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Groupe Euro. Investors - GETS

Share Name	Share Symbol	Market	Stock Type
Groupe Euro.	GETS	London	Ordinary Share

	Price Change	Price Change %	Share Price	Last Trade
	0.00	0.00%	5.835	01:00:00

Open Price	Low Price	High Price	Close Price	Previous Close
			5.835	5.835

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Posted at 29/4/2008 11:02 by tiraider Page last updated at 08:27 GMT, Tuesday, 29 April 2008 09:27 UK Eurotunnel in 915m euro cash call Eurotunnel has slashed its debt Channel Tunnel operator Eurotunnel plans to raise 915m euros (£718m) from shareholders to help the indebted firm to pay off creditors. Existing investors will be offered Eurotunnel shares at 8.75 euros - a discount of 28% to the company's share price on Friday. Eurotunnel was hamstrung by high debt levels for many years, but carried out a complex restructuring in 2007. As a result, its debts were more than halved to about 4bn euros. Eurotunnel said the money raised from the rights issue would allow the firm to make further savings on its financial charges. "This rights issue will enable Groupe Eurotunnel to control its future as a long-term infrastructure concessionaire with good prospects in terms of profitability and recurrent cash flow," Eurotunnel Chairman Jacques Gounon said. Boosted by the debt restructuring, the firm reported its first profit last year when it made 1m euros ($1.6m; £795,000). The firm said the result showed that it had "broken" with its troubled financial past. Read Full Thread Reply
Posted at 20/4/2008 20:29 by haveagoodday Eurotunnel turns to rights issue with a twist By Alistair Osborne Last Updated: 11:52pm BST 19/04/2008 Eurotunnel will brave the credit crisis early next month to launch a deeply discounted 900m (£710m) rights issue, featuring an innovative incentive for existing shareholders. Jacques Gounon, chairman and chief executive of the Channel Tunnel operator, is aiming to announce the cash call in the week beginning May 5 and has vowed it will be the final piece in the company's complex financial restructuring. It follows last year's rescue refinancing which slashed debts from 9.4bn to 4.3bn. Eurotunnel, which is being advised by investment bank Lazard, wants to raise the cash to buy back the remaining redeemable notes held by junior creditors. The notes were put in place as part of last year's rescue. Mr Gounon wants to buy them back before they convert into new shares, so preventing any further shareholder dilution. Eurotunnel raised 800m last month to buy back the first chunk of notes through an issue of deferred shares. Some 650m was taken up by Goldman Sachs Infrastructure Partners, which is on track to emerge with 15pc of the company. Eurotunnel is expected to price the cash call at a discount of around 25pc to the current share price of about 12.50. Such a discount is similar to that offered for the deferred shares, which were priced at 9.65. Mr Gounon said: "The discount has not been decided but the deferred share offer gives some benchmark." He said he planned to complete the rights issue within three weeks of the launch - just before the first interest payments of around 8m are due to the note holders. To encourage Eurotunnel's 500,000 shareholders to subscribe, the company will offer a warrant for each new share acquired, which can be used to secure a further discount. Mr Gounon said the value of the warrant was yet to be decided, but hinted it could be around 2 per share. In an interesting twist, shareholders who do not take up their rights will also receive the warrants. After 10 days, Eurotunnel will buy the warrants back, using the proceeds from new investors subscribing at a premium to the cash call. "That will be a final gift to the shareholders," said Mr Gounon, adding that investors who take up their rights will also receive a "loyalty premium" for holding shares for "two to three years". "I believe we can raise around 300m from existing shareholders," said Mr Gounon, who plans to have the issue underwritten by the end of this week or early next week. He said he was more worried the issue could be delayed by regulators approving paperwork than the credit crisis. Strong first-quarter revenue growth, up 15pc to almost 188m, had increased funds' appetite for investing in Eurotunnel, he said. Read Full Thread Reply
Posted at 05/3/2008 07:34 by haveagoodday Goldman to take 20pc of Eurotunnel By Alistair Osborne, Business Editor Last Updated: 1:30am GMT 05/03/2008 Goldman Sachs is on track to take a 20pc equity stake in Eurotunnel in a move that would make it by far the biggest investor in the Channel Tunnel operator and give it significant say over the company's future direction. Read Full Thread Reply
Posted at 11/7/2007 12:28 by waldron Groupe Eurotunnel Sa Traffic and revenues RNS Number:0364A Eurotunnel PLC/Eurotunnel S.A. 11 July 2007 11 July 2007 Immediate release Eurotunnel: Revenue and traffic figures for first half of 2007 * Shuttle revenues up by 8% and total revenue up by 7% to #252m compared to first half of 2006 (on comparable pro forma basis) * Strong traffic growth: trucks (+9%), cars (+8%), Eurostar (+5%) Eurotunnel notes with satisfaction a net increase in its revenues and main traffic during the first half of 2007 compared to the same period in the previous year (on a comparable basis), thereby reinforcing its position as leader in the cross-Channel market. During the period under review, Eurotunnel revenues were #252 million, an increase of 7% without the minimum usage payments which came to an end in November 2006. The number of trucks (+9%) and cars (+8%) carried on Eurotunnel Shuttles has grown significantly, as has that of Eurostar passengers travelling through the Channel Tunnel (+5%). Revenues During the first six months of the year, Eurotunnel has recorded a clear increase in revenues from its core activity, the transport of trucks and passenger vehicles on board its Shuttles: this is up to #162 million, an improvement of 8% compared to 2006 at a constant exchange rate. Revenues from railway operators, which no longer include the payments guaranteed under the Minimum Usage Charge (MUC), were #86 million. Excluding the MUC, these revenues have increased by 6% in the first six months. For comparison, the MUC payments for the first half of 2006 were #37 million. Revenues from non-transport activities remained marginal, at #4 million. Total revenues for the first half of the year were up to #252 million, an increase of 7% on a comparable pro forma basis (#252 million compared to #236 million). The ending of the minimum payment from the railways should have led to a mechanical reduction in total revenues of 14% (portion of 2006 first half revenues represented by the MUC). In fact revenues have only decreased by 8%: the company has therefore already compensated for a major part of the MUC. 1st half 1st half % change 1st half % change Revenues 2007* 2006 excl. MUC 2006 # million (un-audited) excl. MUC MUC included (restated) (restated) Shuttle Services 162 150 + 8% 150 + 8% Railways (excl. MUC) 86 81 + 6% 81 + 6% MUC - 37 Railways 86 118 - 27% Non-transport activities 4 5 - 14% 5 - 14% Revenues 252 236 + 7% 273 - 8% * Exchange rate: #1=Euro1.478 Shuttle traffic The quality of service offered by Eurotunnel, the speed, ease and reliability of its transport system, which is also more environmentally friendly than its competitors for crossing the Channel, have led to even more customers choosing to use the service during the first half of 2007. The number of trucks carried rose to 707,422, an increase of 9% over the first half of 2006. The number of cars transported (955,510) rose by a similar amount (8%), or 68,046 vehicles. 1st half 2007 1st half 2006 2007/2006 % change Truck shuttles 707,422 649,596 + 9% Passenger shuttles Cars* 955,510 887,464 + 8% Coaches 32,500 33,030 - 2% * Including motorcycles, vehicles with trailers, caravans and camper vans. Railways traffic 3,913,283 people travelled on Eurostar* during the first half of 2007, an increase of 5% even though the final section of the high speed line to London, High Speed 1, will not come into service until November 2007. By contrast, railway freight trains travelling through the Tunnel during the first half of 2007 carried only 680,531 tonnes of goods, a decrease of 14% compared to the first half of 2006. This traffic remains significantly below the original forecasts and the capacity of the Channel Tunnel. Eurotunnel is working hard with its partners Fret SNCF, EWS and BRB to re-launch this activity. 1st half 1st half 2007/2006 2007 2006 % change Eurostar* 3,913,283 3,733,403 + 5% (passengers) Rail Freight tonnage 680,531 791,672 - 14% (EWS/SNCF) * Only Eurostar passengers passing through the Channel Tunnel are included in this table. This excludes those travelling between Paris-Calais and Brussels-Lille. Jacques Gounon, Chairman and Chief Executive of Groupe Eurotunnel declared " Having succeeded in restructuring its finances, Eurotunnel has now completed its return to the cross-Channel market with significant growth in its main traffic. It is clearly market leader." No 028/2007 For media enquiries contact on + 44 (0) 1303 284491 Email: press@eurotunnel.com For investor enquiries contact Michael Schuller on + 44 (0) 1303 288 749. Email: michael.schuller@eurotunnel.com www.eurotunnel.com This information is provided by RNS The company news service from the London Stock Exchange END STRRBMRTMMTBMAR Read Full Thread Reply
Posted at 04/7/2007 07:45 by haveagoodday Eurotunnel on track to deliver extra equity By Alistair Osborne Last Updated: 2:05am BST 04/07/2007 Jacques Gounon, boss of the restructured Groupe Eurotunnel, believes he is already two thirds of the way to delivering shareholders an extra 11pc of the equity in 2011 by exercising warrants. The restructuring gives holders of the former Eurotunnel units, which were basically linked shares in Eurotunnel plc and Eurotunnel SA, an initial 13pc of the equity in new company, Groupe Eurotunnel. Shares in Groupe Eurotunnel began trading yesterday, closing sharply lower in Paris at 0.45, compared with Friday's 0.79 close for the thinly traded Eurotunnel SA. For each new share, ordinary shareholders also receive one warrant in the refinanced group whose debts have been slashed from £6.2bn to £2.84bn. The warrants are exercisable in 2011 and can potentially lift shareholders' equity to 24pc of Groupe Eurotunnel. Mr Gounon said: "One hundred per cent exercise of warrants is a personal goal." He said they were exercisable, on a pro-rata basis, depending on how much extra value Eurotunnel can generate by 2011 outside improving the profitability of its operations through the Channel Tunnel. For all warrants to be exercised, Eurotunnel must create an additional £300m of value, Mr Gounon said, while also improving its financial performance. Last year Eurotunnel's trading profits rose 42pc to £220m, before interest costs, on revenues up 5pc at £568m. Mr Gounon said a key part of this extra value could be generated by the use of past tax losses and a claim for the costs Eurotunnel incurred when asylum-seekers disrupted operations. In May, the French government said it would allow the company to carry forward some 890m (£600m) of tax losses incurred by Eurotunnel SA during the three years from 2000-2002. Assuming a 30pc tax rate, using such losses could generate £200m extra value for Groupe Eurotunnel. The business is also close to agreeing compensation over stowaway asylum-seekers, worth around £30m. Aside from the warrants, Mr Gounon is keen to raise around 1bn of capital via a rights issue to buy back - at a 40pc premium - some of a £1.275bn convertible bond held by creditors before it converts. He wants to move at the earliest opportunity in 13 months' time, allowing shareholders to increase their stake in the business - though at a price. Added to the exercise of the warrants, shareholders could come close to regaining half of the equity by 2011. However, one problem for Mr Gounon is the paucity of institutional investors on the register, making a rights issue much trickier. Read Full Thread Reply
Posted at 03/7/2007 07:51 by haveagoodday Eurotunnel on track to deliver extra equity By Alistair Osborne Last Updated: 2:07am BST 03/07/2007 Jacques Gounon, boss of the restructured Groupe Eurotunnel, believes he is already two thirds of the way to delivering shareholders an extra 11pc of the equity in 2011 by exercising warrants. The restructuring gives holders of the former Eurotunnel units, which were basically linked shares in Eurotunnel plc and Eurotunnel SA, an initial 13pc of the equity in new company, Groupe Eurotunnel. Shares in Groupe Eurotunnel began trading yesterday, closing sharply lower in Paris at 0.45, compared with Friday's 0.79 close for the thinly traded Eurotunnel SA. For each new share, ordinary shareholders also receive one warrant in the refinanced group whose debts have been slashed from £6.2bn to £2.84bn. The warrants are exercisable in 2011 and can potentially lift shareholders' equity to 24pc of Groupe Eurotunnel. Mr Gounon said: "One hundred per cent exercise of warrants is a personal goal." He said they were exercisable, on a pro-rata basis, depending on how much extra value Eurotunnel can generate by 2011 outside improving the profitability of its operations through the Channel Tunnel. For all warrants to be exercised, Eurotunnel must create an additional £300m of value, Mr Gounon said, while also improving its financial performance. Last year Eurotunnel's trading profits rose 42pc to £220m, before interest costs, on revenues up 5pc at £568m. Mr Gounon said a key part of this extra value could be generated by the use of past tax losses and a claim for the costs Eurotunnel incurred when asylum-seekers disrupted operations. In May, the French government said it would allow the company to carry forward some 890m (£600m) of tax losses incurred by Eurotunnel SA during the three years from 2000-2002. Assuming a 30pc tax rate, using such losses could generate £200m extra value for Groupe Eurotunnel. The business is also close to agreeing compensation over stowaway asylum-seekers, worth around £30m. Aside from the warrants, Mr Gounon is keen to raise around 1bn of capital via a rights issue to buy back - at a 40pc premium - some of a £1.275bn convertible bond held by creditors before it converts. He wants to move at the earliest opportunity in 13 months' time, allowing shareholders to increase their stake in the business - though at a price. Added to the exercise of the warrants, shareholders could come close to regaining half of the equity by 2011. However, one problem for Mr Gounon is the paucity of institutional investors on the register, making a rights issue much trickier. Read Full Thread Reply

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