Director/PDMR Transaction

RNS Number : 9223F

National Express Group PLC

30 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 29 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)92) of the Financial Services and Markets Act 2000) of Jorge Cosmen, a Director of the Company.

On 23 May 2013, EEEL entered into a collar transaction in respect of 10,000,000 ordinary shares of 5p each in the capital of the Company (the 'Shares'). The collar has a floor price of 200 pence per Share and a ceiling price of 250 pence per Share. The transaction was confirmed on 24 May 2013.

The collar will terminate in seven equal increments during a six calendar month period commencing in May 2016 and ending in November 2016 (the 'Expiration Period'). During the Expiration Period, EEEL will have the option to settle in cash or in physical form.

As security for its obligations under a related loan agreement, EEEL has entered into a share pledge, pursuant to which it has pledged 10,000,000 Shares to the counterparty, UBS.

The above transactions took place in London.

30 May 2013

Michael Hampson

Company Secretary

 

END

 

 

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