Director/PDMR Shareholding

RNS Number : 1508N

National Express Group PLC

04 August 2017

 

NATIONAL EXPRESS GROUP PLC

 ("Company")

Notification of transactions by Persons Discharging Managerial Responsibilities ("PDMRs")

Following receipt of notification today from Dean Finch, a PDMR, the Company provides onward notification of the following transactions effected by him on 3 August 2017 relating to his interests in the Ordinary shares of nominal value 5p each in the capital of the Company ("Shares") (ISIN: GB0006215205).

The transactions arise from: (i) the exercise of a nil cost option award over certain performance-conditioned Shares which vested on 3 August 2017 - the original awards having been granted on 3 August 2012 under the Company's 2005 Long-Term Incentive Plan, as amended ("LTIP"), and (ii) the immediate sale on the London Stock Exchange of all the Shares acquired under (i) above, both as shown below.

Name and position of PDMR	Number of Shares acquired on exercise of LTIP option ¹	Number of Shares immediately sold in the market at 367.3368p               per Share	Total beneficial interest in Shares following the transaction (including those held by connected persons)	Total remaining interest in Shares following the transaction under the Company's deferred bonus and long-term incentive plans
Dean Finch, Group Chief Executive	130,703	130,7031	137,598	1,604,277

¹ Malus and clawback provisions did not apply to the original awards. All Shares delivered to the PDMR on exercise of the option are satisfied through the transfer of market purchased Shares from the Company's Employee Benefit Trust.

The stretching performance targets which attached to the original award - comprising Earnings Per Share ("EPS") and Total Shareholder Return ("TSR"), each as applied to 50% of the award - were set at the time of grant and related to the five-year financial period ended 31 December 2016. These targets, and the Company's measured performance against them, are set out in the Directors' Remuneration Report of the Company's 2016 Annual Report and, as disclosed therein, resulted in the full vesting of the EPS element only (as above).

The following disclosures are made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.

1.	Details of PDMR
	Full Name	Dean Finch
	Position / status	Group Chief Executive
	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
(i)	Description of the financial instrument Identification code	Ordinary shares of nominal value 5p each GB0006215205
	Nature of the transaction	Acquisition The exercise, post-performance conditioned vesting, of a nil cost option to acquire 130,703 Ordinary shares under the Company's Long-Term Incentive Plan 2005, as amended.
	Price(s) and volume(s)	Price(s) Volume(s) Nil per Ordinary share 130,703 Ordinary shares
	Aggregated information Aggregated volume Price	130,703 Ordinary shares at £ Nil per Ordinary share Total £ Nil
	Date of the transaction	3 August 2017
	Place of the transaction	N/A
(ii)	Description of the financial instrument Identification code	Ordinary shares of nominal value 5p each GB0006215205
	Nature of the transaction	Disposal The sale of 130,703 Ordinary shares in the market
	Price(s) and volume(s)	Price(s) Volume(s) £3.673368 per Ordinary share 130,703
	Aggregated information Aggregated volume Price (gross)	130,703 Ordinary shares at £3.6733.68 per Ordinary share Total £480,120.22
	Date of the transaction	3 August 2017
	Place of the transaction	London Stock Exchange

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National Express contact and telephone number for enquiries:

Michael Arnaouti, Company Secretary

++44 (0) 207 805 3807

 

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