Results of Placing and PDMR Shareholdings
XP Power raised £40m through a placing of 4.1m shares at 975p, a 5.2% discount to prior close.
- Gross proceeds raised £40m
- Placing shares issued 4,102,564 shares
- Placing price per share 975 pence
- Discount to closing price 5.2%
- Percentage of existing issued share capital 17.3%
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XP Power is pleased to announce the successful completion of the placing of new ordinary shares in the capital of the Company ("Ordinary Shares") announced earlier today (the "Placing").
A total of 4,102,564 Placing Shares, representing approximately 17.3 per cent. of the existing issued share capital of the Company, have been placed at a price of 975 pence per Placing Share (the "Placing Price"), raising gross proceeds of £40 million for the Company. The Placing Price of 975 pence per share represents a discount of approximately 5.2 per cent. to the closing price on 3 March 2025. Investec Bank plc ("Investec") acted as sole bookrunner to the Company in connection with the Placing.
A separate announcement will be made later today regarding the results of the Retail Offer and containing details of the total voting rights in the Company and the Pre-Emption Group post-transaction reporting.
Admission and Settlement
Applications have been made for the Placing Shares to be admitted to the equity shares (commercial companies) category of the Official List of the Financial Conduct Authority and to be admitted to trading on the main market for listed securities of London Stock Exchange plc (together, "Admission"). It is expected that settlement for the Placing Shares and Admission will take place at 8.00 a.m. (London time) on 6 March 2025, and that dealings in the Placing Shares will commence at that time. The Placing Shares, when issued, will be fully paid and will rank pari passu in all respects with the existing issued Ordinary Shares of the Company, including, without limitation, the right to receive all dividends and other distributions declared, made or paid in respect of the existing issued Ordinary Shares after Admission.
The Placing is conditional upon, amongst other things, Admission becoming effective and the Placing Agreement not being terminated in accordance with its terms.
Direct Subscription
For administrative purposes only, an institutional investor has agreed to subscribe for 1,651,282 Placing Shares (the "Direct Subscription Shares") directly from the Company, for a total amount of £16.1 million. The Direct Subscription Shares comprise part of the Placing but are not settlement underwritten.
Directors' and PDMRs' participation in the Placing
As part of the Placing, certain Directors, associated persons and senior management have agreed to subscribe for an aggregate of 19,542 Offer Shares at the Placing Price. Details of the Offer Shares for which the Directors and their associated persons have agreed to subscribe are displayed below:
| Director and PDMR | Number of Ordinary Shares held before the Placing | Number of Offer Shares being subscribed for | Resultant shareholding following the Placing |
|---|---|---|---|
| Jamie Pike - Chair of the Board | 12,533 | 5,128 | 17,661 |
| Gavin Griggs - Chief Executive Officer | 16,904 | 3,077 | 19,981 |
| Matt Webb - Chief Financial Officer | 12,173 | 4,139 | 16,312 |
| Andy Sng - Executive Director | 34,323 | 0 | 34,323 |
| Polly Williams - Senior Independent Director | 4,347 | 652 | 4,999 |
| Pauline Lafferty* - Non-Executive Director | 1,739 | 261 | 2,000 |
| Sandra Breene* - Non-Executive Director | 2,391 | 1,157 | 3,548 |
| Amina Hamidi - Non-Executive Director | 0 | 2,051 | 2,051 |
| Daniel Shook - Non-Executive Director | 0 | 3,077 | 3,077 |
| Total | 84,410 | 19,542 | 103,952 |
* Holdings includes that of Closely Associated Persons
Capitalised terms used in this announcement have the meanings given to them in the Placing Announcement released earlier today, unless the context provides otherwise.
| (a) | Name | Jamie Pike Gavin Griggs Matt Webb Polly Williams Pauline Lafferty Sandra Breene Alan Lamplough Amina Hamidi Daniel Shook | |
| 2. | Reason for the notification | ||
| (a) | Position/status | Chairman Chief Executive Officer Chief Financial Officer Senior Independent Director Non-Executive Director Non-Executive Director PCA – husband of Sandra Breene NED Non-Executive Director Non-Executive Director | |
| (b) | Initial notification/ Amendment | Initial notification | |
| 3. | Details of the issuer | ||
| (a) | Name | XP Power Limited | |
| (b) | LEI | 213800I7RWQ3FV72EZ26 | |
| (a) | Description of the Financial Instrument | Ordinary shares of 1 pence each | |
| (b) | Identification code of the Financial Instrument | SG9999003735 | |
| (c) | Nature of the transaction | Purchase of shares | |
| (d) | Price(s) and volume(s) | Price(s) | Volume(s) |
| 975p 975p 975p 975p 975p 975p 975p 975p 975p | 5,128 3,077 4,139 652 261 1,026 131 2,051 3,077 | ||
| (e) | Aggregated information - Aggregated volume - Price | 19,542 shares 975 pence | |
| (f) | Date of the transaction | 04 March 2024 | |
| (g) | Place of the transaction | London Stock Exchange |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.