Disposal of stake in Italia MDC

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

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		[phone]
Chris Chadwick		[phone]
Hannam & Partners - Financial Adviser
Andrew Chubb		[phone]
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	[phone]
IFC Advisory - Financial PR and IR
Tim Metcalfe	[phone]
Florence Chandler	[phone]

 

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