31 May 2017
XP Power Limited
(“XP” or the “Company”)
Grant of Long Term
Incentive Plan (LTIP) awards
The Company announces that on 30 May
2017, 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 |
6,000 |
Jonathan Rhodes |
2,000 |
Andy Sng |
2,000 |
TOTAL |
13,000 |
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 2017, 2018 and 2019 (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 |
5% |
1,625 |
10% |
6,500 |
Achievement of the EPS Target between 5% and 10% will result in
the Awards vesting on a straight-line basis and any entitlement to
a fraction of a Share shall be rounded down.
2. 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. 1,625 Ordinary
Shares will vest at median performance with 6,500 Ordinary Shares
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
Jonathan Rhodes
Andy Sng |
2. |
Reason for the
notification |
(a) |
Position/status |
Mike Laver
– President, World Wide Sales and Marketing
Duncan Penny – Chief Executive
Jonathan Rhodes – Finance Director
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
6,000
Jonathan
Rhodes
2,000
Andy
Sng
2,000 |
|
|
|
|
|
|
|
(e) |
Aggregated
information
-
Aggregated volume
- Price |
Mike
Laver
3,000
Duncan
Penny
6,000
Jonathan
Rhodes
2,000
Andy
Sng
2,000
TOTAL
13,000
Exercisable at nominal price of 1 pence per Ordinary Share |
(f) |
Date of the transaction |
30 May 2017 |
(g) |
Place of the transaction |
n/a |
-Ends-
Enquiries:
XP Power
Duncan Penny, Chief Executive
Officer +44 (0)118 976 5086
Jonathan Rhodes, Finance
Director +44 (0)118
976 5074
Citigate Dewe Rogerson
+44 (0)20 7638 9571
Kevin Smith/Jos Bieneman