Annual Results for fiscal 2007 / Shares Reverse Spilt Announcement

[Iain Chapman]

Eurodisney have released there annual results for Fiscal Year 2007.

See -> http://www.eurodisney.com/data/327.pdf

The Company has also announced the implementation of a 100:1 consolidation of share.

More Details: http://www.eurodisney.com/en/0314.php


Regards

Iain

 

[cstokell]

Received this e-mail this morning. Very interesting.......

I wonder if this will have any effect on the share price, who knows?

I am pleased to see however that you will only need to own a minimum of 5 shares to be a member of the Shareholders club.

Have just got to decide whether to sell my extra shares or buy more to take it up to the nearest 100.

 

[Cyrano]

I am pleased to see however that you will only need to own a minimum of 5 shares to be a member of the Shareholders club.

Of course with a reverse split of 100:1 this is the equivalent of the current minimum entry point of 500 shares

 

[m4travel]

Thank you so much for posting the English language version of the recent Euro Disney report. Evidently ED took one look at our surnames (Boyer & LaMotte) and decided that we should be fluent in French! We were able to decipher the gist of the report, but appreciate having the whole thing translated.

[We're hoping that this is also a sign that they've approved our membership in the Shareholders' Club, as we wait patiently for cards.]

 

[Cyrano]

[We're hoping that this is also a sign that they've approved our membership in the Shareholders' Club, as we wait patiently for cards.]

Welcome to the club

 

[SandraVB79]

EURO DISNEY S.C.A.
Effective launch of share consolidation
• Share consolidation of 1 new share for 100 current shares
• Consolidation effective on December 3, 2007
• Reimbursement of up to €7 of transaction fees during the first six weeks of consolidation
(Marne-la-Vallée, December 3, 2007) Euro Disney S.C.A. (the “Company”), parent company of Euro Disney Associés S.C.A., operator of Disneyland® Resort Paris, announced on November 8, 2007, the implementation of a 100 to 1 consolidation of shares, commonly referred to as a “Reverse Split”, as authorized by the Company’s shareholders.
Effective consolidation will take place on December 3, 2007 as set forth in the notice of consolidation, (“Avis de Regroupement”) which was published on November 9, 2007 in the French “Bulletin des Annonces Légales Obligatoires”.
From December 3, 2007, the Company’s consolidated shares will be traded on Eurolist by Euronext Paris under the tag “EDL”, with the following ISIN code: FR0010540740.
Shares not exchanged for consolidation will remain listed on Eurolist under “EDLNR” with the ISIN code: FR0000125874 for six months, that is, until June 3, 2008. Following this date, shareholders wanting to purchase or sell such unconsolidated shares will be able to do so in the “Over The Counter” (OTC) market (marché de gré à gré) until December 3, 2009.
Shareholders will receive 1 new share with a nominal value of €1.00 for 100 existing shares with a nominal value of €0.01. At the conclusion of the Reverse Split, the share capital of the Company is expected to be comprised of 38,976,490 shares.
Shareholders holding allotments of shares divisible by 100 will automatically be attributed consolidated shares, without any action required on their part, from their Financial Intermediary(1).
Shareholders holding allotments of shares not divisible by 100 are responsible for contacting their Financial Intermediary either to purchase or sell the necessary number of shares to complete the consolidation. Shareholders will have two years to consolidate existing shares into new shares. The Company will pay the Financial Intermediary the transaction costs incurred up to an amount of €7 per shareholder for the purchase or sell orders placed within six weeks following the effective date, that is, until January 11, 2008.
After December 3, 2009, consolidated shares that remain unclaimed will be sold on Euronext and the net proceeds of the sale will remain at the shareholder’s disposal for a period of 10 years in an escrow account opened in the name of the Company with BNP Paribas Securities Services. At the end of this period, the remaining proceeds will be transferred to the Caisse des depots et consignations and will remain at the Shareholder’s disposal in accordance with applicable regulations.
We request Shareholders who need to buy or sell shares contact their Financial Intermediary as soon as possible regarding their holdings in the Company in order to execute consolidation on December 3, 2007 or shortly thereafter. A dedicated inquiry line has been set up to answer shareholders questions: 00800 03 12 2007(2) or detailed information is also available online at www.eurodisney.com.
(1) Financial Intermediary: Any Retail Bank, Brokerage company, or Caceis CT, the Registered Share Custodian of the Company, holding Euro Disney shares on behalf of a Shareholder
(2) Toll free number from France, Belgium, UK and the Netherlands and Spain (landline). From other countries please dial +33 (0) 1 64 74 58 94.
1
2
Press Contact
Pieter Boterman
Tel: +331 64 74 59 50
Fax: +331 64 74 59 69
e-mail : pieter.boterman@disney.com
Investor Relations
Olivier Lambert
Tel: +331 64 74 58 55
Fax: +331 64 74 56 36
e-mail : olivier.lambert@disney.com
Corporate Communication
Jeff Archambault
Tel: +331 64 74 59 50
Fax: +331 64 74 59 69
e-mail : jeff.archambault@disney.com
Next Scheduled Release: First Quarter Revenues in January 2008
Additional Financial Information can be found on the internet at www.eurodisney.com
Consolidated shares
Code ISIN : FR0010540740
Code Reuters : EDL.PA
Code Bloomberg : EDL FP
Unconsolidated shares
Code ISIN : FR0000125874
Code Reuters : EDLNR.PA
Code Bloomberg : EDLNR FP
The Group operates Disneyland® Resort Paris which includes: Disneyland® Park, Walt Disney Studios® Park, seven themed hotels with approximately 5,800 rooms (excluding approximately 2,400 additional third-party rooms located on the site), two convention centers, Disney® Village, a dining, shopping and entertainment centre, and a 27-hole golf course. The Group’s operating activities also include the development of the 2,000-hectare site, which currently includes approximately 1,000 hectares of undeveloped land. Euro Disney S.C.A.’s shares are listed and traded on Euronext Paris.

http://www.eurodisney.com/data/331.pdf

haven't read the whole thing yet, but I wonder what impact it'll have on the shareholder's club. I can't buy enough of the new shares to get to 2000

 

[SandraVB79]

Shareholders will receive 1 new share with a nominal value of €1.00 for 100 existing shares with a nominal value of €0.01. At the conclusion of the Reverse Split, the share capital of the Company is expected to be comprised of 38,976,490 shares.

When did the share price fall to 0.01 EUR a share? I haven't checked the share price in a while, because our newspaper stopped publishing it daily, but last time I checked it, it was 0.09 EUR!!!!!

 

[horseradish]

First of all, thank you for your continuing interest in Euro Disney S.C.A. and in the Shareholders Club.

Indeed, on November 8, 2007, the Company has announced the implementation of a reverse split.
The exchange ratio is 100 existing shares of EUR0.01 (nominal value) for one new share of EUR1 (nominal value).
The effective date of this share consolidation is December 3, 2007.

Euro Disney S.C.A. decided to implement a reverse split in order to reduce the disadvantages inherent to shares traded in centimes (penny stocks) and moreover it would allow a return to a price level more attractive to Institutional Investors.
Given our current results and the relative stability in the share price, Euro Disney management is implementing the reverse split.

Each shareholder will be in one of three scenarios and the mechanics of the reverse split are outlined below for each

a) You own a number of shares that is a multiple of 100 (for example, 100, 300, 1,000, or 25,000 shares, etc)
You will automatically receive, on the effective date of consolidation, December 3, 2007, one (1) new share for each allotment of 100 existing shares, without any action required from you
You will then receive, following this automatic allotment, a statement from your Financial Intermediary confirming this action has taken place

b) You own less than 100 shares (for example, 50, 75, shares, etc.)
You have the opportunity, within a two year period, until December 3, 2009
To: Sell your unconsolidated shares (so called fractional shares)
Or : Buy the number of shares necessary to reach 100 or a multiple of 100 and therefore participate in the share consolidation

c) You own a number of shares that is NOT a multiple of 100 (for example: 125, 250, 1,023 shares, etc.)
First, you will automatically receive, on the effective date of the consolidation, December 3, 2007, one (1) new share for each allotment of 100 existing shares, without any action required on your part.
Second, you will have the opportunity within a two year period, until December 3, 2009, to:
Sell your unconsolidated shares (so called fractional shares)
Or
Buy the number of shares necessary to reach 100 or a multiple of 100 and therefore participate in the share consolidation
In order to facilitate the share consolidation, existing shares (ISIN code: FR0000125874) will remain listed on a specific segment of Euronext ("Compartiment des valeurs radiées") for a period of 6 months until June 3rd, 2008. Following this date, trading of old/existing shares will only take place on the "Over the Counter" (OTC) market

Euro Disney S.C.A. will reimburse brokerage fees incurred (trading commission and related VAT) up to a maximum of 7 euros.
The Company will pay the Financial Intermediary directly for the transaction costs incurred up to an amount of EUR7 per shareholder for the purchase or sell orders, related to consolidation of their holding, placedonly within six weeks following the effective date, that is, until January 11, 2008.

The conditions for joining the shareholders club will not change due to the reverse split. The admission criteria will remain proportional to the number of shares according to the reverse split's ratio (100 existing for 1 new). The requirements include: being a Euro Disney S.C.A. individual shareholder and owning 500 shares minimum which will now be a 5 share minimum
For shareholders owning less than 20 new shares post consolidation, an administration fee of 30 EUR is required for a 2-year membership. These same shareholders will be exempted from the administration fee if they have been members of the Shareholders Club without interruption since the Shareholders Club creation in 1995.
For shareholders owning 20 new shares post consolidation or more, the 2-year membership is free.


Yours sincerely,

 

[Cyrano]

Merging this with earlier thread which will answer a number of questions posters may have

 

[SandraVB79]

I really don't get it.

I looked up the last noted value of an old DLP share (EDLNR). according to www.belegger.nl, it is 0.10 EUR, with the lowest share price this year 0.09 EUR.

Why do they then say that 1 share is 0.01 EUR??
I have the impression that they "throw away" 90% of the value of the company. Or am I completely wrong? (I shouldn't be, because this is the stuff I went to school for). (maybe that's the reason I don't work in the finance sector).

 

[Cyrano]

As I understand it the new shares will have a nominal value of €1 which will increase their attractiveness to institutional investors who would not find €0.01 shares appealing

 

[tennisfan]

Lots of companies launch new share schemes to make it look good to investors by revaluing each share & reducing the shares available to buy.

It looks very starightforward if you want to buy extra shares to round off to the next 100, as I had my letter through & you can buy through them rather then going to another trader.

 

[Architect]

haven't read the whole thing yet, but I wonder what impact it'll have on the shareholder's club. I can't buy enough of the new shares to get to 2000

I emailed them and was told that there would be no difference.

One wonders how long that would go on, however. It's hard to imagine that just five shares would suffice henceforth!

 

[quirkygirl]

Sorry to sound dumb, but i have 2000 shares pre-consolidation. I've taken no action. Do i just await a letter from selftrade re the revised share amount ?

thanks

 

[Cyrano]

Sorry to sound dumb, but i have 2000 shares pre-consolidation. I've taken no action. Do i just await a letter from selftrade re the revised share amount ?

thanks

If you log on to your self-trade account you'll have a message from them advising what to do

 

[quirkygirl]

thanks for the response cyrano

i dont have my pin number(doh!) what the general gist?

 

[Cyrano]

thanks for the response cyrano

i dont have my pin number(doh!) what the general gist?

I've deleted my message on-line .
Not sure if I've kept a copy. But will post if I can locate it

 

[Iain Chapman]

FYI:

If you shares are held by Selftrade (was ComDirect / SquareGain), then they reqiure you authorisation to consolidate the shares.

This needs to be with them by the 25th January 2008. More details should be available from Selftrade via there online Message Centre (you need to logon).

 

[Cyrano]

FYI:

If you shares are held by Selftrade (was ComDirect / SquareGain), then they reqiure you authorisation to consolidate the shares.

This needs to be with them by the 25th January 2008. More details should be available from Selftrade via there online Message Centre (you need to logon).

Thanks for the heads-up

 

[Iain Chapman]

np.

As you may have guess my holding is with Selftrade.

My current holding is not a round number, and thus cannot be completely consolidated down. 60 shares would be left over.

Can anyone tell me what happens to these 60 shares, and whether I'm too late to purchase further shares in order to give me a better number of shares which could be consolidated (ie round number)

I've mail this question to Selftrade also - so as and when they reply I'll drop the response in case anyone else wishes to know.

Oh - (and I guess this perhaps also answers part of my own question) - you've under Janaury 11th 2008 to claim you €7 costs should have purchase further shares as part of consolidation - see -> http://corporate.disneylandparis.com/shareholders/share-consolidation/index.xhtml

Thanks

Iain