MetalNRG PLC (LSE:MNRG) said former director Mr Rocco has dropped his legal proceedings against the company and its directors.
On 23 December, before the deadline to file evidence to support his unfair prejudice petition, Rocco discontinued his claim.
The defendants and claimant entered a consent order, according to a statement, which the court has sealed.
The consent order requires Rocco to bear the company’s and director’s reasonable costs, of which Rocco has already paid £20,000, the natural resource investment company said.
Rocco had claimed that the company and directors Rolf Gerritsen, Christopher Latilla-Campbell and Christian Schaffalitzky De Muckadel had shown unfair prejudice towards him.
Specifically, Rocco had argued that the company rescinding certain transactions with himself were performed on a false and misleading premise and that Gerritsen’s remuneration was excessive.
The company and directors had said the petition should be struck out because it had no real prospects of succeeding and that there was no reason why the case should go to trial, as well as there being no “reasonable grounds for bringing the claim”.