Suspension of trading in Eurotunnel shares on London Stock Exchange.
The Joint Board of Eurotunnel decided, on 11 April 2006 not to approve the Group’s accounts until after the mid point in negotiations planned for mid May. This was done in the light of the evolving negotiations which the Joint Board wanted to consider before making a decision regarding the approval of the accounts.
The Financial Services Authority (the regulatory authority in the UK) has decided, based on this postponement, to suspend trading in Eurotunnel shares from today, Tuesday 2 May 2006, and until publication of the accounts.
Eurotunnel notes this decision.
Today, negotiations continue; the creditors concerned having voted in favour of a new extension to the waiver on 25 April.
In line with its desire to keep the markets fully informed, Eurotunnel would like the decision to suspend its shares, taken by the FSA as a result of the postponement of approval of the accounts, not to be wrongly interpreted as an imminent announcement of major developments in its financial restructuring but rather to be seen as the logical consequence of its statements on 12 April.