[Guest]

Hi all.

I went to the AGM last week (you can see my live tweets @Keiko315) and have been helping to answer people's questions on fb and twitter about the recapitalisation.

I am more than happy to answer any questions where possible here too. However, before you ask away, let me try and break it down a little to help clear the muddy waters:

The first thing you need to do is find out from your broker if indeed you are eligible to participate. It depends how your shares are held as to whether or not you can. There is anecdotal evidence that some people who bought them through Halifax are eligible, at least one is not.
I personally have (or rather had) my shares with Hargreaves Lansdown and was told last week that I would NOT be eligible for the rights offer. As indicated, please speak to your broker directly and find out from them as it may differ for you.

If you are eligible, then you have a few options:

1. Do nothing. So long as you had 100 or more shares and a valid shareholders club membership card on 15th January 2015, then you will continue to be a member of the club - as long as you retain at least 100 shares.
2. From 19th Jan to 6th Feb inclusive, you can buy as many shares as you want at €1.00 EUR, up to a maximum of 9 new shares per current one you hold. So if for example you hold 100 shares, and you take up the full option by end of trading on 6th February, you would then own a total of 1,000 shares.

With the shares you have, you can then do on of the following:
A ) Sell some or all of yours shares to TWDC at the price of €1.25 EUR
(remembering to leave 100 in if you wish to remain a Shareholder Club Member)
B ) Retain all the shares you have for the future to keep or trade as you normally would with shares.
Once all of that is completed, TWDC are then offering additional shares to all current shareholders at the rate of €1.25 EUR per share at a ratio of 1:1.
So if you had decided to keep all 1000 in the example above, then you could then purchase up to another 1000 at this reduced rate. Thus effectively increasing your holding in the company at what is currently deemed to be a good rate.

That's what is proposed (in a simple terms as I can put them - I'm not normally very good at explaining things!)

There are very strict timescales for buying and/or selling shares through this recapitalisation. These should be given to you by your broker early this week, if indeed you are eligible. So ideally, if you're going to take up part or all of the offer, you will need to decide sooner rather than later to not miss out.

The number of 100 shares above is only as an example. That was used as it is a simple number to use and is coincidentally the number of shares which were previously needed to be part of the Shareholders Club - and so affects most people.

If you have less than 100 shares, you can still participate in the rights issue - so long as it is allowed by your broker. You DO NOT have to be a member of the club to take advantage of this offer. You simply have to have owned the shares at close of trading on Friday 16th January.

If you held 20 shares prior to the last big financial shake up and have retained your membership with the Shareholders Club, this also remains the same and your rights are unaffected.

***Obviously, it goes without saying that you should always seek financial advice from a professional before making any decision and be aware that share prices can go up or down.***

If anyone has any questions, please don't hesitate to ask. I am by no means an expert but have sifted through hundreds of pages of documents and been to the AGM so have learnt a lot over the past couple of months.