GET SA share consolidation

Share consolidation

Since 12 November 2007, Getlink SE (formerly Groupe Eurotunnel) has proceeded with consolidating its shares at a ratio of 1 new share for every 40 old shares.

In simple terms, how does the consolidation work?

  • Since 12 November, your usual financial intermediary has automatically consolidated your shares for you.
  • Option 1: you already hold a number of shares that is a multiple of 40 (eg 1,240 existing shares would give you 31 consolidated shares): you do not need to do anything.
  • Option 2: your holding does not constitute an exact multiple of 40. You may simplifiy the process by purchasing the number of shares you need to round up your holding to the next multiple of 40 or to sell the surplus shares to round down to the nearest multiple of 40, so that your entire holding can be consolidated.
  • Option 3: you hold Crest Depository Interests (“Share CDI”) each representing one share. The process is identical except for the CDI which do not form an exact multiple of 40 for which you could round up or down your holding only before 12 November 2007.

Sale and purchase of CDIs.

In order for a broker to purchase any form of security (shares, bonds, warrants, CDIs etc..) on your behalf, it is necessary for an account to be opened in your name, the opening of which requires similar checks to the opening of a bank account. Whereas the sale of securities may be carried out without funds being credited to the account (account charges may be deducted from proceeds of sale), it is unlikely that a broker would purchase securities on your behalf without cleared funds being in the account.CDI holders who do not have an account already opened with a broker, may find that the time required to effect the formalities of opening the account and for funds to clear, particularly where cheques are used, means that it is no longer possible for them to acquire additional CDIs between now and 12 November 2007.

Eurotunnel wrote to CDI holders as soon as the decision to consolidate the shares in Groupe Eurotunnel SA was taken advising them to consider their position without delay.

  • Since 12 November, your consolidated shares and, as the case may be, your old non-consolidated shares (which were not an exact multiple of 40), are listed on two separate lines. This does not apply to CDI.

To find out more about the practicalities of consolidation