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Old 19 Jan 15, 01:33 PM  
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#21
LufcDeb
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Originally Posted by kempydee View Post
No! Its so frustrating - don't know if to buy shares now as they are 1.26 as my membership has run out, or hope that I'm still classed as a member and just need to renew my membership and take advantage of buying them at even cheaper.
We don't even know if its still 100 shares needed.
I've asked on twitter as no replies to my emails.

I think I just replied to your Tweet and followed you!

I have 100 shares and renewed my membership a couple of months ago, so do I do nothing or do I need to buy the new shares? It's so confusing!

This is from the Shareholders website:

My shares were worth 3.46 euros before the announcement, will my holding lose value?
The proposal allows shareholders to preserve economic value of their holding
The example below demonstrates how to preserve your economic value but is one of many options you have as a shareholder. You have time to review all your investment options as the transaction will occur in the first half of 2015.
If you want to guarantee the full value of shares at their pre-announcement share price, you would participate fully in the rights offering and then sell all your shares into the mandatory tender offer.
•Pre-announcement: 1 share at €3.46
•Post transaction: 1 existing share: to be sold at €1.25 (i.e. TERP) to TWDC in mandatory tender offer + 9 new shares: subscribed at €1.00 per share through full participation in the rights offering. Then sell all nine new shares at €1.25 to TWDC in the mandatory tender and realize €2.25 net value
= €1.25 + €2.25 = €3.50 i.e. slightly above pre announcement value



You have the flexibility to pursue a range of options—among them, to fully realize the value of your shares at their pre-announcement share price; to maintain your ownership percentage; or to make no new investment, realize any value from selling your subscription rights, and hold or sell your shares.
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Old 19 Jan 15, 01:57 PM  
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#22
kempydee
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Got this reply on twitter - keiko315 is a Dibber.

@SalonMickeyBlog: @walt4it @keiko315 @CafeFantasia Membership to the club makes no differance, all pure shareholders can take part in the rights offer

So in my case even though my membership has expired I could take advantage of buying the cheaper shares (I think!)
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Old 19 Jan 15, 02:04 PM  
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Yes Deb @walt4it is me!
I think seeing as you already have the 100 shares and your membership is current you don't need to do anything.
Unless you want to buy more as an investment?
All your terms will stay the same.

I've only got 20 shares - so my dilemma is - can I buy the 80 shares needed to renew my membership or will I be classed as a new member and therefore have to wait to see what the new terms are.
I'm going Feb half term but shouldn't think I will have it sorted by then!
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Old 19 Jan 15, 02:09 PM  
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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.
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Old 19 Jan 15, 02:12 PM  
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LufcDeb
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They don't make it very clear, do they lol I would only buy more shares I if need them for the future to still be a member, otherwise I'll stick to the 100 I already have

I would think that you would be classed as a new member? When did you buy the 20 shares?

The thing is, they may change it that you need 500 shares to become a member

I've emailed the shareholders club, so will wait and see if they reply.
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Old 19 Jan 15, 02:19 PM  
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A&S&O
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Originally Posted by kempydee View Post
I've only got 20 shares - so my dilemma is - can I buy the 80 shares needed to renew my membership or will I be classed as a new member and therefore have to wait to see what the new terms are.
I'm going Feb half term but shouldn't think I will have it sorted by then!
Once the mechanism has been worked out, you should be able to buy 9 shares for every 1 that you have currently at the reduced 1 euro rate. That would give you 200 shares in total, which would be enough to renew (if they count it as a renewal), but probably not enough for you (or anyone) to take out a new membership.
It all depends on whether they let you renew or count you as a new member. Only the person that processes renewals can answer that, and from what I've read, it may vary depending on who is doing the processing.

Figures of 900 - 1000 shares being needed have been mentioned for people wanting to become new members, but I've not seen anything official. I think that amount (around 1000 euros worth) is in line with the original amount that people had to invest to become members of the Shareholders Club when it originally started.
The drop in the share price and people's income over the last few years meant that people were able to join for around 90 euros.
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Old 19 Jan 15, 02:21 PM  
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keiko315
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You're right - they don't make it very clear. This is why they charge and make a LOT of money from things like this.

With regards to the Shareholders Club, if you are currently a member then you can do nothing and even if the number of shares required increases in the future (say to 500), you will be unaffected, so long as you retain those 100 shares minimum. If at any point you sell some or all of those shares, bringing you below that threshold of 100, then you will lose your membership and be subject to any new requirements that are brought in.

If the only reason you own the shares is to benefit from the Shareholder Club, then you need do nothing. TWDC will buy up your portion of the shares and as far as you are concerned, things can stay the same.

Some people have asked if they can buy the 900 shares and then sell them straight back, making a little profit. Yes is the short answer to that. However do bear in mind that the €900 would be tied up for a few weeks so only do this is you can afford to.
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Old 19 Jan 15, 02:33 PM  
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Brilliant Martin thank you!

If anyone needs to contact Halifax sharedealing;

08457 225525
Mon-Fri 8am-9.15pm
Sat 9-1pm
Email;
Customercare.hsdl@halifax.co.uk

Don't forget the shares are EDL and not DLP.
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Old 19 Jan 15, 02:55 PM  
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Halifax have confirmed their customers can take part in the rights issue. A message on how to take part will appear in the "Important Notifications History" section of their website.

Logon On -> Current Valuation -> Important Notifications History
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Old 19 Jan 15, 03:08 PM  
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A&S&O
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Originally Posted by keiko315 View Post
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.
That's VERY annoying. Did they give any reasoning or any other information?


Thanks for all your other info by the way.
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