Metalnrg Share Discussion Threads

[tomboyb] 08/6/2022 06:33

If this is a sign for MNRG then it does look like MNRG now have a strong case to start with -

[tomboyb] 08/6/2022 06:31

MetalNRG PLC Legal Proceedings Update
08/06/2022 7:01am
RNS Non-Regulatory

TIDMMNRG

MetalNRG PLC

08 June 2022

8 June 2022

MetalNRG plc

Update on legal proceedings taken by Mr Pierpaolo Rocco against the Company in the Scottish Courts

MetalNRG plc (the "Company") announces that Sheriff Philip Mann has issued his judgement in the case brought by Mr Rocco (a former director of the Company) in the Scottish Sheriff's Court in which he sought a "declarator" (effectively a court confirmation) and certain other court orders for payment against the Company, on the basis of a service agreement between the parties relating to Mr Rocco's now-terminated employment with the Company.

Specifically, Mr Rocco sought: (1) payment of a termination payment in the sum of GBP50,000; (2) confirmation that indemnity provisions for legal expenses contained in the service agreement extended to cover Mr Rocco's legal costs in the action brought by the Company in the High Court in England and Wales against him, Brit Energy Holdings LLP and BritNRG Limited on an unrestricted and unlimited basis; and (3) payment of his legal expenses in the action brought against him by the Company in the sum of GBP100,899.24 and continuing.

Sheriff Mann denied all of the applications made by Mr Rocco, confirming (as the Company had argued) that (1) the termination payment could only be due in circumstances in which Mr Rocco was a "good leaver"; and (2) the indemnity could not be construed to extend to allow Mr Rocco to take legal advice or recover his costs relating to his own breach of the service agreement or behaviour and that any alternative construction would also be incompatible with the general principle that a person should not be entitled to benefit from his own breach of contract.

This ruling effectively disposes of Mr Rocco's claims in the Sheriff's Court and the Company expects to make an application for its costs in this matter against Mr Rocco at a case management hearing scheduled for 21 June 2022.

Mr Rocco has now brought a separate claim in the Scottish Employment Tribunal for, inter alia, wrongful and unfair dismissal. The Company will vigorously defend this action when it is heard.

The Company is currently awaiting a date for the hearing of its application for summary judgment against Brit Energy Holdings LLP and BritNRG Limited in the proceeds brought by it against those entities and Mr Rocco personally. The fact that the summary judgment application does not extend to Mr Rocco is merely a technical procedural matter; if the Company obtains summary judgment against Brit Energy Holdings LLP and BritNRG Limited this will dispose of the action against two of the three defendants to that action in short order and will allow the Company to streamline the case as regards Mr Rocco personally.

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 [phone]
Corporate Broker
PETERHOUSE CAPITAL LIMITED
Lucy Williams/Duncan Vasey [phone]
----------------------
Corporate Broker
SI CAPITAL LIMITED
Nick Emerson [phone]
----------------------

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word "Reach" in the source column of the News Explorer pages of London Stock Exchange's website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NRAGZGGVGRLGZZG

(END) Dow Jones Newswires

June 08, 2022 02:01 ET (06:01 GMT)

[excellance] 06/6/2022 10:53

Rocco holds all the aces. I think BritNRG will RTO MNRG for buttons and sack Rolf.

[block4gooner] 06/6/2022 10:41

But who's fault is that?My understanding is that Rocco is the defendant which means the company called the action.Everyone has a right to defend themselves.Really need to see the court documents for both parties really.

[excellance] 06/6/2022 09:32

Because it is Rocco's fees and legal expenses that could bankrupt MNRG as well as Rolf's wages.

[block4gooner] 06/6/2022 09:18

Misleading how Ex?

[excellance] 06/6/2022 09:06

Powerful letter, but probably also misleading.

I think Rolf is an absolutely disastrous CEO and has no clue what he's doing, and he is paid way too much.

I don't trust Rocco either.

Between them MNRG will either go bust or be diluted to oblivion, and others will run away with gold ridge.

[block4gooner] 01/6/2022 17:53

Pierpaolo Rocco has a new website. A very interesting read! https://www.savemnrg.com/

[tomboyb] 26/5/2022 06:16

Excellence, what do you think? -

Looks like MNRG may have a strong case -

[excellance] 19/5/2022 15:18

Extremely quiet.

No news from BritNRG, surely we have a court date?

Nothing from EQT where we clearly can't participate in any further investments.

Good news from Gold Ridge but no clear plan or funds to actually do anything.

The uranium project is not only still on ice but is probably too far east, and again has no funds.

Speak to us Rolf...

[excellance] 18/5/2022 13:05

Nice interview.

I still don't like Rolf from the swamp.

[excellance] 06/5/2022 09:11

GIS are a family wealth managing stockbroker.

I wonder if the situation with BritNRG is contrived?

The company has some great assets, yet exposed itself to unnecessary risk that threatens to drown the entire portfolio, and for what?

Who benefits?
who gains?

[excellance] 06/5/2022 09:06

The CLN instrument contains customary events of default and should an event of default occur, the conversion price will be equal to the nominal value of MetalNRG ordinary shares.

[excellance] 29/4/2022 21:26

Writing RNSs?

How much per RNS this year?

[hoper1] 29/4/2022 21:14

Yes, but the boss still paid a bonus! Can anyone tell me what for?

[excellance] 29/4/2022 11:05

The LVG assets are worthless, which is why we didn't pursue the deal.

We haven't been able to get involved with more EQT deals because BritNRG have all our money, and the case is stayed until late July.

This company is a mess.

[excellance] 29/4/2022 10:58

Unbelievable that mnrg got suckered into holding financial liability for a transaction made by britnrg.

[gb904150] 29/4/2022 10:46

Final results out.

Insiders hold a decent chunk here so well incentivised to sort this mess out.

Just seems to lack focus.

IMC Uranium Kyrgyzstan - tick-over. Would be massive if Govt changes tune. Big if.
Goldridge - doesn't seem like they've made any progress since the May 2021 update
EQTEC projects - they seem to like this idea. But why not just buy EQTEC?
LVG - will probably sell the minority interest when the time is right
BritNRG - will they recover their £1m+ from it. I'm keeping an eye on legal proceedings

I preferred the BritNRG plan of cashflow to support the other projects but looks like that attraction has gone.

I note MNRG say they have filed a follow up to Rocco's defence, but no sight of that yet.

Will be interesting when they start drawing down on the £200k CLN.

[lew stules] 29/4/2022 07:25

Cannot believe how this company treats it's shareholders!

[excellance] 27/4/2022 13:08

Last one out turn the lights off will you!

[fatgreek] 21/4/2022 20:29

Agreed must be imminent RNS on the way.