British Energy Share Discussion Threads

[bgyered] 22/10/2004 23:01

Well said ECH - deserves publication - letter to Times/Telegraph? - go on....

[ech] 22/10/2004 16:13

British Energy no longer PLC
22 October 2004

22 October 2004

British Energy no longer PLC

Results of Requisitioned Extraordinary General Meeting, 22 October 2004

Further to the announcements made earlier today, British Energy announces that, in accordance with the unanimous recommendation of the Board, we have successfully handed over the Company to its creditors and the majority of its future cash flow to the Government. The Directors welcome this result as they have completed the job they were given by HMG, and therefore will qualify for their large bonuses. The Directors are especially pleased that they managed to do this despite electricity prices being at a very high level, and the Company having an extremely healthy cash flow. The Directors are, however, disappointed that the current shareholders dared to question their motives, and as such applaud the creditors threat to sue individuals for trying to exercise their corporate rights. In light of this on relisting there will be a massive reduction in issued share numbers which will be rounded down, so the smaller holders have no equity at all in the Company. The Directors would however like to encourage all shareholders to purchase new shares in British Energy on relisting and can rest assured their interests will remain paramount in this independently run company.

[garter61] 22/10/2004 16:10

So what now then ?

[martin036] 22/10/2004 15:22

British Energy PLC
22 October 2004


22 October 2004

British Energy plc

Results of Requisitioned Extraordinary General Meeting, 22 October 2004

Further to the announcements made earlier today, British Energy announces that,
in accordance with the unanimous recommendation of the Board, all the
resolutions at its Extraordinary General Meeting held today were voted down by
shareholders. The Directors welcome this result and continue to believe that
the Agreed Restructuring is in the best interests of the Company and its
shareholders as a whole.

Contact:

Andrew Dowler 020 7831 3113 (Media Enquiries)
John Searles 01355 26 2202 (Investor Relations)

Find this News Release on our web-site:
www.british-energy.com

[pc4900074200] 22/10/2004 13:43

I see their firing one last warning shot
to try and stop shareholders voting yes.

pc

18 minutes to go!!!

[me me] 22/10/2004 13:29

jdhurry
i bought 500,000 still holding (honest)check the PBH thread not posted for a long time on there but bought them a few weeks ago from 10.8p on wards posyed my holding on the PBH thread

[martin036] 22/10/2004 13:22

British Energy PLC
22 October 2004


22 October 2004

British Energy plc


Restructuring update

British Energy is continuing to work hard to implement the Agreed Restructuring
and to finalise and to satisfy the remaining requirements for publication of the
required circulars to bondholders and shareholders and prospectus for British
Energy Group plc and British Energy Holdings plc (the proposed holding companies
of the restructured group).

The Company currently expects to achieve sufficient progress with a view to
posting the circulars and prospectus in November, holding meetings of
bondholders and shareholders in December and seeking Court sanction of the
Creditors' Scheme and Members Scheme and completing the Agreed Restructuring in
late January 2005.

The board will keep under review whether in the circumstances an extension of
the present Restructuring Long Stop Date of 31 January 2005 is appropriate but
no decision has been taken at this time. In addition, any extension would
require the approval of the Secretary of State for Trade and Industry, BNFL and
the requisite majorities of creditors and there can be no assurance that such
approvals will be forthcoming.

The Agreed Restructuring remains subject to a large number of important
conditions and significant uncertainties. If for any reason the Company is
unable to implement the Agreed Restructuring prior to the Restructuring Long
Stop Date, it may be unable to meet its financial obligations as they fall due,
in which case it may have to take appropriate insolvency proceedings. If the
Company were to commence insolvency proceedings, distributions, if any, to
unsecured creditors may represent only a small fraction of their unsecured
liabilities and it is highly unlikely there would be any return to shareholders.

The Company expects to announce later today the results of the requisitioned
extraordinary general meeting to be held at 3.00pm this afternoon.

[martin036] 22/10/2004 11:08

and some comment from The Herald:

BE delists ahead of today's meeting

BEN GRIFFITHS October 22 2004

SHARES in nuclear power generator British Energy were delisted from the stock market yesterday ahead of a life-saving financial restructuring which will leave shareholders with less than 3% of the company.
The heavily-indebted group, which is expected to relist in its new guise sometime in January, is today holding an extraordin-ary general meeting at Hampden Park conference centre, Glasgow. The meeting was requisitioned by Polygon, a rebel shareholder and US hedge fund, and has threatened to derail the restructuring.
The UK's biggest electricity producer has warned it faces insolvency if shareholders do not support an agreement with creditors. About 215,000 priv-ate investors still hold a stake in the group, many having acquired shares in the former state-owned group when it was privatised in 1996.
East Kilbride-based British Energy is trying to push through a £5bn restructuring plan having been brought close to bankruptcy in 2002 by falling wholesale electricity prices. It delisted in an effort to pre-empt the risk of shareholders voting down the terms of the arrangement.
Bondholders will be the winners under the agreement while shareholders will be left with very little. British Energy's creditors agreed a deal last October which will see the company swap 92.5% of diluted equity in return for cancelling £1.3bn of debt.

[soul_trade] 22/10/2004 11:08

The loophole through which the company has driven its delisting manoeuvre might have been closed but the Financial Services Authority, which proposed doing so this year, said yesterday more work needs to be done.

that says it all

[bgyered] 22/10/2004 09:58

This from yesterday's Grauniad:
________________________________________________
Capital folly
October 21, 2004 6:33pm
Europe Intelligence Wire


British Energy's restructuring programme is entering the endgame. Yesterday the company delisted, closing off one possible way in which any rebel shareholders could have blocked the deal. There may be angry faces at today's meeting but fireworks seem unlikely. By the end of January, British Energy should have the deal signed, sealed and delivered and the shares relisted.

But though British Energy, the creditors and the government have got their way, the affair is likely to leave a sour taste. The loophole through which the company has driven its delisting manoeuvre might have been closed but the Financial Services Authority, which proposed doing so this year, said yesterday more work needs to be done.

Then again nobody could have been expected to predict the extent of the rise in energy prices since the terms of the deal were negotiated. It has rubbed salt in shareholders' wounds. At best, they will be left with 7.5% of a company with significantly improved prospects. Threats of legal action by bondholders have hardly helped to heal the divisions.

In the short run none of this matters very much, except to the shareholders. But in the long term it is important. The affair is yet another blow to those who support the concept of equity financing for utilities and big infrastructure projects. Each time shareholders are perceived to have lost out to those prepared to lend rather than to invest, the more difficult it will become to attract risk taking capital in the future.

_______________________________________________

"nobody could have been expected to predict the extent of the rise in energy prices"

- well that's b*ll*cks - energy prices are one of the most intensively researched/forecast economic variables. At the time BGY went cap in hand to HMG (when they should have gone to the market to ride out what was simply a 12-month credit squeeze), they had several forecasts to hand which indicated prices were soon going to rise, and only one which said they would stay the same/worsen. Guess which one was used?

I hope one day to see the entire saga of BGY exposed in all its appalling shiftiness. There's a lot of meat in this for a Parliamentary Enquiry. Keep chipping away at your MP.

[jdhurry] 21/10/2004 15:44

meme... check out PBH! Let me know what you think here.

[pc4900074200] 21/10/2004 15:05

Hampden Park Conference Centre.
Glasgow
G42 9BA

Reg. Starts at 2.15pm Meeting starts 3.oopm

pc

[soul_trade] 21/10/2004 12:29

so what time and where is the EGM tomorow, anyone knows?

[soul_trade] 21/10/2004 12:09

i doubt anyone burned their fingers kino-ke - whoever was hoping for a gain from a mircale probably gotten out before the delisting and as this is not a bunkrupcy procedure, but a mere delisting to relist back when everything will be the way bgy wants it, we will have our money and more back, of course if you wanted to use that money elsewhere, you should've sold.

[snogger] 21/10/2004 09:06

Simon following on from our chat. The registrars are Lloyds TSB East Kilbride 01355 262 000.

[simon cawkwell] 21/10/2004 08:47

Gentlemen,

Should anybody wish to sell their BGY shares to me, please telephone me on 020 7835 0868 or e-mail me on [e-mail].

Simon Cawkwell

[quidzinn] 21/10/2004 07:45

Resposible Lad is an irrational penny share day-trader/bandwagon follower - he borrows money off his mum to trade - please ignore his comments, he has a habit of rubbishing shares he missed out on buying when they were at their lows.

Q

[yuka] 20/10/2004 21:48

Why? Do you think the shares are worth less than 10p just because they delisted?

[responsible lad] 20/10/2004 21:40

Do not understand why anybody in such profits from the under 10p buys have not sold. Surely they will lose all their original stake money plus profits now.

[soul_trade] 20/10/2004 16:54

20 October 2004



British Energy plc

UK COMPANIES ACT 1985 - SECTIONS 198-202 - British Energy plc (the 'Company')


In accordance with Section 198-202 of the UK Companies Act 1985, the Company has
received notification from Deutsche Bank AG that on the basis that the relevant
issued share capital of the Company is 620,362,444 ordinary shares, Deutsche
Bank AG and its subsidiary companies have a notifiable interest in 45,392,928
ordinary shares of British Energy plc, amounting to 7.32%. Part of this holding
may relate to hedging arrangements for customer transactions.

[chelle] 20/10/2004 16:35

anybody know anything?

[simon cawkwell] 20/10/2004 16:05

BGYered,

Surely, Ofex must now come to the fore.

Simon Cawkwell

[soul_trade] 20/10/2004 15:46

lets hope they dont delist