Director/PDMR Shareholding

RNS Number : 5078U

National Express Group PLC

28 March 2023

 

NATIONAL EXPRESS GROUP PLC

 ("Company")

Director/PDMR Share Dealing

The Company provides notification of the following transactions, effected on 27 March 2023, relating to the 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 awards of forfeitable Shares made to each of Ignacio Garat and James Stamp under the rules of the Company's Executive Deferred Bonus Plan ("EDBP") in accordance with the Directors Remuneration Policy (the "Policy") (the "2023 EDBP Award"), and (ii) the grant under the rules of the Company's Long-Term Incentive Plan ("LTIP") to each of Ignacio Garat, James Stamp and Simon Callander of three-year performance conditioned nil-cost options over Shares (the "2023 LTIP Award"), the grant of the 2023 LTIP Award to Ignacio Garat and James Stamp also being in accordance with the Policy.  

In agreeing the terms applicable to the 2023 LTIP Award, the Remuneration Committee of the Board had determined that in the event that the Company's share price at the time of grant was less than 185p (a 23% reduction on the price at the time of the 2022 LTIP grant) the Committee would scale back grants to recipients of those awards.  At the time of grant, the Company's share price (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) was 117.5p.  Accordingly in line with the Remuneration Committee's decision to scale back grants in those circumstances, a reduction of 30% has been applied to each of the 2023 LTIP Awards which are the subject of this notification.  The numbers shown below in relation to the 2023 LTIP Award are post that reduction. 

Additionally, the Remuneration Committee retains discretion to adjust the outcome of the vesting of the 2023 LTIP Awards 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 that vesting would otherwise result in a windfall gain.

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

Name and position of PDMR	Number of forfeitable Shares awarded under the 2023 EDBP Award¹	Number of Shares over which the 2023 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	252,093 shares	714,894 shares	107,204	1,812,299
James Stamp, Group Chief Financial Officer	31,595 shares	379,787 shares	17,223	781,868
Simon Callander, Group General Counsel and Company Secretary	NA	297,574 shares	50,000	505,352

¹ The number of forfeitable Shares awarded to Mr Garat and Mr Stamp was determined based on a share price of 118.0 pence, being the average mid-market price of a Company share for the five business days immediately preceding the date of award.

² The conversion of the 2023 LTIP Award value into the number of Shares over which it was granted is described above. The 2023 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		(i)Award of forfeitable shares under the National Express Group PLC (the "Company") Executive Deferred Bonus Plan (ii)Award of option over shares under the Company's Long-Term Incentive Plan
	Price (s) and volume(s)		Price(s) Volume(s) Total (i) £ n/a 252,093 0.00 (ii) £ n/a 714,894 0.00
	Date of the transaction		27 March 2023
	Place of the transaction		n/a

1.	Details of PDMR / PCA
	Full Name	James Stamp
	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) Award of forfeitable shares under the National Express Group PLC (the "Company") Executive Deferred Bonus Plan (ii) Award of option over shares under the Company's Long-Term Incentive Plan
	Price (s) and volume(s)	Price(s) Volume(s) Total (i) £ n/a 31,595 0.00 (ii) £ n/a 379,787 0.00
	Date of the transaction	27 March 2023
	Place of the transaction	n/a

1.	Details of PDMR / PCA
	Full Name	Simon Callander
	Position / status	Group General Counsel & Company Secretary, 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 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 297,574 0.00
	Date of the transaction	27 March 2023
	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:

Simon Callander, Group General Counsel & 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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