XP Power Limited Grant of Long Term Incentive Plan (LTIP) awards (2907T)
19 March 2019 - 8:39PM
UK Regulatory
TIDMXPP
RNS Number : 2907T
XP Power Limited
19 March 2019
19 March 2019
XP Power Limited ("XP" or the "Company")
Grant of Long Term Incentive Plan (LTIP) awards
The Company announces that on 8 March 2019, 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 4,878
-----------------------
Duncan Penny 19,024
-----------------------
Andy Sng 4,878
-----------------------
Gavin Griggs 13,659
-----------------------
TOTAL 42,439
-----------------------
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 66.7% of the total Awards will vest on the achievement of
the following adjusted earnings per share ("EPS") compound growth
per annum targets for the three financial years ending 31 December
2019, 2020 and 2021 (the "Performance Condition Period") as shown
in the following table:
Adjusted EPS compound growth Max. No. of Ordinary Shares vesting
per annum ("EPS Target") subject to the Adjusted EPS Target
6% 25% of total LTIP award
----------------------------------------
12% 100% 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.
2. Total Shareholder Return ("TSR") Target
Up to 33.3% 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. 25% of the total
LTIP award will vest at median performance with 100% of the total
LTIP award vesting at the upper quartile performance (above the
80(th) percentile). 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
Gavin Griggs
----------------------------- ------------------------------------------------------------------
2. Reason for the notification
-------------------------------------------------------------------------------------------------
(a) Position/status Mike Laver - President, Corporate Development
Duncan Penny - Chief Executive
Andy Sng - Executive Vice President, Asia
Gavin Griggs - Chief Financial Officer
----------------------------- ------------------------------------------------------------------
(b) Initial notification/ Initial 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 Ordinary Shares of GBP0.01 each in the
of the Financial Company
Instrument
----------------------------- ------------------------------------------------------------------
(b) Identification SG9999003735
code of the
Financial Instrument
----------------------------- ------------------------------------------------------------------
(c) Nature of the Award of options over Ordinary Shares as
transaction 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 Price(s) Volume(s)
volume(s)
--------------------------- -------------------------------------
Exercisable at nominal Mike Laver 4,878
price of 1 pence per Duncan Penny 19,024
Ordinary Share Andy Sng 4,878
Gavin Griggs 13,659
--------------------------- -------------------------------------
(e) Aggregated Mike Laver 4,878
information Duncan Penny 19,024
* Aggregated volume Andy Sng 4,878
Gavin Griggs 13,659
TOTAL 42,439
- Price Exercisable at nominal price of 1 pence
per Ordinary Share
----------------------------- ------------------------------------------------------------------
(f) Date of the 8 March 2019
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 Officer +44 (0)118 984 5515
Citigate Dewe Rogerson +44 (0)20 7638 9571
Kevin Smith/Jos Bieneman/Claire Dansie
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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