XPP.GB XP Power Ltd

 
TIDMXPP 
 
17 May 2018 
 
Further to the announcement made on 16 May 2018 regarding the grant of Long 
Term Incentive Plan (LTIP) awards to certain Director's of the Company, XP 
Power announces that Andy Sng was in fact granted 2,857 awards and not 2,000 
awards, as originally stated. 
 
All other information within the announcement remains unchanged. The full 
amended text appears below. 
 
                   XP Power Limited ("XP" or the "Company") 
 
                Grant of Long Term Incentive Plan (LTIP) awards 
 
The Company announces that on 16 May 2018, 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              11,200 
 
Andy Sng                   2,857 
 
TOTAL                     17,057 
 
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 2018, 2019 and 2020 (the "Performance 
    Condition Period") as shown in the following table: 
 
 EPS compound growth per annum ("EPS    Max. No. of Ordinary Shares vesting 
               Target")                      subject to the EPS Target 
 
                  6%                         12.5% of total LTIP award 
 
                 12%                          50% 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. 
 
 1. 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. 12.5% of the total LTIP award will vest at median 
    performance with 50% of the total LTIP award 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 
                        Andy Sng 
 
2.     Reason for the notification 
 
(a)    Position/status  Mike Laver - President, Corporate Development 
                        Duncan Penny - Chief Executive 
                        Andy Sng - Executive Vice President, Asia 
 
(b)    Initial          Initial notification 
       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 of   Ordinary Shares of GBP0.01 each in the Company 
       the Financial 
       Instrument 
 
(b)    Identification   SG9999003735 
       code of the 
       Financial 
       Instrument 
 
(c)    Nature of the    Award of options over Ordinary Shares as part of 
       transaction      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 
                        price of 1 pence per                  3,000 
                        Ordinary Share            Duncan Penny 
                                                  11,200 
                                                  Andy Sng 
                                                              2,857 
 
(e)    Aggregated 
       information      Mike Laver                    3,000 
       -                Duncan Penny              11,200 
       Aggregated       Andy Sng                      2,857 
       volume           TOTAL                         17,057 
 
                        Exercisable at nominal price of 1 pence per 
       -                Ordinary Share 
       Price 
 
(f)    Date of the      16 May 2018 
       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 Officerr     +44 (0)118 984 5515 
 
Citigate Dewe Rogerson                      +44 (0)20 7638 9571 
 
Kevin Smith/Jos Bieneman/Sam Stibbs 
 
 
 
END 
 

(END) Dow Jones Newswires

May 17, 2018 05:55 ET (09:55 GMT)

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