Libertine Holdings, a Sheffield-based developer of Linear Generator technology, is set to engage an insolvency practitioner following a failure to secure short-term funding.
The news comes after Libertine launched a strategic review in April, covering options including raising additional capital, sale of the company’s HEXAGEN technology platform and IP, and sale of the company.
This was followed by news of a conditional investment offer from investors in India and the UAE of £2m. Should the proposed investment not complete as planned, the Board of the business noted it may seek the cancellation of admission of Libertine’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 business.
This month (July 2024), the company announced that 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. Due to the timing of the processes required to transfer funds from UAE and India, however, the business was also seeking short-term funding from new or existing investors.
As of 29 July 2024, no funds had been received from the equity investors and Libertine had been unsuccessful in securing short-term funding.
Therefore, after consideration of the company’s current financial situation, the Board has concluded that Libertine should engage an insolvency practitioner to seek advice on next steps.
Trading in the company’s ordinary shares on AIM has been suspended.
