Mr. Gounon's comments are a litte odd since the second round of acceptances cannot be initiated until such time as the first round either produces 60%+ of acceptances OR greater than 50% acceptance AND that the exercise of a vaiver has been announced.

The second round of acceptances is not to give GET SA a "second bite of the cherry" although given initial acceptance of the offer it has this effect, the objective of the second round is to give the remaining minority shareholders of Eurotunnel Plc/SA the opportunity to participate in the offer after its success which will of course have put them in a minority position.

It is true of course that if the inital round of acceptances should prove successful, the final size of the overall acceptance and the size of the non-GET SA rump holdings in Eurotunnel Plc/SA will not be known until June.

Brian Terrell, Verneuil sur Avre, France

I understand that 1 Eurotunnel Unit will be exchanged for 1 GET SA share + 1 GET SA warrant: and that after Settlement Date of the Safeguard Plan there will be a SHARE CONSOLIDATION of GET SA shares, providing for an exchange ratio equivalent to 1 GET SA ordinary share for 40 Eurotunnel units. So, say, If I have 400 units @30p (total £120) today, I will have 10 GET SA shares @30p (total £3) after settlement, all other things being equal.

Am I right in thinking it is better to sell NOW, rather than accept the Tender Offer? Comments/advice gratefully accepted.

Michael Meaney, Dunmow, Essex, England

It's odd that M Gounon is saying that the result of the tender Offer is unlikely to be known until June, as if the 60% (or 50%) is reached the Additional Acceptance Period Opening Date given in the Indicative Timetable (Offer Document p9) is 28 May 2007. Is he telling us something that we do not already know?

Michael Stainer, Folkestone, England