XP Power Ltd - Result of AGM
24 April 2025
XP Power Limited
("XP Power" or "the Company")
Result of Annual General Meeting
The Annual General Meeting of XP Power Limited was held at 19 Tai Seng Avenue, #07-01, Singapore 534054 on 24 April 2025, commencing at 5.00 p.m. Singapore time. All of the resolutions were voted upon by poll and were approved by shareholders, with the exception of Resolution 13, the advisory vote on the Directors' Remuneration Report which was not passed.
The total number of ordinary shares in issue is 27,932,178 (excluding shares held in treasury). The results of the poll for each resolution are as follows:
Resolution number
Resolution description
In Favour
Against
Withheld
Votes
%age
Votes
%age
Votes
1
To receive the reports and audited accounts for the year ended 31 December 2024
21,589,277
99.93%
14,163
0.07%
85,830
2
To re-elect Jamie Pike as a Director
16,827,562
77.80%
4,801,146
22.20%
60,562
3
To re-elect Gavin Griggs as a Director
17,993,090
84.51%
3,298,618
15.49%
397,562
4
To re-elect Pauline Lafferty as a Director
18,842,223
87.12%
2,785,735
12.88%
61,312
5
To re-elect Matt Webb as a Director
18,959,090
87.66%
2,669,618
12.34%
60,562
6
To re-elect Andy Sng as a Director
18,958,340
87.65%
2,670,368
12.35%
60,562
7
To re-elect Amina Hamidi as a Director
18,958,340
87.66%
2,669,618
12.34%
61,312
8
To re-elect Sandra Breene as a Director
18,958,317
87.66%
2,669,641
12.34%
61,312
9
To re-elect Polly Williams as a Director
18,932,081
87.54%
2,695,877
12.46%
61,312
10
To re-elect Daniel Shook as a Director
21,586,967
99.81%
40,991
0.19%
61,312
11
To reappoint PwC LLP as Auditor of the Company
21,382,151
99.11%
191,479
0.89%
115,640
12
To authorise the Directors to determine the Auditor's remuneration
21,622,708
99.70%
66,057
0.30%
505
13
To receive and adopt the Directors' Remuneration Report for the year ended 31 December 2024
9,751,317
48.38%
10,404,802
51.62%
1,533,151
14
To approve the Directors' fees of up to £600,000
21,611,311
99.64%
77,355
0.36%
604
15
To authorise the Directors to allot shares up to two thirds of the Company's issued share capital
16,233,097
74.85%
5,455,668
25.15%
505
16
To authorise the Directors to allot ordinary shares on a non pre-emptive basis
21,511,497
99.18%
177,268
0.82%
505
17
To authorise the Directors to allot ordinary shares on a non pre-emptive basis for acquisitions or capital investments
20,532,251
94.67%
1,156,514
5.33%
505
18
To authorise the Company to purchase its own shares
21,614,377
99.93%
14,388
0.07%
60,505
Whilst the Board is pleased that all other resolutions were passed with large majorities, the Board notes that Resolution 2, the re-appointment of Jamie Pike was passed with 22.20% of votes cast against, Resolution 13, the advisory vote on the Remuneration Report was not passed with 51.62% of votes cast against and Resolution 15, the authority for the Directors to allot shares up to two thirds of the Company's issued share capital was passed with 25.15% of votes cast against. The Company takes the outcome of shareholder votes extremely seriously and will engage with shareholders to fully understand their concerns in relation to the number of votes recorded not in favour of resolutions 2, 13 and 15 to ensure their feedback continues to inform the Company's approach to governance and remuneration matters. An update on the engagement with shareholders and on any action taken as a result, will be published within six months of today's AGM, in accordance with the UK Corporate Governance Code.
Notes:
Enquiries:
XP Power
Ruth Cartwright, Company Secretary
+44 (0)118 984 5515
CDR
Kevin Smith/Lucy Gibbs
+44 (0)207 638 9571
