03-29E

For a class of frustrated antiferromagnetic spin lattices (in particular, the square-kagom\'{e} and kagom\'{e} lattices) we discuss the impact of recently discovered exact eigenstates on the stability of the lattice against distortions. These eigenstates consist of independent localized magnons embedded in a ferromagnetic environment and become ground states in high magnetic fields. For appropriate lattice distortions fitting to the structure of the localized magnons the lowering of magnetic energy can be calculated exactly and is proportional to the displacement of atoms leading to a spin-Peierls lattice instability. Since these localized states are present only for high magnetic fields, this instability might be driven by magnetic field. The hysteresis of the spin-Peierls transition is also discussed. This is arXiv:cond-mat/0312216v1 preprint prepared in the ICMP preprint format.