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.

27 October 2022 

Litigation Update

MetalNRG plc ("the Company") announces that further to the High Court's written judgements in the Company's application for summary judgement against BritEnergy Holdings LLP and BritNRG Ltd, the first and third defendants (together the "Defendants"), in its action for recission of certain contracts and restitution, the deadline for the Defendants to make payment to the Company in the sum of £1,122,961.85 (which includes interest awarded and interim costs recovery) was 4.00pm yesterday (26th October 2022) (the "Payment Deadline").

The Company received a total of £250,001 before the Payment Deadline and were informed that further £250,000 had been remitted, although as at the current time the second payment has not actually been received, accordingly the Defendants are currently in default in the sum of £972,960.85.

Given that representatives of the Defendants made public statements that they were able to pay the judgement in full, additionally requesting and being granted an extra 14 days from the court to pay over the standard 14 day period, and that the Defendants are now in default of those judgements made by the High Court, the Company will today issue statutory demands for the unpaid balance, as a measure to protect it and its shareholders interests, and if such balance is not paid in full by the Defendants (with such additional interest as may accrue), will proceed to petition for the winding up of, or administrators appointed over, the Defendants on grounds of insolvency.

END

Contact details: