Eurotunnel board face the door

4th December 2003, Comments 0 comments

PARIS, Dec 3 (AFP) - Eurotunnel SA, which operates the underwater rail link between Britain and France, was ordered Wednesday by a Paris commercial court to convene a special general shareholders' meeting.

PARIS, Dec 3 (AFP) - Eurotunnel SA, which operates the underwater rail link between Britain and France, was ordered Wednesday by a Paris commercial court to convene a special general shareholders' meeting.

The ruling came in response to a request by a group of minority shareholders contesting the group's management

The group, led by French businessman Nicolas Miguet, needed to prove that at least five percent of Eurotunnel's shareholders had requested the special meeting.

According to the public prosecutor's office, 7.99 percent of Eurotunnel's shareholders approved the motion.

The court accepted Eurotunnel's proposal to hold the session between April 7-15, 2004 at the time of its regularly scheduled annual shareholders' meeting.Miguet and the minority Eurotunnel shareholders, known as Adacte, are hoping to oust the company's management, accusing it of not doing enough to reduce a debt load estimated at EUR 9 billion
(USD 10.8 billion).

© AFP

                                                                Subject: French news

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