National Express Group PLC Notification of transactions by PDMR (7691C)
April 19 2017 - 11:00AM
UK Regulatory
TIDMNEX
RNS Number : 7691C
National Express Group PLC
19 April 2017
National Express Group PLC
19 April 2017
NATIONAL EXPRESS GROUP PLC
("Company")
Notification of transactions by Persons Discharging Managerial
Responsibilities ("PDMRs")
The Company provides notification of the following transactions
effected on 18 April 2017 relating to the below named PDMRs and
affecting their respective interests in the ordinary shares of
nominal value 5p each in the capital of the Company ("Shares")
(ISIN: GB0006215205).
The transactions arise from the annual award (pursuant to the
Company's Remuneration Policy) of performance conditioned options
over Shares under the rules of the Company's Long-Term Incentive
Plan 2015 ("LTIP"), including, as applicable, the HMRC approved
Company Share Option Plan attached thereto ("CSOP") (together,
"Awards").
Name and Number of Total interest Total beneficial
position Shares over in Shares interest in
of PDMR which Award following Shares following
granted the transaction the transaction
under the under the (including
LTIP and/or Company's those held
CSOP, as deferred bonus by connected
indicated and long-term persons)
(max)(1) incentive
plans
--------------- ------------------- ----------------- ------------------
Dean Finch,
Group
Chief 341,476
Executive (LTIP)(2) 1,865,684 137,598
--------------- ------------------- ----------------- ------------------
Matthew 145,752
Ashley, (LTIP)(2) 470,282 111,785
Group 8,328 (CSOP)(3)
Finance
Director
--------------- ------------------- ----------------- ------------------
(1) The conversion of the Award value (as a percentage of
salary) into the number of Shares under option is based on the
closing middle market quotation of a Share on 13 April 2017 (being
the business trading day immediately preceding the date of grant)
of GBP3.602 per share.
(2) Awards under the LTIP are granted in the form of conditional
nil cost options.
(3) Awards under the CSOP are structured in the form of market
value share options with an exercise price of GBP3.602 per Share
(such price being derived as per note (1) above). These awards are
aligned with the requirements of Schedule 4 to the Income Tax
(Earnings and Pensions) Act 2003 and any vesting will be by way of
set-off against any Shares vesting under the LTIP award.
The Awards will normally vest on the third anniversary of grant
with the actual number of Shares vesting at that time based on the
Company's achievement against stretching performance targets
measured over the three-year financial period ending 31 December
2019. The targets (as more particularly set out in the Directors'
Remuneration Report of the Company's 2016 Annual Report) relate to
Earnings Per Share, Return On Capital Employed and, split equally
between a comparison against the FTSE 250 and a bespoke index,
Total Shareholder Return. Each target is weighted as to one-third
of the Award. There is no ability to retest any of the performance
conditions.
Additionally, the Awards are subject to malus and clawback
provisions and a two-year holding period post vesting as per the
LTIP rules. Dividends accrue during the performance period in
respect of any Shares which ultimately vest and dividends will be
paid in respect of any vested unexercised Shares during the holding
period.
This above notice is given in fulfilment of the Company's
obligation under DTR 3.1.
- END -
National Express contact and telephone number for enquiries:
Michael Arnaouti, Company Secretary
++44 (0) 207 805 3807
This information is provided by RNS
The company news service from the London Stock Exchange
END
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