Metalnrg Plc Regulatory News (MNRG)

6 April 2023

MetalNRG plc

Legal Process Update

Another Significant win for the Company

MetalNRG plc ("MetalNRG" or the "Company") announces the outcome of the appeal brought by Mr Rocco against the Company in Scotland.

In summary, Mr Rocco advanced claims that he was entitled to be indemnified by the Company, in full, and on a continuing basis, in respect of any legal expenses incurred by him in circumstances where he chose to take legal advice in relation to any actual or possible legal dispute relating to his employment or directorship with the Company.

In addition, Mr Rocco sought reimbursement of legal expenses incurred by him to date, specifically in respect of the High Court and Employment Tribunal proceedings between, inter alia, himself and the Company.

Finally, Mr Rocco sought payment of £50,000, expressed to be an "exit" bonus which he claimed was due to him regardless of the circumstances in which he left the Company.

The Sheriff in Scotland had denied Mr Rocco's application in the first instance and he subsequently appealed this decision. The Sheriff Appeal Court has denied the appeal.

Additionally, the Sheriff Appeal Court has ordered further submissions on costs if an agreed position cannot be reached. The Company will seek its costs of defending this appeal, as well as the costs it has already been granted in respect of the first instance decision.

Mr Rocco now has 14 days to seek leave to appeal to the Inner House of the Court of Session. In order to be allowed to do so, he will have to convince the Court that it would raise an important point of principle or practice, or there is some other compelling reason for the Court of Session to hear the appeal. 

Rolf Gerritsen commented:

"We are delighted with this outcome in Scotland which once again fully vindicates our approach."

END

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