Board Change & Director/PDMR Shareholding

RNS Number : 6378G

XP Power Limited

08 May 2014

 



8 May 2014

XP Power Limited ("XP Power" or the "Company")

Board Change

And

Director/PDMR Shareholding

XP Power announces that Larry Tracey will retire from the Board and step down from the role of Non-Executive Chairman on 30 June 2014.  James Peters, the current Deputy Chairman and founder, will replace Mr. Tracey as Non-Executive Chairman with effect from the same date.

James Peters, Deputy Chairman commented:

"Larry has made an outstanding contribution to the Company over the past fourteen years, in both executive and non-executive capacities.  He leaves XP Power with a robust platform for continued growth, having overseen its transition from a distributor of third party products to a designer and manufacturer of its own market-leading range of power supplies, with nearly two thirds of 2013 revenues being derived from its own designs.  He leaves with our thanks and best wishes for a happy retirement."

XP Power has also been notified that on 8 May 2014, Mr. Tracey sold 1,011,838 ordinary shares of 1p each in the Company ("Ordinary Shares"), at a price of 1600p each. Following the transaction, Mr. Tracey has a beneficial interest in 120,000 Ordinary Shares, representing 0.62% of the Company's issued share capital.

Enquiries:

XP Power

Duncan Penny, Chief Executive Officer [phone]

Jonathan Rhodes, Finance Director [phone]

Citigate Dewe Rogerson [phone]

Kevin Smith/Jos Bieneman

 

END

 

 

MSCSSWFLAFLSEDI