Out of Court Settlement

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		[phone]
Chris Chadwick		[phone]
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	[phone]
IFC Advisory Limited - Financial PR and IR
Tim Metcalfe	[phone]
Florence Chandler	[phone]

 

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