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) +44 20 7886 2500
John Prior
Dougie McLeod
Hugh Rich (Corporate Broking)
Tavistock (Public Relations and Investor
Relations) +44 207 920 3150
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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END
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