RNS Number : 0906L
  British Energy Group PLC
  05 January 2009
   

    Not for release, publication, transmission or distribution, in whole or in part, in or into or from Australia, Canada, Japan or the
United States or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such
jurisdiction.

    5 January 2009
    British Energy Group plc
    Issue of Convertible Shares

    British Energy notes the announcement from Lake Acquisitions Limited ("Lake Acquisitions") on 2 January 2009 that, in accordance with
the terms of the irrevocable undertaking received from Nuclear Liabilities Fund Limited ("NLF") in connection with Lake Acquisitions's
recommended offers to acquire the entire issued, and to be issued, share capital of British Energy Group plc (other than the special share
in British Energy Group plc and the ordinary shares already held by Lake Acquisitions) (the "Offers"), Lake Acquisitions has served notice
on the Secretary of State and NLF requiring them to exercise the right of NLF to convert its entitlement to receive the annual cash sweep
payment from British Energy into British Energy convertible shares of 10p each (the "Convertible Shares") and to accept the Offers in
respect of its entire resulting holding of such convertible shares. 
    British Energy announces that it has today received NLF's instruction to British Energy to convert all of its entitlement to receive the
annual cash sweep payment from British Energy into Convertible Shares. Accordingly, British Energy has today allotted 571,204,734
Convertible Shares to NLF, representing approximately 35.54 per cent. of the enlarged share capital of British Energy Group plc.
    Following acceptance of the Offers by NLF in respect of the Convertible Shares, and upon legal transfer and registration of the
Convertible Shares in the name of Lake Acquisitions, the Convertible Shares will be re-designated as ordinary shares of 10p each in the
capital of British Energy and the current issued ordinary share capital of British Energy will increase from 1,036,054,899 ordinary shares
to 1,611,519,535 ordinary shares (assuming the full exercise of the 4,259,902 currently outstanding British Energy warrants but no other
issues of ordinary shares). 

    Contact details:
    Andrew Page
020 7266 8397
(Investor Enquiries)
    Andrew Dowler
020 7831 3113
(Media Enquiries)
    This announcement is being issued in reliance on Rule 135e of the U.S.  Securities Act of 1933, as amended. This announcement is not an
offer to sell or the solicitation of an offer to buy any securities in the United States. No securities to be issued in connection with the
Offers will be registered under the US Securities Act or the securities laws of any state or territory or other jurisdiction of the United
States and no securities may be offered sold, transferred or delivered, directly or indirectly, in the United States or to, or for the
account or benefit of, US Persons except pursuant to an exemption from, or in a transaction not subject to the registration requirements of
the US Securities Act and any applicable US state securities laws . 
    The Offers will not be made, directly or indirectly, in or into Australia, Canada or Japan, or any other jurisdiction if to do so would
constitute a violation of the relevant laws of such jurisdiction. This document does not constitute an offer in Australia, Canada or Japan
and the Offers will not be capable of acceptance from or within Australia, Canada or Japan or any other jurisdiction if to do so would
constitute a violation of the relevant laws of such jurisdiction. Accordingly, except as required by applicable law, copies of this
announcement are not being, and may not be, mailed, forwarded or otherwise distributed or sent in, into or from, Australia, Canada or
Japan.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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