Tunnel exit here

Tunnel exit here

THAT Eurotunnel shares should have any value at all when the senior debt is trading at just 60p in the pound is one of life's enduring mysteries. The Channel tunnel is an awe-inspiring engineering feat. Its finances are an even more breathtaking trick. But there are no more rabbits in the hat. One way or another, existing shareholders are going to be diluted to kingdom come. Right now they can get 203p for their shares. They should grab the chance while it's still there.