Eurotunnel
The Grand is a magnificent suite hotel on The Leas in Folkestone
"indisputably the finest marine promenade in the world"

 

ETAG

Eurotunnel Foundation Shareholders' Action Group

This is only relevant to former members of
TNU PLC, orignally Eurotunnel PLC

Last email circular to ETAG members 22nd October 2010

ETAG 16 NOV 2010
Reception & Lunch 16th November 2010

Le Shuttle Club is now approved by ETAG

We are pleased to announce that as a result of prolonged negotiations between our lawyers, S J Berwin, and Eurotunnel´s lawyers, Freshfields, the arrangements for a club to continue to provide our historic travel rights along the lines we had originally suggested were formalised on 21st September 2010.
However, there were still unsatisfactory features of the membership application form, but these were resolved on 7th October 2010.

The relevant documents are:

Final Shareholders’ Meeting of TNU PLC, formerly Eurotunnel PLC,
(held on 21st September 2010)

CTG Deed Poll (signed 21st September 2010) pp 1-3

Le Shuttle Club rules (ratified 21st September 2010) pp 4-9

Le Shuttle Club Membership Application Form (revised 7th October 2010)

The shareholders' meeting agreed the acquisition of the residual shares in the company by Groupe Eurotunnel SA (GET SA), and authorised the directors to deal with this, which was its final business as a public company. It had been agreed that the obligation to provide the Foundation Shareholders' travel rights be assumed by The Channel Tunnel Group Ltd (CTG), the subsidiary of GET SA that holds the governments' concession for the tunnel, to be secured by a Deed Poll, and that revised club rules be adopted, which overcame shortcomings identified by ETAG. The documentation was signed following the meeting.

It should be noted that the agreed revised Le Shuttle Club Membership Application Form available for download above differs from that on Eurotunnel's website only to the extent that it can now be posted to the UK Terminal at Folkestone, and is no longer required to be sent by recorded delivery to Coquelles.
Although those who qualify for membership may apply at any time in the future, it is suggested they do so forthwith, and in any event by 31st October 2010, so that they will then receive information from Eurotunnel about registering for their 2011 travel rights.
Joint shareholders should complete two separate forms.

Not receiving ETAG´s email circulars? Click Here

If you wish to use your travel rights this year Click Here

 

Back to Top

Eurotunnel Foundation Shareholders' travel rights

Train

Having successfully dealt with their assorted bondholders as part of its reorganisation, Eurotunnel at the last moment attempted to abolish the Foundation Shareholders' travel rights, even though they were contractual obligations granted to secure a critical portion of its original equity finance. ETAG was founded to oppose this iniquity, as a result of which those shareholders who retained the necessary qualifying shares in the former Eurotunnel PLC, now TNU PLC, continued to benefit from their travel rights.

To conclude the reorganisation, Groupe Eurotunnel SA (GET SA) is acquiring the residual shares in TNU PLC that it does not already own, and the obligation to provide the historic travel rights has now been adopted by The Channel Tunnel Group Ltd (CTG), the GET SA subsidiary that together with its fellow subsidiary France Manche holds the concession from the British and French governments for building and operating the Channel Tunnel until 2086.

In order to manage the travel rights, CTG has formed a proprietory club, Le Shuttle Club. Membership is open to former shareholders of TNU PLC provided they held their shares qualifying them for travel rights from original issue to their acquisition by GET SA on 1st November 2010.

The club has no joining fee, and membership may be applied for at any time in the future. However, there is an Annual Registration Fee, payable for any callendar year in which members wish to utilise their travel rights; should they not wish to travel in a calendar year, no Fee is payable, but their membership continues.

Joint shareholders are both entitled to membership, and should each complete separate application forms; however, only one will be able to activate their membership in any one callendar year.

ETAG will continue to monitor the operation of the travel club and maintains its defence fund in readiness for any eventuality.

 

The Eurotunnel Foundation Shareholders’ Action Group (ETAG)
is directed by a Steering Committee consisting of:

Michael Stainer FCA – Member of former TNU Shareholder Consultative Committee
Paul Fox FCA – Member of former TNU Shareholder Consultative Committee
Michael Spencer QC – Crown Office Chambers, expert in Group litigation
John Webley  FCA – a former Morgan Stanley Managing Director
Russell Ford FCA – former partner in Deloitte Haskins & Sells

Back to Top

Change of contact details

It is important to advise ETAG, and Eurotunnel, of any change in your contact details.

Email
Members receive periodic emails from our manually maintained database. Please click here to email ETAG from your new email address so that we may update our manually maintained records, with the email heading,
‘Change of email address’; for cross checking purposes, please also give your old email, and your name and address. We will acknowledge all advices received and actioned manually.

Address
Please click here to advise us of a change of address, with the email heading
‘Change of address’; again, for cross checking purposes, please also give your old address. All alterations to ETAG’s records will be confirmed by email.

Eurotunnel Shareholder Contact Points

Please click here for access to Eurotunnel’s website details of Shareholder Contacts. The Shareholder Relations Centre is for GET SA shareholders only. TNU PLC (formerly Eurotunnel PLC) has a separate email and a Calais address, but no telephone facility.
The residual TNU PLC share registration is dealt with by Computershare Investor Services PLC. The shares are no longer quoted on any exchange.

For those who are yet to join

The requested Defence Fund contribution is

Offer Year
All these categories have travel rights to the end of the concession in 2086
1st  payment
2nd payment
1987
1500 + units with unlimited 'free' return journeys
£150
£150
1987
1000-1499 units with two 'free' return journeys per annum
£40
£40
1990
1500 + units with unlimited return journeys @50% discount
£75
£75
1990
700-1499 units with one return journey per annum @50% discount
£25
£25

Over 1200 Unitholders have joined ETAG, their first payments having produced over £135,000, of which about £80,000 remains in the kitty.
Members' available insurance cover amounts to a sum well into seven figures.

If you wish to be a party to ETAG's continuing action to safeguard the Foundation Shareholders' travel rights you should register with us and send your first payment to the Defence Fund; the second payment is not required at the moment, and will only be requested, should it be necessary, to ward off any further attacks on our rights.

Please click here for ETAG's Defence Fund Contribution Form to download, and return it with your cheque or credit card details, and also please confirm your are joining ETAG by Email with the subject - Confirmation of Defence Fund Contribution.
Subscribers recieve periodic email updates.

Please notify us, and Eurotunnel, of any change in your contact details see above.

If and when we are satisfied that there is no further danger to our travel rights, any balance of funds will be returned, pro rata, to contributions. Our email address is  ETAG@grand-uk.com  - it would be appreciated if you would email rather than phone, or write to:

ETAG   The Grand   The Leas   Folkestone  CT20 2XL

 

Special Bulletins

Final Shareholders’ Meetingof TNU PLC (formerly Eurotunnel PLC)
on 21st September 2010

CTG Deed Poll signed 21st September 2010 pp 1-3

Le Shuttle Club rules ratified 21st September 2010 pp 4-9

Le Shuttle Club Membership Application Form (rev 7th October 2010)

Email circular to ETAG members - 2nd September 2010 (Not on Internet)

Email circular to ETAG members - 14th July 2010 (Not on Internet)

ETAG advice to members without current email send 1st class post 21st June 2010

ETAG Advice - Le Shuttle Club Rules 20th June 2010

Le Shuttle Club rules 11th June 2010 posted 19th June 2010

Easter Half Term suspension of travel rights - refunds 18th June 2010

Restriction of Travel Rights February Half Term 2010
Posted 29th Jan 2010
Eurotunnel´s unilateral decision objected to

Renewal of Travel Rights 2010
Posted 29th Jan 2010
Steps to be taken for registration of entitlement

Travel Rights restored & Booking Arrangments
from 15th Jan 2009

Restoration of Travel Rights
Rights to resume in Jan 2009

Temporary Suspension of Travel Rights & their Renewal
Tunnel fire consequences
(Posted 29th Sepember 2008)

TNU AGMs 27th June 2008 Agenda commentry
(posted 23rd June 2008)

EGMs 21st Dec 2007 Agenda commentary
(posted 20th Nov 2007)

Eurotunnel’s AGM press release

AGMs 27th July 2007 Agenda commentary
(posted 7th July 2007)

Accepted in Error? 14th June 2007

A Thank You note 10th June 2007
Your ETAG team and their supporters

New Director 5th June 2007

Share Price Observations 2nd June 2007

Surplus Untendered Shares 2nd June 2007

Eurotunnel Press Release
31st May 2007
Analysis of initial Offer result
Additional Acceptance Period 1st to 14th June 200

Offer result
25th May 2007 - 87% acceptances - sit tight!

The Takeover Panel ruling 23rd May 2007
Reasons for dismissing ETAG’s ‘separate class of shares’ case (40 pages)
Other aspects of ETAG's approaches to The Takeover Panel, its French Equivalent the AMF, the Paris Commercial Court and its proposed Injunction have not resulted in rulings as either Eurotunnel has taken appropriate action to satisfy our complaints or matters are ongoing.

Linklaters’ review
ETAG's action has become a leading case, and Linklaters' review is a very much more digestible summary

Suggested ACTION REQUIRED
10th May 2007

Offer Closing Date extended 6 days to 21st May 2007 - French press report
9th May 2007

ETAG Newsflash – Preservation of Travel Rights  14th April 2007

 

 

Other

Reception & Lunch 16th November 2010 more info

ETAG Annual Accounts to 31st March 2010

ETAG-Annual Accounts to 31st March.2009 &commentary on 28th April 2009 AGMs Group restructuring proposals

ETAG Annual Accounts to 31st March 2008

Informal reception Sat 14th July 2007 & other matters

Current Activities 2nd June 2007

Insurance Details 15th May 2007
requested from those ETAG members whose household insurance policies cover contractual disputes

Questionnaire Results 10th May 2007
Evidence that Foundation Shareholders were being misled by Offer documents & information centres

Background and Financial implications April 2007

ETAG Objects 31st March 2007

 

 

 

 

 

 

 

 

Back to Top