19 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")
Financing Update
Further to the Company's announcement on 7
August 2024 the Board confirms that the Company has not received
loan funding from Reliant FZCO in-line with the Bridging Loan
Agreement. The Board had anticipated receiving the first £110,000
tranche of the Loan Amount by 16 August 2024 and the second
£110,000 tranche by 14 September 2024 pursuant to the terms of the
Bridging Loan Agreement.
The Company currently has cash
resources to maintain operations until late August 2024. 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. This includes
evaluating the progress and timing of any potential transaction in
relation to the process being advised on by Interpath Advisory, as
announced on 7 August 2024, where the Company is exploring a
potential sale of its wholly owned subsidiary Libertine FPE Limited
(registered number 07022645) or its assets (the
"Process").
Should the Process not conclude
positively and in the requisite timeframe it is likely that the
Company may not be able to meet its liabilities as they fall due by
late August 2024 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.
Further announcements will be made as
appropriate in due course.
Defined terms in this announcement bear the same meanings as
in the announcement published by the Company on 31 July 2024 unless
otherwise indicated.
For
more information, please visit www.libertine.co.uk
or
contact:
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Libertine Holdings PLC
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via
Tavistock
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Sam Cockerill, Chief Executive
Officer
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Gareth Hague, Chief Financial
Officer
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Panmure Liberum (NOMAD and Broker)
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+44 20
7886 2500
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James Sinclair-Ford
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Dougie McLeod
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Rauf Munir
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Tavistock (Public Relations and Investor
Relations)
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+44 207
920 3150
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Rebecca Hislaire
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libertine@tavistock.co.uk
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Saskia Sizen
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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 HEXAGENTM
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.