Dear Clients,
 

We inform you that on the 6th of August 2013,  Law No. 47 “ADOPTING A CUSTODY SYSTEM APPLICABLE TO SHARES ISSUED TO BEARER “ was passed in the Republic of Panama, which will become effective from the 7th of August 2015
 
This law implements the “adoption of a system that preserves bearer shares by entrusting an authorized custodian with the private safekeeping of the certificates representing same, in order to provide certainty as to their ownership in specific cases while ensuring their free circulation in a reserved manner.  Thus, “a balance is achieve between international requirements on transparency and the needs of those who require the use of these instruments”, as set forth in the preamble of this law.
 

The law also seeks to strengthen the undertaking of the Republic of Panama to comply with international standards, providing security to national and international investors alike and precluding the inclusion of the jurisdiction in discriminatory lists.
 

In light of the above, this law is being regulated, and soon we will be contacting you to analyze the current situation and evaluate the convenience of keeping your shares, exchanging them for registered shares or any other viable option. 
 
Please do not hesitate to contact us at info@cardwell-capital.com, should you have any questions or comments.
 
Kind regards,
Cardwell Advisory Desk