REG - Libertine Holdings - Engagement of Interpath Advisory

Libertine HoldingsAnnouncement

07/08/2024 14:15

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RNS Number : 5974Z  Libertine Holdings PLC  07 August 2024

7 August 2024

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR").

Libertine Holdings PLC

 

("Libertine" the "Company" or the "Group")

 

Engagement of Interpath Advisory to explore sale options for Libertine FPE or
its assets

 

In line with the Company's announcement on 31 July 2024, the Board still
anticipates receiving the first £110,000 tranche of the Loan Amount by 16
August 2024 and the second £110,000 tranche by 14 September 2024. This is in
advance of the £2 million Proposed Investment which the Company still
anticipates being deposited by Reliant FZCO into a third-party UK escrow
account (less the Loan Amount) by September 2024 . At the time of this
announcement neither tranche of the Loan Amount nor the Proposed Investment
has been received.

 

As the Board awaits receipt of first tranche of the Loan Amount, and in line
with the Company's plans announced in July 2024, it has appointed Interpath
Advisory to seek advice on appropriate alternative next steps which include
exploring a potential sale of the Company's wholly owned subsidiary Libertine
FPE Limited (registered number 07022645) or its assets (the "Process").

 

There can be no guarantee that Loan Amount will be received or that the
Process will present a favourable alternative transaction opportunity for the
Company (an "Alternative Transaction"). Even if an Alternative Transaction
should be forthcoming, there can be no certainty on the timing or level of
return, if any, to shareholders. Any Alternative Transaction may be
conditional upon, inter alia, shareholder approval.

 

The Company currently has cash resources to maintain operations until late
August by which time the Board expects to have received the first tranche of
the Loan Amount. Given the Company's current financial situation and the
timing uncertainty around the receipt of funds the Board will continue to seek
advice on the appropriate next steps during August (taking account of the
expected receipt of the first tranche of the Loan Amount, the value of
Libertine FPE Limited 's assets which may be realised via an Alternative
Transaction, the Company's cash position, and the directors' obligations to
creditors).

 

Should the first tranche of the Loan Amount not be received by 16 August 2024,
and in this event should the Process not conclude positively or in the
requisite timeframe it is likely that the Company may then not be able to meet
its liabilities as they fall due and it may enter into administration or
another form of insolvency procedure, under which the timing or level of
return, if any, to shareholders would be uncertain.

 

Defined terms in this announcement bear the same meanings as in the
announcement published by the Company on 29 July 2024 unless otherwise
indicated.

 

For more information, please visit www.libertine.co.uk
(http://www.libertine.co.uk) or contact:

 

 Libertine Holdings PLC                               via Tavistock
 Sam Cockerill, Chief Executive Officer
 Gareth Hague, Chief Financial Officer

 Panmure Liberum (NOMAD and Broker)                   +44 20 7886 2500
 James Sinclair-Ford
 Dougie McLeod
 Rauf Munir

 Tavistock (Public Relations and Investor Relations)  +44 207 920 3150
 Rebecca Hislaire                                     libertine@tavistock.co.uk
 Saskia Sizen

 

About Libertine

Founded in 2009, Libertine provides technology platform solutions for Original
Equipment Manufacturers ("OEMs"), enabling efficient and clean power
generation from renewable fuels, and more effective energy storage devices and
gas compressor systems. Libertine was admitted to trading on the AIM market of
the London Stock Exchange in December 2021.

Libertine has created two technology platforms, each using the same core
technology elements, which the Company provides to its OEM customers for their
development of Linear Generator and Linear Motor products:

-       The intelliGEN™ platform enables the creation of clean, highly
efficient and fuel-flexible Linear Generator products including:

•      Heavy-duty hybrid powertrains of trucks, buses, tractors,
construction and mining equipment;

•      Medium and light-duty hybrid powertrains of commercial vehicles
operating over longer distances;

•      A proportion of the passenger automotive market where vehicle
use and recharging constraints are a barrier to battery electrification; and

•      A wide range of off-grid, portable power and distributed power
generation applications.

 

-       The HEXAGEN(TM) platform enables more effective energy storage,
thermal power generation, waste heat recovery and gas compression products
including:

•      Stirling Engine power generators and thermal energy storage
systems;

•      Linear motor reciprocating compressor (LMRC) systems for
hydrogen refuelling stations; and

•      Organic Rankine Cycle waste heat recovery systems.

 

These two platforms are a result of over a decade of development and
performance validation of Libertine's proprietary core technology elements
including its linear electrical machines, controls and developer tools, and
are protected by a broad international portfolio of over 40 granted patents,
with multiple further patents pending protecting recent developments.

The potential market for Linear Generator products goes well beyond the
distributed power generation applications where Linear Generators are already
in commercial use today, complementing intermittent renewable power with
clean, on-demand power generation. Linear Generators also have the potential
to complement battery electrification in hybrid powertrains, providing
on-board power generation to address the practical and economic barriers to
rapid adoption of clean electric propulsion using battery electric powertrain
technology alone.

Working with OEMs from an early stage in the development cycle ensures
Libertine's technology is effectively integrated into OEM products, maximising
the performance and economic benefits provided by Libertine's platform
technology. Libertine has developed a portfolio of over 30 granted patents in
addition to a significant body of technical know-how generated since the
Company's formation. The Company's senior management team and board includes
executives with decades of deep technical experience in the automotive and
energy industries.

 

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