REG - MetalNRG PLC - Out of Court Settlement

MetalnrgAnnouncement

24/01/2024 07:00

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RNS Number : 6745A  MetalNRG PLC  24 January 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
MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

24 January 2024

MetalNRG plc

(the "Company" or "MetalNRG")

Out of Court Settlement

 

MetalNRG plc (LON:MNRG), the natural resources and energy investment company,
is pleased to announce the signing of an out of court settlement of all
litigation, current and pending, between the Company and BritENERGY Holdings
LLP, BritNRG Limited and Mr Pierpaolo Rocco (together the "Counterparties").

MetalNRG and the Counterparties have today entered into a Global Settlement
Agreement that addresses the Company's High Court procedure against the
Counterparties and all counterclaims made by them; the issues brought forward
by Mr Rocco in the Scottish Employment Tribunal; and all current and
prospective costs orders.

The Global Settlement Agreement is made expressly without any admission of
liability by MetalNRG or any of the Counterparties.

As part of the global settlement, BritENERGY Holdings LLP will pay MetalNRG
the sum of £20,000 as a costs contribution for the legal fees awarded to
MetalNRG following the high court judgment against BritNRG and BritENERGY in
September 2022. Additionally, MetalNRG has agreed to provide specific
non-financial based support to the Counterparties, in respect of a
professional negligence claim brought by the Counterparties against their
former legal advisors (the "PN Claim").

Under the terms of the Global Settlement Agreement MetalNRG will receive 25%
of any damages that are awarded in favour of the Counterparties in the PN
Claim. The PN Claim relates to alleged negligence in the advice received
during and after the transactions which led to the original claims brought by
MetalNRG against the Counterparties. There can be no guarantee that MetalNRG
will receive any payment under this arrangement.

As part of the Global Settlement Agreement the parties have agreed that
BritENERGY Holdings LLP will acquire (or will procure purchasers for)
MetalNRG's remaining equity shareholding in BritNRG Limited of 194 shares, for
a consideration of no less than £180,000 at a future date and in respect of
which an interim payment of £40,000 has been made.

The Global Settlement Agreement provides that all the parties will cease and
discontinue all and any current claims between them, and MetalNRG will not
take action to enforce any costs award made in its favour against the
Counterparties. The Global Settlement Agreement also contains a comprehensive
waiver of all claims and addresses the termination of all other arrangements
(including obligations to regulators and third parties). No admission of
liability is made by any of the parties.

Rolf Gerritsen, Executive Director of MetalNRG, commented:

 

"It has taken us time to find an agreement which addresses the concerns of all
the parties to the current claims, but we are pleased to put the various
litigious matters behind us and we can now focus totally on driving the
business forward."

 

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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