Investors force Energy meeting

DISSIDENT American investors are to battle with British Energy for the hearts and minds of 230,000 'Sid' investors in the nuclear generator after it emerged that a high-noon extraordinary general meeting to decide the company's future may still go ahead.

British Energy lost patience with attempts by US shareholders Polygon and Brandes to wreck restructuring plans and yesterday announced it would delist its shares.

But plans led by hedge fund Polygon to requisition an EGM to block its proposed £1.5bn debt-forequity swap, have been given the green light by the US courts despite a legal challenge by BE.

BE is set to go ahead with the delisting on 21 October, but sources close to Polygon today said it still plans to pursue the EGM. By law, it must take place by 22 October and Polygon says it applies whether BE is a listed company or not.

Polygon wants the EGM to vote through a change in BE's constitution which would mean it having to get 75% shareholder support for its proposed restructuring, a revamp that would leave existing shareholders with just 2.5% of the equity.

Now Polygon is understood to be looking at plans to whip up support from small investors who bought shares in what was the last privatisation by the Conservative Government.