MetalNRG PLC Legal Process Update (5840T)
March 21 2023 - 4:36AM
UK Regulatory
TIDMMNRG
RNS Number : 5840T
MetalNRG PLC
21 March 2023
21(st) March 2023
MetalNRG plc
Legal Process Update
Significant win for the Company
MetalNRG plc ("MetalNRG" or the "Company") announces the outcome
of the High Court oral renewed permission to appeal hearing held on
17(th) March 2023 concerning t he Company's claim for the return of
the GBP1.02 million it paid to the corporate defendants, Brit
Energy Holdings LLP and BritNRG Limited (the "Corporate
Defendants").
In Summary:
-- The Corporate Defendants appeal was rejected and the
outstanding GBP574,000 is now to be paid to the Company
-- The Corporate Defendants were ordered to pay interest which currently stands at GBP37,385.78
-- The Corporate Defendants were ordered to pay GBP23,805.61 to
cover the Company's appeal costs for the summary judgement
-- The Corporate Defendants have been ordered to pay the
Company's legal fees for the summary judgement proceedings with
agreement to be reached on the final amount due
The Corporate Defendants had lost their case in the first
instance and had paid GBP450,000 of the GBP1.02 million to the
Company. The defendants had sought the right to appeal the summary
judgement issued previously in respect of the GBP574,000 balance
(having already had such permission denied on the papers). The
Corporate Defendants also appealed a portion of the prior costs
award made in the Company's favour.
The Court found in favour of the Company in both respects;
refusing the Corporate Defendants leave to appeal and denying their
substantive appeal on costs. The Corporate Defendants have been
ordered to pay the Company's costs of these failed appeals.
Main appeal on the substantive judgment;
Brit Energy Holdings LLP ("D1") and BritNRG Limited ("D3")
applied for permission to appeal the decision by Deputy ICC Judge
Kyriakides to grant summary judgment in MetalNRG's favour on its
claim against D1 and D3 under s190 of the Companies Act
(substantial property transaction requiring shareholder approval
that wasn't obtained).
Consistent with the prior ruling on the papers, permission to
appeal was refused at the oral hearing on Friday 17(th) March the
Judge saw no real prospect of the Corporate Defendants succeeding
on their appeal, and no other compelling reason that there should
be an appeal.
This means that the judgment made by Deputy ICC Judge Kyriakides
in September 2022 stands and the stay of execution that was granted
to the defendants, in the interim, has now been lifted. Which in
turns means that the total principal amount due from D1 as at
today's date, in respect of summary judgment is GBP611,385.78
(comprising the GBP574,000 of the original GBP1,019,999 that they
have not yet paid to MetalNRG, but is with the Court, PLUS
GBP37,385.78 in pre and post-judgment interest, which continues to
accrue). It is expected that the sums already paid into Court will
be promptly paid to the Company, and that the remainder will be
paid to the Company within 14 days.
Costs appeal
On Friday 17(th) March there was a second hearing on one
particular part of Deputy ICC Judge Kyriakides' costs judgment,
which the defendants had appealed against. In particular, D1 and D3
were appealing against her decision that MetalNRG did not need to
pay D1 and D3's costs from 13(th) September 2022 onwards If their
appeal succeeded, then they would have been granted their costs (to
be paid by MetalNRG) from 13(th) September 2022 through to 28(th)
September 2022,
The appeal was refused.
The effect, as with the substantive judgment, is that the costs
judgment made by Deputy ICC Judge Kyriakides in September 2022
stands and MetalNRG is entitled to their reasonable costs up to
13(th) September 2022 on this particular action.
The amount of these costs will be decided by detailed assessment
proceedings if the parties cannot agree them.
Costs of the permission to appeal and costs appeal
proceedings
Finally, the Judge awarded the Company GBP23,805.61 in respect
of its costs of defending the entirely unsuccessful appeal
proceedings. It is expected that these costs will be payable within
14 days of judgment which was on Friday 17(th) March 2023.
Rolf Gerritsen commented:
"We are delighted with this outcome which fully vindicates our
approach. Brit Energy Holdings and BritNRG Ltd (of which Mr Rocco
is a significant interest holder) have now lost in London's courts
three times, Mr Rocco himself has lost in Scotland, and more
importantly there is no further recourse in the London courts on
the summary judgment case brought by the Company. Not only have we
secured the repayment GBP1,019,999 but we have secured an order for
the Corporate Defendants to pay our costs and interest on the
principal amount. We sincerely hope that Mr Rocco and his
affiliates will take notice of this judicial trend and allow the
Company to focus on value creation for all interest holders rather
than continuing to take untenable positions against the Company's
(and investors') interests."
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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