Share Name Share Symbol Market Type Share ISIN Share Description
Xp Power Limited LSE:XPP London Ordinary Share SG9999003735 ORD 1P (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 2,520.00p 2,500.00p 2,520.00p 2,550.00p 2,420.00p 2,550.00p 2,777 16:35:17
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 195.1 30.4 157.8 16.0 485

XP Power Limited Grant of Long Term Incentive Plan (LTIP) awards

19/03/2019 9:39am

UK Regulatory (RNS & others)


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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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March 19, 2019 05:39 ET (09:39 GMT)

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