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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
XP Power Ltd | AQSE:XPP.GB | Aquis Stock Exchange | Ordinary Share | SG9999003735 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-50.00 | -3.51% | 1,375.00 | 1,300.00 | 1,450.00 | 1,425.00 | 1,375.00 | 1,425.00 | 118 | 15:32:24 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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
DSHEANDNFEXNEEF
(END) Dow Jones Newswires
March 19, 2019 05:39 ET (09:39 GMT)
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