Rebel Eurotunnel shareholders have launched an assault on the Channel Tunnel group’s chairman, alleging he is trying to “bludgeon” them out of existence.

Members of the Eurotunnel Foundation Shareholders’ Action Group (Etag) claim in a letter to The Times tomorrow that Jacques Gounon is unfairly trying to strip some 12,000 small shareholders of privileges that include unlimited £1-a-trip travel through the tunnel.

The fresh assault from the group, whose members include Lady Fretwell, wife of Sir John Fretwell, former ambassador to Paris, and Susan Selby, daughter of former Eurotunnel chairman, the late Lord Pennock, comes after Mr Gounon this week branded as “crazy” moves by small shareholders to oppose the group’s resurrection.

Eurotunnel is seeking the support of shareholders to push through a debt-for-equity swap that will wipe out a large portion of its crippling debt mountain.

The transport group claims that one consequence of the plan, which must be agreed by May 15, is that all shareholders must be treated equally. Eurotunnel has opted to offer the most recent perks package to all shareholders, limiting them to 30 per cent off three return trips per year.

Etag's letter claimed: "The foundation shareholders are the most loyal shareholder group...Mr Gounon has now decided to try to use the terms of the takeover offer to bludgeon a group of minority shareholders out of existence.”

Earlier this week Mr Gounon told The Times: “If the exchange offer is unsuccessful... we are dead. If the company is bankrupt on May 16, they will lose both their shares and their privilege.”

Etag is threatening legal action against Eurotunnel and has already sent a letter to the group to register its intent.

“If these actions have any negative impact on the result of the exchange offer, Mr Gounon only has himself to blame,” the shareholders add.

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