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Libertine Holdings enters into bridging loan agreement
Libertine Holdings, a Sheffield-based developer of Linear Generator technology, has entered into a bridging loan agreement with Reliant FZCO to support the finalisation of new investment.
It follows news earlier this week that Libertine Holdings was set to engage an insolvency practitioner following a failure to secure short-term funding while it waited to receive a £2m investment from investors in India and the UAE (Corporate International Financial Services Ltd and Reliant FZCO).Under the terms of the bridging loan agreement, Reliant FZCO will provide two tranches of £110,000. The first tranche is expected to be received on 16 August and the second tranche is expected to be received on 14 September, to support the working capital requirements of the business.
It is intended that the conditional subscription agreement entered into between the company and Corporate International Financial Services Limited will be terminated. Instead it is intended that Reliant FZCO and the company will vary the terms of their original conditional subscription agreement to increase Reliant FZCO’s subscription from £1m to £2m.Libertine Holdings noted that given the company’s financial situation, and the timing uncertainty around the receipt of funds, the Board still plans to engage an insolvency practitioner to seek advice on the appropriate next steps.
Trading in the company’s ordinary shares on AIM continues to be suspended.
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Evelyn Partners to acquire Haines Watts’ Leeds, Manchester and Newcastle offices
The acquisition will bring five partners, nine directors, and over 150 colleagues from Haines Watts into Evelyn Partners’ Professional Services business, significantly strengthening its presence in the north of England.
The deal represents the sixth acquisition for Evelyn Partners’ Professional Services business since the start of 2023, as it seeks to augment its strong organic growth and broaden its geographic footprint by adding high quality firms with complementary expertise.
Andrew Wilkes, Chief Professional Services Director of Evelyn Partners, said: “We are delighted to welcome the team and clients of these three former Haines Watts offices to Evelyn Partners.
“The team, led by Donna Bulmer, are high-quality professionals with a long-standing track record of giving clients the best possible tax advice and accountancy solutions. Their approach of providing a fully supportive, personal service and building long-standing relationships with clients is very much in line with our culture at Evelyn Partners.
“This acquisition continues our strategy of expanding the number of business and private clients we provide our professional services to in the north of England.”
Donna Bulmer, Managing Partner of Haines Watts, said: “This is an exciting time for our clients and our team as we join forces with our new colleagues at Evelyn Partners. We see a great cultural fit that will ensure we continue to deliver high service levels to our clients, whilst creating fantastic opportunities for our team.”