Picture of XP Power logo

XPP XP Power News Story

0.000.00%
gb flag iconLast trade - 00:00
IndustrialsSpeculativeSmall CapNeutral

REG-XP Power Ltd: Director/PDMR Shareholding

16 May 2018

XP Power Limited (“XP” or the “Company”)

Grant of Long Term Incentive Plan (LTIP) awards

The Company announces that on 16 May 2018, certain Directors of the Company
were awarded a nominal priced option over ordinary shares of 1p each in the
Company (“Ordinary Shares”) as detailed below, under the XP Power Limited
Long Term Incentive Plan 2017 (the “Awards”) approved by shareholders on
19 April 2017.

 Director      Number of Ordinary Shares over which awards granted  
 Mike Laver                           3,000                         
 Duncan Penny                         11,200                        
 Andy Sng                             2,000                         
 TOTAL                                16,200                        

The vesting of the Awards is conditional on meeting performance conditions
measured over a three-year period as described below, with 50% vesting on the
third anniversary of the date the Awards were made and 50% vesting after a
further one year deferral period.

Performance conditions
1.
Earnings per Share Target

Up to 50% of the total Awards will vest on the achievement of the following
earnings per share ("EPS") compound growth per annum targets for the three
financial years ending 31 December 2018, 2019 and 2020 (the “Performance
Condition Period”) as shown in the following table:

 EPS compound growth per annum ("EPS Target")  Max. No. of Ordinary Shares vesting subject to the EPS Target  
                      6%                                         12.5% of total LTIP award                    
                      12%                                         50% of total LTIP award                     

Achievement of the EPS Target between 6% and 12% will result in the Awards
vesting on a straight-line basis and any entitlement to a fraction of an
Ordinary Share shall be rounded down.
1.
Total Shareholder Return (“TSR”) Target

Up to 50% of the total Awards will vest dependent upon the performance of the
Company’s TSR measured against that of the FTSE250 over the Performance
Condition Period. 12.5% of the total LTIP award will vest at median
performance with 50% of the total LTIP award vesting at upper quartile
performance.  Vesting between these points will be measured on a
straight-line basis.

Malus and clawback provisions are also in place to reduce or recover the
Awards for criteria such as any material misstatement of the financial
statements, a serious breach of the Company’s code of ethics or a serious
health and safety issue.

 1.   Details of the person discharging managerial responsibilities/person closely associated                                                                                                                                                                                                
 (a)  Name                                                               Mike Laver Duncan Penny Andy Sng                                                                                                                                                                                    
 2.   Reason for the notification                                                                                                                                                                                                                                                            
 (a)  Position/status                                                    Mike Laver – President, Corporate Development Duncan Penny – Chief Executive Andy Sng – Executive Vice President, Asia                                                                                              
 (b)  Initial notification/ Amendment                                    Initial notification                                                                                                                                                                                                
 3.   Details of the issuer                                                                                                                                                                                                                                                                  
 (a)  Name                                                               XP Power Limited                                                                                                                                                                                                    
 (b)  LEI                                                                213800I7RWQ3FV72EZ26                                                                                                                                                                                                
 4.   Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted                                                                                      
 (a)  Description of the Financial Instrument                            Ordinary Shares of £0.01 each in the Company                                                                                                                                                                        
 (b)  Identification code of the Financial Instrument                    SG9999003735                                                                                                                                                                                                        
 (c)  Nature of the transaction                                          Award of options over Ordinary Shares as part of the XP Power Limited Long Term Incentive Plan 2017. The potential vesting of the awards are subject to earnings per share and total shareholder return targets     
 (d)  Price(s) and volume(s)                                             Price(s)                                                                                                  Volume(s)                                                                                                 
                                                                         Exercisable at nominal price of 1 pence per Ordinary Share                                                Mike Laver 3,000 Duncan Penny 11,200 Andy Sng 2,000                                                       
                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                             
 (e)  Aggregated information - Aggregated volume   - Price               Mike Laver 3,000 Duncan Penny 11,200 Andy Sng 2,000  TOTAL 16,200  Exercisable at nominal price of 1 pence per Ordinary Share                                                                                       
 (f)  Date of the transaction                                            16 May 2018                                                                                                                                                                                                         
 (g)  Place of the transaction                                           n/a                                                                                                                                                                                                                 

-Ends-

Enquiries:

XP Power 

Duncan Penny, Chief Executive Officer  +44 (0)118 984 5515

Gavin Griggs, Chief Financial Officerr     +44 (0)118 984 5515

Citigate Dewe Rogerson                      +44 (0)20
7638 9571

Kevin Smith/Jos Bieneman/Sam Stibbs



Copyright (c) 2018 PR Newswire Association,LLC. All Rights Reserved

Recent news on XP Power

See all news