Tom Wolber, President of Euro Disney S.A.S. meet with representatives of APPAED, the Association of Small Holders of Euro Disney Shares on 3 December 2014 where the proposed TWDC the recapitalization plan was discussed, and how it will affect Small Shareholders.
Wolber stated that it is essential for the success of Euro Disney the recapitalization operation is a success to allow for investments and increasing the quality of experience for the guests and for the renovation of 10 attractions and for preparation of the 25th anniversary celebrations.
It is compulsory due to the amount of the debt and represents a high part of the financial burden. The Recapitalization will allow avoiding problems in a near future.
After the Restructuring Plan of 2012, the focus was put on the quality. The prices do not impact on the figures. The focus is the satisfaction of regular customers who return every 3 or 4 years.
We also say that if the Recapitalization seems to be a good thing for the Company, the conditions are not satisfying for Small Shareholders whose capital depreciates. The fact is that any listed Company is subject to increases and to reductions in stock market price.
We said that for a lot of Shareholders, Euro Disney is not a Company like others because it sells Magic and Dream and consideration should be given to the sentimental side.
For your information: 26,000 shareholders of the 56, 000 listed own 20 shares on average.
Prince Alwaleed will join the Recapitalization, but he will consider the results within the next two years
– Invesco (that owns 5% of the capital) remains silent at this moment.
– The report of the Independent Expert on the operation and the « fairness» of the amount of 1, 25€ for the new share will be released in last days of December.
– The Supervisory Board takes to heart to be independent to represent everybody: we pointed out that they have not consulted or informed Small Shareholders.
By way of conclusion Tom WOLBER assured us that he will continue with the current policy of Communication and he hopes that all together we will work on the success of Euro Disney.