All shareholders should be been contacted directly by the Shareholders club by now (if your a member). A number of important documents have been released which all shareholders should read.
If you have not received them, I have posted them onto my
Salon Mickey blog here. The most important documents are the Recapitalization Securities Note and the Prospectus.
Here are links to them if you have not received them.
Recapitalization Securities Note and
Prospectus.
The article
Euro Disney S.C.A. announces implementation of the recapitalization proposal overs what is happening.
This is a Mandatory Tender Offer with a subscription ratio of 9 new shares for 1 existing share, with the subscription price of 1.00 euro per new share . The subscription period is from January 19, 2015 to February 6, 2015 (inclusive). So you have not got long to decide if you are going to partake.
Following completion of the Rights Offering shareholders will then have the opportunity to tender their shares in the mandatory tender of 1.25 euro per share to TWDC.
If you do not participate in the Rights Offering or if you do not exercise your Rights to Acquire the new Euro Disney S.C.A. shares, shareholders will experience a dilution of their share capital.
The Right to Acquire Euro Disney S.C.A. shares will be personal to the eligible shareholders of Euro Disney S.C.A. and will be non-negotiable, non-assignable and non-transferrable. The period during which this right will be exercisable will last 30 calendar days from the 6th trading day (inclusive) following the completion date of the Mandatory Tender Offer. If not exercised, this right will automatically expire and TWDC will be able to take up the offer and buy these shares.
Once the offering is compete the new shares will be listed for trading on Euronext Paris from February 20, 2015.
To find out if you are able to participate you will need to contact your broker. As some holders of EDL shares are finding out, they are not eligible to take part as their shares are held in bearer form and not pure shares, so they are unable to take part, as their brokers hold the shares on their behalf and they do not actually own them, the broker does.
A few shareholders I know are in the process of converting their stock from bearer form to pure form and transferring them to other brokering firms to enable them to partake in the offering.
I strongly suggest that you contact your broker or an independent financial adviser to help decided upon what cause of action is best for you. Everybody's circumstances are different and what decision one person makes may not necessarily be right for you.