Director/PDMR Shareholding

RNS Number : 5988E

National Express Group PLC

13 May 2013

 



National Express Group PLC

(the 'Company')

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND CONNECTED PERSONS

The Company was advised on 10 May 2013 of certain dealings in the Company's share capital by European Express Enterprises Limited ('EEEL'), a company which is a connected person (as defined in section 96(B)(2) of the Financial Services and Markets Act 2000) of Jorge Cosmen, a Director of the Company.

On 8 May 2013, EEEL unwound a collar transaction entered into with BNP in respect of 10,000,000 ordinary shares of the Company that was due to terminate in seven equal increments during a six calendar month period commencing in June 2013 and ending in December 2013. The price of the transaction was 236.08 pence per share according to the collar conditions.

As a result of the repayment of the related loan agreement, EEEL has been released from a share pledge in favour of BNP Paribas Espana SA ('BNP') in respect of 10,000,000 shares with the net result that the total number of shares currently pledged by EEEL is 26,000,000.

Also as a result EEEL sold 10,000,000 ordinary shares in the Company at a price of 211 pence per share.

In addition, EEEL entered into a call spread with Credit Suisse AG on 8 May 2013 relating to 10,000,000 shares. Under the call spread, EEEL has purchased a call option at a strike price of 253.2 pence per share (120% above the spot price) and sold a call option at a strike price of 316.5 pence per share (150% above the spot price).

The options in the call spread will terminate in seven equal increments during a seven week period commencing in May 2016 and ending in June 2016. EEEL will have the option to cash settle the call spread or to net share settle the shares.

All the transactions took place in London.

As a result, at close of business on 8 May 2013, Jorge Cosmen has an interest in 81,550,686 shares amounting to 15.93% of the issued ordinary share capital of the Company, EEEL has an interest in 78,795,062 shares (76,105,062 shares and the rest due to the call spreads disclosed) and Northern Express Enterprises Limited has an interest in 2,755,624 shares of the Company.

13 May 2013

Michael Hampson

Company Secretary

 

END

 

 

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