Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
December 7, 1998
Cadiz Inc.
(Exact name of issuer as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-12114 77-0313235
(Commission File Number) (IRS Employer Identification No.)
100 Wilshire Boulevard, Suite 1600, Santa Monica, CA 90401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, inclauding area code: (310) 899-4700
ITEM 5. OTHER EVENTS
As described in the Registrant's From 10-Q for the quarter ended
September 30, 1998, ASC/SWB Partnership (formerly American
SunMelon), a watermelon seed company in which the Registrant's Sun
World International subsidiary ("Sun World") owns a 50% interest
through a wholly-owned subsidiary, sold substantially of its assets
to a third party on October 27, 1998 for $35 million in cash. The
transaction resulted in an initial cash distribution to Sun World
of approximately $15.2 million. Sun World's interest in ASC/SWB
Partnership is part of the collateral securing Sun World's $115
million secured Series B First Mortgage Notes (the "Exchange
Notes"). Pursuant to the provisions of the bond indenture, Sun
World offered to utilize $11.5 million of proceeds from this
distribution to purchase Exchange Notes at par. This offer expired
on December 7, 1998. No Exchange Notes were tendered pursuant to
the offer. Therefore, pursuant to the terms of the bond indenture,
the full $11.5 million will be available to Sun World for general
corporate purposes.
SIGNATURES
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.
CADIZ LAND COMPANY, INC.
(Registrant)
By: /s/ Stanley E. Speer
-----------------------------
Stanley E. Speer
Secretary
Dated: December 8, 1998
