REG-XP Power Ltd: 2024 Annual General Meeting Voting Outcome Update

XP PowerAnnouncement

23/08/2024 10:00

23 August 2024

XP Power Limited

("XP Power" or "the Company")

2024 Annual General Meeting Voting Outcome Update

At the XP Power Annual General Meeting (AGM) held on 25 April 2024, Resolution
14, to authorise the Directors to allot shares up to two thirds of the
Company's issued share capital was approved by 75.89% of the votes cast. In
accordance with Provision 4 of the UK Corporate Governance Code 2018, the
Company is providing an update on its subsequent engagement with those
shareholders who voted against the resolution.

The Company notes that the voting outcome was primarily the result of two
significant shareholders voting against Resolution 14. Following the AGM, the
Board actively engaged with these shareholders to understand the rationale
behind their vote against. The feedback indicated that the votes reflected
their application of internal policies as applied to all their investments,
which either specifically oppose the principle of Directors' authority to
allot shares or have a lower threshold for the issuance of new shares than
that proposed in the Resolution.

Resolution 14 sought authority to allot shares in line with the Share Capital
Management Guidelines published by the Investment Association. The Directors
have no present intention of exercising this authority and continue to
consider that the level of Directors' authority under this resolution is
appropriate to ensure maximum flexibility in managing the financial resources
of the Company.

The Company remains committed to ongoing engagement with shareholders and
welcomes feedback. A final summary will be provided in the Company's 2024
Annual Report.

Enquiries:

 XP Power                                                 
 Ruth Cartwright, Company Secretary  +44 (0)118 984 5515  
                                                          
 Citigate Dewe Rogerson                                   
 Kevin Smith/Lucy Gibbs              +44 (0)207 638 9571  

 

 



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