Eurotunnel shareholders tender 2.369 billion units under exchange offer; initial share listing July 2

By Caroline Salls

Pittsburgh, June 21 - Eurotunnel plc and Eurotunnel SA shareholders tendered 2.369 billion of their shares under the exchange tender offer made by GET SA, representing 93.04% of the share capital of the two Eurotunnel companies, according to a news release.

As a result, a total of 4.307 billion GET warrants will be issued as part of the implementation of the Eurotunnel Safeguard plan.

According to the release, the settlement of the exchange offer, along with the debt restructuring and almost all the steps to implement the Eurotunnel Safeguard plan, will occur on June 28.

As a result, Euronext will make the initial listing of GET's shares and warrants, and that of the notes redeemable for shares in GET, on July 2.

In addition, in accordance with the Safeguard plan, GET will consolidate its shares at a ratio of 1-to-40 by the end of 2007.

"The share consolidation will give a share value which should be much more representative of the new Eurotunnel, which is now in place and able to concentrate fully on its development," Eurotunnel chairman and chief executive Jacques Gounon said in the release.

Eurotunnel is the Paris-based operator of the Channel Tunnel.

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