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20 Dec 2022 07:00
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.
20 December 2022
MetalNRG plc
Litigation Update - Leave to appeal on substantive grounds refused
MetalNRG plc ("MetalNRG" or the "Company") announces that further to an application for permission to appeal made by BritEnergy Holdings LLP and BritNRG Ltd, the first and third defendants (together the "Defendants"), against the summary judgement awarded to MetalNRG, in its action for recission of certain contracts and restitution, Mr Justice Leach yesterday made an order (the "Order") denying the application made by the Defendants for leave to appeal the substantive judgement of ICC Judge Kyriakides.
All five "grounds" for appeal were dismissed on the basis of no real prospects of success.
The current "stay of execution" (the "Stay") has been extended for a period of seven days from the receipt of the Order of Mr Justice Leach. If the Defendants do not apply to renew the application for permission to appeal against the judgment, the Stay will be automatically discharged and MetalNRG will be at liberty to withdraw the sum of £545,000 from Court (which was paid in by the Defendants in lieu of making payment to MetalNRG under the terms of the original judgement of ICC Judge Kyriakides).
Mr Justice Leach did allow leave to appeal on the narrow issue of the legal costs awarded to MetalNRG after 13 September 2022. No timetable is yet set for the substantive hearing of this issue.
Rolf Gerritsen commented:
"We maintained that the grounds set out in the notice of appeal were entirely without substance or merit, and we welcome the order made to this effect by Mr Justice Leach. The Defendants and Mr Rocco need to accept that the making of groundless appeals and additional applications may serve to delay execution but ultimately serve no purpose other than to be detrimental to all concerned.
We sincerely hope that the Defendants will heed the detailed reasoning given in the Order of Mr Justice Leach and accept that they have exhausted their challenges."
END
Contact details:
MetalNRG plc Rolf GerritsenChristopher Latilla-Campbell | +44 (0) 20 7796 9060 |
Corporate BrokerPETERHOUSE CAPITAL LIMITEDLucy Williams/Duncan Vasey | +44 (0) 20 7469 0930 |
Corporate BrokerSI CAPITAL LIMITEDNick Emerson | +44 (0) 1483 413500 |
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