TIDMNEX TIDMSGC
RNS Number : 6609B
National Express Group PLC
30 October 2009
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THIS ANNOUNCEMENT (AND THE INFORMATION CONTAINED HEREIN) IS NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR
INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF
SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
30 October 2009
National Express Group PLC
("National Express" or the "Group")
Statement regarding Cosmen family
The Board of National Express (the "Board") notes the statement from the Cosmen
family today.
As announced on 28 October 2009, 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.
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 31 December 2009 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.
The Board believes it is in shareholders' best interests that an equity
fundraising be undertaken as soon as possible to secure a sustainable capital
structure for the Group.
A further announcement regarding such fundraising will be made during the course
of November 2009.
Enquiries:
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| National Express Group PLC | |
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| Jez Maiden | 020 7506 4324 |
| Group Finance Director | |
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| Nicole Lander | 0121 460 8401 |
| Director of Communications | |
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| | |
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| Maitland | 020 7379 5151 |
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| Neil Bennett | |
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| George Hudson | |
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| | |
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| Merrill Lynch International | 020 7628 1000 |
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| Simon Mackenzie-Smith | |
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| Philip Noblet | |
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| Justin Anstee | |
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| Simon Fraser (Corporate Broking) | |
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| Andrew Osborne (Corporate Broking) | |
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| | |
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| Morgan Stanley & Co. Limited | 020 7425 8000 |
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| Matthew Jarman | |
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| Peter Moorhouse (Corporate Broking) | |
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Merrill Lynch International (a subsidiary of Bank of America Corporation)
and Morgan Stanley & Co. Limited are acting exclusively for National Express
Group PLC in relation to the possible offer and will not be responsible to
anyone other than National Express Group PLC for providing the protections
afforded to each of their clients or for providing advice in relation to the
possible offer.
This announcement is for information purposes only and shall not constitute an
offer to buy, sell, issue or subscribe for, or the solicitation of an offer to
buy, sell, issue, or subscribe for any securities, nor shall there be any sale
of securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction.
The information contained herein is not for publication or distribution,
directly or indirectly, in or into the United States (including its territories
and possessions, any state of the United States and the District of Columbia).
These materials do not contain or constitute an offer for sale or the
solicitation of an offer to purchase securities in the United States. The
securities referred to herein (the "Securities") have not been and will not be
registered under the US Securities Act of 1933, as amended (the "Securities
Act") or with any securities regulatory authority of any state or jurisdiction
of the United States, and may not be offered or sold in the United States absent
registration under the Securities Act or an available exemption from, or
transaction not subject to, the registration requirements of the Securities Act.
There will be no public offer of the Securities in the United States.
This information is provided by RNS
The company news service from the London Stock Exchange
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