Groupe Euro. Share Discussion Threads

[scribbler101] 17/7/2007 17:38

but who will BUY ptnu?

[andrbea] 17/7/2007 10:44

ptnu down 11%
it's beginning to make sense now

my broker advised me today as follows (difference between ptnu and gets):


"As you may be aware, as part of the implementation of the Eurotunnel Safeguard Plan approved by the Paris Commercial Court on 15 January 2007, a new company, Groupe Eurotunnel SA (GET SA) launched with success an exchange tender offer for the existing Eurotunnel Units on the basis of a GET SA share + a GET SA warrant for every unit tendered.

Shares in the new company Groupe Eurotunnel SA trade under ISIN code FR0010452433, ticket symbol GETS.

Eurotunnel Units currently continue to trade although they have a significant negative equity. Eurotunnel Units (code ETL) should be delisted around 27 July 2007. "

my take:

people will have to leave ptnu, sell up, and move across to gets
so gets will climb the nearer we get to delist today (27 July) and thereafter?

[scribbler101] 16/7/2007 10:33

Not at all the same co. GETS owns over 90% of PTNU. Trade in PTNU is either ignorance or short covering - which can lead to odd price movements!

[andrbea] 16/7/2007 08:22

ptnu up 11% at open in Paris
groupe eurotunnel (gets) doesn't move - weird


essentially the same company, are they not?

at the beginning of the month gets roughly equal to ptnu
ptnu now twice as high

[scribbler101] 14/7/2007 16:21

What is listed here is a sort of depositary receipt, but to all intents and purposes it is the same as a share. Although traded on LSE it is indeed traded in Euro.

[andrbea] 13/7/2007 15:42

Tks Tiraider


biggest buy of the dday went thru'
about 3000 quid's worth

[tiraider] 13/7/2007 12:57

GETS are nominal value 0.01Euro and are traded in Paris. The one's listed here are some sort of derivative. Barclays are showing the value of mine as 27p. The one's on ADVFN monitor (and above) are shown as 40p.
_____________________________________________
c & p from Barclays
GETS - GET SA EUR0.01 as @ 13:36:02

sell buy change volume
26.10p 27.12p 0.00p 471,423.00
_____________________________________________

Is the ADVFN price therefore a Euro value? I think so.

[tiraider] 13/7/2007 12:42

some share info here on page 2 of pdf, calendar page 3/4

[tiraider] 13/7/2007 11:38

Not trying to wreck your theory, but the French analysts reckoned it was worth 28 eurocents per share.

Having said that I would think they are basing their valuation on the suspended price which was a liquidation price.

____________________________________________________________________

Steep Drop May Lie At End Of The Eurotunnel
Vidya Ram, 07.11.07, 11:03 PM ET


LONDON - Groupe Eurotunnel has every reason to feel smug. Its latest performance figures vindicate the major restructuring that took place last year. But with the company's shares surging, they are at levels well above analyst valuations.

Shares of the operator of the tunnel connecting England to France zipped up Wednesday on the Euronext in Paris after the company announced that its revenues for the first half of the year rose 7.0% to £252 million ($512.92 million) from £236 million ($480.33 million), excluding minimum usage payments, which came to an end last November. Under the scheme the company received payments from the French and British governments, to top up the amount paid by the rail operators that used the tunnel, until rail traffic got properly off the ground.

The company reported growth in traffic through the tunnel and increases in passenger numbers on Eurostar trains.

Groupe Eurotunnel (other-otc: GREGF - news - people ) shares zoomed up 5 euro cents (7 cents), or 11.6% to 48 euro cents (66 cents) in late afternoon trading in Paris, where newly issued shares began trading on July 2. The shares were swapped for old ones following a restructuring deal that was agreed with the company's creditors, which replaced the company's £6 billion ($8.3 billion) debt with a new £2.8 billion ($3.9 billion) facility.

Its half-year results are an indication of the success of the restructuring, said Pierre Flabbee, an analyst at Kepler Equities.

He said that customers were increasingly turning to the tunnel as a means to crossing the channel, rather than the ferry or airlines. Airlines are expected to take a hit from new security measures that increase the time – and inconvenience – of traveling by air.

The number of travellers on the Eurostar rose by 5.0% to 3.9 million for the first half of the year. The number of trucks that used the company's shuttles rose by 9.0%, while the number of passengers travelling by car who used the tunnel rose by 8.0%.

A spokesman for Eurotunnel said that passengers were also increasingly concerned about their carbon footprint, and were consciously moving away from using short-haul flights within Europe.

The company could also benefit from a new agreement which its largest customer, Eurostar, has just signed up to. Eurostar and six other European train operators have formed an alliance to promote high-speed rail travel across Europe, and hope to make a 5.0% dent in the market for intercontinental short-haul flights in the next three years.

However the current price of Eurotunnel's shares is considerably higher than their actual worth.

Flabee values the shares at 28 euro cents (39 cents), 41.7% below its current price of 48 euro cents. He said that analysts were puzzled as to what was driving the share price.

"People may believe the company could be taken over by a company that would be interested in its tax deficits, such as a utility company," he said, stressing that this was "pure theory". Under French law, the purchaser must be in the same economic field as the company it hopes to purchase to use for its tax deficits.

Flabee said it was difficult to predict whether the company's share price would correct itself downwards, closer to its actual worth.

Eurotunnel has had troubles since it was first set up in 1986. Higher than expected construct costs for the 30-mile tunnel were not offset when it started operating in 1994, lumbering the company with a large debt burden, which threatened to bankrupt the company.

[andrbea] 13/7/2007 11:18

"People may believe the company could be taken over by a company that would be interested in its tax deficits, such as a utility company," he said, stressing that this was "pure theory". Under French law, the purchaser must be in the same economic field as the company it hopes to purchase to use for its tax deficits.




my take
French analysts (in the above article) couldn't undertand it being worth 48 eurocents
today it's 80 eurocents

....

[andrbea] 13/7/2007 11:10

ptnu at close on July 7th stood at 0.4397 eur
today it's at 0.80 eur


so why is gets at 0.40 eur?


answers on a postcard...

[andrbea] 13/7/2007 09:28

gets now 110% less than ptnu (eur 0.84)

[andrbea] 13/7/2007 08:50

at the end of July (I read somewhere) the old name shares will be discontinued (eg ptnu)
groupe eurotunnel is the new name (this month) for Eurotunnel

so ptnu should stop and a gets equivalent will start in Paris
so if it's a 1 for 1 swap, gets sould be 0.67 eur not 0.4 come August.

[sven2006] 13/7/2007 08:44

andrbea - why the hell should this go up?

[andrbea] 13/7/2007 08:26

ptnu up 18% this morning in Paris

ptnu = 0.79 euro (Eurotunnel Units)

Gets stuck at 0.40 eur

disparity : 97% less!

come on London, wake up & smell the coffee... :-)

[andrbea] 13/7/2007 08:13

"The top line is strong," said Maxime Dubreil, an analyst with the brokerage H & Associés. The traffic figures "reinforce our confidence" that Eurotunnel will beat its full-year revenue forecast of €736 million, Dubreil said. The brokerage, based in Paris, expects full-year sales of €767 million.

[andrbea] 12/7/2007 18:34

Outside the CAC-40, Groupe Eurotunnel (other-otc: ETNLY.PK - news - people ) SA soared 0.19 or 39.58 pct to 0.67, reversing recent losses, as SG Securities said the Channel Tunnel operator's first half sales figures herald a 'solid' full year EBITDA for the restructured group.

[andrbea] 12/7/2007 15:48

9750 buy went thru' (gets)

I think the ptnu ones (Paris-listed) delist at the end of the month
ptnu = Eurotunnel units

The company changed its name this month to Groupe Eurotunnel
From August onwards, it will be 'gets' only in the uk and (in Paris too?)

[joeblogg1000] 12/7/2007 15:21

and. sorry to be dim but what is the link between Gets and ptnu? thanks in advance!!