Board Change and Director/PDMR Shareholding
08 May 2014
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.
|Duncan Penny, Chief Executive||+44 (0)118 976 5086|
|Jonathan Rhodes, Finance Director||+44 (0)118 976 5074|
|Citigate Dewe Rogerson|
|Kevin Smith/Jos Bieneman||+44 (0)20 7638 9571