MetalNRG PLC Legal Proceedings Update (8467M)
May 26 2022 - 2:01AM
UK Regulatory
TIDMMNRG
RNS Number : 8467M
MetalNRG PLC
26 May 2022
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 GBP1,019,999,
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.
END
Contact details:
MetalNRG plc
Rolf Gerritsen
Christopher Latilla-Campbell +44 (0) 20 7796 9060
Corporate Broker
PETERHOUSE CAPITAL LIMITED
Lucy Williams/Duncan Vasey +44 (0) 20 7469 0930
----------------------
Corporate Broker
SI CAPITAL LIMITED
Nick Emerson +44 (0) 1483 413500
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END
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