Press Speculation

RNS Number : 6549U

National Express Group PLC

29 June 2009

 



29 June 2009

National Express Group PLC

Statement regarding press speculation

National Express Group PLC ('National Express' or 'the Group') notes recent press speculation regarding a potential offer for the Group.

The Board of National Express confirms that on 19 June 2009 it received a highly preliminary approach regarding a potential share for share merger on unspecified terms from FirstGroup plc.  At the present time, the Board is focused on implementing a number of initiatives to strengthen the Group and does not consider it appropriate to enter into discussions with FirstGroup plc. 

The Group's pre-close trading statement for the first half year will be issued on Wednesday 1 July 2009.

Enquiries:

National Express Group PLC

Jez Maiden, Group Finance Director - 020 7506 4324

Nicole Lander, Director of Communications - 0121 460 8401

Maitland

Neil Bennett/George Hudson - 020 7379 5151

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of National Express or FirstGroup plc, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of National Express or FirstGroup plc, they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of either National Express or FirstGroup plc by National Express or FirstGroup plc, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.

'Interests in securities' arise, in summary, when a person has long economic exposure, whether absolute or conditional, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on the Takeover Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel.

 

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