TIDMNEX
RNS Number : 6373C
National Express Group PLC
18 April 2017
NATIONAL EXPRESS GROUP PLC
("Company")
Notification of transactions by Persons Discharging Managerial
Responsibilities ("PDMRs")
Following receipt of notification today from the below named
PDMRs, the Company provides notification of the following
transactions effected by the PDMRs on 13 April 2017 relating to
their respective interests in the ordinary shares of nominal value
5p each in the capital of the Company ("Shares") (ISIN:
GB0006215205).
The transactions arise for each of the PDMRs' from: (i) the
exercise of an option award(s) over certain performance conditioned
and matching Shares which vested on 9 April 2017 - the original
awards having been granted on 9 April 2014 under the Company's
Long-Term Incentive Plan 2005 ("LTIP"), and, as applicable, the
HMRC approved Company Share Option Plan attached thereto ("CSOP"),
and (ii) the immediate sale on the London Stock Exchange of all or
some of the Shares acquired under (i), as indicated.
Name and Number Number Total beneficial Total interest
position of Shares of Shares interest in Shares
of PDMR acquired immediately in Shares following
on exercise sold following the transaction
of LTIP in the the transaction under the
and/or market (including Company's
CSOP option at 356.2357p those held deferred
(as indicated) per share by connected bonus and
(1) persons) long-term
incentive
plans
----------------- ----------------- -------------- ----------------- -----------------
Dean Finch,
Group Chief 444,095
Executive (LTIP) 444,095(2) 137,598 1,524,208
----------------- ----------------- -------------- ----------------- -----------------
Matthew 146, 834
Ashley, (LTIP) 133,733(2) 111,785 316,202
Group Finance 10, 793
Director (CSOP)
----------------- ----------------- -------------- ----------------- -----------------
(1) Awards under the LTIP were granted in the form of
conditional nil cost options and awards under the CSOP were
structured in the form of market value share options with an
exercise price of GBP2.743 per Share. The CSOP awards are aligned
with the requirements of Schedule 4 to the Income Tax (Earnings and
Pensions) Act 2003 and their vesting is by way of set-off against
Shares vesting under the original LTIP award. Malus and clawback
provisions did not apply to the original awards. All Share
deliverables are satisfied through the transfer of market purchased
Shares from the Company's Employee Benefit Trust.
(2) Including Shares compulsorily withheld and sold to satisfy
the individual's personal tax and national insurance contribution
liabilities which arise immediately on exercise and which will be
paid out of the proceeds of sale.
The stretching performance condition targets which attached to
the original awards were set at the time of grant and related to
the three-year financial period ended 31 December 2016. These
targets, and the Company's measured performance against them, are
shown below (and in the Directors' Remuneration Report of the
Company's 2016 Annual Report) and were used to determine the 98.7%
vesting level of the Shares subject to the original award and
available to be acquired on exercise.
Performance Weighting Threshold Maximum Actual % vesting
Condition performance performance performance
required required
(30% vesting) (100%
vesting)
------------- ---------- ------------------------------------- --------------- ------------- ----------
Median Upper Between
of FTSE quintile median
250 comparator of comparator and upper
TSR 25% group group quintile 94.8%
------------- ---------- ------------------------------------- --------------- ------------- ----------
Equal
Median to or Greater
of Bespoke above than the
Index the Bespoke Bespoke
comparator Index Index +10%
TSR (1) 25% group +10% pa pa 100%
------------- ---------- ------------------------------------- --------------- ------------- ----------
2016
EPS of 2016 EPS
EPS (2) 50% 21.3p of 23.9p 29.1p 100%
------------- ---------- ------------------------------------- --------------- ------------- ----------
Total 100% 98.7%
------------- ---------- ------------------------------------- --------------- ------------- ----------
(1) TSR was measured against a bespoke comparator group of
transport companies taken predominantly from the FTSE Industrial
Transportation and FTSE Travel & Leisure sectors.
(2) The Remuneration Committee considered and agreed changes to
the performance conditions for outstanding awards made under the
previous 2005 Long-Term Incentive Plan whereby the growth in EPS
for outstanding awards under this plan would be based on a
consistent accounting basis to exclude actual bid costs incurred.
This adjustment serves to ensure that the EPS element of the LTIP
continues to incentivise and reward delivery of normalised EPS
growth given that bid costs, with effect from 1 January 2015, are
treated as a normalised expense which had the impact of reducing
normalised EPS in 2015 and subsequent years.
This above notice is given in fulfilment of the Company's
obligation under DTR 3.1.
The following disclosures are made in accordance with Article 19
of the EU Market Abuse Regulation 596/2014.
1. Details of PDMR
---- ------------------------------------------------------ --------------------------------------------
Full Name Dean Finch
---- -------------------------------------------------- ------------------------------------------------
Position / Group Chief Executive
status
---- -------------------------------------------------- ------------------------------------------------
Initial notification Initial notification
/ amendment
---- -------------------------------------------------- ------------------------------------------------
2. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- ----------------------------------------------------------------------------------------------------
Name National Express Group PLC
---- ---------------------------------------------------- ----------------------------------------------
LEI 213800A8IQEMY8PA5X34
---- ---------------------------------------------------- ----------------------------------------------
3. 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
---- ----------------------------------------------------------------------------------------------------
(i) Description Ordinary shares of nominal value
of the financial 5p each
instrument GB0006215205
Identification
code
---- -------------------------------------------------- ------------------------------------------------
Nature of Acquisition
the transaction The exercise, post-performance conditioned
vesting, of a nil cost option to
acquire 444,095 shares under the
Company's Long-Term Incentive Plan
2005.
---- -------------------------------------------------- ------------------------------------------------
Price(s) and Price(s) Volume(s)
volume(s) ----------------- -----------------
Nil per Ordinary 444,095 Ordinary
share shares
----------------- -----------------
---- -------------------------------------------------- ------------------------------------------------
Aggregated
information 444,095 Ordinary shares at [GBP3.562357
Aggregated or Nil] per Ordinary share
volume Price totalling GBPNil
---- -------------------------------------------------- ------------------------------------------------
Date of the 13 April 2017
transaction
---- -------------------------------------------------- ------------------------------------------------
Place of the N/A
transaction
---- -------------------------------------------------- ------------------------------------------------
(ii) Description Ordinary shares of nominal value
of the financial 5p each
instrument GB0006215205
Identification
code
---- -------------------------------------------------- ------------------------------------------------
Nature of Disposal
the transaction The sale of 444,095 shares in the
market
---- -------------------------------------------------- ------------------------------------------------
Price(s) and Price(s) Volume(s)
volume(s) ---------------- -----------------
GBP3.562357 per 444,095 Ordinary
Ordinary share shares
---------------- -----------------
---- -------------------------------------------------- ------------------------------------------------
Aggregated
information 444,095 Ordinary shares at GBP3.562357
Aggregated per Ordinary share
volume Price totalling GBP1,582,025
---- -------------------------------------------------- ------------------------------------------------
Date of the 13 April 2017
transaction
---- -------------------------------------------------- ------------------------------------------------
Place of the London Stock Exchange
transaction
---- -------------------------------------------------- ------------------------------------------------
1 Details of PDMR
----- ------------------------------------------------------ --------------------------------------------
Full Name Matthew Ashley
----- -------------------------------------------------- ------------------------------------------------
Position / Group Finance Director
status
----- -------------------------------------------------- ------------------------------------------------
Initial notification Initial notification
/ amendment
----- -------------------------------------------------- ------------------------------------------------
2 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
----- ----------------------------------------------------------------------------------------------------
Name National Express Group PLC
----- ---------------------------------------------------- ----------------------------------------------
LEI 213800A8IQEMY8PA5X34
----- ---------------------------------------------------- ----------------------------------------------
3 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
----- ----------------------------------------------------------------------------------------------------
(i) Description Ordinary shares of nominal value
of the financial 5p each
instrument GB0006215205
Identification
code
----- -------------------------------------------------- ------------------------------------------------
Nature of Acquisition
the transaction The exercise, post-performance conditioned
vesting, of a nil cost option to
acquire 146,834 shares under the
Company's Long-Term Incentive Plan
2005.
----- -------------------------------------------------- ------------------------------------------------
Price(s) and Price(s) Volume(s)
volume(s) ----------------- -----------------
Nil per Ordinary 146,834 Ordinary
share shares
----------------- -----------------
----- -------------------------------------------------- ------------------------------------------------
Aggregated
information 146,834 Ordinary shares at Nil
Aggregated per Ordinary share totalling GBPNil
volume Price
----- -------------------------------------------------- ------------------------------------------------
Date of the 13 April 2017
transaction
----- -------------------------------------------------- ------------------------------------------------
Place of the N/A
transaction
----- -------------------------------------------------- ------------------------------------------------
(ii) Description Ordinary shares of nominal value
of the financial 5p each
instrument GB0006215205
Identification
code
----- -------------------------------------------------- ------------------------------------------------
Nature of Acquisition
the transaction The exercise, post-performance conditioned
vesting, of a market value share
option to acquire 10,793 shares
at an exercise price of GBP2.743
per share under the HMRC approved
Company Share Option Plan schedule
to the Company's Long-Term Incentive
Plan 2005.
----- -------------------------------------------------- ------------------------------------------------
Price(s) and Price(s) Volume(s)
volume(s) ---------------------- ----------------
GBP2.743 per Ordinary 10,793 Ordinary
share shares
---------------------- ----------------
----- -------------------------------------------------- ------------------------------------------------
Aggregated
information 10,793 Ordinary shares at GBP2.743
Aggregated per Ordinary share totalling GBP29,605
volume Price
----- -------------------------------------------------- ------------------------------------------------
Date of the 13 April 2017
transaction
----- -------------------------------------------------- ------------------------------------------------
Place of the N/A
transaction
----- -------------------------------------------------- ------------------------------------------------
(iii) Description Ordinary shares of nominal value
of the financial 5p each
instrument GB0006215205
Identification
code
----- -------------------------------------------------- ------------------------------------------------
Nature of Disposal
the transaction The sale of 133,733 shares in the
market
----- -------------------------------------------------- ------------------------------------------------
Price(s) and Price(s) Volume(s)
volume(s) ---------------- -----------------
GBP3.562357 per 133,733 Ordinary
Ordinary share shares
---------------- -----------------
----- -------------------------------------------------- ------------------------------------------------
Aggregated
information 133,733 Ordinary shares at GBP3.562357
Aggregated per Ordinary share totalling GBP476,405
volume Price
----- -------------------------------------------------- ------------------------------------------------
Date of the 13 April 2017
transaction
----- -------------------------------------------------- ------------------------------------------------
Place of the London Stock Exchange
transaction
----- -------------------------------------------------- ------------------------------------------------
- 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
DSHOKFDNPBKDBQD
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April 18, 2017 11:35 ET (15:35 GMT)
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