XP Power Ltd Director/PDMR Shareholding
16 May 2018 - 11:23PM
UK Regulatory
TIDMXPP
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 Max. No. of Ordinary Shares vesting
Target") 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 Initial notification
notification/
Amendment
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 Ordinary Shares of GBP0.01 each in the Company
the Financial
Instrument
(b) Identification SG9999003735
code of the
Financial
Instrument
(c) Nature of the Award of options over Ordinary Shares as part of
transaction 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 Price(s) Volume(s)
volume(s)
Exercisable at nominal Mike Laver
price of 1 pence per 3,000
Ordinary Share Duncan Penny
11,200
Andy Sng
2,000
(e) Aggregated
information Mike Laver 3,000
- Duncan Penny 11,200
Aggregated Andy Sng 2,000
volume TOTAL 16,200
Exercisable at nominal price of 1 pence per
- Ordinary Share
Price
(f) Date of the 16 May 2018
transaction
(g) Place of the n/a
transaction
-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
END
(END) Dow Jones Newswires
May 16, 2018 09:23 ET (13:23 GMT)
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