8 October 2024

 

 

XP Power Limited

(`XP Power' or `the Group')

 

Q3 2024 Trading Update

Improved order intake led by Semis; revenue in line with expectations; continued strong cash generation

 

XP Power, one of the world's leading developers and manufacturers of critical power control components to the electronics industry, is today issuing a trading update for the third quarter ended 30 September 2024.

 

Trading

 

Q3

2024

2023

Change

Change in constant currency

 

 

 

 

 

Order intake (£m)

48.8

44.7

9%

11%

Revenue (£m)

60.2

75.1

(20)%

(19)%

Book-to-bill

0.81x

0.60x

+0.21x

 

 

 

 

 

 

 

 

 

Quarterly performance

Q4

2023

Q1

2024

Q2

2024

Q3

2024

 

 

 

 

 

Order intake (£m)

48.4

43.7

44.2

48.8

% change vs prior year - constant currency

(24)%

(27)%

(17)%

11%

 

 

 

 

 

Revenue (£m)

81.1

64.6

62.5

60.2

% change vs prior year - constant currency

(5)%

(15)%

(22)%

(19)%

 

 

 

 

 

Book-to-bill

0.60x

0.68x

0.70x

0.81x

 

 

 

 

 

 

Q3 revenue was in line with expectations at £60.2m. Foreign exchange movements in the quarter lowered the sterling value of our predominantly US dollar-denominated sales and profits, reducing Q3 profit by c.£0.7m. In constant currency, Q3 revenue was similar to Q2. Year to date revenue now stands at £187.3m.

 

Q3 order intake increased to £48.8m, £4.6m higher than Q2 and 11% higher than the comparative period in constant currency - the first quarter of growth since late 2022. The improvement was driven by the Semiconductor Manufacturing Equipment sector, orders from which were more than double the comparative period and 40% higher sequentially in constant currency. Order intake within the Healthcare and Industrial Technology sectors was similar to Q2 in constant currency, and reflects ongoing customer destocking which is lasting longer than previously expected. Year to date order intake now stands at £136.7m.

 

Our order book at the end of Q3 was c.£137.4m.

 

Financial Position

 

Net debt at 30 September 2024 was £98.7m, £5.5m lower than at 30 June 2024. Operating cash generation remained strong in Q3, aided by tight control of working capital.

 

Outlook

 

The Group's performance in the third quarter reflects the market conditions experienced throughout 2024 with currency now becoming an additional headwind. As previously indicated, the performance for the full year continues to be subject to an improvement in trading in the fourth quarter from the conversion of new orders within the Semiconductor Manufacturing Equipment sector and a slower rate of channel destocking in the Industrial Technology and Healthcare sectors.

 

On a constant currency basis, the Group's full year expectations remain within the range of current analyst expectations*.

 

* Analyst expectations for Adjusted Operating Profit for the year ending 31 December 2024 are in the range of £27.4m to £30.1m

 

Enquiries:

 

XP Power

 

Gavin Griggs, Chief Executive Officer

+44 (0)118 984 5515

Matt Webb, Chief Financial Officer

+44 (0)118 984 5515

 

 

Citigate Dewe Rogerson

 

Kevin Smith/Lucy Gibbs

+44 (0)207 638 9571

 

XP Power designs and manufactures power controllers, the essential hardware component in every piece of electrical equipment that converts power from the electricity grid into the right form for equipment to function. Power controllers are critical for optimal delivery in challenging environments but are a small part of the overall customer product cost.

 

XP Power typically designs power control solutions into the end products of major blue-chip OEMs, with a focus on Semiconductor Manufacturing Equipment (circa 36% of sales in H1 2024), Healthcare (circa 24% sales in H1 2024) and 2 Industrial Technology (circa 40% of sales in H1 2024) sectors. Once designed into a programme, XP Power has a revenue annuity over the life cycle of the customer's product which is typically five to seven years depending on the industry sector. XP Power has invested in research and development and its own manufacturing facilities in China, North America, and Vietnam, 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 Power is a constituent of the FTSE All Share Index. XP Power serves a global blue-chip customer base from over 30 locations in Europe, North America, and Asia.

 

For further information, please visit www.xppowerplc.com.

23 August 2024

XP Power Limited

("XP Power" or "the Company")

2024 Annual General Meeting Voting Outcome Update

At the XP Power Annual General Meeting (AGM) held on 25 April 2024, Resolution 14, to authorise the Directors to allot shares up to two thirds of the Company's issued share capital was approved by 75.89% of the votes cast. In accordance with Provision 4 of the UK Corporate Governance Code 2018, the Company is providing an update on its subsequent engagement with those shareholders who voted against the resolution.

The Company notes that the voting outcome was primarily the result of two significant shareholders voting against Resolution 14. Following the AGM, the Board actively engaged with these shareholders to understand the rationale behind their vote against. The feedback indicated that the votes reflected their application of internal policies as applied to all their investments, which either specifically oppose the principle of Directors' authority to allot shares or have a lower threshold for the issuance of new shares than that proposed in the Resolution.

Resolution 14 sought authority to allot shares in line with the Share Capital Management Guidelines published by the Investment Association. The Directors have no present intention of exercising this authority and continue to consider that the level of Directors' authority under this resolution is appropriate to ensure maximum flexibility in managing the financial resources of the Company.

The Company remains committed to ongoing engagement with shareholders and welcomes feedback. A final summary will be provided in the Company's 2024 Annual Report.

Enquiries:

XP Power

 

Ruth Cartwright, Company Secretary

+44 (0)118 984 5515

 

 

Citigate Dewe Rogerson

 

Kevin Smith/Lucy Gibbs 

+44 (0)207 638 9571

 

 

6 August 2024

 

XP Power Limited

2024 Interim Results

 

Robust management action taken to address impact of market slowdown

Full year outlook unchanged and well-positioned for recovery

 

 

XP Power Limited (“XP Power” or “the Group”), one of the world's leading developers and manufacturers of critical power control solutions for the Semiconductor Manufacturing Equipment, Healthcare and Industrial Technology sectors, today announces its interim results for the six months ended 30 June 2024 (“H1 2024” or “the period”).

 

Six months ended 30 June

(£m unless otherwise stated)

2024

2023

% change

At actual exchange rate

In constant currency

 

 

 

 

 

Order intake

87.9

115.6

(24)%

(22)%

Revenue

127.1

160.2

(21)%

(18)%

Book-to-bill

0.69x

0.72x

(0.03)x

 

Order book

149.5

250.0

 

 

Adjusted results1:

 

 

 

 

Operating profit

13.5

21.8

(38)%

(36)%

Profit before tax

7.6

15.8

(52)%

(50)%

Diluted earnings per share (pence)

24.4p

59.1p

(59)%

 

Operating cash flow

34.9

30.0

16%

 

Statutory results:

 

 

 

 

Gross margin

40.6%

41.8%

(120)bps

(120)bps

Operating profit

9.1

17.3

(47)%

 

Profit before tax

3.2

10.9

(71)%

 

Diluted earnings per share (pence)

8.8p

38.7p

(77)%

 

Net Debt1

104.2

148.4

(30)%

 

Net Debt : Adjusted LTM EBITDA1

2.2x

2.3x

 

 

1 Details of the adjustments made and reconciliations to the reported results can be found in note 5 to the condensed consolidated financial statements.

 

Financial Highlights

 

Order intake of £87.9m: Semiconductor Manufacturing Equipment orders higher than the market trough in H1 2023, but awaiting a sustained recovery Channel destocking progressing but taking longer than expected, particularly within the Industrial Technology sector

 

Revenue of £127.1m: First half revenue in line with the Board’s expectations Year-on-year reduction reflects channel destocking and a market-wide downcycle impacting demand for Semiconductor Manufacturing Equipment Monthly revenue steady throughout the period

 

Adjusted Operating Profit of £13.5m: Ahead of the Board’s expectations set in March due to the proactive actions taken to manage costs Adjusted Operating Expenses 16% lower than the comparative period, with sources of long-term competitive advantage preserved Gross Margin of 40.6% similar to the second half of 2023 (41.2%)

 

Adjusted Operating Cash Flow of £34.9m: Actions to improve balance sheet resilience are delivering ahead of expectations Record operating cash conversion of 259% (H1 2023: 138%) from working capital reduction Net Debt reduced by £8.5m in the period to £104.2m, equal to 2.2x Adjusted LTM EBITDA Borrowing facilities proactively extended to December 2026 and covenant headroom prudently increased to maximise balance sheet resilience and accommodate any unexpected market developments

 

Operational Highlights

 

Robust management action taken to address impact of market slowdown: Cost base rapidly right-sized to market conditions - with further action taken in the period, building on initial measures commenced in late 2023 Long-term competitiveness maintained Inventory management significantly improved, with inventory reduced by £9.9m in the period Group has remained profitable and highly cash generative in challenging “trough” conditions, highlighting underlying resilience and latent margin potential when volumes recover Provides a solid base for future growth

 

Well-positioned for recovery: Confident that end markets will resume trajectory of GDP++ long-term growth Established customer relationships provide clear growth opportunities Healthy pipeline of new business wins and new products Well invested infrastructure with scalable capacity Strong market position with clear differentiators

 

Outlook

 

Confident that our financial performance will improve and reflect underlying operational improvements once channel stock levels reach equilibrium and as demand recovers within the Semiconductor Manufacturing Equipment market

 

It remains difficult to be precise about the timing of the recovery with channel destocking now expected to continue until the end of the third quarter, longer than previously expected. The profit impact of this is offset by decisive cost actions already taken

 

Adjusted Operating Profit expectations for 2024 are unchanged, more evenly weighted between each half and generally less sensitive to demand conditions in the second half

 

Gavin Griggs, Chief Executive Officer, commented:

 

“The proactive actions we have taken to reduce cost and working capital have created a solid platform from which to trade profitably and cash generatively whilst we wait for market conditions to recover. The relative consistency we have seen in trading month-to-month during the first half suggests that market conditions are in the process of stabilising, although it remains difficult to be precise about the timing of the recovery and the duration of channel destocking in particular.

 

Momentum has continued into the start of the second half of the year and the Board’s profit expectations for 2024 remain unchanged. Cost actions have made our profit more evenly weighted between each half and generally less sensitive to second half demand conditions.

 

Whilst our focus has been on closely managing short-term performance, we have continued to execute our strategy and have used a period of slower activity levels to make sure we have the foundations necessary to maximise our long-term potential. The fundamentals underpinning demand in our sectors remain firmly in place and we are well-positioned to benefit as an independent business as our markets return to structural long-term growth.”

 

Enquiries:

 XP Power

Gavin Griggs, Chief Executive Officer +44 (0)118 976 5155

Matt Webb, Chief Financial Officer +44 (0)118 976 5155

 

Citigate Dewe Rogerson

Kevin Smith/ Lucy Gibbs +44 (0)20 7638 9571

 

A meeting for analysts will be held at 10:30am BST today, 6 August 2024 at the offices of Investec, 30 Gresham Street, London EC2V 7QN. To register to attend please email xppower@citigatedewerogerson.com. A live audio stream of the meeting can be accessed via https://brrmedia.news/XPP_HY24.

 

XP Power designs and manufactures power controllers, the essential hardware component in every piece of electrical equipment that converts power from the electricity grid into the right form for equipment to function. Power controllers are critical for optimal delivery in challenging environments but are a small part of the overall customer product cost.

 

XP Power typically designs power control solutions into the end products of major blue-chip OEMs, with a focus on Semiconductor Manufacturing Equipment (circa 36% of sales in H1 2024), Healthcare (circa 24% sales in H1 2024) and Industrial Technology (circa 40% of sales in H1 2024) sectors. Once designed into a programme, XP Power has a revenue annuity over the life cycle of the customer’s product which is typically five to seven years depending on the industry sector. XP Power has invested in research and development and its own manufacturing facilities in China, North America, and Vietnam, 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 Power is a constituent of the FTSE All Share Index. XP Power serves a global blue-chip customer base from over 30 locations in Europe, North America, and Asia.

 

For further information, please visit www.xppowerplc.com

 

Forward-looking statements

 

This announcement contains forward-looking statements that are subject to risk factors asso

TR-1: Standard form for notification of major holdings

1. Issuer Details

ISIN

SG9999003735

Issuer Name

XP Power Ltd

UK or Non-UK Issuer

Non-UK

2. Reason for Notification

An acquisition or disposal of voting rights

3. Details of person subject to the notification obligation

Name

Montanaro Asset Management Limited

City of registered office (if applicable)

London

Country of registered office (if applicable)

United Kingdom

4. Details of the shareholder

Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above

 

City of registered office (if applicable)

 

Country of registered office (if applicable)

 

5. Date on which the threshold was crossed or reached

02-Aug-2024

6. Date on which Issuer notified

05-Aug-2024

7. Total positions of person(s) subject to the notification obligation

.

% of voting rights attached to shares (total of 8.A)

% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights held in issuer

Resulting situation on the date on which threshold was crossed or reached

5.810000

0.000000

5.810000

1376000

Position of previous notification (if applicable)

6.120000

0.000000

6.120000

 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached

8A. Voting rights attached to shares

Class/Type of shares ISIN code(if possible)

Number of direct voting rights (DTR5.1)

Number of indirect voting rights (DTR5.2.1)

% of direct voting rights (DTR5.1)

% of indirect voting rights (DTR5.2.1)

SG9999003735

1376000

 

5.810000

 

Sub Total 8.A

1376000

5.810000%

8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

Type of financial instrument

Expiration date

Exercise/conversion period

Number of voting rights that may be acquired if the instrument is exercised/converted

% of voting rights

 

 

 

 

 

Sub Total 8.B1

 

 

 

8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))

Type of financial instrument

Expiration date

Exercise/conversion period

Physical or cash settlement

Number of voting rights

% of voting rights

 

 

 

 

 

 

Sub Total 8.B2

 

 

 

9. Information in relation to the person subject to the notification obligation

1. Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.

Ultimate controlling person

Name of controlled undertaking

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

 

 

 

 

 

10. In case of proxy voting

Name of the proxy holder

 

The number and % of voting rights held

 

The date until which the voting rights will be held

 

11. Additional Information

 

12. Date of Completion

05-Aug-2024

13. Place Of Completion

London

TR-1: Standard form for notification of major holdings

1. Issuer Details

ISIN

SG9999003735

Issuer Name

XP Power Ltd

UK or Non-UK Issuer

Non-UK

2. Reason for Notification

An acquisition or disposal of voting rights; An acquisition or disposal of financial instruments

3. Details of person subject to the notification obligation

Name

BlackRock, Inc.

City of registered office (if applicable)

Wilmington

Country of registered office (if applicable)

USA

4. Details of the shareholder

Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above

 

City of registered office (if applicable)

 

Country of registered office (if applicable)

 

5. Date on which the threshold was crossed or reached

18-Jun-2024

6. Date on which Issuer notified

19-Jun-2024

7. Total positions of person(s) subject to the notification obligation

.

% of voting rights attached to shares (total of 8.A)

% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights held in issuer

Resulting situation on the date on which threshold was crossed or reached

Below 5%

Below 5%

Below 5%

Below 5%  

Position of previous notification (if applicable)

3.710000

1.340000

5.050000

 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached

8A. Voting rights attached to shares

Class/Type of shares ISIN code(if possible)

Number of direct voting rights (DTR5.1)

Number of indirect voting rights (DTR5.2.1)

% of direct voting rights (DTR5.1)

% of indirect voting rights (DTR5.2.1)

SG9999003735

 

Below 5%

 

Below 5%

Sub Total 8.A

Below 5%

Below 5%

8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

Type of financial instrument

Expiration date

Exercise/conversion period

Number of voting rights that may be acquired if the instrument is exercised/converted

% of voting rights

Securities Lending

 

 

Below 5%

Below 5%

Sub Total 8.B1

 

Below 5%

Below 5%

8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))

Type of financial instrument

Expiration date

Exercise/conversion period

Physical or cash settlement

Number of voting rights

% of voting rights

CFD

 

 

Cash

Below 5%  

Below 5%

Sub Total 8.B2

 

Below 5%

Below 5%

9. Information in relation to the person subject to the notification obligation

2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)

Ultimate controlling person

Name of controlled undertaking

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

BlackRock, Inc. (Chain 1)

BlackRock Holdco 2, Inc.

 

 

 

BlackRock, Inc. (Chain 1)

BlackRock Financial Management, Inc.

 

 

 

BlackRock, Inc. (Chain 1)

BlackRock International Holdings, Inc.

 

 

 

BlackRock, Inc. (Chain 1)

BR Jersey International Holdings L.P.

 

 

 

BlackRock, Inc. (Chain 1)

BlackRock Holdco 3, LLC

 

 

 

BlackRock, Inc. (Chain 1)

BlackRock Cayman 1 LP

 

 

 

BlackRock, Inc. (Chain 1)

BlackRock Cayman West Bay Finco Limited

 

 

 

BlackRock, Inc. (Chain 1)

BlackRock Cayman West Bay IV Limited

 

 

 

BlackRock, Inc. (Chain 1)

BlackRock Group Limited

 

 

 

BlackRock, Inc. (Chain 1)

BlackRock Finance Europe Limited

 

 

 

BlackRock, Inc. (Chain 1)

BlackRock Investment Management (UK) Limited

 

 

 

BlackRock, Inc. (Chain 2)

BlackRock Holdco 2, Inc.

 

 

 

BlackRock, Inc. (Chain 2)

BlackRock Financial Management, Inc.

 

 

 

BlackRock, Inc. (Chain 2)

BlackRock International Holdings, Inc.

 

 

 

BlackRock, Inc. (Chain 2)

BR Jersey International Holdings L.P.

 

 

 

BlackRock, Inc. (Chain 2)

BlackRock Holdco 3, LLC

 

 

 

BlackRock, Inc. (Chain 2)

BlackRock Cayman 1 LP

 

 

 

BlackRock, Inc. (Chain 2)

BlackRock Cayman West Bay Finco Limited

 

 

 

BlackRock, Inc. (Chain 2)

BlackRock Cayman West Bay IV Limited

 

 

 

BlackRock, Inc. (Chain 2)

BlackRock Group Limited

 

 

 

BlackRock, Inc. (Chain 2)

BlackRock Finance Europe Limited

 

 

 

BlackRock, Inc. (Chain 2

19 June 2024

XP Power Limited

("XP Power" or "the Company")

New directorship notification under Listing Rule 9.6.14

Pursuant to Listing Rule 9.6.14(2), XP Power announces that it has been informed that Polly Williams, Senior Independent Director and Chair of the Audit Committee at XP Power, will be appointed as Non-Executive Director and Chair of the Audit Committee at Videndum plc (symbol: VID), with effect from 1 July 2024.

The Board is satisfied that Polly's appointment with Videndum plc complies with the UK Corporate Governance Code 2018 and proxy advisor guidelines.

Enquiries:

XP Power

 

Ruth Cartwright, Company Secretary

+44 (0)118 984 5515

 

 

Citigate Dewe Rogerson

 

Kevin Smith/Lucy Gibbs 

+44 (0)207 638 9571

 

18 June 2024

 

 

XP Power Limited

(‘XP Power’ or ‘the Company’)

 

Response to Advanced Energy Statement andreiteration of full year outlook

 

The Board note the announcement released today by Advanced Energy Industries, Inc. ("Advanced Energy") stating that they have no intention of making an offer for the Company.  The Board confirms that it has had no contact from Advanced Energy since its indicative proposal was rejected on 13 May 2024.

 

The Board confirms that its full year trading expectations remain unchanged. The Company will announce its Interim Results on 6 August 2024.

 

Enquiries:

 

XP Power  

Gavin Griggs, Chief Executive Officer +44 (0)118 984 5515

Matt Webb, Chief Financial Officer +44 (0)118 984 5515

 

Citigate Dewe Rogerson 

Kevin Smith/Lucy Gibbs +44 (0)207 638 9571

 

Note to editors

 

XP Power designs and manufactures power controllers, the essential hardware component in every piece of electrical equipment that converts power from the electricity grid into the right form for equipment to function. Power controllers are critical for optimal delivery in challenging environments but are a small part of the overall customer product cost.

 

XP Power typically designs power control solutions into the end products of major blue-chip OEMs, with a focus on the Industrial Technology (circa 41% of sales), Healthcare (circa 20% sales) and Semiconductor Manufacturing Equipment (circa 39% of sales) sectors. Once designed into a programme, XP Power has a revenue annuity over the life cycle of the customer’s product which is typically five to seven years depending on the industry sector. XP Power has invested in research and development and its own manufacturing facilities in China, North America, and Vietnam, 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 Power is a constituent of the FTSE All Share Index. XP Power serves a global blue-chip customer base from over 30 locations in Europe, North America, and Asia.

 

For further information, please visit www.xppowerplc.com.

14 June 2024

 

 

XP POWER LIMITED

 

("XP Power" or the "Company")

 

DEALINGS DISCLOSURE ANNOUNCEMENT

Pursuant to Rule 12.1 of the Singapore Code on Take-overs and Mergers, the Company wishes to announce, for and on behalf of EBT and Jay Warner, each of whom is an associate of the Company, the following dealings in Shares on 13 June 2024 in connection with the Vesting:

 

Date of Dealing

Name of Associate

Nature of Dealing

Number of Shares

Dealing Price (GBP £)

Holding in shares following transaction

Resultant % of total Shares in issue following transaction1

13 June 2024

Computershare Trustees (Jersey) Limited - Trustee to the EBT

Transfer in accordance with terms of the LTIP

8,414

£0

25,828

0.11

13 June 2024

Jay Warner - President and Manager of subsidiary company

Settlement of RSUs following Vesting in accordance with terms of the LTIP

3,837

£0

16,709

0.07

13 June 2024

Jay Warner - President and Manager of subsidiary company

Sale to fund the tax liability due following Vesting

1,568

£15.76

15,141

0.06

1 The percentage shareholding is computed based on a total of 23,681,754 (excluding treasury shares) as of 13 Jun 2024 and rounded to the nearest two (2) decimal places.

RESPONSIBILITY STATEMENT

The Directors (including those who may have delegated detailed supervision of this announcement) have taken all reasonable care to ensure that the facts stated and all opinions expressed herein are fair and accurate and that no material facts have been omitted from this announcement, the omission of which would make any statement in this announcement misleading, and they jointly and severally accept responsibility accordingly.

Where any information has been extracted or reproduced from published or otherwise publicly available sources or obtained from the Offeror (including, without limitation, any press release), the sole responsibility of the Directors has been to ensure, through reasonable enquiries, that such information is accurately extracted from such sources or, as the case may be, accurately reflected or reproduced herein.

 

Enquiries:

XP Power

 

Ruth Cartwright, Company Secretary

+44 (0)118 984 5515

 

 

Citigate Dewe Rogerson

 

Kevin Smith/Lucy Gibbs 

+44 (0)207 638 9571

 

 

 

FOR IMMEDIATE RELEASE

 

 

 

13 JUNE  2024

 

 

 

 

XP POWER LIMITED

 

 

 

DEALINGS DISCLOSURE ANNOUNCEMENT BY ABERFORTH PARTNERS LLP

 

 

 

 

Pursuant to Rule 12.1 of the Singapore Code on Take-overs and Mergers (the "Code"), Aberforth Partners LLP announces the following dealing in the ordinary shares of XP Power Limited (the "Shares") on 12 June 2024 (the "Dealing"):

 

 

 

Date of Dealing

Nature of Dealing

Number of Shares

Dealing Price (GBP £)

12 June 2024

Purchase 

29,000

15.60

 

 

 

 

After the Dealing reported above, clients on behalf of whom Aberforth Partners LLP acts as discretionary investment manager hold 1,540,160 Shares representing approximately 6.50 per cent. of the total Shares in issue1.

 

 

 

 

 

 

 

 

 

 

 

1The percentage shareholding is computed based on a total of 23,681,754 (excluding treasury shares) as of 12 June 2024 and rounded to the nearest two (2) decimal places.

 

FOR IMMEDIATE RELEASE

 

 

 

12 JUNE  2024

 

 

 

 

XP POWER LIMITED

 

 

 

DEALINGS DISCLOSURE ANNOUNCEMENT BY ABERFORTH PARTNERS LLP

 

 

 

 

Pursuant to Rule 12.1 of the Singapore Code on Take-overs and Mergers (the "Code"), Aberforth Partners LLP announces the following dealing in the ordinary shares of XP Power Limited (the "Shares") on 10 June 2024 (the "Dealing"):

 

 

 

Date of Dealing

Nature of Dealing

Number of Shares

Dealing Price (GBP £)

10 June 2024

Purchase 

35,500

15.30

 

 

 

 

After the Dealing reported above, clients on behalf of whom Aberforth Partners LLP acts as discretionary investment manager hold 1,511,160 Shares representing approximately 6.38 per cent. of the total Shares in issue1.

 

 

 

 

 

 

 

 

 

 

 

1The percentage shareholding is computed based on a total of 23,681,754 (excluding treasury shares) as of 10 June 2024 and rounded to the nearest two (2) decimal places.