Dear Shareholders,
We have worked hard over the last 3 months in an attempt to list CW Suisse, as a transfer from the listed UK company City Windmills Ltd. - however, it has become clear to us that the current demise of the Swiss banking system, prompted by disclosure requirements forced on it by US and European governments, has created an environment where Swiss banks will not support any new international ventures.
As such, this short-sighted posture by the Swiss banks has prevented us from establishing a "payee bank" relationship thus preventing us from delivering our shares into Clearstream for listing, although we, and the GXG exchange, have been ready to commence trading of our shares since several months ago.
In all shareholder interests, we have therefore sought advice from market professionals and have therefore decided to benefit from the lower tax climate, and professional structure, of the transparent UK regulatory framework. We have therefore established City Windmills Holdings PLC, in the UK, and are preparing to list this company in the next few weeks. This entity will become the parent company for the group, and will continue the excellent relationships we have with the UK and Irish brokerage communities.
The transfer process started in August will be completed shortly, and a press release will be issued early next week to the market. Meanwhile, we of course move forward with our prototype roof-top wind turbine and wind-lighting project.
Sincerely,
David Mapley
pp Board of Directors,
City Windmills
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