Document:

Mortgage of Shares dated 8th September, 2000

 Exhibit 4.19 
  
 CONFORMED COPY 
  
 MORTGAGE OF SHARES 
  
 DATED 8TH SEPTEMBER, 2000 
  
 BETWEEN 
  
 EGGBOROUGH POWER (HOLDINGS) LIMITED 
  
 and 
  
 BARCLAYS BANK PLC

 as Security Trustee 
  
 ALLEN & OVERY 
 London

 CONTENTS 
  

					
	 Clause

	 	 	  	Page

	 1.
	 	Interpretation	  	1
	 2.
	 	Security	  	2
	 3.
	 	Preservation of Security	  	3
	 4.
	 	Representations and Warranties	  	5
	 5.
	 	Undertakings	  	6
	 6.
	 	When Security becomes Enforceable	  	7
	 7.
	 	Enforcement of security	  	7
	 8.
	 	Receiver	  	9
	 9.
	 	Powers of Receiver	  	9
	 10.
	 	Application of Proceeds	  	11
	 11.
	 	Expenses and Indemnity	  	11
	 12.
	 	Delegation	  	11
	 13.
	 	Further assurances	  	12
	 14.
	 	Power of Attorney	  	12
	 15.
	 	Waivers and remedies cumulative	  	12
	 16.
	 	Miscellaneous	  	13
	 17.
	 	Changes to the Parties	  	13
	 18.
	 	Severability	  	14
	 19.
	 	Counterparts	  	14
	 20.
	 	Notices	  	14
	 21.
	 	Release	  	15
	 22.
	 	Governing Law and jurisdiction	  	15

 THIS MORTGAGE OF SHARES is dated 8th September, 2000 between: 
  

	(1)	EGGBOROUGH POWER (HOLDINGS) LIMITED (Registered number SC201083) (the “Chargor”); and 

  

	(2)	BARCLAYS BANK PLC (the “Security Trustee”) as agent and trustee for the Finance Parties. 

  
 WHEREAS: 
  

	(A)	The Chargor enters into this Mortgage of Shares in connection with the Credit Agreement (as defined below). 

  

	(B)	It is intended that this Mortgage of Shares takes effect as a deed notwithstanding the fact that a party may only execute this Mortgage of Shares under hand.

  
 IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	In this Mortgage of Shares: 

  
 “Act” 
  
 means the Law of Property Act 1925. 
  
 “Credit Agreement” 
  
 means the £550,000,000 credit agreement dated 13th July, 2000 (as amended and restated on 8th September, 2000) between (among others), the Borrower
and the Security Trustee. 
  
 “Default Rate”

  
 means the rate specified in Clause 9.4 (Default interest) of
the Credit Agreement. 
  
 “Permitted Transfer”

  
 means any sale, transfer, grant or disposal of any shares of
the Borrower which are or may become held by the Chargor provided that the Chargor’s shareholding in the Borrower does not fall below 51 per cent. of the total issued share capital of the Borrower at any time as a result of such sale, transfer,
grant or disposal. 
  
 “Receiver” 
  
 means a receiver and manager or (if the Security Trustee so specifies in the
relevant appointment) a receiver, in either case, appointed under this Mortgage of Shares. 
  
 “Related Rights” 
  
 means any dividend or interest paid or payable in relation to any Shares and any rights, moneys or property accruing or offered at any time in relation to any Shares by way of redemption, substitution, exchange, bonus or preference, under
option rights or otherwise. 

 “Secured Liabilities” 
  
 means all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally
or in any other capacity whatsoever) of each Obligor to the Finance Parties under each Finance Document except for any obligation which, if it were so included, would result in this Mortgage of Shares contravening Section 151 of the Companies Act
1985. For the purpose of this definition, the term “Finance Document” includes all amendments and supplements including supplements providing for further advances. 
  
 “Security Assets” 
  

means the Shares and all other assets of the Chargor which are the subject of any security created by this Mortgage of Shares. 
  
 “Security Period” 
  
 means the period beginning on the date of this Mortgage of Shares and ending
on the date on which the Security Trustee is satisfied that all the Secured Liabilities have been unconditionally and irrevocably paid and discharged in full. 
  

“Shares” 
  
 means: 
  

	 	(a)	the 1,000,001 ordinary shares of £1 each in the share capital of the Borrower together with all the shares in the Borrower in which the Chargor has an interest in the future;
and 

  

	 	(b)	any other stocks, shares, debentures, bonds or other securities and investments in the Borrower legally and/or beneficially owned by the Chargor or in which the Chargor has an
interest. 

  

	1.2	(a) Capitalised terms defined in the Credit Agreement have, unless expressly defined in this Mortgage of Shares, the same meaning herein. 

  

	 	(b)	The provisions of Clause 1.2 of the Credit Agreement apply to this Mortgage of Shares as though they were set out in full herein except that references to the Credit Agreement are
to be construed as references to this Mortgage of Shares. 

  

	 	(c)	A reference in this Mortgage of Shares to assets includes, unless the context otherwise requires, present and future assets. 

  

	 	(d)	A person who is not a party to this Mortgage of Shares may not enforce its terms under the Contracts (Rights of Third Parties) Act 1999. 

  

	2.	SECURITY 

  

	2.1	General 

  
 The Chargor as security for the payment of all the Secured Liabilities and with full title guarantee charges in favour of the Security Trustee:

  

	 	(a)	by way of a first equitable mortgage or a first fixed charge, all the Shares; and: 

  

 2 

	 	(b)	by way of a first fixed charge, all Related Rights. 

  

	2.2	Distribution 

  
 Notwithstanding the creation of an equitable mortgage of the Shares and Related Rights under Clause 2.1 or the creation of a legal mortgage or charge of
the Shares and Related Rights under Clause 13.2, the Chargor shall be entitled to receive and retain any Distributions made to it in accordance with Clause 17.27 (Distributions) of the Credit Agreement. 
  

	3.	PRESERVATION OF SECURITY 

  

	3.1	Continuing security 

  
 The security constituted by this Mortgage of Shares is continuing and will extend to the ultimate balance of all the Secured Liabilities regardless of any
intermediate payment or discharge in whole or in part. 
  

	3.2	Additional security 

  
 The security constituted by this Mortgage of Shares is in addition to and is not in any way prejudiced by any other security now or subsequently held by
the Security Trustee for any Secured Liability. 
  

	3.3	Waiver of defences 

  
 The obligations of the Chargor under this Mortgage of Shares will not be affected by an act, omission, matter or thing which, but for this provision,
would reduce, release or prejudice any of its obligations under this Mortgage of Shares or prejudice or diminish those obligations in whole or in part including (whether or not known to it or the Security Trustee): 
  

	 	(a)	any time or waiver granted to, or composition with, the Borrower or other person; 

  

	 	(b)	the release of any other person under the terms of any composition or arrangement with any creditor of any member of the Group; 

  

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, the
Borrower or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

  

	 	(d)	any incapacity or lack of powers, authority or legal personality of or dissolution or change in the members or status of the Borrower or any other person; 

 

	 	(e)	any variation (however fundamental) or replacement of a Finance Document or any other document or security so that references to that Finance Document in this Mortgage of Shares
shall include each variation or replacement; 

  

 3 

	 	(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security, to the intent that the Chargor’s
obligations under this Mortgage of Shares shall remain in full force and be construed accordingly, as if there were no unenforceability, illegality or invalidity; or 

  

	 	(g)	any postponement, discharge, reduction, non-provability or other similar circumstance affecting any obligation of the Borrower under a Finance Document resulting from any
insolvency, liquidation or dissolution proceedings or from any law, regulation or order so that each such obligation shall for the purposes of the Chargor’s obligations under this Mortgage of Shares be construed as if there were no such
circumstance. 

  

	3.4	Immediate recourse 

  
 The Chargor waives any right it may have of first requiring the Security Trustee (or any trustee or agent on its behalf) to proceed against or enforce any
other rights or security or claim payment from any person before enforcing this Mortgage of Shares. 
  

	3.5	Appropriations 

  
 The Security Trustee (or any trustee or agent on its behalf) may at any time during the Security Period: 
  

	 	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by the Finance Parties or the Security Trustee (or any other trustee or agent on their
behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and the Chargor shall not be entitled to the benefit of the same; and 

 

	 	(b)	hold in a suspense account any moneys received on an enforcement of this Mortgage of Shares without liability to pay interest on those moneys. 

  

	3.6	Non-competition 

  
 The Chargor shall not at any time during the Security Period, after a claim has been made under this Mortgage of Shares or after this Mortgage of Shares
becomes enforceable: 
  

	 	(a)	be subrogated to any rights, security or moneys held, received or receivable by the Finance Parties or the Security Trustee (or any other trustee or agent on their behalf) or be
entitled to any right of contribution or indemnity in respect of any action taken, payment made or moneys received on account of the Chargor’s liability under this Mortgage of Shares; 

  

	 	(b)	claim, rank, prove or vote as a creditor of any other Obligor or their respective estates in competition with the Security Trustee; or 

  

	 	(c)	receive, claim or have the benefit of any payment, distribution or security from or on account of the Borrower or any other Obligor, or exercise any right of set-off as against any
Obligor. 

  

 4 

 Unless the Security Trustee otherwise directs, the Chargor shall hold in trust for and forthwith pay or
transfer to the Security Trustee any payment or distribution or benefit of security received by it contrary to this Clause 3.6 or as directed by the Security Trustee. 
  

	3.7	Reinstatement 

  

	(a)	Where any discharge (whether in respect of the obligations of the Borrower, this Mortgage of Shares, any other security or otherwise) is made in whole or in part or any arrangement
is made on the faith of any payment, security or other disposition which is avoided or must be restored on insolvency, liquidation or otherwise without limitation, this security and the liability of the Chargor under this Mortgage of Shares shall
continue as if the discharge or arrangement had not occurred. 

  

	(b)	The Security Trustee may concede or compromise any claim that any payment, security or other disposition is liable to avoidance or restoration. 

  

	4.	REPRESENTATIONS AND WARRANTIES 

  

	4.1	Representations and warranties 

  
 The Chargor makes the representations and warranties set out in this Clause 4 to the Security Trustee. 
  

	4.2	Powers and authority 

  
 It has the power to enter into and perform, and has taken all necessary action to authorise the entry into, performance and delivery of, this Mortgage of
Shares and the transactions contemplated by this Mortgage of Shares. 
  

	4.3	Legal validity 

  
 This Mortgage of Shares constitutes, or when executed in accordance with its terms will constitute, its legal, valid and binding obligation enforceable in
accordance with its terms. 
  

	4.4	Consents 

  
 All authorisations required in connection with the entry into, performance, validity and enforceability of this Mortgage of Shares and the transactions
contemplated by this Mortgage of Shares have been obtained or effected and are in full force and effect. 
  

	4.5	Non-conflict 

  
 The entry into and performance by it of, and the transactions contemplated by, this Mortgage of Shares do not and will not: 
  

	 	(a)	conflict with any applicable law or regulation or judicial or official order to which it is subject; or 

  

	 	(b)	conflict with its constitutional documents; or 

  

	 	(c)	conflict with any document which is binding upon it. 

  

 5 

	4.6	Security 

  
 This Mortgage of Shares creates those Security Interests it purports to create and is not liable to be avoided or otherwise set aside on the liquidation
or administration of the Chargor or otherwise. 
  

	4.7	Security Assets 

  

	(a)	The Shares and, to the extent applicable, the other Security Assets are fully paid. 

  

	(b)	The Chargor is the sole legal and beneficial owner of the Security Assets. 

  

	(c)	The Shares represent the whole of the issued share capital of the Borrower. 

  

	(d)	There are no agreements, rights or other matters whatsoever which would reasonably be likely to adversely affect the existence, enforceability or collectability of the Security
Assets. 

  

	(e)	The Security Assets are free from any Security Interest other than the Security Interest created by this Mortgage of Shares. 

  

	4.8	Times for making representations and warranties 

  
 The representations and warranties set out in this Clause 4 are made on the date of this Mortgage of Shares and are deemed to be repeated by the Chargor
on each date during the Security Period with reference to the facts and circumstances then existing. 
  

	5.	UNDERTAKINGS 

  

	5.1	Duration 

  
 The undertakings in this Clause 5 remain in force throughout the Security Period. 
  

	5.2	Deposit of Shares 

  
 The Chargor shall: 
  

	 	(a)	deposit with the Security Trustee, or as the Security Trustee may direct, all certificates and other documents of title or evidence of ownership in relation to the Shares and their
Related Rights; and 

  

	 	(b)	execute and deliver to the Security Trustee all share transfers and other documents which may be requested by the Security Trustee in order to enable the Security Trustee or its
nominees to be registered as the owner or otherwise obtain a legal title to the Shares and their Related Rights at any time after a Default has occurred and is continuing. 

  

	5.3	Restrictions on dealing 

  
 The Chargor shall not: 
  

	 	(a)	create or permit to subsist any Security Interest on any Security Asset other than the Security Interest created by this Mortgage of Shares; or 

  

 6 

	 	(b)	sell, transfer or otherwise dispose of, any Security Asset other than a Permitted Transfer; or 

  

	 	(c)	take or permit the taking of any action which would reasonably be likely to result in the rights attaching to any of the Security Assets being altered or further shares in the
Borrower being issued. 

  

	5.4	Calls and other obligations 

  

	(a)	The Chargor shall pay all calls or other payments due and payable in respect of any of the Security Assets and if the Chargor fails to do so the Security Trustee may pay the calls
or other payments on behalf of the Chargor. The Chargor shall forthwith on demand reimburse the Security Trustee for any payment made by the Security Trustee pursuant to this paragraph (a) together with interest at the Default Rate from the date of
payment by the Security Trustee up to and including the date of reimbursement by the Chargor. 

  

	(b)	The Chargor shall promptly copy to the Security Trustee and comply with all requests for information which is within its knowledge and which are made under section 212 of the
Companies Act 1985 or any similar provision contained in any articles of association or other constitutional document relating to any of the Security Assets and if it fails to do so the Security Trustee may elect to provide such information as it
may have on behalf of the Chargor. 

  

	(c)	The Chargor shall comply with all other conditions and obligations assumed by it in respect of any of the Security Assets. 

  

	(d)	The Security Trustee is not obliged to carry out any obligation of the Chargor in respect of the Security Assets or to make any payment, or to make any enquiry as to the nature or
sufficiency of any payment received by it or the Chargor, or to present or file any claim or take any other action to collect or enforce the payment of any amount to which it may be entitled under this Mortgage of Shares. 

 

	6.	WHEN SECURITY BECOMES ENFORCEABLE 

  
 The security constituted by this Mortgage of Shares shall become immediately enforceable and the power of sale and other powers conferred by Section 101
of the Act, as varied or amended by this Mortgage of Shares, shall be immediately exercisable upon and at any time after the occurrence and continuance of an Event of Default. After the security constituted by this Mortgage of Shares has become
enforceable, the Security Trustee may in its absolute discretion enforce all or any part of the security as it sees fit. 
  

	7.	ENFORCEMENT OF SECURITY 

  

	7.1	General 

  

	(a)	For the purposes of all powers implied by statute, the Secured Liabilities are deemed to have become due and payable on the date of this Mortgage of Shares.

  

	(b)	Section 103 of the Act (restricting the power of sale) and Section 93 of the Act (restricting the right of consolidation) do not apply to the security constituted by this Mortgage
of Shares. 

  

 7 

	7.2	Shares 

  
 After the security constituted by this Mortgage of Shares has become enforceable, the Security Trustee may exercise (in the name of the Chargor and
without any further consent or authority on the part of the Chargor) any voting rights and any powers or rights which may be exercised by the person or persons in whose name any Share or its Related Rights are registered or who is the holder of any
of them or otherwise (including all the powers given to trustees by Section 10(3) and (4) of the Trustee Act, 1925 as amended by Section 9 of the Trustee Investment Act, 1961 in respect of securities or property subject to a trust). 
  

	7.3	Contingencies 

  
 If the Security Trustee enforces the security constituted by this Mortgage of Shares at a time when no amounts are due under the Finance Documents but at
a time when amounts may or will become so due, the Security Trustee (or the Receiver) may pay the proceeds of any recoveries effected by it into a suspense account. 
  

	7.4	No liability as mortgagee in possession 

  
 Neither the Security Trustee nor any Receiver will be liable, by reason of entering into possession of a Security Asset, to account as mortgagee in
possession or for any loss on realisation or for any default or omission for which a mortgagee in possession might be liable. 
  

	7.5	Agent of the Chargor 

  
 Each Receiver is deemed to be the agent of the Chargor for all purposes and accordingly is deemed to be in the same position as a Receiver duly appointed
by a mortgagee under the Act. The Chargor alone shall be responsible for his contracts, engagements, acts, omissions, defaults and losses and for liabilities incurred by him and the Security Trustee shall not incur any liability (either to the
Chargor or to any other person) by reason of the Security Trustee making his appointment as a Receiver or for any other reason. 
  

	7.6	Privileges 

  
 Each Receiver and the Security Trustee is entitled to all the rights, powers, privileges and immunities conferred by the Act on mortgagees and receivers
when such receivers have been duly appointed under the Act, except that Section 103 of the Act does not apply. 
  

	7.7	Protection of purchaser 

  
 No person (including a purchaser) dealing with the Security Trustee or a Receiver or its agents will be concerned to enquire: 
  

	 	(a)	whether the Secured Liabilities have become payable; or 

  

	 	(b)	whether any power which the Security Trustee or the Receiver is purporting to exercise has become exercisable; or 

  

	 	(c)	whether any money remains due under the Finance Documents; or 

  

	 	(d)	how any money paid to the Security Trustee or the Receiver is to be applied. 

  

 8 

	8.	RECEIVER 

  

	8.1	Appointment of Receiver 

  
 At any time after the security constituted by this Mortgage of Shares becomes enforceable, or if the Chargor so requests the Security Trustee in writing,
at any time, the Security Trustee may without further notice appoint under seal or in writing under its hand any one or more persons to be a Receiver of all or any part of the Security Assets in like manner in every respect as if the Security
Trustee had become entitled under the Act to exercise the power of sale conferred under the Act. 
  

	8.2	Removal 

  
 The Security Trustee may by writing under its hand (subject to any requirement for an order of the court in the case of an administrative receiver):

  

	 	(a)	remove any Receiver appointed by it; and 

  

	 	(b)	may, whenever it deems it expedient, appoint a new Receiver in the place of any Receiver whose appointment may for any reason have terminated. 

  

	8.3	Remuneration 

  
 The Security Trustee may fix the remuneration of any Receiver appointed by it and the maximum rate specified in Section 109(6) of the Act shall not apply.

  

	8.4	Relationship with Security Trustee 

  
 To the fullest extent permitted by law, any right, power or discretion conferred by this Mortgage of Shares (either expressly or impliedly) upon a
Receiver of the Security Assets may after the security created by this Mortgage of Shares becomes enforceable be exercised by the Security Trustee in relation to any Security Asset without first appointing a Receiver or notwithstanding the
appointment of a Receiver. 
  

	9.	POWERS OF RECEIVER 

  

	9.1	General 

  

	(a)	Each Receiver has, and is entitled to exercise, all of the rights, powers and discretions set out below in this Clause 9 in addition to those conferred by the Act on any receiver
appointed under the Act. 

  

	(b)	If there is more than one Receiver holding office at the same time, each Receiver may (unless the document appointing him states otherwise) exercise all of the powers conferred on a
Receiver under this Mortgage of Shares individually and to the exclusion of any other Receivers. 

  

	(c)	Each Receiver has all the rights, powers and discretions set out in Schedule 1 to the Insolvency Act, 1986. 

  
 (d) A Receiver who is an administrative receiver of the
Chargor has all the rights, powers and discretions of an administrative receiver under the Insolvency Act 1986. 
  

 9 

	9.2	Possession 

  
 A Receiver may take immediate possession of, get in and collect any Security Assets. 
  

	9.3	Carry on business 

  
 A Receiver may carry on the business of the Chargor as it relates to the Security Assets as he thinks fit. 
  

	9.4	Employees 

  
 A Receiver may appoint and discharge managers, officers, agents, accountants, servants, workmen and others for the purposes of this Mortgage of Shares
upon such terms as to remuneration or otherwise as he may think proper and discharge any such persons appointed by the Chargor. 
  

	9.5	Borrow money 

  
 A Receiver may raise and borrow money either unsecured or on the security of any Security Asset either in priority to the security constituted by this
Mortgage of Shares or otherwise and generally on any terms and for whatever purpose which he thinks fit. No person lending that money is concerned to enquire as to the propriety or purpose of the exercise of that power or to check the application of
any money so raised or borrowed. 
  

	9.6	Sale of assets 

  
 A Receiver may sell, exchange, convert into money and realise any Security Asset by public auction or private contract and generally in any manner and on
any terms which he thinks proper. The consideration for any such transaction may consist of cash, debentures or other obligations, shares, stock or other valuable consideration and any such consideration may be payable in a lump sum or by
instalments spread over such period as he thinks fit. 
  

	9.7	Compromise 

  
 A Receiver may settle, adjust, refer to arbitration, compromise and arrange any claims, accounts, disputes, questions and demands with or by any person
who is or claims to be a creditor of the Chargor or relating in any way to any Security Asset. 
  

	9.8	Legal actions 

  
 A Receiver may bring, prosecute, enforce, defend and abandon all actions, suits and proceedings in relation to any Security Asset which may seem to him to
be expedient. 
  

	9.9	Receipts 

  
 A Receiver may give valid receipts for all moneys and execute all assurances and things which may be proper or desirable for realising any Security Asset.

  

 10 

	9.10	Delegation 

  
 A Receiver may delegate his powers in accordance with Clause 12 (Delegation). 
  

	9.11	Other powers 

  
 A Receiver may: 
  

	 	(a)	do all other acts and things which he may consider desirable or necessary for realising any Security Asset or incidental or conducive to any of the rights, powers or discretions
conferred on a Receiver under or by virtue of this Mortgage of Shares; and 

  

	 	(b)	exercise in relation to any Security Asset all the powers, authorities and things which he would be capable of exercising if he were the absolute beneficial owner of the same,

  
 and may use the name of the Chargor for any of
the above purposes. 
  

	10.	APPLICATION OF PROCEEDS 

  
 Any moneys received by the Security Trustee or any Receiver after the security constituted by this Mortgage of Shares has become enforceable shall be
applied in the following order of priority (but without prejudice to the right of the Security Trustee to recover any shortfall from the Chargor): 
  

	 	(a)	in satisfaction of, or provision for, all costs and expenses incurred by the Security Trustee or any Receiver (including but not limited to costs and expenses incurred by the
Security Trustee or any Receiver in the course of carrying on the business of the Chargor as it relates to the Security Assets) and of all remuneration due to any Receiver under this Mortgage of Shares; 

  

	 	(b)	in or towards payment of the Secured Liabilities or such part of them as is then due and payable; and 

  

	 	(c)	in payment of the surplus (if any) to the Chargor or other person entitled to it. 

  

	11.	EXPENSES AND INDEMNITY 

  
 The Chargor shall forthwith on demand pay all costs and expenses (including legal fees) incurred in connection with this Mortgage of Shares by the
Security Trustee or any Receiver, attorney, manager, agent or other person appointed by the Security Trustee under this Mortgage of Shares and keep each of them indemnified against any failure or delay in paying the same. 
  

	12.	DELEGATION 

  
 The Security Trustee and any Receiver may delegate by power of attorney or in any other manner to any person any right, power or discretion exercisable by
the Security Trustee under this Mortgage of Shares. Any such delegation may be made upon the terms (including power to subdelegate) and subject to any regulations which the Security Trustee or the Receiver may think fit. Neither the Security Trustee
nor any Receiver will be in any way 
  

 11 

 liable or responsible to the Chargor for any loss or liability arising from any act, default, omission or
misconduct on the part of any such delegate or sub-delegate unless caused by the gross negligence or wilful default of the Security Trustee or, as the case may be, the Receiver. 
  

	13.	FURTHER ASSURANCES 

  

	13.1	General 

  
 The Chargor shall, at its own expense, take whatever action the Security Trustee or a Receiver may require for: 
  

	 	(a)	perfecting or protecting the security intended to be created by this Mortgage of Shares over any Security Asset; and 

  

	 	(b)	facilitating the realisation of any Security Asset or the exercise of any right, power or discretion exercisable by the Security Trustee or any Receiver or any of its delegates or
sub-delegates in respect of any Security Asset after such time as the Security constituted by this Mortgage of Shares shall have become enforceable, 

  
 including the execution of any transfer, conveyance, assignment or assurance of any property whether to the Security Trustee
or to its nominees, and the giving of any notice, order or direction and the making of any registration, which in any such case, the Security Trustee may think expedient. 
  

	13.2	Legal Charge 

  
 Without prejudice to the generality of Clause 13.1, the Chargor will forthwith at the request of the Security Agent (acting reasonably) execute a legal
mortgage, charge or assignment over all or any of the Security Assets subject to or intended to be subject to any fixed security hereby created in favour of the Security Agent (as agent and trustee as aforesaid) in such form as the Security Agent
may require but containing terms no more onerous than those in this Mortgage of Shares. 
  

	14.	POWER OF ATTORNEY 

  
 The Chargor, by way of security, irrevocably and severally appoints the Security Trustee, each Receiver and any of its delegates or sub-delegates to be
its attorney to take any action which the Chargor is obliged to take under this Mortgage of Shares, including under Clause 13 (Further Assurances). The Chargor ratifies and confirms whatever any attorney does or purports to do pursuant to its
appointment under this Clause. 
  

	15.	WAIVERS AND REMEDIES CUMULATIVE 

  
 The rights of the Security Trustee under this Mortgage of Shares: 
  

	 	(a)	may be exercised as often as necessary; 

  

	 	(b)	are cumulative and are not exclusive of its rights under the general law; and 

  

	 	(c)	may be waived only in writing and specifically. 

  

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 Delay in exercising or non-exercise of any such right is not a waiver of that right. 
  

	16.	MISCELLANEOUS 

  

	16.1	Covenant to Pay 

  
 The Chargor shall pay or discharge the Secured Liabilities in the manner provided for in the Finance Documents 
  

	16.2	Tacking 

  
 The Security Trustee agrees on behalf of the Finance Parties that the Finance Parties shall perform its obligations under the Credit Agreement (including
any obligation to make available further advances). 
  

	16.3	New Accounts 

  
 If the Security Trustee receives, or is deemed to be affected by, notice, whether actual or constructive, of any subsequent charge or other interest
affecting any Security Asset and/or the proceeds of sale of any Security Asset, the Security Trustee may open a new account with the Chargor. If the Security Trustee does not open a new account, it shall nevertheless be treated as if it had done so
at the time when it received or was deemed to have received notice. As from that time all payments made to the Security Trustee will be credited or be treated as having been credited to the new account and will not operate to reduce any amount for
which this Mortgage of Shares is security. 
  

	16.4	Certificates 

  
 A certificate or determination by the Security Trustee of a rate or amount under the Finance Documents is, in the absence of manifest error, conclusive
evidence of the matter to which it relates. 
  

	16.5	Stamp duties 

  
 The Chargor will pay and forthwith on demand indemnify the Security Trustee against any liability it incurs in respect of any stamp, registration and
similar tax which is or becomes payable in connection with the entry into, performance or enforcement of this Mortgage of Shares to the extent that the Security Trustee has not been so reimbursed under the Credit Agreement. 
  

	17.	CHANGES TO THE PARTIES 

  

	17.1	Transfers by the Chargor 

  
 The Chargor may not assign, transfer, novate or dispose of its rights and/or obligations under this Mortgage of Shares. 
  

	17.2	Transfers by Security Trustee 

  
 The Security Trustee may assign, transfer, novate or dispose of all or any part of its rights and/or obligations under this Mortgage of Shares to a
successor Security Trustee appointed in accordance with Clause 13.11 of the Intercreditor Agreement or to any person or persons after the Security constituted by this Mortgage of Shares shall have become enforceable. 
  

 13 

	18.	SEVERABILITY 

  
 If a provision of this Mortgage of Shares is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect: 
  

	 	(a)	the validity or enforceability in that jurisdiction of any other provision of this Mortgage of Shares; or 

  

	 	(b)	the validity or enforceability in other jurisdictions of that or any other provision of this Mortgage of Shares. 

  

	19.	COUNTERPARTS 

  
 This Mortgage of Shares may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a
single copy of this Mortgage of Shares. 
  

	20.	NOTICES 

  

	20.1	Giving of notices 

  
 All notices or other communications under or in connection with this Mortgage of Shares shall be given in writing and, unless otherwise stated, may be
made by facsimile. Any such notice will be deemed to be given as follows: 
  

	 	(a)	if by letter, when delivered; and 

  

	 	(b)	if by facsimile, when received in legible form. 

  
 However, a notice given in accordance with the above but received on a non-working day or after business hours in the place of receipt will only be deemed
to be given on the next working day in that place. 
  

	20.2	Addresses for notices 

  

	(a)	The address and facsimile number of the Chargor are: 

  
 Eggborough Power (Holdings) Limited 
 10
Lochside Place 
 Edinburgh 
 Lothian E12 9DF 
  
 Facsimile No: 0131 527 2179
(Attention: Company Secretary) and 0131 527 2102 (Attention: Group Treasurer) 
  
 or such other as the Chargor may notify to the Security Trustee by not less than five Business Days’ notice; and 
  

 14 

	(b)	The address and facsimile number of the Security Trustee are: 

  
 Barclays Bank PLC 
 5 The North Colonnade

 Canary Wharf 
 London E14 4BB

  
 Facsimile No: 020 7773 1840 
  
 or such other as the Security Trustee may notify to the Chargor by not less
than five Business Days’ notice. 
  

	21.	RELEASE 

  

	(a)	Subject to Clause 21(b) below, upon the expiry of the Security Period (but not otherwise), the Security Trustee shall, at the request and cost of the Chargor, take whatever action
is necessary to release the Security Assets from the security constituted by this Mortgage of Shares (including returning all certificates and other documents of title or evidence of ownership relating to such Security Assets).

  

	(b)	In the case of a Permitted Transfer of any Shares, the Security Trustee shall, at the request and cost of the Chargor, take whatever action is necessary to release such Shares and
all Related Rights thereto from the security constituted by this Mortgage of Shares (including returning all relevant certificates and other documents of title or evidence of ownership relating to such Shares and Related Rights) provided that the
transferee shall have entered into a mortgage of the transferred Shares and Related Rights in favour of the Security Trustee substantially in the form of this Mortgage. 

  

	22.	GOVERNING LAW AND JURISDICTION 

  

	22.1	Governing Law 

  
 This Mortgage of Shares is governed by English law. 
  

	22.2	Jurisdiction 

  

	(a)	For the benefit of the Security Trustee, the Chargor agrees that the High Courts of Justice in London, and all appellate courts therefrom have jurisdiction to settle any disputes
which may arise out of or in connection with this Mortgage of Shares and that any suit, action or proceedings (together “Proceedings”) in connection with this Mortgage of Shares may be brought in the High Courts of Justice in London
and all appellate courts therefrom and accordingly submits to the jurisdiction of the High Courts of Justice in London and all appellate courts therefrom. 

  

	 	(b)	The Chargor hereby irrevocably and unconditionally agrees that nothing in this Mortgage of Shares shall affect the right to serve process in any manner permitted by law.

  

	22.3	No limitation 

  
 Nothing in this Clause 22 shall limit the right of the Security Trustee to take Proceedings against the Chargor in any other court of competent
jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether concurrently or not. 
  

 15 

 This Mortgage of Shares has been entered into as a deed on the date stated at the beginning of this Mortgage of Shares.

  

			
	 EXECUTED as a deed by
	 	)
	 EGGBOROUGH POWER (HOLDINGS) LIMITED
	 	)
	 acting by GORDON BOYD
	 	)
	 as its attorney
	 	)

  

	
	 GORDON BOYD

	 
	 As attorney for Eggborough Power (Holdings) Limited

  

			
	 BARCLAYS BANK PLC

		
	 By:
	 	ANDREW VINE

  

 16Heads of Agreement dated September 30 2004

 Exhibit 4.20 
  
 HEADS OF AGREEMENT 
  
 British Energy plc 
  
 Ad Hoc Bondholder Committee 
  
 Polygon Investment Partners LLP 
 Polygon Global Opportunities Master Fund 
  
 and 
  
 Polygon Investment Partners LP

  

					
	Purpose:	  	A legally binding Heads of Agreement providing for, subject to the terms set out here, full and final settlement of all disputes arising out of or in connection with the
Restructuring between (1) the Company and Polygon and (2) the Committee and Polygon. Polygon will procure that Vidacos Nominees Limited (“Vidacos”) will take all necessary steps required of it to give effect to these Heads of
Agreement.
		
	Parties:	  	 British Energy plc (the “Company”), the Ad Hoc Bondholder Committee, comprising Cargill Financial Markets Plc, Duquesne Capital
Management LLC and QDRF Master Limited (the “Committee”) (being the Ad Hoc Committee for the purposes of the CRA), Polygon Investment Partners LLP, Polygon Global Opportunities Master Fund and Polygon Investment Partners LP, on behalf of
themselves and funds under management (together “Polygon”).

		
	Definitions:	  	Definitions used in the Creditor Restructuring Agreement (the “CRA”) have the same meaning in this Heads of Agreement.
		
	Further Documentation:	  	Following signature by the Parties the Committee’s counsel will deliver drafts of any further agreements to Polygon as are necessary to amplify these binding Heads of Agreement
(“Further Agreements”). The Parties agree to negotiate in good faith to finalise and enter into the Further Agreements.
		
	English Litigation:	  	The Committee and Polygon (in respect of its application to strike out the Proceedings (as defined below)) agree to procure that the English proceedings against Polygon and Vidacos
(the “Proceedings”) are stayed, without prejudice to Polygon’s application to strike out the Proceedings, pending:
			
	 	  	 (i)     
	 	In the event that the Requisitioned Resolutions (as defined below) are not passed at the Requisitioned EGM (as defined below) or any adjournment thereof and the Restructuring is completed, the
Proceedings will be discontinued as against Polygon and Vidacos, upon completion.

					
	 	 	(ii)	 	In the event that the Requisitioned Resolutions are not passed at the Requisitioned EGM or any adjournment thereof and the Restructuring does not complete before either 31 January 2005 or, if
the Restructuring Long Stop Date is extended, before the date of such extension but in any event no later than 30 April 2005 (the “Extended Long Stop Date”), the Proceedings will be discontinued as against Polygon and Vidacos on 31 January
2005 or such Extended Long Stop Date provided that Polygon has not committed a material breach of any of the terms of these Heads of Agreement or the Further Agreements.
			
	 	 	(iii)	 	In the event that the Requisitioned Resolutions are passed at the Requisitioned EGM or any adjournment thereof and the Restructuring is completed the Proceedings will be discontinued as against
Polygon and Vidacos upon completion provided that Polygon has not committed a material breach of any of the terms of these Heads of Agreement or the Further Agreements.
			
	 	 	(iv)	 	In the event that the Requisitioned Resolutions are passed at the Requisitioned EGM or any adjournment thereof and the Restructuring does not complete before either 31 January 2005 or any
Extended Long Stop Date, the Proceedings will not be discontinued as against Polygon and Vidacos and the stay will be lifted and the Proceedings continued after the later of 31 January 2005 or any Extended Long Stop Date.
			
	 	 	(v)	 	If the Requisitioned EGM is adjourned and before such meeting reconvenes: (a) the Restructuring is completed before the later of 31 January 2005 or any Extended Long Stop Date, the Proceedings
will be discontinued as against Polygon and Vidacos upon completion; and (b) the Restructuring is not completed before the later of 31 January 2005 or any Extended Long Stop Date, the Proceedings will be discontinued as against Polygon and Vidacos
on the later of 31 January 2005 or any Extended Long Stop Date provided that Polygon has not committed a material breach of any of the terms of these Heads of Agreement or the Further Agreements.

  

 - 2 - 

					
	 	  	Polygon undertakes not to object to any consent order entered in relation to the Committee action against the Company.
		
	New York Litigation:	  	The Company consents to immediate entry of an order dismissing the US proceedings with prejudice and the withdrawal of the Company’s complaint and will cause its counsel to take
prompt action to give effect to such actions.
			
	Restructuring:	  	(i)	 	in respect of the EGM requisitioned on behalf of Polygon and another entity (the “Requisitioned EGM”), Polygon undertakes to vote against and procure that Vidacos votes against and in
each case delivers a form of proxy to the Chairman of the Company voting against each of the resolutions set out in the Company’s Circular dated 24 September 2004 (the “Requisitioned Resolutions”) in respect of any ordinary shares
legally or beneficially owned, and, if proposed by the Chairman of the Company, vote in favour of an adjournment of the Requisitioned EGM.
			
	 	  	(ii)	 	Polygon agrees not to initiate any Court, regulatory or governmental process, or to appear in any Court or participate in any process in relation to the Members’ or Creditors’ Scheme
or delisting of Company shares or ADRs and not to take any other step or commence any proceedings whatsoever (including encouraging or supporting, directly or indirectly, any such step or proceedings by any other person or entity) in relation to the
Restructuring, save for circumstances in which Polygon reasonably believes, having been advised in writing by Leading Counsel, that a failure to appear in a particular Court or respond to any regulatory or governmental process would expose it to
liability for contempt of Court or other equivalent sanction.
			
	 	  	(iii)	 	Polygon agrees not to transfer legal or beneficial 3 ownership of its Relevant Shares (as defined below) prior to the Requisitioned EGM save upon the proposed transferee entering into a legally
binding undertaking to vote against the Requisitioned Resolutions and undertaking to the Company and the Committee in the terms of this paragraph (iii), such undertaking to be binding on subsequent transferees and on terms reasonably satisfactory to
the Company and the Committee and subject to the Company’s and the Committee’s prior written approval, such approval not to be unreasonably withheld or delayed.

  

 - 3 - 

					
	 	  	(iv)	 	Polygon agrees to reasonably cooperate in any application that the Company may wish to make to adjourn or cancel the Requisitioned EGM including providing witness statements in reasonable terms
in support of any such application and appearing at any hearing and making reasonable submissions in support of the application.
			
	 	  	(v)	 	Polygon will take no further steps, directly or indirectly, to challenge or impede the Restructuring including lobbying shareholders, MPs and government ministers and lobbying regulatory bodies
(including UKLA, DTI, FSA, European Commission).
			
	 	  	(vi)	 	Polygon agrees to, as soon as reasonably practicable but in any event within three business days, shut down permanently and to withhold all support for, and participation in the BE Fair Website
(www.be-fair.org) and not to support or establish, directly or indirectly any other website that seeks directly or indirectly to promote any activity or dialogue regarding the Restructuring, and to remove from any other website over which they
exercise control, including those maintained in the domain name of Polygon, any reference to the Restructuring.
			
	 	  	(vii)	 	Polygon shall not act, directly or indirectly, whether alone or in concert with others to advise or encourage others to act in a way which could reasonably be expected to frustrate, impede or
make more difficult the Restructuring or its consummation.
			
	 	  	(viii)	 	Until the earlier of completion of the Restructuring or the Extended Long Stop Date, Polygon shall, and shall procure that its proxy solicitor and advisers shall, retain and keep confidential
all information (from any source, including from the internet) regarding the Company, including but not limited to shareholders of the Company, the Requisitioned EGM, the Requisitioned Resolutions, the CRA and/or the Restructuring (collectively, the
“Information”); and Polygon will not provide at any time any Information to any person or entity save to the extent

  

 - 4 - 

					
	 	  	 	 	that it is required to do so by Court order or order of a competent regulatory or governmental authority. In the event of an anticipated Court, regulatory or governmental order or direction
requiring disclosure of information, Polygon undertakes to use reasonable endeavours to give the Company and the Committee prior notice of the prospective hearing and to liaise with the Company and the Committee counsel in relation to such Court
proceeding and to take all reasonable steps to contest such Court, regulatory or governmental order or direction.
			
	 	  	(ix)	 	Until the earlier of completion of the restructuring or the Extended Long Stop Date, Polygon and/or its advisers and proxy solicitor shall retain and will not destroy any documents or
information currently in its possession, custody or control, regarding any dealings, communications, agreements or arrangements entered into with Brandes Investment Partners LLC and/or its affiliates concerning the Requisitioned EGM, the
Requisitioned Resolutions, the CRA, the Company or the Restructuring. Polygon, its advisers and its proxy solicitor will keep all such documents and information confidential and will not provide them to any person or entity save to the extent that
it is required to do so by Court order or order of a competent regulatory or governmental authority.
		
	Costs:	  	Polygon agrees to pay its own costs and expenses in relation to all above steps and in relation to the Proceedings and the New York litigation. Polygon will not be responsible for
the costs and expenses of the Company or the Committee in relation to the above steps or in relation to the Proceedings and the New York litigation.
		
	Announcement:	  	Upon signature of this Heads of Agreement, the agreed announcements will be released in the form initialled in advance.
		
	Non Disparagement	  	Polygon will not either directly or indirectly publish or otherwise make any statement concerning the Company Released Parties (as defined below) or the Committee Released Parties
(as defined below) which is intended to or might reasonably be expected to disparage, be detrimental to or otherwise critical of the Company Released Parties or the Committee Released Parties.

  

 - 5 - 

					
	 	  	The Company will not either directly or indirectly publish or otherwise make any statement concerning Polygon Released Parties (as defined below) which is intended to or might
reasonably be expected to disparage, be detrimental to or otherwise critical of Polygon Released Parties.
		
	 	  	The Committee will not either directly or indirectly publish or otherwise make any statement concerning Polygon Released Parties which is intended to or might reasonably be expected
to disparage, be detrimental to or otherwise critical of Polygon Released Parties.
		
	 	  	For the avoidance of doubt it is agreed that any statement of fact (as opposed to speculation, opinion or conjecture) which is true and accurate will not constitute a breach of this
Non Disparagement paragraph.
		
	Releases:	  	The Further Agreements shall record more fully and completely the mutual releases, waivers and covenants not to sue (the “Releases”) granted hereby in respect of all and
any claims (actual or potential) in and relating to the subject matter of the Proceedings, the New York litigation, the CRA, the Restructuring and any interest which Polygon has or had at any time in the Company or its securities, for the benefit of
the Committee, the Company, Polygon and their respective directors, members, officers, advisers, partners, employees, independent contractors and nominees and, in relation to Polygon, its investors in their capacity as investors in Polygon, save to
the extent that Brandes Investment Partners LLC or any of its affiliates is an investor in Polygon (the “Released Parties”), in each case without prejudice to any rights of the Committee against the Company under the CRA. The Releases of
Polygon by the Committee and the Company in connection with the Proceedings will take effect on the date the Proceedings are discontinued as provided under the paragraph above entitled English Litigation. The Release of Polygon by the Company in
connection with the New York litigation will take effect upon execution hereof and otherwise the Releases will take effect on the date that the Proceedings are discontinued as provided under the paragraph above entitled English
Litigation.

  

 - 6 - 

							
		
	 Representations,
 Warrants and Undertakings
	  	Each Party represents and warrants that:
			
	 	  	(i)	 	it has the power to enter into, perform and deliver and has taken all necessary action to authorise its entry into, performance and delivery of these Heads of Agreement and the
actions contemplated by these Heads of Agreement;
			
	 	  	(ii)	 	the execution by it of these Heads of Agreement and the exercise of its rights and the performance of its obligations under these Heads of Agreement
				
	 	  	 	 	(a)	 	does not constitute and will not result in any breach of applicable law, any of its constitutive documents or any agreement to which it is party; and
				
	 	  	 	 	(b)	 	its obligations under these Heads of Agreement are valid and binding obligations, enforceable in accordance with the terms of these Heads of Agreement.
		
	 	  	Save as set forth herein Polygon represents and warrants that, save as already publicly disclosed by Polygon on its Schedule 13D filing as amended, there are no agreements or
undertakings with any other third party in relation to the use, voting, acquisition, retention or disposal of its beneficial interests in the Company’s Ordinary Shares, “A” Shares or Debt (as defined below), including as to the
exercise of any rights arising from those interests.
		
	 	  	Polygon represents that it owns ADRs in respect of 100 ADSs evidencing 7,500 Ordinary Shares and 37,000,000 Ordinary Shares (the “Relevant Shares”) and that Polygon has no
legal or beneficial interest, direct or indirect, in any Bond, PPA Claim or interest in the EPL Facility Agreement (Bond, PPA Claim or interest in the EPL Facility Agreement being the “Debt”) or “A” Shares and neither has nor
controls any voting rights in any equity securities or Debt held legally or beneficially by any third party.
		
	 	  	Polygon covenants that its legal advisers, including counsel, will not be released or made available to assist or advise any other person or entity, other than the Polygon Released
Parties, in connection with the Restructuring, the Proceedings or the New York litigation.

  

 - 7 - 

			
	 	 	The Committee covenants that neither it nor any of its advisers will initiate, advise or assist any other entity to initiate, advise or assist in any Court, regulatory or governmental process
against Polygon in relation to the subject matter of the Restructuring, the Proceedings, the New York litigation, the CRA or any interest which Polygon has or had at any time in the Company or its securities, including encouraging or supporting,
directly or indirectly, any such effort by any other person or entity in relation to the Restructuring, save for circumstances in which the Committee reasonably believes, having obtained a written opinion from Leading Counsel, that any failure to
appear in any court or respond to any regulatory or governmental process would expose it to liability for contempt of Court or other equivalent sanction.
		
	 	 	The Committee represents that, so far as it is aware, save in relation to any actual or potential claims already notified in writing to Polygon, there are no other actual, pending or threatened
bondholder claims which bondholders have asserted they intend to pursue following settlement of the Proceedings on reasonable commercial terms.
		
	 	 	The Company covenants that it will not bring and that it will not allow its advisers to use the Company’s confidential information to bring, any Court actions or regulatory or governmental
process against Polygon in relation to the subject matter of the Restructuring, the Proceedings, the CRA, the New York litigation or in relation to any interest which Polygon has or had at any time in the Company or its securities, including
encouraging or supporting, directly or indirectly, any such effort by any other person or entity in relation to the Restructuring, save for circumstances in which the Company reasonably believes that such action is required by law or regulation and
provided that for the avoidance of doubt the Company shall be entitled to request disclosure of interests in shares in accordance with section 212 of the Companies Act 1985 (as amended) and the Company’s articles of
association.
		
	 	 	The above representations, covenants and warranties will be repeated at the date of the signing of the definitive settlement agreement and shall survive execution and delivery of these Heads of
Agreement.
		
	 	 	English law, exclusive submission to English jurisdiction.

  

 - 8 - 

			
	Signed by	 	on behalf of Ad Hoc Bondholder Committee
		
	Signed by	 	on behalf of Polygon Investment Partners LLP
		
	Signed by	 	on behalf of Polygon Global Opportunities Master Fund
		
	Signed by	 	on behalf of Polygon Investment Partners LP
		
	Signed by	 	on behalf of British Energy PLC

  

 - 9 - 

 British Energy Plc 
 30
September 2004 
  
 Announcement made on 30 September 2004 by Polygon Investment
Partners (Polygon) 
  
 British Energy plc (“the Company”) welcomes
today’s announcement by Polygon of its decision to withdraw its support for its requisitioned Extraordinary General Meeting on 22 October 2004 (EGM). Having considered the Company’s recent circulars, Polygon has stated that they now
believe there is no commercial logic for it supporting the resolutions to be considered at the requisitioned EGM and consequently have confirmed that they will vote against the resolutions. 
  
 The Company is withdrawing its action against Polygon in the United States and the
bondholders have agreed terms to stop the English litigation insofar as it relates to Polygon. This agreement involves no payment by any party to any other party. The terms of the restructuring agreed between the Company and certain creditors in
October 2003 have not been amended. 
  
 From this the British Energy Board
continues to believe that the Agreed Restructuring is in the best interests of the Company and shareholders as a whole and the Board reiterates its unanimous recommendation to all shareholders of the Company to vote against the resolutions proposed
for the requisitioned EGM. 
  
  

 - 10 - 

 POLYGON PRESS RELEASE 
  
 Polygon Investment Partners LLP (“Polygon”) announces today that in light of British Energy plc’s recent shareholder circulars, including with regard to
the Company’s intention to delist and sell its assets, Polygon has agreed to vote the Ordinary Shares of British Energy owned by it against the proposed resolutions at the requisitioned Extraordinary General Meeting and not to further oppose
the restructuring. The Bondholders and British Energy have agreed to stop all outstanding legal actions against Polygon. 
  
 In the circumstances, Polygon believes that there is no commercial logic in proceeding with the EGM or supporting the proposed resolutions. 
  
  

 - 11 - 

							
	 	  	 	  	 	  	 Citigate
 Dewe
Rogerson

				
	 For immediate release
	  	 	  	 	  	30 September 004

  
 British Energy: a
statement 
  
 The Ad Hoc Committee of bondholders (the
“bondholders”) notes the announcement today from Polygon Investment Partners LLP (“Polygon”) and from British Energy plc. 
  
 The bondholders welcome Polygon’s decision to vote against the resolutions to be proposed at the forthcoming Extraordinary General Meeting. 
  
 The bondholders confirm that terms have been agreed regarding the settlement of the English
litigation insofar as it relates to Polygon. The litigation will continue against Brandes Investment Partners LLC and the other defendants. 
  
 Ends 
  
 For further information 
  

			
	 Citigate Dewe Rogerson
 Patrick Donovan

Chris Barrie (07968 727 289)
 Toby Mountford
	 	020 7638 9571

  

 - 12 -

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