Power Group Online Article |  | |
23 September 2004 - UK nuclear generator British Energy today signalled its intention to delist its shares on both the London and US stock markets. The company is in fierce battle with rebel shareholders over the rescue plan, approved by the EU Commission yesterday.
The troubled nuclear generator said that it would seek shareholders approval to delist by 21 October. It said rebel shareholders led by US hedge fund Polygon could force the company into administration by opposing the firm's restructuring plans.
"We have taken the decision to seek delisting with great reluctance but it is necessary to safeguard the interests of British Energy," said chairman Adrian Montague. "Major creditors have made it clear that they will take all steps to protect their interests. Passing these resolutions puts the company in real danger of administration". Montague said that British Energy would take what actions we can to protect the company.
British Energy has become embroiled in an increasingly bitter battle with two leading shareholders over plans to put the company on a sound financial footing. Although the proposed restructuring would result in a very significant dilution of existing shareholders interests, the alternative would mean the company failing to meet financial obligations and having to commence insolvency proceedings.
|
Return to Previous Page
Power Engineering Webcasts | |
|
Sponsored White Papers Library | | |
|
|
|
|
Articles 
| View all PennWell sites | View all PennWell events
Add RSS Feed
