XP Power Ltd. (DI) (XPP)

Up
Share Price:
1,836.00p
Market Cap:
£514.67m
Change Today:
94.00p
Sector:
Electronic and Electrical Equipment

XP Power raises £43.9m in placing, rejects bid approaches

By Michele Maatouk

Date: Tuesday 07 Nov 2023

LONDON (ShareCast) - (Sharecast News) - XP Power surged on Tuesday after it raised £43.9m in a placing and said it had received "a small number" of unsolicited expressions of interest which it has rejected.
The company raised the money through a placing of just over 3.8m shares at 1,150p each, which is a premium of around 11% to the closing share price on Monday. It raised an additional £1.5m in a retail offer at the same price.

Proceeds will be used to reduce net debt, improve the group's liquidity position, refinance capital investments and continue to invest in key areas including R&D, the company said.

It also said that since its trading update on 2 October, a small number of parties have expressed indicative, non-binding interest in buying the company "at prices which the board considers fundamentally undervalue the company and its long-term prospects".

Having considered each of the expressions of interest with its advisers, XP Power said it "does not believe that any of them are at a value which merits further engagement with any of those parties and has had no hesitation in unequivocally rejecting them".

At 1158 GMT, the shares were up 23% at 1,275.30p.







Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

XPP Market Data

Currency UK Pounds
Price 1,836.00p
Change Today 94.00p
52 Week High 2,010.00p
52 Week Low 857.00p
Volume 9,277
Shares Issued 28.03m
Market Cap £514.67m

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