Last checked at 24 Jun 2011 12:28
24 June 2011
XP Power Limited
("XP Power" or "the Company")
Placing and Exercise of Options
The Board of XP Power announces that 1,938,662 Ordinary Shares of 1 pence each in the Company ("Ordinary Shares) held by certain XP Power Directors have today been placed by Investec with institutional shareholders at a price of 1525 pence per share ("the Placing"). The Board also announces that certain Directors have exercised options as set out in the table below pursuant to the Company's Share Option Plan.
The number of shares being sold and options being exercised by the respective Directors and their resultant holdings in the issued share capital of XP Power are as follows:
Director | Number of Options Exercised | Exercise Price (per share) | Number of Ordinary Shares Sold | Resultant Number of Shares Held | Resultant % of Shares Held |
Larry Tracey |
| 1,146,019 | 1,532,838 | 7.97% | |
James Peters | 478,025 | 2,221,754 | 11.55% | ||
Duncan Penny | 25,000 | 342.5p | 198,010 | 326,990 | 1.70% |
Mike Laver | 24,000 | 342.5p | 82,006 | 136,494 | 0.71% |
Mickey Lynch | 34,602 | 46,398 | 0.24% | ||
Total | 49,000 | 1,938,662 | 4,264,474 | 22.16% |
The above Directors have entered into an orderly market agreement whereby they have undertaken to the Company and Investec not to sell or otherwise dispose of their remaining holdings before the anniversary of the date on which the above detailed Ordinary Shares were disposed of, subject to certain exceptions.
Enquiries:
XP Power
Larry Tracey, Executive Chairman +44 (0)7785 387142
James Peters, Deputy Chairman +44 (0)7785 353066
Duncan Penny, Chief Executive +65 8322 9520
Investec Bank plc +44 (0)20 7597 5000
Keith Anderson/Carlton Nelson
Citigate Dewe Rogerson +44 (0)20 7638 9571
Kevin Smith/Jos Bieneman
Note to editors
XP designs and manufactures power controllers, the essential hardware component in every piece of electrical equipment that converts the power from the electricity grid into the right form for the equipment to function.
XP typically designs in power control solutions into the end products of major blue chip OEMs, with a focus on the industrial (circa 50% of sales), healthcare (circa 30% sales) and technology (circa 20% of sales) sectors. Once designed into a program, XP has a revenue annuity over the life cycle of the customer's product which is typically 5 to 7 years depending on the industry sector.
XP has invested in research and development and its own manufacturing facility in China, to develop a range of tailored products based on its own intellectual property that provide its customers with significantly improved functionality and efficiency.
Headquartered in Singapore and listed on the Main Market of the London Stock Exchange since 2000, XP serves a global blue chip customer base from 27 locations in Europe, North America and Asia.