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[norhel]

Does anybody have a scooby regarding this new "anti dilution" mechanism email?
Do we need to sell and rebuy...I have no idea what it is asking me to do?
Had 110 original shares.
Bought the extra now have 1000+
Didn't sell any
What are they asking me to do next?

If I've understood things correctly, it's simply an offer to buy more share to a value of 1.25 EUR/share. And I believe those shares is those that The Walt Disney Company owns.
That's what I understood from my broker.

But, I hope that someone can correct me if I'm wrong.

[A&S&O]

Which, considering that they are trading at around 1.21 - 1.23 isn't a very good deal.

Also, if TWDC completely take over, how much will they give you for your shares?

[A&S&O]

We have received this on behalf of our son - lots of words, but it hasn't made things any clearer.
We initially bought 102 shares, then bought the additional shares at the discount price to bring the total up to 1020 shares.
--------------------------------------

Euro Disney SCA - Rights Issue - Your holding of 102 Shares

What is happening?

Euro Disney SCA has recently announced details of a Rights Issue giving you the opportunity to buy additional Shares. Euro Disney issued Technical A Rights to holders at the close of business on 16th January, Technical B Rights to holders at the close of business on 23rd February and Technical C Rights to holders at the close of business on 1 October 2015. As a holder of all three sets of Technical Rights in your Hargreaves Lansdown Vantage Fund & Share Account you are entitled to participate in the Rights Issue.

What are my choices?

You have been credited with 1.00984 Euro Disney SCA Rights for every complete set of Technical Rights held. You now have 2 options to consider and these are explained below in more detail.

Option 1 - Do nothing. If you do not return an election by the deadline of noon Thursday 5th November 2015, the Offer will lapse. It is not expected that any payment will be made in respect of Rights allowed to lapse.

Option 2 - You can purchase new Shares. The terms of the Rights Issue allow you to buy 1 new Share for each Right held. The new Shares will cost €1.25 each. You therefore have Rights to purchase up to 103 Shares which would cost €128.75 to take up in full. Please note that at the time of writing Euro Disney SCA Shares are trading in the market with a mid-market price of €1.24 per Share.


Payment for this Rights Issue is to be made in Euros. We will debit your account with the Sterling equivalent, subject to the prevailing exchange rate at that time and standard currency service fees. As such, we cannot confirm the exact amount in Sterling that will be debited from your account. Please ensure you have sufficient funds available within your Vantage Fund & Share Account to cover your purchase (including currency fluctuations) before giving an election.

How to make your choice

If you wish to take up your Rights please visit our Corporate Actions website and follow the instructions. Alternatively you can contact us on 0117 900 9000 to give an instruction subject to confirmation of your Master Password.

When do I have to decide by?

Any instruction to purchase Shares in the Offer must be received in this office by noon Thursday 5th November 2015. If no instruction is received the Rights Issue will lapse.

If you have any queries regarding this matter please contact us on 0117 980 9912. Please note that we can provide factual assistance but cannot provide advice about which option you should choose.

[Slimy yet satisfying]

I would like clarification too but as i dont have a broker I am totally confused

[norhel]

They are basically asking you if you want to buy more shares in DLP or not.
And I believe those shares they are asking you want to buy or not would come from the eighty something percent TWDC own at DLP now.
You have been credited at your account with rights to buy shares from TWDC.

Someone please correct me if I'm wrong

[A&S&O]

I think I understand. We are being given the option to buy a certain number of the shares currently owned by TWDC, rather tan from the open market?

Either the Halifax or Hargreaves Lansdowne have made a calculation error for us.
Our son (through HL) owned 102 shares, which we topped up to 1020 - they say he can buy 103 shares.
We (through Halifax) owned 101 shares, which we topped up to 1010 - they say we can buy 1019 shares.

Has anyone got a copy the calculation details that were recently issued?

[norhel]

I think I understand. We are being given the option to buy a certain number of the shares currently owned by TWDC, rather tan from the open market?

Either the Halifax or Hargreaves Lansdowne have made a calculation error for us.
Our son (through HL) owned 102 shares, which we topped up to 1020 - they say he can buy 103 shares.
We (through Halifax) owned 101 shares, which we topped up to 1010 - they say we can buy 1019 shares.

Has anyone got a copy the calculation details that were recently issued?

Look at number 3 here:
https://salonmickey.wordpress.com/2015/10/16/euro-disney-anti-dilution-mechanism/
Can that help?

[A&S&O]

I think I understand. We are being given the option to buy a certain number of the shares currently owned by TWDC, rather tan from the open market?

Either the Halifax or Hargreaves Lansdowne have made a calculation error for us.
Our son (through HL) owned 102 shares, which we topped up to 1020 - they say he can buy 103 shares.
We (through Halifax) owned 101 shares, which we topped up to 1010 - they say we can buy 1019 shares.

Has anyone got a copy the calculation details that were recently issued?

Look at number 3 here:
https://salonmickey.wordpress.com/2015/10/16/euro-disney-anti-dilution-mechanism/
Can that help?

Thanks - as I read it, the number of shares you are entitled to is dependant on the number of shares held on 22nd February. HL are saying it is dependent on the number of shares held on 16th January.


What are people doing? Are they buying additional shares?

What would a company offer shareholders during a typical takeover?

[Slimy yet satisfying]

I did the original top up
didnt sell any back and will not buy more
I hope that this will enable me to continue to enjoy membership of the shareholders club.
Allthis extra blurb is just confusing!

[A&S&O]

I did the original top up
didnt sell any back and will not buy more
I hope that this will enable me to continue to enjoy membership of the shareholders club.
Allthis extra blurb is just confusing!

I think the days of the shareholders club are numbered.

Incidentally, there is a "similar club" at Disneyland in California. It offers a few more benefits, but is more expensive to join.
"Corporate members pay an initiation fee of $40,000, and individual members pay $27,000 in addition to annual dues, which are about $12,000. Initiation and dues may change annually"

[norhel]

I did the original top up
didnt sell any back and will not buy more

Same for me.

I think the days of the shareholders club are numbered.

I agree with you on that. I suspect that they'll let the current members have their priliveges until the card expires.
And at some point I also suspect that TWDC will be the one and only owner.

[A&S&O]

I think the days of the shareholders club are numbered.

I agree with you on that. I suspect that they'll let the current members have their priliveges until the card expires.
And at some point I also suspect that TWDC will be the one and only owner.

Although they won't want to keep Salon Mickey open (and manned) when their are only a few members, just on the off chance that one will want to use it.

Maybe they will let everyone extend until the same date, then after that it will be closed.

[A&S&O]

I think I understand. We are being given the option to buy a certain number of the shares currently owned by TWDC, rather tan from the open market?

Either the Halifax or Hargreaves Lansdowne have made a calculation error for us.
Our son (through HL) owned 102 shares, which we topped up to 1020 - they say he can buy 103 shares.
We (through Halifax) owned 101 shares, which we topped up to 1010 - they say we can buy 1019 shares.

Has anyone got a copy the calculation details that were recently issued?

Look at number 3 here:
https://salonmickey.wordpress.com/2015/10/16/euro-disney-anti-dilution-mechanism/
Can that help?

Thanks - as I read it, the number of shares you are entitled to is dependant on the number of shares held on 22nd February. HL are saying it is dependent on the number of shares held on 16th January.

Sorry to keep banging on about this. I have contacted the shareholders club, but they said they couldn't tell me my entitlement (not what I asked them). I am still awaiting a response form Hargreaves Lansdown (our broker).

How many shares have people been offered - is it dependent on their holding in January or February?

thanks all

[A&S&O]

Sorry to keep banging on about this. I have contacted the shareholders club, but they said they couldn't tell me my entitlement (not what I asked them). I am still awaiting a response form Hargreaves Lansdown (our broker).

How many shares have people been offered - is it dependent on their holding in January or February?

thanks all

Hi Again,

I have received a reply from my broker and they agree that my interpretation is correct and they will be updating all their customers accordingly.

[pfspock]

I think the days of the shareholders club are numbered.

I agree with you on that. I suspect that they'll let the current members have their priliveges until the card expires.
And at some point I also suspect that TWDC will be the one and only owner.

I don't think so. For TWDC to become the only owner they have to "squeeze out" the other shareholder (forcing them to sell their stock to a price to be determined by an Independent third Party), something they could only do legally if they'd own at least 90% of the shares which is not the case.
If they planned on shutting down the Club they probably would have announced it before the whole restructuring process because then a lot of existing smaller shareholders would have reconsidered participating in the recapitalisation and sold their stock the latest in Phase II. I would have.

My guess is that the minimum number of shares to be owned will be raised significantly to 900 or 1000 shares.