MetalNRG PLC Italia MDC Update and Share Ownership (4743S)
06 November 2023 - 6:11PM
UK Regulatory
TIDMMNRG
RNS Number : 4743S
MetalNRG PLC
06 November 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS
(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
6 November 2023
MetalNRG plc
(the "Company" or "MetalNRG")
Italia MDC Update and Share Ownership
MetalNRG plc (LON:MNRG), the natural resources and energy
investment company, announces that the share capital ownership of
EQTEC Italia MDC Srl ("Italia MDC"), the company operating a waste
to energy plant in Tuscany, has been formally updated to reflect
recent investments made into the 1 MWe biomass-to-power plant, as
part of the legal preparation for the drawdown of financing
provided by Banca del Fucino S.p.A., as announced on 4 September
2023.
The Company announced on 4 September 2023 that Italia MDC had
entered into a loan facility of EUR2.9 million provided by the
Lender to refinance the Plant, subject to the Plant's achievement
of certain performance criteria set by the Lender. To achieve the
criteria, Italia MDC is implementing a series of performance
improvements which are anticipated to be completed in Q4 2023, at
which point Italia MDC intends to draw down the full amount of the
Facility.
The improvements are being financed through a combination of
shareholder loans and equity from two of the four investors in
Italia MDC, Quainstone Limited and EQTEC Holdings Limited,
resulting in a change to relative ownership of Italia MDC, which
the shareholders have recorded officially with the Italian
authorities as of 3 November 2023. The updated capital ownership of
the Plant is as follows:
Investor Ownership share
------------------------ ----------------
Quainstone Limited 39.76%
EQTEC Holdings Limited 38.30%
Pitcole Limited 10.97%
MetalNRG 10.97%
Total 100.00%
======================== ================
Capitalised terms not otherwise defined in this announcement
have the same meaning ascribed to them in the Company's
announcement on 4 September 2023.
Ends
For further information, please contact:
MetalNRG PLC:
Rolf Gerritsen +44 (0) 207 796 9060
------------------------------
Chris Chadwick +44 (0) 207 796 9060
------------------------------
Peterhouse Capital Limited - Joint Broker:
Lucy Williams + 44 (0) 207 469 0930
-------------------------------
Duncan Vasey + 44 (0) 207 469 0930
-------------------------------
S I Capital Limited - Joint Broker:
Nick Emerson +44 (0) 1483 413500
-------------------------------
IFC Advisory Limited - Financial
PR and IR
------------------------------
Tim Metcalfe +44 (0) 203 934 6630
-------------------------------
Florence Chandler +44 (0) 203 934 6630
-------------------------------
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END
MSCEAXFKEEXDFEA
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November 06, 2023 02:11 ET (07:11 GMT)
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