30th Jan 2025 16:38
XP Power Ltd - Singapore-based maker of power control systems - Announces update on US legal case with Comet Technologies USA Inc relating to legal fees and interest. Explains that on Wednesday the trial judge ruled that the plaintiff's legal fees and pre-judgement interest, totalling approximately USD19 million, are to be paid by the group. "While there was always a range of potential outcomes, this ruling was disappointing and has required us to reconsider our provision, increasing it by c.USD10m to include pre and post judgement interest for the expected period until the appeal concludes," XP Power comments. Adds: "When the legal fees and interest are paid, Net Debt:Adjusted [earnings before interest, tax, depreciation and amortisation] is expected to increase by c.0.35x and on a pro-forma basis the 2024 year-end position is c.2.65x." Company says it has already lodged documentation for an appeal against the original judgement, and that it now plans to progress the appeal process. Read More
