ETAG
Eurotunnel Foundation Sharholders' Action Group
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This is only relevant to members
of
TNU PLC & TNU SA, formerly Eurotunnel |
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Please click here
La Section Française |
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'Old' Eurotunnel (TNU PLC & TNU SA)) 'Stapled' Units |
For ETAG email updates - Please sign up
Last bulletin sent 1st October 2008 |
Eurotunnel Foundation Shareholders' travel rights |
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Latest Postings |
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Posted 25th Sepember 2008 |
Tunnel fire consequences |
| TNU AGMs 27th June 2008 - ETAG report |
Posted 27th June 2008 |
Travel rights - Annual fee planned |
| TNU AGMs 27th June 2008 Agenda commentary |
Posted 23rd June 2008 |
No action required |
| ETAG Annual Accounts to 31st March 2008 |
Posted 8th May 2008 |
Adequate resources in hand |
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Informal ETAG reception at The Grand Folkestone 14th July 2007 |
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 'stapled Units' in the former Eurotunnel PLC & Eurotunnel SA (now TNU PLC & TNU SA) continue to benefit from their travel rights.
However, their qualifying shares are now a tiny minority in a subsidiary of the new holding company, Groupe Eurotunnel SA (GET SA), and ETAG continues to monitor its members' interests. It maintains a Defence Fund in readiness for any eventuality; a substantial proportion of those who use the travel rights have subscribed to this fund, and the weight of numbers and resources, supplemented by insurance cover, has amply demonstrated its worth hitherto.
Email: ETAG@grand-uk.com |
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The Eurotunnel Foundation Shareholders’ Action Group (ETAG)
is directed by a Steering Committee consisting of:
Michael Stainer FCA – Member of Eurotunnel Shareholder Consultative Committee
Paul Fox FCA – Member of Eurotunnel Shareholder Consultative Committee
Michael Spencer QC – Crown Office Chambers, expert in Group litigation
John Webley FCA – a former Morgan Stanley Managing Director
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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 |
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Over 1200 Unitholders have joined ETAG, their first payments having produced over £130,000, of which nearly £75,000 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.
For ETAG email updates please sign up here.
Please notify us, and Eurotunnel, of any change in your contact details - click here for details of what to do.
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
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Progress Reports |
Special Bulletins |
Other |
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ETAG Annual Accounts to 31st March 2008 |
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Insurance Details 15th May 2007
requested from those ETAG members whose household insurance policies cover contractual disputes
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Questionnaire Results 10th May 2007
Evidence that Foundation Shareholders were being misled by Offer documents & information centres |
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Eurotunnel Press Release 31st May 2007
Analysis of initial Offer result
Additional Acceptance Period 1st to 14th June 2007 |
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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 |
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Press Coverage |
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June |
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November |
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BBC 2 Working Lunch c12.55 15th May 2007
(5 mins)
The Goun on Show
ou Le OuiOuiOuiNon Spectacle
Near the end he’s tamely asked about travel rights – he implies for about 150 out of 150,000 UK shareholders
‘which the company can’t afford’.
(Fortunately it’s what his lawyers make him write that counts.) |
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Sunday Telegraph 15th April 2007 |
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Daily Telegraph 30.3.2007
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