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3 Nov 2008

Polygon Concedes to British Energy, Winds Down Flagship Hedge Fund

Alternative investor, Polygon Investment Partners LLP has agreed not to further oppose the restructuring of the company by British Energy and other shareholders, in exchange the shareholders 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.

Polygon has also frozen redemptions on their $4bn flagship multi-strategy fund, Global Opportunities, while it unwinds the fund and returns money to investors.

Polygon Investment Partners LLP ("Polygon") is a global private investment firm based in London and New York, investing in a wide range of publicly traded securities. The firm currently has over $1.35 billion under management.

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