REG - MetalNRG PLC - Italia MDC Update and Share Ownership

MetalnrgAnnouncement

06/11/2023 07:15

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RNS Number : 4743S  MetalNRG PLC  06 November 2023

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
MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

6 November 2023

 

MetalNRG plc

(the "Company" or "MetalNRG")

Italia MDC Update and Share Ownership

 

MetalNRG plc (LON:MNRG), the natural resources and energy investment company,
announces that the share capital ownership of EQTEC Italia MDC Srl ("Italia
MDC"), the company operating a waste to energy plant in Tuscany, has been
formally updated to reflect recent investments made into the 1 MWe
biomass-to-power plant, as part of the legal preparation for the drawdown of
financing provided by Banca del Fucino S.p.A., as announced on 4 September
2023.

 

The Company announced on 4 September 2023 that Italia MDC had entered into a
loan facility of €2.9 million provided by the Lender to refinance the Plant,
subject to the Plant's achievement of certain performance criteria set by the
Lender.  To achieve the criteria, Italia MDC is implementing a series of
performance improvements which are anticipated to be completed in Q4 2023, at
which point Italia MDC intends to draw down the full amount of the Facility.

 

The improvements are being financed through a combination of shareholder loans
and equity from two of the four investors in Italia MDC, Quainstone Limited
and EQTEC Holdings Limited, resulting in a change to relative ownership of
Italia MDC, which the shareholders have recorded officially with the Italian
authorities as of 3 November 2023. The updated capital ownership of the Plant
is as follows:

 

 

 Investor                Ownership share
 Quainstone Limited      39.76%
 EQTEC Holdings Limited  38.30%
 Pitcole Limited         10.97%
 MetalNRG                10.97%
 Total                   100.00%

 

Capitalised terms not otherwise defined in this announcement have the same
meaning ascribed to them in the Company's announcement on 4 September 2023.

 

Ends

 

For further information, please contact:

 MetalNRG PLC:
 Rolf Gerritsen                                           +44 (0) 207 796 9060
 Chris Chadwick                                           +44 (0) 207 796 9060
 Peterhouse Capital Limited - Joint Broker:
 Lucy Williams                               + 44 (0) 207 469 0930
 Duncan Vasey                                + 44 (0) 207 469 0930
 S I Capital Limited - Joint Broker:
 Nick Emerson                                +44 (0) 1483 413500
 IFC Advisory Limited - Financial PR and IR
 Tim Metcalfe                                +44 (0) 203 934 6630
 Florence Chandler                           +44 (0) 203 934 6630

 

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