Transactions by PCA in Relation to PDMR

RNS Number : 6269J

National Express Group PLC

29 June 2017

NATIONAL EXPRESS GROUP PLC

("Company")

Notification of transaction by Person Closely Associated ("PCA") with

Persons Discharging Managerial Responsibilities ("PDMRs")

The Company has been notified by European Express Enterprises Limited ("EEEL"), a PCA with Jorge Cosmen, Deputy Chairman and PDMR, of the following transaction effected by EEEL which relates to the PDMR's interest in the ordinary shares of nominal value 5p each in the capital of the Company ("Shares"):

1	Details of the person closely associated
a)	Name		European Express Enterprises Limited
2	Reason for the notification
a)	Position/status		PCA with Jorge Cosmen, Deputy Chairman and PDMR
b)	Initial notification/Amendment		Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name		National Express Group PLC
b)	LEI		213800A8IQEMY8PA5X34
4	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
a)	Description of the financial instrument, type of instrument: Identification code:		Ordinary shares of 5p each GB0006215205
b)	Nature of the transaction		Collar transaction: purchase of 10,000,000 put options at strike price of £2.75 per share and sale of 10,000,000 call options at a strike price of £5.01 per share. The options expire in ten equal tranches during a fourth month period commencing in July 2022 and ending in November 2022. European Express Enterprises Limited will have the option to cash or physically settle. Pursuant to the above transaction, European Express Enterprises Limited has agreed that it will before 27 July 2017 grant security over 10,000,000 Ordinary Shares in National Express plc as security to the counterparty.
c)		Price(s) and volume(s)		Price(s)	Volume(s)
				Purchase of put options: strike price of £2.75	10,000,000
				Sale of call options: strike price of £5.01	10,000,000
d)		Aggregated information - Aggregated volume - Price	Put options: 10,000,000 Call options: 10,000,000 Put options - strike price of £2.75 Call options - strike price of £5.01
e)		Date of the transaction	26 June 2017
f)		Place of the transaction	London Stock Exchange (XLON)