Director/PDMR Shareholding

RNS Number : 6535F

National Express Group PLC

22 March 2022

 

NATIONAL EXPRESS GROUP PLC

 ("Company")

Director/PDMR Share Dealing

The Company provides notification of the following transactions, effected on 21 March 2022, relating to the two below named Persons Discharging Managerial Responsibilities ("PDMRs") and their respective interests in the ordinary shares of nominal value 5p each in the capital of the Company ("Shares") (ISIN: GB0006215205).

The transactions arise in respect of: (i) the lapse in full on 21 March 2022 of an award granted to Chris Davies, the Group Chief Financial Officer, on 15 April 2019 under and in accordance with the rules of the Company's Long-Term Incentive Plan ("LTIP") in the form of a three-year performance conditioned nil cost option over Shares (the "2019 LTIP Award"); and (ii) the grant on 21 March 2022 under and in accordance with the rules of the LTIP and also in accordance with the Company's current Directors' Remuneration Policy to each of Ignacio Garat, the Group Chief Executive Officer, and Chris Davies of three-year performance conditioned nil-cost options over Shares (each a "2022 LTIP Award").  

The Remuneration Committee of the Board determined to follow its usual process and timing of granting the 2022 LTIP Awards as soon as practicable after the publication of the Company's 2021 full year results and by calculating the number of Shares over which the 2022 LTIP Awards were made according to the middle market quotation of the Company's share price on the last dealing day prior to the date of grant of the Awards, which was 240.40p on 18 March 2022 ("Strike Price"). However, the Committee retains discretion to adjust the outcome of the vesting of the 2022 LTIP Awards, upwards or downwards, having regard to all relevant circumstances, including the Company's performance and the Company's shareholders' experience, over the three-year performance period and further to adjust the vesting of the Awards downwards if the Strike Price would result in a windfall gain. 

Individual PDMR and transaction details are set out in the table below:

Name and position of PDMR	Number of Shares which lapsed under the 2019 LTIP Award¹	Number of Shares over which the 2022 LTIP Award was granted 2	Unrestricted beneficial interest held in Shares following the transactions 3	Total other interest held in Shares following the transactions 4
Ignacio Garat, Group Chief Executive Officer	N/A	478,369 shares (200% of salary)	61,540	931,627
Chris Davies, Group Chief Financial Officer	133,624	265,183 shares (150% of salary)	286,833	763,192

¹ The 2019 LTIP Award granted to Chris Davies lapsed in full as none of the performance conditions to which it was subject were met at or above the threshold level of vesting.

² The conversion of the 2022 LTIP Award value (being the relevant percentage of salary as shown) into the number of Shares over which it was granted is based on the middle market quotation of a Share on 18 March 2022 (being the business trading day immediately preceding the date of grant) of 240.40 pence per Share. The 2022 LTIP Awards are shown over the maximum number of Shares which can vest.

³ Including those held by connected persons.

⁴ Represents outstanding awards granted under the Company's Executive Deferred Bonus Plan and the Company's 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	Award of nil cost option over shares under the National Express Group PLC Long-Term Incentive Plan
	Price (s) and volume(s)	Price(s) Volume(s) Total £ n/a 478,369 0.00
	Date of the transaction	21 March 2022
	Place of the transaction	n/a

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	(i) Lapse in full of option over shares under the National Express Group PLC Long-Term Incentive Plan (ii) Award of option over shares under the National Express Group PLC Long-Term Incentive Plan
	Price (s) and volume(s)	Price(s) Volume(s) Total (i) £ n/a 133,624 0.00 (ii) £ n/a 265,183 0.00
	Date of the transaction	21 March 2022
	Place of the transaction	n/a

This 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.

-  END -

National Express contact 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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