33GX Agric Dev Bk 26

TIDM33GX

RNS Number : 8636X

GESB PLC

13 December 2010

Company Name: GESB Plc

Headline: Notice to bondholders

13 December 2010

GESB Plc

(a public company with limited liability incorporated

in England and Wales with registered number 2883741)

(the "Issuer")

ANNOUNCEMENT FOR IMMEDIATE RELEASE

GBP104,555,000 Guaranteed Secured Bonds due 2018

(guaranteed by Ambac Assurance Corporation ("AMBAC"))

(ISIN: X50051799046, Common Code: 5179904)

(the "Bonds")

IT IS NOTED that on 8 November 2010, the parent company of AMBAC, Ambac Financial Group, Inc. announced that it had filed for a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the "Chapter 11 Filing").

Following the Chapter 11 Filing a number of bondholders contacted the Bond Trustee in order to verify whether or not an AMBAC Event of Default had occurred with respect to the Bonds (the "Bondholder Contact"). In response to the Bondholder Contact, the Bond Trustee requested and obtained a certificate from AMBAC (the "AMBAC Certificate") stating that to the best of the knowledge and belief of the signatory, no AMBAC Event of Default had occurred.

The Issuer also requested legal advice to determine whether or not an AMBAC Event of Default had, in fact, occurred. Such legal advice was not conclusive. However, on the basis of the information provided in the AMBAC Certificate and that legal advice, the Issuer has decided that it should proceed on the basis that no AMBAC Event of Default has occurred or is outstanding. The Issuer has communicated this decision to the Bond Trustee and has not received any contrary direction from the Bond Trustee.

Terms used but not defined in this Notice shall have the meanings given to them in the Terms and Conditions of the Bonds, as amended, restated, or supplemented from time to time.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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