REG - Libertine Holdings - Implementation of Long Term Incentive Plan

Libertine HoldingsAnnouncement

22/02/2023 07:00

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RNS Number : 6287Q  Libertine Holdings PLC  22 February 2023

22 February 2023

Libertine Holdings PLC

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

Implementation of Long Term Incentive Plan

Libertine Holdings PLC (LSE AIM: LIB), a developer of clean, highly efficient
and fuel-flexible Linear Generator products, today announces the
implementation of a new Long Term Incentive Plan ("LTIP").

 

The LTIP will be issued as an Enterprise Management Incentive (EMI) scheme
available to all employees. The initial number of options to be issued,
subject to the achievement of performance conditions, in respect of the three
financial years to 31 March 2025 will be 7,182,314 for current employees and
directors, representing an additional 5.2% of the 139,219,010 Ordinary Shares
currently in issue. Exercise price will be £0.001, the nominal value of
shares in the Company.

 

Performance conditions will be aligned to shareholder value creation and focus
on key financial and operation metrics, consistent with the Company's
investment case. The number of options achieved under the scheme will be
determined by the Remuneration Committee at the end of each financial year,
and a maximum of one third of allocation can be achieved for each year. The
scheme will be open to new starters, pro rata to start date.

 

The scheme includes a one-year retention period for 50% of achieved shares at
the end of the vesting period. Appropriate leaver provisions and clawback
mechanisms are in place.

 

The number of options achievable by Persons Discharging Managerial
Responsibilities (PDMRs) is as follows:

 

 Director       Position                       No. of options achievable
 Sam Cockerill  Founder and Chief Executive    1,166,500
 Gareth Hague   Chief Financial Officer        1,112,000
 Steve Cummins  Engineering Director           1,000,000
 Mohammad Naji  Business Development Director  623,288

 

No options are being issued to Non-Executive Directors.

 

Keith Jackson, Chair of Libertine, commented: "This incentive scheme has been
launched, in-line with the plans set out at IPO, to incentivise employees in
the value creation for all of Libertine's stakeholders and to be an attractive
part of our employee value proposition for new recruits as we scale-up our
teams and operations."

 

For further 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 Gordon (NOMAD and Broker)                    +44 20 7886 2500
 John Prior
 Dougie McLeod
 Hugh Rich (Corporate Broking)

 Tavistock (Public Relations and Investor Relations)  +44 207 920 3150
 Simon Hudson                                         libertine (mailto:libertine@tavistock.co.uk) @tavistock.co.uk
                                                      (mailto:libertine@tavistock.co.uk)
 Rebecca Hislaire
 Charles Baister

 

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.

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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