Libertine Holdings PLC Financing Update

RNS Number : 8729A

Libertine Holdings PLC

19 August 2024

 

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").

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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.

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For more information, please visit 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)	[phone]
James Sinclair-Ford
Dougie McLeod
Rauf Munir
Tavistock (Public Relations and Investor Relations)	[phone]
Rebecca Hislaire	[e-mail]
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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