Eurotunnel investors in perks row

Eurotunnel has 150,000 English and 500,000 French shareholders

Shareholders have threatened Eurotunnel with a High Court injunction in a row over discount trips.

The 4,000-strong group of "foundation" holders who bought shares in Eurotunnel in 1987 are entitled to unlimited travel for £1 a year until 2086.

They will get just 30% off three trips a year under a planned restructuring.

The Channel Tunnel operator wants to restructure to slash debts to £2.8bn under which investors would take shares in a new firm, Groupe Eurotunnel.

The reorganisation would put the 4,065 British foundation shareholders' travel allowances offered in line with those offered to 46,000 other shareholders in 1996.

Etag, the shareholders' action group, said it would seek the injunction to prevent the transfer of Eurotunnel to the new company without their travel allowances being secured.

'Safeguard plan'

It's hard not to wince on behalf of those who've enjoyed the unlimited travel perk Robert Peston, BBC Business Editor Read Robert Peston's blog

Eurotunnel said it made its move after talks with English and French regulatory authorities.

"We have been advised that we can only offer one scheme to shareholders because to do otherwise would be discriminatory," said a Eurotunnel spokesman.

But Etag said a "safeguard plan" sent to shareholders in January said that the group's new structure would "offer travel privileges equivalent to the current ones".

"We are advised we have a strong case and are confident that the necessary injunction will be granted," Etag added.

Eurotunnel needs 60% of shareholders to approve the proposed restructuring by the end of April.