MetalNRG PLC (LSE:MNRG) said it has reached an out-of-court settlement with BritENERGY Holdings LLP, BritNRG Limited and Pierpaolo Rocco.
The formal agreement marks the end of ongoing and potential litigation, including those in the High Court and the Scottish Employment Tribunal.
In a short press release, MetalNRG said BritENERGY Holdings LLP has committed to paying it £20,000 as a contribution to legal costs.
BritENERGY Holdings has also agreed to acquire or find a buyer for MetalNRG's stake in BritNRG Limited for at least £180,000. An interim payment of £40,000 towards this has already been made.
Finally, MetalNRG has agreed to provide non-financial support to the counterparties in their professional negligence claim against former legal advisors. Should they secure damages, MetalNRG would receive 25% of the awarded sum.
MetalNRG director Rolf Gerritsen said: "It has taken us time to find an agreement which addresses the concerns of all the parties to the current claims, but we are pleased to put the various litigious matters behind us and we can now focus totally on driving the business forward."