Disposal of stake in Italia MDC
31/05/2024 07:00
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RNS Number : 5435Q MetalNRG PLC 31 May 2024
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET
ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK
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31 May 2024
MetalNRG plc
(the "Company" or "MetalNRG")
Disposal of stake in Italia MDC
MetalNRG plc (LON:MNRG), the natural resources and energy investment company,
announces that the Company has sold its 10.97% stake in EQTEC Italia MDC Srl
("Italia MDC"), the company operating a waste to energy plant in Tuscany, to
the provider of an unsecured facility agreement (the "Facility Agreement")
entered into by the Company in July 2020. As previously announced, following
the Company's strategic review the holding in Italia MDC was considered
non-core and the Company has been exploring the most appropriate way to exit
from this investment.
The Facility Agreement has provided the Company with gross funding of
£580,000 to date, with £316,313 owed by the Company, including accrued
interest, under the Facility Agreement. The provider of the Facility
Agreement has entered into agreement with the Company to acquire the Company's
stake in Italia MDC for an amount equal to the outstanding balance under the
Facility Agreement and the Facility Agreement has been cancelled. The
Company's last published book valuation of Italia MDC, as at 31 December 2023,
was £605,280.
Rolf Gerritsen, Executive Director of MetalNRG, commented:
"As we have previously indicated, the holding Italia MDC was considered
non-core as MetalNRG concentrates its growth and value creation efforts on the
mining sector. We are therefore pleased to have secured this sale and at the
same time extinguished a liability from the Company's balance sheet. We
continue to progress a number of exciting potential reverse takeover targets
for the Company and I look forward to providing updates as soon as
appropriate."
Ends
For further information, please contact:
MetalNRG PLC
Rolf Gerritsen +44 (0) 207 796 9060
Chris Chadwick +44 (0) 207 796 9060
Hannam & Partners - Financial Adviser
Andrew Chubb +44 (0) 207 907 8500
Peterhouse Capital - Joint Broker
Lucy Williams + 44 (0) 207 469 0930
Duncan Vasey + 44 (0) 207 469 0930
S I Capital - Joint Broker
Nick Emerson +44 (0) 1483 413500
IFC Advisory - Financial PR and IR
Tim Metcalfe +44 (0) 203 934 6630
Florence Chandler +44 (0) 203 934 6630
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