Changes to Vesting Schedule under 2015 LTIP

RNS Number : 1992K

National Express Group PLC

14 April 2015

 

14 April 2015

National Express Group PLC

(the 'Company' or 'National Express')

Changes to the Vesting Schedule for initial awards under the 2015 Long Term Incentive Plan ('2015 LTIP') for approval by shareholders at the 2015 Annual General Meeting ('AGM')

National Express is a leading international public transport operator, with bus, coach and rail services in the UK, Continental Europe, North Africa and North America.

As part of the review of the Company's Remuneration Policy for Executive Directors, the Remuneration Committee has altered the vesting schedule for the return on capital employed ('ROCE') metric in respect of the initial grant of awards under the 2015 LTIP, to further enhance its link to performance.  As a result, the level of vesting for the ROCE metric will be reduced from 30% to zero for the achievement of threshold performance. All other aspects remain the same.

The performance period for these awards is the three financial years ending on 31 December 2017.  Awards are proposed to be made following shareholder approval at the Company's AGM.      

The performance targets that were initially proposed by the Remuneration Committee in respect of these awards were set out on page 17 of the Company's Notice of AGM 2015 that was published on 27 March 2015 ('Notice of AGM'). The amended performance targets, taking into account the change in the level of vesting for the ROCE metric as referred to above, will be as follows:

Metric	Weighting of metric	Threshold (EPS, TSR: 30% vesting ROCE: 0% vesting)	Target (50% vesting)	Maximum (100% vesting)
2017 EPS	1/3	24.8 pence	26.3 pence	28.6 pence
Average ROCE 2015-2017	1/3	9%	10%	12%
Relative TSR vs FTSE 250	1/6	Median	-	Upper quintile
Relative TSR vs Bespoke Index*	1/6	Equal to Index	-	Index + 10% p.a.

* Notional index comprising Go-Ahead Group, First Group and Stagecoach Group

A summary of the principal features of the 2015 LTIP is set out in Appendix 2 of the Notice of AGM and is available on the Company's website at www.nationalexpressgroup.com/investors/agm/2015.  The table contained in Appendix 2 of the Notice of AGM should be reviewed in the light of the amended table as set out above.

A copy of the rules of the 2015 LTIP is available for inspection at the Company's registered office and at the offices of Ashurst LLP, Broadwalk House, 5 Appold Street, London EC2A 2HA during normal business hours on any weekday (Saturday, Sunday and public holidays excluded) until the close of the AGM and will be available at the AGM from 15 minutes prior to and during the AGM.

Enquiries:

National Express Group PLC

Sandra Forbes                                                                                     Tel: [phone]

Group General Counsel & Company Secretary                      

 

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