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MetalNRG PLC on Thursday reported a legal ‘win’ amid an ongoing dispute with one-time board member Pierpaolo Rocco. The investor in natural resources and energy said Rocco sought to be compensated for legal expenses incurred to date, in respect of proceedings at the High Court & Employment Tribunal. MetalNRG said Rocco was also seeking a £50,000 payment as an ‘exit bonus’. MetalNRG said: ‘The sheriff in Scotland had denied Mr Rocco’s application in the first instance and he subsequently appealed this decision. The Sheriff Appeal Court has denied the appeal. Additionally, the Sheriff Appeal Court has ordered further submissions on costs if an agreed position cannot be reached. The company will seek its costs of defending this appeal, as well as the costs it has already been granted in respect of the first instance decision. ‘Mr Rocco now has 14 days to seek leave to appeal to the Inner House of the Court of Session. In order to be allowed to do so, he will have to convince the court that it would raise an important point of principle or practice, or there is some other compelling reason for the Court of Session to hear the appeal.’ MetalNRG hailed the outcome as ‘another significant win for the company’. Shares in the company traded 2.0% lower at 0.069 pence each in London on Thursday morning. By Eric Cunha, Alliance News news editor Comments and questions to newsroom@alliancenews.com Copyright 2023 Alliance News Ltd. All Rights Reserved.
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