OMG! Minimum of 100 shares now required to join Shareholder's Club or to renew!!!!!

[PrettyP]

Did anyone else get an e-mail today from the Shareholder's Club saying you now must have a minimum of 100 shares to join the club or to renew your membership??

This is a quote from the document I received:

Membership criteria
The Shareholders Club is only for individual Euro Disney S.C.A. shareholders who own a minimum of 100 Euro Disney
S.C.A. shares (ISIN code: FR0010540740) in a bearer or in a registered form. The membership is free and valid for 2
years.
Members of the Shareholders Club who joined the Shareholders Club before October 1st, 2000 and who hold a valid
membership card are exempt from the membership criteria of holding a minimum of 100 Euro Disney S.C.A. shares. If
they hold a minimum of 5 Euro Disney S.C.A. shares, they can renew their membership as outlined below.

 

[Jonjo]

If your thinking of becoming a DLP shareholder then I sugest you join before the 1st October as you will need 100 shares to join or renew in future.

Members of the Shareholders Club who joined before October 1st, 2000 and who hold a valid membership card are exempt from the membership criteria of holding a minimum of 100 Euro Disney S.C.A. shares.

Dear Shareholders Club Member,

To better meet the needs of the Shareholders Club Members and offer them a quality service and relevant information on the Company, the Shareholders Club is pleased to announce the implementation of the new « General Conditions of Euro Disney S.C.A. Shareholders Club » effective Monday, October 1st, 2012. We invite you to consult the attached document for additional information.

As of this date, any shareholder would like to become a member or to renew its membership to the Shareholders Club, has to hold a minimum of 100 Euro Disney S.C.A. shares (ISIN code: FR0010540740) in a bearer or a registered form. Members of the Shareholders Club who joined before October 1st, 2000 and who hold a valid membership card, are exempt from this minimum shareholding.

We invite you to consult the new « General Conditions of Euro Disney S.C.A. Shareholders Club » in the attached document.

Please note:
Regardless of the number of shares you hold, you will continue to benefit from the Shareholders Club discount and offers, upon presentation of a valid membership card.

You can then request a renewal of your membership, as outlined in the General Conditions of the Shareholders Club.

 

[Donald D Duck]

Wow, just got the email myself. Not great news at all, although I find it partially understandable from a business perspective

 

[PrettyP]

Reading the rest of the document it also says:

Loss of the Shareholders Club membership: termination - exclusion
• When members no longer meet the general conditions of the Shareholders Club, they must inform the Shareholders
Club as soon as possible. They then forfeit their Shareholders Club membership and cannot have access to the services
and benefit from the advantages attached to the membership. They must return their membership card to the
Shareholders Club as soon as possible.
• Any fraudulent or illegal use of the Shareholders Club membership card can lead to the permanent exclusion from the
Shareholders Club, without prior notice.


Does this mean that if you don't hold 100 shares after the 1st of October you must surrender your memebership??????? This is not good news.

Obviously Disney feel "no plebs allowed", "large shareholders only". I was planning to use my card in December

 

[Jonjo]

Glad I renewed in July, I'll have to get around to buying another 80 shares between now and 2014.

So in future at todays share price it will cost 535 Euros or £425 to become a member.

 

[vas]

Cant believe that, have just renewed my card.

 

[Jonjo]

Does this mean that if you don't hold 100 shares after the 1st of October you must surrender your memebership??????? This is not good news.

Obviously Disney feel "no plebs allowed", "large shareholders only". I was planning to use my card in December

I think exisiting members are OK until it's time to renew as it says...

As of this date, any shareholder would like to become a member or to renew its membership to the Shareholders Club, has to hold a minimum of 100 Euro Disney S.C.A. shares (ISIN code: FR0010540740) in a bearer or a registered form. Members of the Shareholders Club who joined before October 1st, 2000 and who hold a valid membership card, are exempt from this minimum shareholding.

 

[ROBEAR84]

Just saw the email and thought I'd come on here as wondered how many posts there'd be already!!

Bit of a bummer. I joined in May but as we're saving for Florida 2014 there's little chance we'll put it to use again There's no way I'd pay for another 80 shares unless they we're ridiculously low, we don't go enough to make it worth it.

It was nice while it lasted!

 

[PrettyP]

Jonjo that's what I thought until I read the entire document and it said

"When members no longer meet the general conditions of the Shareholders Club, they must inform the Shareholders
Club as soon as possible. They then forfeit their Shareholders Club membership"

This to me says that on Oct 1st the general conditions say you must have 100 shares therefore you "no longer meet the general conditions" and therefore you must forfeit your Shareholder's Club membership and it doesn't say you forfeit at renewal it says you must tell them as soon as possible and then you forfeit membership.

I will be e-mailing them to clarify

 

[Disneyfoo]

Jonjo that's what I thought until I read the entire document and it said

"When members no longer meet the general conditions of the Shareholders Club, they must inform the Shareholders
Club as soon as possible. They then forfeit their Shareholders Club membership"

This to me says that on Oct 1s the general conditions say you must have 100 shares therefore you "no longer meet the general conditions" and therefore you must forfeit your Shareholder's Club membership and it doesn't say you forfeit at renewal it says you must tell them as soon as possible and then you forfeit membership.

I will be e-mailing them to clarify

I also found it rather confusing, the general conditions appear to contradict the email which specifies

"Regardless of the number of shares you hold, you will continue to benefit from the Shareholders Club discount and offers, upon presentation of a valid membership card.
You can then request a renewal of your membership, as outlined in the General Conditions of the Shareholders Club"

Which means to me all current members in possession of a valid membership card will remain in the club until such a time as they need to renew their membership, at which time the new 100 share rule will be enforced.

 

[PrettyP]

Just realised the cover e-mail says

"Regardless of the number of shares you hold, you will continue to benefit from the Shareholders Club discount and offers, upon presentation of a valid membership card."

but it does not say this in the attached document.

Sorry for all the confusion. Definitely e-mailing them to confirm

 

[DLPDreams]

if that is the case then what happens to the shares you hold? I no longer want the 20 shares if they are of no use to me! I guess I'd have to sell them. Not sure what the current price is but with the recent increase I think I should get back what I paid and a bit more, but it depends on the brokerage etc. This could cause the share price to dip dramatically if lots of small shareholders start selling off their shares....

I wouldn't be buying 80 more shares, it really isn't worth it.

PrettyP - I don't think you'll get a quick response. I suspect there will be many people in this situation. I can't make any calls tomorrow but if anyone else is able to (it's a freephone no) and can clarify it would be appreciated.

I had a feeling something like this would happen - think it's all part and parcel of the new debt restructuring/sorting themselves out etc. I also think that before long the Shareholders Club will have very few perks sadly - I believe that the other parks have nothing similar!?

 

[ROBEAR84]

if that is the case then what happens to the shares you hold? I no longer want the 20 shares if they are of no use to me! I guess I'd have to sell them. Not sure what the current price is but with the recent increase I think I should get back what I paid and a bit more, but it depends on the brokerage etc. This could cause the share price to dip dramatically if lots of small shareholders start selling off their shares....

I wouldn't be buying 80 more shares, it really isn't worth it.

PrettyP - I don't think you'll get a quick response. I suspect there will be many people in this situation. I can't make any calls tomorrow but if anyone else is able to (it's a freephone no) and can clarify it would be appreciated.

I had a feeling something like this would happen - think it's all part and parcel of the new debt restructuring/sorting themselves out etc. I also think that before long the Shareholders Club will have very few perks sadly - I believe that the other parks have nothing similar!?

They've gone back down from the high of a few weeks ago but are currently around 5.35 still.

There's another email now confirming the restructuring of debt so I think you're right, it's all part and parcel of that and I also agree that the perks will diminish eventually. I can't see it being worthwhile for anyone to hold that many shares unless you spend an absolute fortune there several times a year.

 

[ThBa]

Sorry for asking perhaps again but I hope that I understand this right. I received the same mail.

Does that mean that you need at least 100 shares beginning from the 1 Oct to renew your membership ?

And is it right, that the actual cards are valid even if you have "only" 25 shares ?

My new card arrived a few days ago and is valid until 2014. Am I lucky or do I have to buy shares again to use my card in March 2013 ?

 

[PrettyP]

DLP Dreams I have e-mailed them for what it's worth. I can't call the freephone number from Ireland so if anybody calls from the UK I'd be grateful if you could post whatever answer you get

I also told them how disappointed I was that it seemed like they were making the club exclusively for the rich and not for true fans of DLP.

Oh well, what can you do? It won't stop me going.......

 

[wmoon]

Well, wish I had renewed my card sooner. It expires at end of October. Never mind we are going in a couple of weeks and looks like my card will still be valid, no further plans on the near horizon for another dlp trip after that and not buying another 80 shares!

 

[DLPDreams]

OK, there are a few ways of interpreting it and neither are particularly clear (I think they need to start their restructuring by sacking their corporate comms manager!)....

1) if you were a shareholder before 2000, you can continue as you are and will not need to have 100 shares when you come to renew - clear enough.

2) If you are a post 2000 shareholder you can keep your current 20 shares and shareholders card/club membership UNTIL you come to renew, when you renew you will only be allowed to do so by buying 80 more shares.

3) Post 2000 shareholder - you can keep your current club membership until 1st October 2012. After this date, you will need to renew your membership under the new scheme - which will mean you need 100 shares. If you do not, your membership will cease.

I don't understand the bit at the end about regardless of the number of shares held, you are still eligible for club perks? I can only assume this means until 1st October or in the second scenario until you have to renew. After this date perhaps you have to join the new Club and therefore the new terms?

Either way, it can be interpreted in at least 2 different ways so it's as clear as mud.

Also, it talks about fraudulently using card if you are no longer a member. Erm, how are they going to police this? Unless they issue brand new (different looking) cards under the new conditions, how can a CM in a shop tell?

Another example of DLRP being clear on what they are doing....

 

[Carrie_Cat]

Also, it talks about fraudulently using card if you are no longer a member. Erm, how are they going to police this? Unless they issue brand new (different looking) cards under the new conditions, how can a CM in a shop tell?

Another example of DLRP being clear on what they are doing....

I'm not a shareholder but isn't your card like partners cards where they swipe them ? If so it's going to come up on the till that you aren't a member I'm guessing.

After tea I'll go and find the French discussion and see if it's clearer in French

 

[Bexx]

I have merged two of the threads posted about this subject into one so we can keep the discussion about our future as shareholders in one place.

 

[micksn]

I'm waiting for my first card for our October holiday! Really hope I still get to use it otherwise complete waste of money. I'm now glad I only bought 5 shares, rather than 20!!