Libertine Holdings PLC Implementation of Long Term Incentive Plan (6287Q)

TIDMLIB

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 GBP0.001, 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 
                  Founder and Chief 
 Sam Cockerill     Executive                         1,166,500 
                 -------------------------  -------------------------- 
 Gareth Hague     Chief Financial Officer            1,112,000 
                 -------------------------  -------------------------- 
 Steve Cummins    Engineering Director               1,000,000 
                 -------------------------  -------------------------- 
                  Business Development 
 Mohammad Naji     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 or contact:

 
Libertine Holdings PLC                                  via Tavistock 
Sam Cockerill, Chief Executive Officer 
Gareth Hague, Chief Financial Officer 
 
Panmure Gordon (NOMAD and Broker)                    [phone] 
John Prior 
Dougie McLeod 
Hugh Rich (Corporate Broking) 
 
Tavistock (Public Relations and Investor 
 Relations)                                          [phone] 
Simon Hudson                               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(TM) 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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