18 September 2023
XP
Power Limited
(“XP
Power” or “the Company”)
Grant
of Restricted Share Plan and Long Term Incentive Plan
awards
The
Company announces that on 14 September
2023, Matt Webb, Chief
Financial Officer and PDMR of the Company, was awarded nominal
priced options over ordinary shares of 1
pence each in the Company (“Ordinary Shares”), under the XP
Power Limited Restricted Share Plan 2020 (the “RSPs”) and the XP
Power Limited Long Term Incentive Plan 2017 (the “LTIPs”). The RSPs
are subject to a five year vesting period, with no performance
conditions attached. The vesting of the LTIPs, after five years, is
conditional on meeting performance conditions measured over a
three-year period (FY23, FY24 and FY25), which are as
follows:
Earnings
per Share (“EPS”) – 67% of the 2023 LTIP award
This
element vests on the achievement of cumulative adjusted EPS targets
for the three financial years ending 31
December 2023, 2024 and 2025:
|
Vesting
|
Cumulative
adjusted EPS achieved over the Performance
Period
|
|
100%
|
602 pence
or above
|
|
50%
|
541
pence
|
|
0%
|
480 pence
or below
|
The
vesting percentage for performance outcomes between
these
points
will be calculated on a straight-line basis
Total
Shareholder Return (“TSR”) – 33% of the 2023 LTIP
award
This
element vests on the Company’s relative TSR performance measured
against the constituents of the FTSE250 index (excluding investment
trusts) over the period of three financial years ending
31 December 2025:
|
Vesting
|
Company
TSR over the Performance Period relative to the FTSE250
(xIT)
|
|
100%
|
80th
percentile
or above
|
|
25%
|
Median
(50th
percentile)
|
|
0%
|
Below
median
|
The
vesting percentage for performance outcomes between
median
and
80th
percentile
will be calculated on a straight-line basis
The
five-day average of the closing mid-market quotation prior to the
date of grant used to calculate the number of options granted under
the LTIP and RSP, was £21.97.
Both
awards were made in accordance with the approved Directors’
Remuneration Policy.
The
notification below, made in accordance with the requirements of
Article 19 of the EU Market Abuse Regulations, as it forms part of
domestic law by virtue of The European Union (Withdrawal) Act 2018,
gives further details.
|
1
|
Details
of the person discharging managerial
responsibilities
|
|
a)
|
Name
|
Matthew
Webb
|
|
2
|
Reason
for the notification
|
|
a)
|
Position/status
|
Chief
Financial Officer (PDMR)
|
|
b)
|
Initial
notification /Amendment
|
Initial
Notification
|
|
3
|
Details
of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
|
|
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, type of instrument
Identification
code
|
Ordinary
shares of £0.01 each (“Ordinary Shares”)
SG9999003735
|
|
b)
|
Nature of
the transaction
|
1)
|
Award of
nominal value options over Ordinary Shares as part of the XP Power
Limited Restricted Share Plan 2020. The vesting of the award after
five years is not subject to performance conditions. There is no
price payable on the grant or vesting of the option. On exercise,
the option price of £0.01 per share is payable.
|
|
|
|
2)
|
Award of
nominal value options over Ordinary Shares as part of the XP Power
Limited Long Term Incentive Plan 2017. The potential vesting of the
award after five years, is subject to the achievement of earnings
per share and total shareholder return targets measured over a
three year period. There is no price payable on the grant or
vesting of the option. On exercise, the option price of £0.01 per
share is payable.
|
|
|
|
|
|
c)
|
Price(s)
and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
1)
Nil
|
2,503
|
|
2)
Nil
|
20,027
|
|
|
d)
|
Aggregated
information
-
Aggregated volume
-
Price
|
22,530
Nil
|
|
e)
|
Date of
the transaction
|
14
September 2023
|
|
f)
|
Place of
the transaction
|
Outside a
trading venue
|
Enquiries:
XP
Power
Gavin Griggs, Chief Executive
Officer +44
(0)118 976 5155
Citigate
Dewe Rogerson
Kevin Smith/Lucy Gibbs
+44
(0)207 638 9571