Sheffield-based motor-generator systems specialist Libertine Holdings is set to appoint an insolvency practitioner following failed attempts to secure crucial short-term funding.
The company, which has been grappling with financial difficulties, initiated a strategic review in April to evaluate its options. These included raising additional equity, selling its HEXAGEN technology platform and intellectual property, and exploring the potential sale of the entire business. An alternative considered was maintaining Libertine as an independent publicly listed entity.
In May, Libertine issued a warning about the possibility of re-registering as a private company to facilitate an operational wind-down unless significant progress was made in securing a sale or fundraising.
In June, Libertine revealed it had received a conditional investment offer of £2 million from investors in India and the United Arab Emirates. The company entered into conditional subscription agreements with these investors earlier this month. However, due to the complexities and delays associated with transferring funds from these regions, the board sought additional short-term funding from either new or existing investors to finalize the proposed investment.
Despite these efforts, Libertine has announced that it did not receive any subscription funds from the equity investors and was unable to secure the necessary short-term funding. Consequently, the board has decided to consult with an insolvency practitioner to determine the next steps for the company.
In light of these developments, Libertine Holdings’ shares were suspended from trading on AIM as of July 29.
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