Questions and answers

Do shares still have a value?

As a result of the decisions taken at the creditors' meeting on 1st June 2006, loans amounting to approximately CHF 92 million were converted into shares at a rate of 4:1. A share capital of approximately CHF 23 million was thus created for the new POSCOM Ferien Holding AG as well as a premium of approximately CHF 69 million. The premium was later used for amortisations of the values of the hotel facilities.

The intrinsic value of POSCOM Ferien Holding AG should still amount to the original CHF 92 million today. This hypothetical value is of little use to the shareholders at the moment, however. Only when POSCOM Ferien Holding AG shows a profit can shares be traded and a price corresponding to the intrinsic value can be achieved. It is also possible that an investor would like to take over the Ferienverein Group. For any bid to be successful, the investor must offer a price that is close to the intrinsic value of the company. At the moment, it is more prudent to retain shares until the Ferienverein is once again showing regular profits and can also pay out dividends at a later stage.

What sort of developments can I expect for the share price?

The development of the share price depends to a great extent on the future success of POSCOM Ferien Holding AG. Only when the Ferienverein is showing a profit can shares be traded and a price corresponding to the intrinsic value can be achieved. It is also possible that an investor would like to take over the Ferienverein Group. For any bid to be successful, the investor must offer a price that is close to the intrinsic value of the company. At the moment, it is more prudent to retain shares until the Ferienverein is once again showing regular profits and can also pay out dividends at a later stage.

How were my loan certificates converted into shares?

The remaining amount of the loan and remaining interest after the waivers of interest (max. five-year waiver of interest) was converted into registered shares at a rate of 4:1 after the 35% withholding tax on non-waived interest and rebate certificates had been subtracted. This means that the lenders received one share valued at 1 Swiss Rappen for every 4 Rappen of loan capital or loan interest.

Why can I only pay up to 30% with rebate vouchers?

With the restructuring that took place in mid-2006, the redeemability of the still valid rebate vouchers (until 2006) also had to be limited to 30%. The reason given is that there are still a large number of non-redeemed rebate vouchers and it is essential to avoid having too many of them redeemed within a short period of time. Otherwise, POSCOM Ferien Holding AG would lack the necessary liquidity to fulfil its obligations to its employees, suppliers and other partners – something it is unable to do with rebate vouchers.

What benefits do shareholders, and new shareholders in particular, have?
New shareholders are usually able to acquire their shares at an affordable rate, i.e. at the nominal value or even lower. They can then expect to sell those shares at a profit later on. Shareholders also have the right to request a holiday card, which can be used to receive various discounts at the hotels of the Ferienverein. The Ferienverein also offers its shareholders a variety of very attractive offers on a regular basis, such as special trips and holiday weeks.

How long are my rebate vouchers valid?

The rebate vouchers are only valid if the year 2006 appears under "Redeemable from". For example: Redeemable from 2006 - 2012. In such a case, a reservation must be made by 31.12.2012 at the latest. If 2006 does not appear under "Redeemable from" (e.g. 2007 - 2013), the rebate voucher is no longer valid, as stipulated by the High Court of the Canton of Bern, effective as of 1.6.2006. 

Why are my rebate vouchers dated after 2006 no longer valid?

According to the restructuring decision from 1 June 2006, which applies specifically to all lenders as per the court's decision, all rebate vouchers dated after 2006 were deemed invalid. All the others, i.e. all the ones that were already valid (1 June 2006), may continue to be redeemed up until the last printed year of validity.  

What would have happened if the Ferienverein had not been restructured?

Without the restructuring, the Ferienverein would have entered into bankruptcy at the end of February 2006 due to insolvency (loans in the amount of CHF 20 million fell due as of 1st March 2006) and due to over-indebtedness (around 65 million as of the end of 2005). Because the only shares of the Ferienverein and its subsidiaries were in mortgaged properties with the BVK and Zurich Insurance, bankruptcy or even administration proceedings would have resulted in a total loss for all lenders and also for other creditors such as suppliers, etc.

 
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