LONDON -(Dow Jones)- National Express Group PLC (NEX.LN) said Friday the Board believes that the best course action for the Group and all shareholders is to proceed with an equity fundraising to secure funds before year end.
MAIN FACTS:
-The Board, together with its independent advisers, has carefully explored a range of strategic options during the course of 2009.
-In relation to the recent Stagecoach proposal the Board concluded that there was significant uncertainty that a combination with Stagecoach could be successfully executed in 2009.
-Non-compliance with December 31 banking covenants would require the Group to seek further concessions from its banking partners, incurring additional cost and creating significant uncertainty for National Express shareholders.
-A further announcement regarding such fundraising will be made during the course of November 2009.
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com