MetalNRG PLC (LON: MNRG) has announced that it has successfully reached an out-of-court settlement with BritENERGY Holdings LLP, BritNRG Limited, and Pierpaolo Rocco.
This formal agreement brings an end to the ongoing and potential legal disputes, which included cases in the High Court and the Scottish Employment Tribunal.
In a concise press release, MetalNRG disclosed that BritENERGY Holdings LLP has committed to contributing £20,000 towards legal expenses. Additionally, BritENERGY Holdings has committed to either acquiring or facilitating the sale of MetalNRG’s stake in BritNRG Limited for a minimum of £180,000, with an initial payment of £40,000 already made.
Furthermore, MetalNRG has agreed to offer non-financial support to the involved parties in their professional negligence claim against former legal advisors. If damages are awarded, MetalNRG is entitled to receive 25% of the awarded compensation.
Rolf Gerritsen, Director of MetalNRG, expressed satisfaction with the agreement, stating, “It has taken us some time to reach an arrangement that addresses the concerns of all parties involved in the current claims. Nevertheless, we are pleased to have resolved the various legal matters, allowing us to shift our full focus towards advancing our business.”
