20 June 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
The board of directors of Libertine
Holdings PLC (LSE AIM: LIB), a developer of Linear Generator
technology, provides an update regarding the Proposed Investment
further to its announcement on 13 June 2024
("Announcement").
As detailed in the Announcement, the
Company has received an indicative,
non-binding, conditional investment
offer from potential strategic investors based in India and United
Arab Emirates ("Equity Investors") of £2.0 million at 2.1 pence per
ordinary share in the Company (the "Proposed Investment"). Each of
the Equity Investors has proposed a £1.0 million
tranche.
The due diligence processes by both
the Company and the Equity Investors are still on-going and remains
subject to the conditions set out in the Announcement however,
further to such Announcement, in the absence of further
developments by the end of June 2024 giving the Board confidence
that either (a) some or all of the Proposed Investment is
forthcoming in the required timeframe; or (b) sufficient additional
capital could be raised from investors, the Board may seek
cancellation of admission of the Company's ordinary shares to
trading on AIM and re-registration as a private limited company in
order to attempt to undertake a solvent wind down of the Company,
before reaching the end of its cash runway in mid-July 2024. A
further announcement will be made in due course.
Defined terms in this announcement bear the same meanings as
in the announcement published by the Company on 13 June 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 Gordon (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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Hugh Rich (Corporate Broking)
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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.