XPP.L

XP Power Ltd.
XP Power Ltd - 2024 Annual General Meeting Voting Outcome Update
23rd August 2024, 09:00
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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

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