XP Power Ltd :Announcement Of Funding Plan And Placing.Placing Of Up To £44M And Retail Offer Of Up To £1.5M.Non-Pre-Emptive Placing To Raise £43.9 Million At Fixed Price Of 1150 Pence Per New Share.Funding Plan Is Expected To Leave Group'S Leverage Broadly At Top End Of Co'S Previously Stated Target Range By Year End 2024.Since Trading Update Of 2 Oct, A Small Number Of Parties Have Expressed Indicative, Non Binding Interest In Acquiring Co.Non Binding Interest In Acquiring Co At Prices Which Board Considers Fundamentally Undervalue Co And Its Long-Term Prospects.Suspension Of Dividend Payments Until End Of 2024, Including Cancelling Q2 2023 Payment.Significant & Wide-Ranging Operating Cost Reduction Programme Includes Headcount Reductions And Restrictions On Non-Discretionary Spend.For 2024 Board Expects To Enter New Financial Year With A Sizeable Order Book, Largely For Delivery In Year.Inventory Reduction Plan Over Period 2023 To 2025 In Range Of £10.0 To £20.0 Million.Management Actions Expected To Improve Group'S Net Debt By Between £53 Million And £60 Million By End Of 2024.Cost Reduction Includes Reduction Of Discretionary Capex To Maintenance Levels Including Deferring Construction Of Malaysian Site.
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