Shareholder - Idiot Guide to Required Action?

[missiemouse]

Does this mean if we do nothing (as I was going to do - I've got my 101 shares and can't be bothered to withdraw money from my savings to fund the purchase of the new shares before selling them again even if I could make a small profit - guess this is why I'm not a millionaire! ) we could end up with a small sum coming our way? Even if I do absolutely nothing?

My head hurts

Looks like you might be right. Again, from the letter:

You do not want to participate in the Capital increase with PSRs
You get 100 PSRs on January 19, 2015 that you can exercise until the end of the subscription period of the capital increase with PSRs, i.e. February 6
th 2015.
•You sell (in all or part) your PSRs, and receive
the price for the sale that you would get on the
market (net of any brokerage fees if any).
•The sale of your PSRs does not imply the sale
of your Shares.
•You keep your Shares but you will experience
a dilution of your ownership in the Euro Disney
S.C.A.'s share capital

PSRs are Preferential Subscription Rights but who knows how much they are worth?! Is it the 2nd line that has appeared on the Halifax statement?

 

[Ware Bears]

Thank you missiemouse, I've printed the shareholders letter out - I find it easier to read things on paper than on a screen!

Think I'm going to ring the Halifax up tomorrow afternoon and find out what they mean by that sentence. Hopefully will also find out what that second line is!

 

[CassieReynart]

I've not got a notification in my important messages (halifax). We only own 20 shares and were members of the club until October but couldn't renew; however we were hoping to get another 80 or so to rejoin the club. If we've not got a notification, does that mean we're not eligible for the new shares? Or are we too late?

 

[Tinkjon]

I currently own 21 shares and used to belong to the shareholders club but my membership expired last year. You now need 100 shares to join the club so does anyone know whether I can take up my new rights (which would take me to well over 100), join the shareholders club and then sell the shares back to TWDC? Or is this 'buying back' offer only open for a short time?

I'm not sure whether you have to own the minimum 100 shares for the whole time that your membership is valid, or just when you apply for the card...

 

[Tinkjon]

Another question. Could we take up our new rights, with the intention of selling them to TWDC straightaway but then TWDC say "actually we've decided not to buy any of your shares..."?

 

[CassieReynart]

I don't know the answer to your question but I emailed the shareholders club about if I bought 100 shares can I renew, and they replied with the renewal rules; which I took to say if I do have 100 then I can renew. All very confusing. If we're not able to take up the offer of the cheaper shares, we're going to renew anyway.

 

[DLPDreams]

I currently own 21 shares and used to belong to the shareholders club but my membership expired last year. You now need 100 shares to join the club so does anyone know whether I can take up my new rights (which would take me to well over 100), join the shareholders club and then sell the shares back to TWDC? Or is this 'buying back' offer only open for a short time?

I'm not sure whether you have to own the minimum 100 shares for the whole time that your membership is valid, or just when you apply for the card...

It is my understanding that it is too late to do this now. They have suspended all new memberships to the SHC and as you don't hold the 100 shares now you can't apply. There will be new terms to be a shareholder once it all goes through - I think the number to hold being banded around is 900 shares . To continue your membership (without a break in it), you would have had to have 100 shares and been in since a certain time - these are the only people who, at present, will be able to stay in the club. But, at the risk of sounding pessimistic, I think eventually they will do away with smallholding shareholders full stop once they have more control.

I have 20 shares and I'm just staying put.

Elaine - if you do ring Halifax could you please post on here and let us know what they said. I am not interested in buying any more shares but want to know what happens if I just keep them. I understand about dilution of value etc, but wanted to know about the other bits you mention earlier

 

[zenith]

I've been told i'm due a tax return so instructed Halifax to buy the 900 shares!

eek

 

[katiesam]

Well, I thought I was beginning to get my head around it thanks to everyone's questions/answers/comments but I've just had another look at the Simulation Tool on the shareholders website (http://investors-relation.com/dlp/recapitalisation2015/simulation/?lang=en) and confused myself again!

Can anyone tell me what the park about selling my Preferential Subscription Rights means?

I currently have 100 shares and it seems I can choose to exercise any number of them (meaning I would buy 9 times the number of shares I chose to exercise), or can sell them instead. If I enter a number in the 'Sell' box, it says "You will receive 20 X the value of the Preferential Subscription Right on disposal (before financial and social taxes and brokerage fees)."

So if I choose to sell them, do I receive some money? And how would I go about doing this with the Halifax?

 

[Ware Bears]

I'm sorry I didn't come back and post yesterday - it was quite late before I managed to phone Halifax and then I had to go out. This morning I had every intention of posting before I went to work but when I came to do it the site was down - I always find this for a couple of hours every morning.

Anyhow, I phoned the Halifax and the lady I spoke to was very helpful. I have now sold my preferential subscription rights (the second line for those with holdings with Halifax) with both Halifax and the French company where I held registered shares (I had a split holding) - this hasn't cost me anything (apart from the commission) and so I now have a small sum of money that I didn't previously have.

(I've edited out this bit as I got confused with the dates)

Feeling very happy now - I still have my original shares (albeit the holding is diluted) and an unexpected little windfall.

 

[cazspence]

It says won't let me sell mine now as the market has closed

 

[meryll83]

I'm sorry I didn't come back and post yesterday - it was quite late before I managed to phone Halifax and then I had to go out. This morning I had every intention of posting before I went to work but when I came to do it the site was down - I always find this for a couple of hours every morning. Anyhow, I phoned the Halifax and the lady I spoke to was very helpful. I have now sold my preferential subscription rights (the second line for those with holdings with Halifax) with both Halifax and the French company where I held registered shares (I had a split holding) - this hasn't cost me anything (apart from the commission) and so I now have a small sum of money that I didn't previously have.

(I've edited out this bit as I got confused with the dates)

Feeling very happy now - I still have my original shares (albeit the holding is diluted) and an unexpected little windfall.

Should I do this then? I have 100 shares with Halifax which I want to keep in the hopes club membership will be honoured, but if I don't want any more are you saying a phone conversation to sell my rights could still get me some pennies? Have I missed the boat now if the market is closed?

 

[missiemouse]

Feeling very happy now - I still have my original shares (albeit the holding is diluted) and an unexpected little windfall.

Sorry to be cheeky but do you mind if I ask how much you got for them? Had a look at my account and the 100 'rights' I have appear to be worth £161 - that seems a lot, about the same as I was expecting to get from TWDC but without having to buy 900E worth of shares and have the hassle of selling them back. So I'm thinking it can't be right??

Just sat down to buy the extra but as I was doing it purely to sell back I'm thinking it might be easier to do this instead. Do I have to instruct anything with Halifax or will they just sell them for me if it goes past the midnight deadline?

 

[missiemouse]

Ha Meryll83 we're asking the same questions! Wish it wasn't so darn complicated

 

[meryll83]

Ha Meryll83 we're asking the same questions! Wish it wasn't so darn complicated

I know!
I didn't think I needed to do anything, but now I see that note about instructing to sell and no cost except commission and I feel like there must be more to it!

 

[missiemouse]

So my Halifax notification says this:

Holders who wish to sell their Rights are advised to do so through the normal trading channels. Trading commenced on 19th January 2015, and is expected to continue until 6th February 2015, although is dependent on there being a market for the Rights.

which implies you have to actively sell them (although you have until next week, assuming people are still trying to buy them). But then it says this:

Please note we will endeavour to sell all unexercised Rights on your behalf prior to the expiry of the Rights Issue. Our ability to sell any unexercised Rights is dependent on there being a market for the Rights. If there is no market for the Rights we may not be able to sell the Rights. Any sale proceeds you are entitled to after the sale of unexercised Rights will be credited to your account in due course.

which I take to mean they will try to sell on our behalf whether we opt to sell or not. I'd like to know how much to expect from the sale though, as I would rather not have the hassle of buying the shares and selling them again.

 

[meryll83]

So my Halifax notification says this: Holders who wish to sell their Rights are advised to do so through the normal trading channels. Trading commenced on 19th January 2015, and is expected to continue until 6th February 2015, although is dependent on there being a market for the Rights. which implies you have to actively sell them (although you have until next week, assuming people are still trying to buy them). But then it says this: Please note we will endeavour to sell all unexercised Rights on your behalf prior to the expiry of the Rights Issue. Our ability to sell any unexercised Rights is dependent on there being a market for the Rights. If there is no market for the Rights we may not be able to sell the Rights. Any sale proceeds you are entitled to after the sale of unexercised Rights will be credited to your account in due course. which I take to mean they will try to sell on our behalf whether we opt to sell or not. I'd like to know how much to expect from the sale though, as I would rather not have the hassle of buying the shares and selling them again.

I tried just now online to go through the steps as if to sell my second line and it's just telling me the market is closed. And, like you, I'm not sure if I actually need to do this! Is midnight tonight just the deadline for ticking the box if you want to buy?
I need a lottery win, like now, so I can just buy them instead and not think about it!

 

[Disneyfied family]

Hope this may help someone. I have just spoken to Halifax share dealing who say I have until 6/2/15 to trade these 'writes' and to try after 8am on Monday.

 

[missiemouse]

Thanks for that. I think we've decided that given the state of the Euro (who knows what will happen with the Greece situation) that we're just going to sell our rights on Monday and keep our 100 shares. Might be the wrong decision but after 2 weeks of going back and forth we've finally decided!

 

[Ware Bears]

Should I do this then? I have 100 shares with Halifax which I want to keep in the hopes club membership will be honoured, but if I don't want any more are you saying a phone conversation to sell my rights could still get me some pennies? Have I missed the boat now if the market is closed?

Do it online if you can, if you sell the rights by phone it will cost £25, it's £12.50 if you do it online. And no, hopefully they'll still be trading Monday, Halifax kept saying today as a deadline but that must have been to buy the shares.

Sorry to be cheeky but do you mind if I ask how much you got for them? Had a look at my account and the 100 'rights' I have appear to be worth £161 - that seems a lot, about the same as I was expecting to get from TWDC but without having to buy 900E worth of shares and have the hassle of selling them back. So I'm thinking it can't be right??

It's right less £12.50 commission.

Hope this may help someone. I have just spoken to Halifax share dealing who say I have until 6/2/15 to trade these 'writes' and to try after 8am on Monday.

Sorry if I panicked anyone, kept seeing today's date as a deadline everywhere but it must have been for buying the shares.

Thanks for that. I think we've decided that given the state of the Euro (who knows what will happen with the Greece situation) that we're just going to sell our rights on Monday and keep our 100 shares. Might be the wrong decision but after 2 weeks of going back and forth we've finally decided!

Who knows the rights may be worth even more by Monday! Will keep everything crossed for you all, good luck!