,500 donation to the programme, aimed at primary and secondary students – previously identified by schools, social services and school administrators – who frequently confront mental, behavioural or physical challenges, while others are victims of broken or disadvantaged homes. Others, while eager to participate in the dojo’s training programme, simply cannot afford to do so.
“The Purple Dragon dojo and staff are recognised locally and globally for their integrity, the quality of their training programmes and the overwhelmingly positive impact it has already had on Cayman’s young people,” said Sensei Floyd Baptiste.
“We have demonstrated time and again how discipline, motivation and confidence are an inevitable outcome of the instruction,” he said. “No matter the age or strength of our students, the training has an overwhelmingly positive impact, and boosts personal development, particularly in children and teens.
Digicel spokeswoman Crystal Gomez said the company was proud to contribute to Cayman’s young people. The Purple Dragon dojo is bringing its resilient, unique and practical values to a focused programme that helps build physical and mental balance, she sad.
The scholarship programme encompasses not only tuition, but a full uniform, safety gear and two annual opportunities for “belt grading”, formal promotion through the ranks of trainees. In exchange, sponsors will gain a contract from a student, committing to regular attendance and timeliness, maintenance of school grades and behaviour reflecting respect for individuals and property.
They will also receive twice-yearly reports from the Purple Dragon teachers, parents, school and counsellors, tracking the performance of each student. Additionally, each participating company will gain invitations to such special events as demonstrations and gradings, offering a chance for first-hand observation of sponsored students, creating a comprehensive system of accountability for both pupils and the Purple Dragon dojo itself.