LIB Libertine Holdings Plc

29 July 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 and

Suspension of Trading in Shares

The board of directors of Libertine Holdings PLC (LSE AIM: LIB), a developer of Linear Generator technology, provides an update regarding the Proposed Investment.

On 16 July 2024, the Company announced that the Equity Investors had concluded their due diligence and were in the process of depositing funds into either the Company's bank account or into a UK escrow account with a first subscription amount (the quantum of which was unconfirmed) expected to be deposited during July 2024 (the "First Subscription").

Due to the timing of the processes required to transfer funds from UAE and India, the Board was also seeking Short-Term Funding from new or existing investors to support finalisation of the Proposed Investment.

As of 29 July 2024, no subscription funds have been received from the Equity Investors and the Board has been unsuccessful in securing Short-Term Funding from new or existing investors to support the finalisation of the First Subscription.

Therefore, after detailed consideration of the Company's current financial situation, the timing uncertainty around the receipt of the subscription funds, and absent any viable proposals for short-term funding, including from the Equity Investors, which would allow the company to complete the Proposed Investment, or any other funding, the Board has regrettably concluded that the Company should engage an insolvency practitioner to seek advice on appropriate next steps. A further announcement will be made in due course.

Suspension of Trading on AIM

In light of the uncertainty regarding the Group's financial position, the Board also announces that trading in the Company's ordinary shares on AIM was suspended at 12:50 today (the "Suspension").

Defined terms in this announcement bear the same meanings as in the announcement published by the Company on 16 July 2024 unless otherwise indicated.

For more information, please visit www.libertine.co.uk or contact:

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.