‘British Energy Deal: Daylight Robbery’ - Malcolm Stacey's Letter to the Editor
SHARES MAGAZINE - 09/10/03

So British Energy and the banks have put together a new deal to save the company. And surprise, surprise, the ordinary investor ends up with a measley 2.5% of the whole shebang.

Well, what do you expect when private investors were excluded from the talks? They could have invited ShareCrazy.com, which represents thousands of private investors. But they didn't.

This restructuring deal may be legal, but is it not a kind of robbery, anyway? To deprive ordinary people, most of whom were encouraged by the government to part with hard-earned cash on privatisation, is a scandal and a disgrace.

I have lost £55,000 by investing in this company, which was brought to its knees because the government abolished fixed electricity prices. This caused a price war, which British Energy simply couldn't win. Unlike other power manufacturers, it has to foot huge bills for disposing of the waste.

So the Government must bear some responsibility. They should have rejected this shoddy deal, re-privatised British Energy and compensated the victims of its incompetence - just like they did for Railtrack.

Malcolm Stacy
Director, ShareCrazy.com
Tenby, Pembrokeshire

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