XPP.GB XP Power Ltd

 
TIDMXPP 
 
21 April 2020 
 
XP Power Limited 
 
                         ("XP Power" or "the Company") 
 
Result of Annual General Meeting 
 
The Annual General Meeting of XP Power Limited was held at 401 Commonwealth 
Drive, Haw Par Technocentre, Lobby B, #02-02, Singapore 149598 on 21 April 
2020, commencing at 5.00 p.m. Singapore time. 
 
As set out in the Company's trading update released on 3 April 2020, the Board 
decided to withdraw Resolution 2, to approve the final dividend for 2019 of 36 
pence per share. A resolution was tabled at the start of today's Annual General 
Meeting to withdraw this resolution which was passed unanimously by a show of 
hands. All other resolutions were unanimously passed by a show of hands. 
 
The total cash outflow from the 2019 final dividend was expected to be GBP6.9 
million. The Group pays a quarterly dividend and understands the importance of 
dividends to shareholders. We intend to resume payments as soon as possible. 
 
For information, the following table shows the total votes cast by proxy voting 
on the resolutions that were put to the meeting. The total number of shares in 
issue was 19,442,296. 
 
Resolution   Resolution description  In Favour             Against             Withheld 
  number 
 
                                       Votes        %       Votes       %       Votes 
 
     1      To receive and adopt the 14,339,205  99.99%       1,784   0.01%       14,327 
            reports and audited 
            accounts 
 
     3      To re-elect Gavin Griggs 14,353,910  99.99%       1,407   0.01%            0 
 
     4      To re-elect Duncan Penny 14,355,317  100.00%          0   0.00%            0 
 
     5      To re-elect Polly        14,164,911  98.67%     190,406   1.33%            0 
            Williams 
 
     6      To re-elect James Peters 13,981,935  97.40%     373,381   2.60%            0 
 
     7      To re-elect Terry        14,179,238  98.77%     176,079   1.23%            0 
            Twigger 
 
     8      To re-elect Andy Sng     14,353,910  99.99%       1,407   0.01%            0 
 
     9      To re-elect Pauline      14,355,317  100.00%          0   0.00%            0 
            Lafferty 
 
    10      To reappoint auditors    14,324,237  99.78%      31,079   0.22%            0 
 
    11      Remuneration of auditors 14,340,349  99.90%      14,968   0.10%            0 
 
    12      To receive and adopt the 11,125,326  79.15%   2,930,138  20.85%      299,852 
            Remuneration Policy 
 
    13      To receive and adopt the 11,660,119  82.96%   2,395,345  17.04%      299,852 
            Remuneration Report 
 
    14      To approve the           11,075,541  78.80%   2,979,923  21.20%      299,852 
            Restricted Share Plan 
            2020 
 
    15      Authority to allot       14,074,977  98.05%     280,340   1.95%            0 
            shares 
 
    16      To amend the limit for   14,339,205  99.89%      16,111   0.11%            0 
            total fees payable to 
            non-executive directors 
 
    17      To authorize the issue   14,355,317  100.00%          0   0.00%            0 
            of shares 
 
    18      To authorize the         14,339,205  99.89%      16,111   0.11%            0 
            disapplication of 
            pre-emption rights 
 
    19      Authority for the        14,336,863  99.89%      16,111   0.11%            0 
            Company to purchase its 
            own shares 
 
Note: Percentage of votes cast excludes withheld votes 
 
The Board notes that 20.8% of votes cast were against the Remuneration Policy 
and 21.2% of votes cast were against the adoption of the Restricted Share Plan. 
 
The Remuneration Committee engaged in early and extensive consultations with a 
wide group of the Company's shareholders. It consulted with shareholders 
covering 61% of the Company's register.  The proposed package of measures is 
aimed at ensuring that the Executive Directors' remuneration arrangements 
effectively serve the best interests of the Company and its shareholders.  The 
Board will continue to engage with shareholders and the Company will publish an 
update on that engagement within six months of the Annual General Meeting. The 
Remuneration Committee will continue to take account of shareholder views in 
taking decisions on executive remuneration within the Policy. 
 
Enquiries: 
 
XP Power 
 
 
 
Duncan Penny, Chief Executive Officer +44 (0)118 984 5515 
 
Gavin Griggs, Chief Financial 
Officer 
 
 
 
 
END 
 

(END) Dow Jones Newswires

April 21, 2020 06:25 ET (10:25 GMT)

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