Metalnrg Plc Regulatory News (MNRG)

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.

26 May 2022 

MetalNRG plc

Update re legal proceedings against Brit Energy Holdings LLP, Pierpaolo Rocco and BritNRG Limited

MetalNRG plc ("MetalNRG" or the "Company") announces that, in its continuing civil legal proceedings in the English High Court against Brit Energy Holdings LLP (the "LLP"), Mr Pierpaolo Rocco ("Mr Rocco") and BritNRG Limited (the "Joint Venture Company"), it has filed and served an application for summary judgment against the LLP and the Joint Venture Company for, inter alia; (1) the striking out of the defences filed by the LLP and the Joint Venture Company; (2) a declaration that the series of agreements entered into in April 2021 should be set aside; and (3) the recovery from those defendants of monies paid to the LLP totalling £1,019,999, plus interest and costs.

The application for summary judgement has been made on grounds that no sustainable or credible defence has been pleaded in the case to date by either the LLP or the Joint Venture Company. It is, of course, expected that the application will be defended and it will be necessary for the Court to rule on it in due course.

For technical reasons, the application for summary judgement has not been made against the second defendant, Mr Rocco. However, if successful, the application for summary judgement will significantly narrow the issues in dispute with Mr Rocco to be heard at any future trial.

It is alleged that the LLP is, and was at the time of the transactions in April 2021, owned as to at least 70% by Mr Rocco and/or a company connected with him for the purposes of section 252 Companies Act 2006.

The Company will provide further updates on the application for summary judgement in due course.

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