Director/PDMR Share Awards and Share Purchase

RNS Number : 1922F

National Express Group PLC

17 March 2022

 

NATIONAL EXPRESS GROUP PLC

 ("Company")

Director/PDMR Share Awards and Share Purchase

The Company provides notification of the following transactions, all effected on 17 March 2022, relating to the two below named PDMRs and their respective interests in the ordinary shares of nominal value 5p each in the capital of the Company ("Shares") (ISIN: GB0006215205).

Over and above the usual requirements for 50% of their total annual bonus earned to be deferred into Shares in accordance with the Directors' Remuneration Policy ("Policy"), the Executive Directors have agreed to also receive the remaining 50% of their 2021 annual bonus (net of taxes) in Shares. They have further agreed to lengthen the holding period on all these Shares, as explained below.  Both measures increase the Executive Directors' long-term shareholdings in the Company.  

The transactions arise in respect of: (i) the awards of forfeitable Shares made to the PDMRs on 17 March 2022 under the rules of the Company's Executive Deferred Bonus Plan ("EDBP") as made in accordance with the Policy; and (ii) the PDMRs agreement with the Company to use the remaining cash element of their 2021 annual bonus awards, net of applicable taxes, to purchase further Shares on 17 March 2022.

The Executive Directors' have agreed with the Company to continue to hold the Shares which vest under their forfeitable share awards in one year's time for a further two years and to hold the Shares which they purchased using the remaining (net of tax) cash amount of their 2021 bonus for three years. The Remuneration Committee's decision to apply malus and clawback to all such Shares for three years further aligns their interests with the interests of the Company's shareholders and with the long-term success of the Company.

Individual PDMR details are set out in the table below:

Name and position of PDMR	Number of forfeitable Shares awarded as per (i) above ¹ ² ³	Number of Shares purchased as per (ii) above ¹ ² ³	Total unrestricted beneficial interest held in Shares following the transactions ⁴	Total other interest held in Shares following the transactions ⁵
Ignacio Garat, Chief Executive Officer	86,315	55,440	61,540	453,258
Chris Davies, Chief Financial Officer	63,798	33,802	286,833	631,633

¹ Malus and clawback will apply to both the forfeitable Shares awarded under the EDBP for three-years from the date of award and to the Shares purchased by the PDMRs using the cash element of their 2021 annual bonus for three-years from the date of award, in each case including post termination of employment

² The number of forfeitable Shares awarded to the PDMRs was determined based on a share price of 237.32 pence, being the average mid-market price of a Company share for the five business days immediately preceding the date of award. The Shares purchased by the PDMRs were purchased at a share price of 236.21 pence, being the average tick price of a Company share during morning trading on 17 March 2022.

³ All Shares the subject of the forfeitable Share awards and purchased by the PDMRs out of the remaining cash element of their 2021 annual bonus awards were existing Shares delivered through the Company's Employee Benefit Trust, subject in the case of the Shares purchased to payment by the PDMRs to the Employee Benefit Trust of the purchase price.

⁴ Including those held by the PDMR's connected persons.

⁵ Represents outstanding awards granted under the Company's EDBP and Long-Term Incentive Plan.

1.	Details of PDMR / PCA
	Full Name	Ignacio Garat
	Position / status	Group Chief Executive Officer, PDMR
	Initial notification / amendment	Initial notification
2.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
	Name		National Express Group PLC
	LEI		213800A8IQEMY8PA5X34
3.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
	Description of the financial instrument	Ordinary shares of 5p each
	Identification code	GB0006215205
	Nature of the transaction	1.  Award of forfeitable shares under the National Express Group PLC Executive Deferred Bonus Plan; and 2.  Purchase of shares.
	Price (s) and volume(s)	Price(s) Volume(s) Total 1. £ n/a 86,315 £0.00 2. £2.3621 55,440 £130,954.83 Aggregated 141,755 £130,954.83
	Date of the transaction	17 March 2022
	Place of the transaction	Off market

1.	Details of PDMR / PCA
	Full Name	Chris Davies
	Position / status	Group Chief Financial Officer, PDMR
	Initial notification / amendment	Initial notification
2.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
	Name		National Express Group PLC
	LEI		213800A8IQEMY8PA5X34
3.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
	Description of the financial instrument	Ordinary shares of 5p each
	Identification code	GB0006215205
	Nature of the transaction	1.  Award of forfeitable shares under the National Express Group PLC Executive Deferred Bonus Plan; and 2.  Purchase of shares.
	Price (s) and volume(s)	Price(s) Volume(s) Total 1. £ n/a 63,798 0.00 2. £2.3621 33,802 £79,843.71 Aggregated 97,600 £79,843.71
	Date of the transaction	17 March 2022
	Place of the transaction	Off market

The above notice is given in fulfilment of the Company's obligation under DTR 3.1 and Article 19 of the EU Market Abuse Regulation 596/2014.

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National Express contacts and telephone number for enquiries:

Jennifer Myram, Group Company Secretary

[phone]

Gillian Saunderson, Deputy Company Secretary

[phone]

Notes:

Legal Entity Identifier: 213800A8IQEMY8PA5X34

Classification: 3.1 (with reference to DTR6 Annex 1R)

 

END

 

 

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