MetalNRG PLC (LSE:MNRG) is due to be paid the remaining £574,000 from its £1.02mln claim plus costs and interest after victory in London’s high court.
The appeal filed by Brit Energy Holdings and BritNRG Limited was rejected, with the judge also awarding costs and fees the total rises to almost £611,386.
After the court found in favour of the company, refusing Brit Energy and BritNRG leave to appeal and denying their substantive appeal on costs, the £574,000, which had already been paid to the court, is expected to be promptly paid to the company, with the remainder expected to be paid within 14 days.
Consistent with the prior ruling, permission to appeal was refused at the oral hearing last Friday, with the judge seeing no real prospect of the appeal succeeding and no other compelling reason that there should be an appeal.
A second hearing on costs was also refused, with the amount to be decided by detailed assessment proceedings if the parties cannot agree them.
The judge also awarded the company £23,805.61 in respect of its costs of defending the unsuccessful appeal proceedings.
MetalNRG’s chief executive Rolf Gerritsen said the outcome “fully vindicates our approach” and noted that Brit Energy and BritNRG Ltd have now lost in London's courts three times and that BritNRG boss Pierpaolo Rocco, a former MetalNRG director, has also lost in Scotland.
“More importantly there is no further recourse in the London courts on the summary judgment case brought by the company.”
He added: “We sincerely hope that Mr Rocco and his affiliates will take notice of this judicial trend and allow the company to focus on value creation for all interest holders rather than continuing to take untenable positions against the company's (and investors') interests."