LONDON: Libertine Holdings PLC, known for its innovative Linear Generator technology, has initiated a strategic review to explore various options aimed at enhancing value for its shareholders, employees, and stakeholders. The company, which has seen significant technical and commercial progress since its IPO in December 2021, is considering measures including additional equity fundraising and a potential sale.
The review will assess the benefits of Libertine remaining an independent publicly listed entity among other alternatives. Notably, the company has developed its HEXAGEN™ technology platform and intelliGEN™ technology platform, with the latter expected to meet OEM new product development program requirements in 2024.
Despite the technical strides and commercial interest, Libertine requires further resources for full commercialization. The company’s cash reserves are projected to support operations until July 2024, as per the trading update on March 22, 2024.
The Board is contemplating various outcomes such as raising additional capital, selling the HEXAGEN technology platform and IP, or a complete sale of the company under the “Formal Sale Process” as per the Takeover Code. Panmure Gordon (UK) Limited has been appointed as the Financial Advisor for this process.
Interested parties are invited to express their interest through Panmure Gordon. The company emphasizes that there is no certainty of any offers resulting from this process or the terms of any potential transaction. Libertine is now in an “offer period” as per the Takeover Code, and further announcements will be made as the situation develops.