XP Power Ltd (XPP), the Singapore-incorporated power conversion solutions provider listed in the UK, has disclosed that Aberdeen Group plc crossed below the 5% voting rights threshold on 10 November 2026. The notification, submitted to XP Power on 11 November 2026, confirms Aberdeen's total voting position dropped from a previously notified 5.042869% to below 5%. The reduction represents a meaningful change in the institutional shareholder register of a company that supplies critical power components to sectors including healthcare, industrial, and technology markets. Investors may be watching whether further disposals follow this threshold crossing.

Key Points

  • XP Power Ltd (XPP), ISIN: SG9999003735, non-UK issuer incorporated in Singapore
  • Aberdeen Group plc, headquartered in Edinburgh, has fallen below the 5% voting rights threshold in XP Power
  • Previous notified position stood at 5.042869%; the new position is disclosed only as "below 5%" with no precise figure given
  • Investors should watch whether Aberdeen continues to reduce its holding or stabilises near the threshold

Aberdeen Group plc Crosses Below 5% Voting Rights in XP Power on 10 November 2026

The TR-1 standard notification form, completed on 10 November 2026 in Edinburgh, confirms that Aberdeen Group plc disposed of sufficient voting rights in XP Power Ltd to fall below the 5% regulatory disclosure threshold. The announcement states that Aberdeen's previous notified position was 5.042869% of total voting rights, held entirely through shares with no financial instruments involved. The resulting position is recorded only as "below 5%" — the precise remaining percentage was not disclosed in the announcement. The notification was filed with XP Power on 11 November 2026, one day after the threshold was crossed, in line with standard DTR5 regulatory requirements.

Shares Held Across Multiple Discretionary Portfolios via abrdn Investment Management Entities

The announcement provides detail on the chain of controlled undertakings through which the voting rights were effectively held. The notification names several entities within the Aberdeen Group structure, including abrdn Investments (Holdings) Limited, abrdn Investment Management Limited, abrdn Holdings Limited, and abrdn Investments Limited, all sitting beneath Aberdeen Group plc as the ultimate controlling entity. The disclosure clarifies that the shares are managed across multiple portfolios on behalf of underlying clients under discretionary investment management agreements, with clients having delegated voting power to the relevant investment manager. All voting rights were held indirectly through shares, with no financial instruments reported.

XP Power's Shareholder Register Sees Institutional Shift as Major Holding Drops

XP Power Ltd designs and manufactures power conversion equipment, serving customers in the healthcare, industrial automation, and semiconductor manufacturing equipment sectors across Europe, North America, and Asia. The company is incorporated in Singapore but maintains a UK listing, classifying it as a non-UK issuer under DTR5 rules. The reduction in Aberdeen Group's stake below 5% removes one of the company's previously disclosed major institutional shareholders from the threshold-reporting register. Whether this reflects a strategic portfolio reallocation by abrdn or a broader reassessment of XP Power's investment case was not addressed in the announcement.