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.

3 January 2023 

MetalNRG Plc

Mr Rocco withdraws legal proceedings

against MetalNRG & Directors for Unfair Prejudice

MetalNRG plc ("MetalNRG" or the "Company") announces that immediately prior to the deadline for his to file evidence in support of his unfair prejudice petition, Mr Rocco instead, on 23 December 2022, discontinued his claim against the Company and its Directors.

Mr Rocco had brought a claim against the Company and the Directors, in a personal capacity, claiming unfair prejudice towards him. Specifically, Mr. Rocco (the Petitioner) commenced proceedings against MetalNRG, Mr. Rolf Gerritsen, Mr. Christopher Latilla-Campbell, and Mr. Christian Schaffalitzky De Muckadell claiming, in summary, that:

(i) recent actions by the Company to rescind certain transactions with Mr Rocco (which recession was recently upheld by the High Court) were performed on a false and misleading premise and

(ii) the individual Respondents agreed to pay Mr. Gerritsen remuneration that was excessive.

The Company and the Directors had claimed that the petition be struck out on the basis that:

(i) the Petitioner had no real prospects of succeeding on the claims against the Respondents;

(ii) there is no other compelling reason why the case should be disposed of at trial; and/or to strike out the Petition on the basis that it discloses no reasonable grounds for bringing the claim and should be struck out in its entirety.

On 23 December 2022, the Company and the Directors entered into a consent order with Mr. Rocco which has now been sealed by the Court, and provides for Mr. Rocco's action to be withdrawn, with him to bear the Company's and the Director's reasonable costs, to be assessed by the Court if not agreed. Mr Rocco has already paid £20,000 in part satisfaction of this obligation.

 The Company and the Directors now look forward to final agreement and settlement on costs.

END

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