11 JUNE 1994, Page 26

Glyndebourne-sous-Mer

THIS MONTH'S case study on City short- termism, dividend greed and all that: £858 million of new share capital and another £750 million of loan finance are being raised for a company which has never paid a dividend and will not pay any until the next century, if then. So long as the sums look right, the City can wait. The company, of course, is Eurotunnel, the submarine version of Glyndebourne, and one of our two best examples of what can be done by not relying on the Government for money.