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
-
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 Target") |
Max. No. of
Ordinary Shares vesting 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.
-
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 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
11,200
Andy Sng
2,857 |
|
|
|
|
|
|
|
(e) |
Aggregated
information
-
Aggregated volume
- Price |
Mike
Laver
3,000
Duncan
Penny
11,200
Andy
Sng
2,857
TOTAL
17,057
Exercisable at nominal price of 1 pence per Ordinary Share |
(f) |
Date of the transaction |
16 May 2018 |
(g) |
Place of the transaction |
n/a |
-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