SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13D*
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
BRITISH ENERGY PLC
(Name of Issuer)
Ordinary Shares of 44 28/43P each
American Depositary Shares each representing 75 Ordinary Shares
(Title of Class of Securities)
110793403
(CUSIP Number - ADRs)
G1531P145
(CUSIP Number - Ordinary Shares)
Sean Cote
c/o Polygon Investment Partners LLP
10 Duke of York Square
London SW3 4LY, United Kingdom
With a Copy to:
Ele Klein, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue, New York, NY 10022
(212) 756-2000
(Name, address and
telephone number of person
authorized to receive notices and communications)
July 23, 2004
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [ ].
NOTE: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7 for other
parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 13 Pages)
----------------
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP Nos. 110793403 and G1531P145 13D Page 2 of 13 Pages
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(1) NAME OF REPORTING PERSONS
I.R.S.IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Polygon Global Opportunity Master Fund
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
OO
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES ----------------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
100 ADRs and 37,000,000 ORDINARY SHARES
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING -------------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
100 ADRs and 37,000,000 ORDINARY SHARES
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
100 ADRs and 37,000,000 ORDINARY SHARES
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
6.0%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
00
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP Nos. 110793403 and G1531P145 13D Page 3 of 13 Pages
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(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Polygon Investment Partners LLP
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
00
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United Kingdom
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES ----------------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
100 ADRs and 37,000,000 ORDINARY SHARES
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING -------------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
100 ADRs and 37,000,000 ORDINARY SHARES
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
100 ADRs and 37,000,000 ORDINARY SHARES
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.0%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP Nos. 110793403 and G1531P145 13D Page 4 of 13 Pages
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(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Polygon Investment Partners LP
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
00
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES ----------------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
100 ADRs and 37,000,000 ORDINARY SHARES
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING -------------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
100 ADRs and 37,000,000 ORDINARY SHARES
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
100 ADRs and 37,000,000 ORDINARY SHARES
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.0%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP Nos. 110793403 and G1531P145 13D Page 5 of 13 Pages
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(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Reade Griffith
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
00
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES ----------------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
100 ADRs and 37,000,000 ORDINARY SHARES
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING -------------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
100 ADRs and 37,000,000 ORDINARY SHARES
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
100 ADRs and 37,000,000 ORDINARY SHARES
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
6.0%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP Nos. 110793403 and G1531P145 13D Page 6 of 13 Pages
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(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Alexander E. Jackson
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
00
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES ----------------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
100 ADRs and 37,000,000 ORDINARY SHARES
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING -------------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
100 ADRs and 37,000,000 ORDINARY SHARES
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
100 ADRs and 37,000,000 ORDINARY SHARES
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
6.0%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP Nos. 110793403 and G1531P145 13D Page 7 of 13 Pages
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(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Paddy Dear
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
00
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United Kingdom
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES ----------------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
100 ADRs and 37,000,000 ORDINARY SHARES
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING -------------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
100 ADRs and 37,000,000 ORDINARY SHARES
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
100 ADRs and 37,000,000 ORDINARY SHARES
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
6.0%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP Nos. 110793403 and G1531P145 13D Page 8 of 13 Pages
Item 1. Security and Issuer.
This statement relates to 37,000,000 Ordinary Shares of 44 28/43P each
("Ordinary Shares") and 100 American Depositary Receipts ("ADRs", and together
with the Ordinary Shares, the "Shares") of British Energy plc (the "Issuer").
The Issuer's principal executive offices are located at 3 Redwood Crescent, Peel
Park, East Kilbride, G74 5PR, United Kingdom.
Item 2. Identity and Background.
(a) This statement is filed by:
(i) Polygon Global Opportunity Master Fund (the "Master Fund"),
a company organized under the laws of the Cayman Islands, with respect to the
Shares, which are directly held by it;
(ii) Polygon Investment Partners LLP, a limited liability
partnership organized under the laws of the United Kingdom, with respect to the
Shares directly held by the Master Fund;
(iii) Polygon Investment Partners LP, a Delaware limited
partnership (together with Polygon Investment Partners LLP, the "Investment
Managers") with respect to the Shares directly held by the Master Fund;
(iv) Reade Griffith, an individual residing in the United
Kingdom, with respect to the Shares directly held by the Master Fund;
(v) Alexander E. Jackson, an individual residing in the United
States with respect to the Shares directly held by the Master Fund; and
(vi) Paddy Dear, an individual residing in the United Kingdom,
with respect to the Shares directly held by the Master Fund.
Each of the foregoing persons is hereinafter sometimes referred
to as a "Reporting Person." Any disclosures herein with respect to any person
other than a Reporting Person are made on information and belief after making
inquiry to the appropriate party.
(b) The address of the principal business and principal office of the
Master Fund is P.O. Box 309GT, Ugland House, South Church Street, George Town,
Grand Cayman, Cayman Islands. The address of the principal business and
principal office of Polygon Investment Partners LLP and the business address of
Messrs. Griffith and Dear is 10 Duke of York Square, London SW3 4LY, United
Kingdom. The business address of Polygon Investment Partners LP and Mr. Jackson
is 598 Madison Avenue, 14th Floor, New York, NY 10022.
(c) The principal business of the Master Fund is making investments
utilizing various strategies. The principal business of Polygon Investment
Partners LLP is that of Investment Manager. The principal business of Polygon
Investment Partners LP is that of Investment Manager. The principal business of
each of Messrs. Jackson, Dear and Griffith is that of partner of the Investment
Managers, each having investment discretion on behalf of the Investment
Managers.
CUSIP Nos. 110793403 and G1531P145 13D Page 9 of 13 Pages
(d) None of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) None of the Reporting Persons has, during the last five years, been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and, as a result of such proceeding, was, or is subject to, a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, Federal or State securities laws or finding
any violation with respect to such laws.
(f) The Master Fund is a company organized under the laws of the Cayman
Islands. Polygon Investment Partners LLP is a limited liability partnership
organized under the laws of the United Kingdom. Polygon Investment Partners LP
is a limited partnership organized under the laws of the State of Delaware.
Messrs. Griffith and Jackson are both citizens of the United States. Mr. Dear is
a citizen of the United Kingdom.
Item 3. Source and Amount of Funds and Other Consideration.
The Shares were acquired with the investment funds of the Master Fund.
On July 23, 2004, the Master Fund acquired 35,000,000 Ordinary Shares at a price
(including commissions, if any) of GBP 0.156 per share (US $0.288 at the then
current exchange rate of US $1.8436 per GBP). On July 29, 2004, the Master Fund
acquired 100 ADRs at a price (including commissions, if any) of US $26.52 per
ADR. On September 3, 2004, the Master Fund acquired 2,000,000 Ordinary Shares at
a price (including commissions, if any) of GBP 0.218 per share (US $0.387 at the
then current exchange rate of US $1.7766 per GBP). None of the Reporting Persons
other than the Master Fund directly own any Shares.
Item 4. Purpose of the Transaction.
The Master Fund has purchased the Shares for investment. In June 2004, the
Master Fund approached the Company with a restructuring proposal, as an
alternative to the Issuer's proposed restructuring plan, but such proposal has
so far been rejected. The Master Fund intends to continue to seek ways to
achieve fair value for the Ordinary Shares and the ADRs.
The Master Fund has participated in the delivery to the Issuer of a notice
of requisition dated September 3, 2004 for an extraordinary general meeting of
the Issuer to consider various resolutions relating to the conduct of the
Issuer's business and the transactions contemplated by the Creditor
Restructuring Agreement dated as of September 30, 2003.
The Master Fund is also currently seeking to form an ad hoc committee of
shareholders of the Issuer to co-ordinate information about the proposed
shareholder vote and other relevant matters.
CUSIP Nos. 110793403 and G1531P145 13D Page 10 of 13 Pages
Item 5. Interest in Securities of the Issuer.
(a) As of the date hereof, each Reporting Person may be deemed a
beneficial owner of the Shares. Each ADR represents 75 Ordinare Shares. The
Shares represent approximately 6.0% of the Issuer's outstanding Ordinary Shares,
based upon the 620,362,444 Ordinary Shares reported as outstanding (including
Ordinary Shares represented by outstanding ADRs) as of March 31, 2003 in the
Issuer's most recently filed Annual Report on Form 20-F. Schedule A hereto is
incorporated by reference herein.
All of the Shares are directly held by the Master Fund. The Investment
Manager has voting and dispository control over securities owned by the Master
Fund. Messrs. Griffith, Dear and Jackson are all of the members of the
Investment Manager, and in such capacity direct its operations. The foregoing
should not be construed in and of itself as an admission by any Reporting Person
as to beneficial ownership of Ordinary Shares or ADRs held by another Reporting
Person.
(b) Each of the Reporting Persons has shared power to vote or direct the
vote and shared power to dispose or direct the disposition of all of the Shares.
(c) As stated above, on July 23, 2004, the Mater Fund acquired 35,000,000
Ordinary Shares, on July 29, 2004, the Master Fund acquired 100 ADRs, and on
September 3, 2004, the Master Fund acquired 2,000,000 Ordinary Shares. Since
September 3, 2004, none of the Reporting Persons has effected any transactions
in the Ordinary Shares or ADRs.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
Not Applicable
Item 7. Materials to be Filed as exhibits
Exhibit I: Joint Filing Agreement, dated as of September 13, 2004,
by and among Polygon Global Opportunities Master Fund, Polygon Investment
Partners LLP, Polygon Investment Partners LP, Reade Griffith, Paddy Dear and
Alexander E. Jackson.
CUSIP Nos. 110793403 and G1531P145 13D Page 11 of 13 Pages
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is
true, complete and correct.
DATED: September 13, 2004
POLYGON GLOBAL OPPORTUNITIES
MASTER FUND POLYGON INVESTMENT PARTNERS LLP
By: Polygon Investment Partners LLP,
Its Investment Manager
By: /s/ Paddy Dear By: /s/ Paddy Dear
--------------------------------- --------------------------------
Name: Paddy Dear Name: Paddy Dear
Title: Principal Title: Principal
/s/ Paddy Dear
POLYGON INVESTMENT PARTNERS LP --------------------------------
PADDY DEAR
By: /s/ Paddy Dear
----------------------------------
Name: Paddy Dear
Title: Member
/s/ Alexander E. Jackson /s/ Reade Griffith
------------------------------------- --------------------------------
ALEXANDER E. JACKSON READE GRIFFITH
CUSIP Nos. 110793403 and G1531P145 13D Page 12 of 13 Pages
Schedule A
Price Per Share
Number of Shares (including commissions,
Date of Transaction Purchased/ (Sold) if any)
23 July 2004 35,000,000 Ordinary GBP 0.156 (US $0.288 at the
Shares of 44 28/43P each exchange rate of US $1.8436
per GBP as of the date of
purchase)
29 July 2004 100 American Depositary US $26.52
Shares
3 September 2004 2,000,000 Ordinary Shares GBP 0.218 (US $0.387 at
of 44 28/43P each the exchange rate of US
$1.7766 per GBP as of
the date of purchase)
CUSIP Nos. 110793403 and G1531P145 13D Page 13 of 13 Pages
EXHIBIT I
JOINT FILING AGREEMENT
This will confirm the agreement by and among the undersigned that the Schedule
13D filed with the Securities and Exchange Commission on or about the date
hereof with respect to the beneficial ownership by the undersigned of Polygon
Global Opportunities Master Fund, Polygon Investment Partners LLP, Polygon
Investment Partners LP, Paddy Dear, Reade Griffith and Alexander E. Jackson, is
being filed, and all amendments thereto will be filed, on behalf of each of the
persons and entities named below in accordance with Rule 13d-1(k) under the
Securities Exchange Act of 1934, as amended. This Agreement may be executed in
two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.
DATED as of September 13, 2004
POLYGON GLOBAL OPPORTUNITIES
MASTER FUND POLYGON INVESTMENT PARTNERS LLP
By: Polygon Investment Partners LLP,
Its Investment Manager
By: /s/ Paddy Dear By: /s/ Paddy Dear
--------------------------------- --------------------------------
Name: Paddy Dear Name: Paddy Dear
Title: Principal Title: Principal
/s/ Paddy Dear
POLYGON INVESTMENT PARTNERS LP --------------------------------
PADDY DEAR
By: /s/ Paddy Dear
----------------------------------
Name: Paddy Dear
Title: Member
/s/ Alexander E. Jackson /s/ Reade Griffith
------------------------------------- --------------------------------
ALEXANDER E. JACKSON READE GRIFFITH