12th Jan 2006 17:49
Eurotunnel PLC/Eurotunnel S.A.12 January 2006 NEWS Eurotunnel to leave SRD* Eurotunnel will leave the SRD (Deferred settlement service on Euronext inParis), on 28 March 2006. This follows the decision recently taken by Euronext,in agreement with the French Market Authorities. The Group is pleased with thisdecision which is appropriate to the present circumstances and which is in linewith a recurring request from a segment of its shareholders. Regarding the recent erratic movements in the share price, Eurotunnel confirmsthat it has no knowledge of the causes of this unusual activity and indicatesthat, at today's date, no specific event inherent to the Group has taken placewhich could justify them. Negotiations with the Ad hoc committee continue to follow their normal course,but it is not possible, at this stage, to anticipate their outcome. Eurotunnel also confirms that the holders of stabilisation notes and advancesdid not want to take up the option of extending the conversion period, as hadbeen proposed by the Group. This decision reinforces the choice of the JointBoard to treat the debt as a whole during the negotiations. As indicated in theinterim accounts, at 30 June 2005, the Group's forecast cash position for 2006includes the financial charge that results from non conversion. Under normal operating conditions, the Group will be able to meet itscontractual commitments until the start of 2007, the point at which the firstrepayments of the principal of the debt become due. The finance agreements (1987), as amended, provides, should an event of defaultoccur, the possibility of a contractual moratorium ("Standstill") which, undercertain conditions, enables the Group to renegotiate its debt, whilst continuingits business normally, and which instigates a specific order of payments of theGroup's financial charges. *Deferred settlement service on Euronext in Paris, a system which allowsinvestors to benefit from leveraging and differed payments Media enquiries: John Keefe tel: + 44 (0) 1303 288737 Investor enquiries: Investor Relations tel: + 33 1 55 27 36 27 News release no. (959) www.eurotunnel.com Eurotunnel manages the infrastructure of the Channel Tunnel and operatesaccompanied truck shuttle and passenger shuttle (car and coach) services betweenFolkestone, UK and Calais/Coquelles, France. It is market leader forcross-Channel travel. Eurotunnel also earns toll revenue from train operators(Eurostar for rail passengers, and EWS and SNCF for rail freight) which use theTunnel. Eurotunnel is quoted in London, Paris and Brussels. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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