REG - Libertine Holdings - Financing Update & Suspension of Trading in Shares

Libertine HoldingsAnnouncement

29/07/2024 13:15

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RNS Number : 2425Y  Libertine Holdings PLC  29 July 2024

29 July 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")

Financing Update and

Suspension of Trading in Shares

The board of directors of Libertine Holdings PLC (LSE AIM: LIB), a developer
of Linear Generator technology, provides an update regarding the Proposed
Investment.

 

On 16 July 2024, the Company announced that the Equity Investors had concluded
their due diligence and were in the process of depositing funds into either
the Company's bank account or into a UK escrow account with a first
subscription amount (the quantum of which was unconfirmed) expected to be
deposited during July 2024 (the "First Subscription").

 

Due to the timing of the processes required to transfer funds from UAE and
India, the Board was also seeking Short-Term Funding from new or existing
investors to support finalisation of the Proposed Investment.

 

As of 29 July 2024, no subscription funds have been received from the Equity
Investors and the Board has been unsuccessful in securing Short-Term Funding
from new or existing investors to support the finalisation of the First
Subscription.

 

Therefore, after detailed consideration of the Company's current financial
situation, the timing uncertainty around the receipt of the subscription
funds, and absent any viable proposals for short-term funding, including from
the Equity Investors, which would allow the company to complete the Proposed
Investment, or any other funding, the Board has regrettably concluded that the
Company should engage an insolvency practitioner to seek advice on appropriate
next steps. A further announcement will be made in due course.

 

 

Suspension of Trading on AIM

 

In light of the uncertainty regarding the Group's financial position, the
Board also announces that trading in the Company's ordinary shares on AIM was
suspended at 12:50 today (the "Suspension").

 

Defined terms in this announcement bear the same meanings as in the
announcement published by the Company on 16 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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