Ripple Coop 4 Limited: October Update

Dear Ripple Coop 4 Member,

A short update on the directions hearing held last month on the 23 September.

BTG, the administrators for Ripple Energy, submitted an application to The High Court Of Justice, Business And Property Courts In Birmingham on July 13 – CR-2026-BHM-000364. Ripple Coop4 Limited (Coop4) is named as a respondent. Stripe Payments is also named as a respondent.

The application seeks directions from the court regarding the funds that the administrator (BTG) recovered from REL’s Monex account (£6.8m plus interest). Other questions are out of the scope of this application by BTG and will be considered in due course. On the substantive matters, the Board’s view differs from the case made by BTG in terms of the status of the £6.8m.

The directions hearing was held 23 September in Birmingham. Attending in person were:

• Our legal counsel, along with board member Sonya Leydecker
• Legal representatives for BTG and Gareth Prince (one of the REL administrators)
• Legal representatives for Stripe Payments

Information on the case is available at this link – ​https://caseboard.io/cases/4d4ade6b-2ec3-41ce-ac39-2f1954c9b95c​.

A directions hearing is a preliminary court appointment where a judge sets the timetable and outlines the practical steps all parties must take to prepare for the main trial. It focuses purely on case management rather than deciding the final outcome of the dispute.

A timetable was agreed by the Judge and the parties. As of 08/10/2026, We have yet to receive the official document with the agreed timetable. However, we are acting on the assumption that the proposed timetable will be approved.

The timetable proposed and agreed is:

1. By 14 October, 2026: Coop4 and Stripe are to provide (serve) a list of requested documents to BTG and each other that are believed to be relevant to their claim to the Monex funds.
2. By 28 October, 2026. Any party served with a list of documents is to provide them to the requesting party or give reasons why they cannot.
3. By 9 December 2026, any follow up applications regarding documents not provided above must be made.

A further directions hearing has been fixed for 1 hour on 20 January 2027 and will be dealt with online. The Board are content with the outcome of the directions hearing and are now working to meet the timeline ordered by the Court.

With best wishes,

Sam, David R, Sonya, Klaus, Sheena, and David H

Board of Directors – Ripple Coop 4 Limited