Groupe Euro. Share Discussion Threads

[salisj] 15/5/2008 21:46

Received mine on 6/5 from Computershare, to be returned by 11.00 on 13/05. Posted form/cheque on 8/5 and cheque cleared my account on 15/05.

[tiraider] 15/5/2008 16:01

Got mine on 7/5, had to be back at brokers by 9/5. I was just too busy to find enough time to read through and fill in the forms. A single day was insuffient.

[scribbler101] 15/5/2008 15:39

Hi - if there's anyone there.

Seems I needed to pay by 13/5 - despite all the press etc. reports saying 16/5 - to give the poor dears time to do their sums. I am very unimpressed.

Allegedly mails were posted 1/5 (Thursday) first class, but I have my doubts.

Could all who read this please post here when they got their mails - and if they still have the envelopes what if any postmarks they show.

Thanks

[scribbler101] 14/5/2008 11:16

Should I have had letters re the rights?

When do I need to act by?

Is it worth the hassle?

[john of groats] 07/5/2008 02:58

Salisj,

Why waste the time of everybody else when you have the document in front of you? Read the small print on the back page:

"This has been calculated at a Sterling/Euro exchange rate of 1,10 (sic). If the Sterling/Euro exchange rate on which the amount in euros (sic) needs to be applied to subscribe for ordinary shares varies from this Sterling/Euro exchange rate, any excess will be returned to you at the same time as the statements are dispatched."

John

[salisj] 06/5/2008 14:58

Had my nominee letter today enabling me to purchase shares in RI. Noticed that because Euro/£ conversion rate used is 1.1 the cost per share is E10.1 not E8.75 for Euro Shareholders. Two questions :
a. Is this unfair treatment of British shareholders allowable/acceptable and can anything be done ?
b. I can actually purchase (or not) my RI shares on the open market (if I think E10.1 represents good value) for same £ price and receive the proceeds from the warrants I don't take up - any views on whether that is better option ?
Any comments soon please.
Thanks
John

[tiraider] 29/4/2008 11:02

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.

[dd776] 29/4/2008 09:32

should we take it up ?

[tiraider] 28/4/2008 13:24

Page last updated at 10:10 GMT, Monday, 28 April 2008 11:10 UK

Eurotunnel 'considers cash call'

Eurotunnel has slashed its debt

Channel Tunnel operator Eurotunnel has asked for its shares to be suspended ahead of what it said was an "important" announcement on Monday.

The BBC understands that the firm is set to announce a rights issue in which it will seek to raise 900m euros (£709m) in capital from shareholders.

[cyberpost] 28/4/2008 10:19

Suspension of trading




RNS Number:2239T
Groupe Eurotunnel SA
28 April 2008



GET 2008/11


28 April 2008


For immediate release


Suspension of trading in GET SA securities


Pending an important announcement that is expected during the course of today,
Groupe Eurotunnel SA has requested that trading in all of the group's securities
be provisionally suspended on Euronext Paris and the London Stock Exchange.

[haveagoodday] 20/4/2008 20:29

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.

[haveagoodday] 08/4/2008 10:03

Page last updated at 08:02 GMT, Tuesday, 8 April 2008 09:02 UK

Eurotunnel reports first profit

Eurotunnel completed a debt restructuring programme last year
Eurotunnel has reported its first annual profit, boosted by its huge programme of debt restructuring.

The company that runs the tunnel between Britain and France reported a net profit of 1m euros ($1.6m; £795,000) in the whole of 2007.

That included a 3.3bn-euro exceptional profit from its capital restructuring.

The company has struggled with its debt levels since the tunnel was opened in 1994, but it finally reached agreement with its creditors last year.

"The year 2007 proves that the new Eurotunnel group has broken with its past," the company said in a statement.

Lost perks

The 2007 agreement cut its debt levels from 9.2bn euros to 4.2bn euros.

The restructuring plan involved shareholders swapping their shares for shares in a new company called Groupe Eurotunnel, which saved the company from bankruptcy but meant they lost perks such as unlimited free travel.

The company said its sales had grown 15% at constant exchange rates in the first three months of 2008, making its boss optimistic about beating projections.

"The first quarter gives me a lot of confidence that we can beat our forecast for 2010," Eurotunnel chief executive Jacques Gounon said.

[haveagoodday] 05/3/2008 07:34

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.

[haveagoodday] 23/10/2007 19:34

Last Updated: Tuesday, 23 October 2007, 09:30 GMT 10:30 UK

Eurotunnel cuts rail freight cost

Eurotunnel is halving the cost of taking rail freight through the Channel Tunnel, as it attempts to win more business from the ferry operators.

[tiraider] 18/10/2007 14:58

decent set of results today for the first 9 months

[andrbea] 17/8/2007 15:51

2000 quid buy (lunchtime) over on plus

17/08/2007 12:46:22 0.30 674,234 O 2,022.70

[andrbea] 07/8/2007 15:25

2 chunky buys, one at 455k = 1465 quid (0.32)

[andrbea] 18/7/2007 07:12

tks scribbler

[scribbler101] 17/7/2007 23:02

ab - Paris GETS=PGET just as PTNU=ETL

[scribbler101] 17/7/2007 23:01

Groupe Eurotunnel : nouvelle poussée de "l'ancienne" action, GET reste calme ...



Vendredi 13 juillet, 16h29
Si la nouvelle action Groupe Eurotunnel (GET SA) continue d'hésiter autour des 0,40 euro en bourse, l'ancienne action (TNU) poursuit quant à elle sa flambée, en progression de 15% à 0,77 Euro après un bond de 39% hier. Près de 20 MT ont de nouveau été échangés sur la séance de ce vendredi.

La direction d'Eurotunnel interrogée par Boursier.com estime qu'une certaine confusion continue de régner sur les noms des différentes valeurs cotées. C'est pourquoi la société compte mener à bien la radiation des anciens titres en Belgique et en Grande-Bretagne, une demande officielle ayant déjà été déposée à cet effet outre-Manche...

La démarche est plus compliquée en France, l'AMF demandant le respect de certains critères en termes de liquidité et de contrôle du capital (95% des parts).

Selon certains investisseurs, le fait qu'Eurotunnel ne détienne "que" 93,04% des parts pousse des spéculateurs à se placer en vue d'un ramassage de titres par le groupe lui-même, histoire de dépasser la barre fatidique des 95%.

Au siège d'Eurotunnel, on précise "qu'aucune décision n'est prise pour le moment". Pour tenter de clarifier les débats, la direction va en revanche profiter de l'assemblée générale des actionnaires le 27 juillet prochain pour demander un changement de nom. L'ancienne structure s'appellera ainsi simplement "TNU SA" afin d'éviter toute confusion avec le nouveau véhicule boursier "Groupe Eurotunnel" (GET SA).

[andrbea] 17/7/2007 17:53

my understanding:

ptnu holders will need to exit by July 27
as Eurotunnel Units will cease to exist
either realize their assets as cash or buy some gets, unless a Paris equivalent of gets appears on Euronext.

[tiraider] 17/7/2007 17:49

Does anyone really understand what's going on with all these GETS / ETL / TNU shares and share types?

It wouldn't surprise me to find out that many people are scared to trade because they don't know what they're buying and what they're selling.

Am I correct in assuming that we'll be left with just GETS?