Metalnrg Share Discussion Threads

[the deacon] 22/11/2021 07:36

Shareholders here could be waiting many years for tangible progress at Gold Ridge. One person spending months pouring over historical documents isn't ever going to set the world alight. The deposit needs an extensive exploration and drilling programme, and that's money that MNRG just don't have available to spend. A sensible option would be to bring in a well funded partner to earn into the project. Unfortunately I fear that all that Bart and Rolf will be able to do is just tickle the surface and only ever really talk of potential.

[excellance] 19/11/2021 17:02

Rolf is doing an interview soon, but what will he tell us?

Gold ridge or BritNRG fiasco?

[excellance] 19/11/2021 12:20

"for unpaid deferred consideration allegedly owed to it by BritNRG Limited"

[excellance] 19/11/2021 11:49

So Rolf is attempting to pull out of the deal AFTER the deal was completed, on the basis that Rocco "MAY" have not disclosed his and his associates interests.

Ok I get the legal technicality here, but are mnrg disadvantaged in any way if they pay the consideration due as agreed?

Did mnrg give the money to BritNRG who then didn't pay?

Is there further parental obligation that Rolf isn't telling us about, that perhaps Sunswept or BritNRG didn't fully make clear to MNRG?

Tawdry affair, best we cut and run, and not get involved in stuff we know f##k all about.

[excellance] 19/11/2021 11:35

MetalNRG has been served with notice by the legal representation of the vendor of certain oil and gas assets in Lincolnshire to BritNRG Limited that the vendor is demanding payment (for unpaid deferred consideration allegedly owed to it by BritNRG Limited) under a guarantee given by MetalNRG to support the obligations of BritNRG Limited under the sale and purchase agreement for the oil and gas assets.

In the agreement in April 2020 effectively giving MetalNRG control of BritNRG Limited, MetalNRG entered into a transaction with BritEnergy Holdings LLP to acquire additional shares in BritNRG Limited and to become a 50% shareholder in that entity but with a casting vote on the board.

However, this transaction has (allegedly) not completed as planned and previously announced and MetalNRG's current equity holding in BritNRG Limited remains a material and significant minority interest in that entity. (25%?)

The issue is the precise timings of Mr Rocco and certain of his associated entities and affiliates acquiring a level of ownership in BritEnergy Holdings LLP that would occasion Mr Rocco to be a PSC of BritEnergy Holdings LLP was and remains unclear, despite MetalNRG having made numerous requests for clarification of the matter and circumstances leading to the public disclosures.

"IF" at the time of the April 2020 Agreements with BritEnergy Holdings LLP, Mr Rocco was interested in a 20% or greater ownership stake of BritEnergy Holdings LLP, then the transaction would have required shareholder approval at MetalNRG

Mr Rocco's refusal thus far to answer direct questions put to him about his relationship and interests (both direct and indirect) in BritEnergy Holdings LLP at the material times have now led to MetalNRG serving formal notice of recission of the April 2020 Agreements on BritEnergy Holdings LLP and to issue a formal letter before action, against BritEnergy Holdings LLP and Mr Rocco, seeking recovery of all payments made under the April 2020 Agreements, on the basis that they are voidable by MetalNRG for lack of shareholder approval, such shareholder approval resulting from a failure of Mr Rocco to make a proper and/or full disclosure of interests.

MetalNRG has also informed the UK Oil & Gas Authority (the "OGA") that, contrary to prior expectations, it has not become the controller of BritNRG Limited and that control is with BritEnergy Holdings LLP and, as a result, MetalNRG is seeking the discharge of the parental guarantees given to the OGA for the regulatory liabilities of BritNRG Limited.

[tomboyb] 19/11/2021 11:05

Could be going blue -

[excellance] 19/11/2021 10:04

just put them in the wife's account and blame her.
then buy more.

[block4gooner] 19/11/2021 09:36

That's a definite no :)

[tomboyb] 19/11/2021 09:07

Lets see if spence buys more today -

[excellance] 18/11/2021 23:40

As I said earlier, there is two sides to this...

I don't care.

I want Rocco and Geritson out, and someone who will develop gold ridge in.

[excellance] 18/11/2021 23:38

Please allow us the time to respond and make the necessary clarity as promised. I am grateful for your patience.

[excellance] 18/11/2021 23:34

Further to the 'BritNRG Limited Update' announcement made by @MetalNRGplc today, BritNRG will make a public statement in due course to provide important clarification to this release. Follow us on Twitter/LinkedIn or at

[dr darkstar] 18/11/2021 21:42

Added another million here, just about 0.3. Overall exposure modest with ave of c 0.35

[excellance] 18/11/2021 19:01

I did manage to buy another 700,000 shares this morning at 29 but this is still my smallest holding.

Been out all day, sometimes I actually leave the house, so didn't have a chance to get more.

Have the wheels fallen off?

Well, the share price tanked and that'll do for me, so I'm actually quite happy with the events of today, a lot of issues have been exposed and will be dealt with, and that is a positive, as is the much cheaper share price

[excellance] 18/11/2021 18:51

excellance 17 Nov '21 - 15:38 - 454 of 502

"Oh, and don't get me wrong, I've only got moderate holding here, averaging about 0.42 so if the wheels fall off it's not a massive loss and I can still double up my holding..."


Almost prophetic...

I hope we can extract ourselves entirely from the crass oil deal and hopefully get some cash back, and I'm delighted Rocco is out. Just can't figure out how he ever got involved here, I mean who is he?

Good to see we regained a little lost ground, can't wait for the next update...

Gold Ridge is still out primary asset, and we have no distractions now, but if I was Rolf I'd check every document that Rocco ever signed.

I'm sure Rocco will have his side of the story to tell, but will we ever see him again?

[block4gooner] 18/11/2021 15:49

NopeIt's an increased % on his holdings:)

[block4gooner] 18/11/2021 15:48

Incorrect7.26 to 8.11Last few have been wrong in relation to previous notifications as form doesn't allow you to stipulate previous holdings

[barts] 18/11/2021 15:47

You would hope so witchywoo....but unfortunately for you there is no additional information unlike the other Holdings RNS....

[witchywoo] 18/11/2021 15:43

is this not just a transfer between him and his wife, like last time??

[tomboyb] 18/11/2021 15:39

5mill gone at 0.305p -

EDIT a delayed trade

2.5mill max at 0.309p -

Buy price however has shifted up -

Confident Spencer -

[tomboyb] 18/11/2021 15:34

2.76% to 8.11% -

Big Jump -

[32campomar] 18/11/2021 15:32

On this? Bonkers. Must have more money than he knows what to do with !

[tomboyb] 18/11/2021 15:31

Just noticed that -

2percentish to over 8% -

[barts] 18/11/2021 15:24

As a positive.....I see Mr Spencer has increased his holding again....