Further litigation update

RNS Number : 3519E

MetalNRG PLC

27 October 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.

27 October 2022 

Further 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 (26^th October 2022) (the "Payment Deadline").

The Company has this morning received the second payment of £250,000 mentioned in the previous release and therefore a total of £500,001 has been received, the Defendants are currently in default in the sum of £622,960.85.

As previously announced the Company will today issue statutory demands for the unpaid balance, as a measure to protect its 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.

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Contact details:

MetalNRG plc Rolf Gerritsen Christopher Latilla-Campbell	[phone]
Corporate Broker PETERHOUSE CAPITAL LIMITED Lucy Williams/Duncan Vasey	[phone]
Corporate Broker SI CAPITAL LIMITED Nick Emerson	[phone]

	4148-7076-0001.1

 

 

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