National Express Group PLC Notification of transactions by PDMRs (9732G)
March 07 2018 - 10:30AM
UK Regulatory
TIDMNEX
RNS Number : 9732G
National Express Group PLC
07 March 2018
National Express Group PLC
7 March 2018
NATIONAL EXPRESS GROUP PLC
("Company")
Notification of transactions by Persons Discharging Managerial
Responsibilities ("PDMRs")
The Company provides notification of the following transactions
relating to the two below named PDMRs and 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 96.7%
vesting on 5 March 2018 of a three-year performance conditioned
option award over certain Shares - the original award having been
granted to them on 11 June 2015 under the Company's Long-Term
Incentive Plan 2015 ("LTIP"), and (ii) the exercise of their
respective option over vested Shares and the immediate sale of a
sufficient number of such Shares to cover their personal income tax
and social security contributions liability (as applicable) arising
on exercise, with the remainder being retained.
Name and Number Number of Number Total beneficial Total other
position of Shares vested Shares of Shares interest interest
of PDMR vesting acquired sold at held in Shares held in
under option on exercise 390.3431p following Shares following
on of option per share the transactions(3) the transactions
5 March(1) on on 6 March
6 March
----------------- -------------- --------------- ------------- --------------------- ------------------
Dean Finch,
Group Chief
Executive 344,544 344,544 162,261(2) 334,081 1,238,448
----------------- -------------- --------------- ------------- --------------------- ------------------
Matthew
Ashley,
President
and CEO,
North America 138,186 138,186 62,309(2) 187,662 327,380
----------------- -------------- --------------- ------------- --------------------- ------------------
(1) Awards under the LTIP were granted in the form of nil cost
options. Vested Shares are subject to a two-year holding and
exercise period which run concurrently (the latter for tax purposes
only). Malus and clawback apply to the vested Shares for two years
form the date of vesting. Any unexercised vested Shares qualify for
dividend equivalent payments from the Company during the holding
period. Any residual Shares held post exercise of the option must
be retained for the remainder of the holding period. All Shares
delivered were through the transfer of market purchased Shares from
the Company's Employee Benefit Trust.
(2) The Shares sold equate in value to the individual's personal
income tax and social security contributions (as applicable)
liability which arises immediately on exercise of the option.
(3) Including those held by connected persons.
Under the Company's Executive Deferred Bonus Plan and LTIP.
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 2017. These
targets, and the Company's measured performance against them, are
shown below (and will appear in full in the Company's 2017 Annual
Report) and were used to determine the 96.7% level of vesting of
Shares under option.
Performance Weighting Threshold Actual performance % vesting
Condition performance Maximum
(30% vesting) performance
(100% vesting)
----------------- ---------- --------------- ----------------- ------------------- ----------
TSR vs.FTSE Median ->Upper
250 1/6 Median Upper Quintile Quintile 85.2%
----------------- ---------- --------------- ----------------- ------------------- ----------
TSR vs.Bespoke Equal to >= Index > Index +10%
Index 1/6 Index +10% pa pa 100.0%
----------------- ---------- --------------- ----------------- ------------------- ----------
EPS 1/3 24.8p 28.6p 30.0p 100.0%
----------------- ---------- --------------- ----------------- ------------------- ----------
ROCE 1/3 9% 12% 11.9% 97.5%
----------------- ---------- --------------- ----------------- ------------------- ----------
Total vesting 96.7%
----------------- ---------- --------------- ----------------- ------------------- ----------
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 / status Group Chief Executive
---- ------------------------- ------------------------------------------------------
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 of Ordinary shares of nominal value 5p each
the financial GB0006215205
instrument
Identification
code
---- ------------------------- ------------------------------------------------------
Nature of the Acquisition
transaction The exercise, post-performance conditioned
vesting, of a nil cost option to acquire
344,544 shares under the Company's Long-Term
Incentive Plan 2015.
---- ------------------------- ------------------------------------------------------
Price(s) and Price(s) Volume(s)
volume(s) ----------------------- ------------------------
Nil per Ordinary share 344,544 Ordinary shares
----------------------- ------------------------
---- ------------------------- ------------------------------------------------------
Aggregated information
Aggregated volume 344,544 Ordinary shares at Nil per Ordinary
Price share
totalling GBPNil
---- ------------------------- ------------------------------------------------------
Date of the transaction 6 March 2018
---- ------------------------- ------------------------------------------------------
Place of the N/A
transaction
---- ------------------------- ------------------------------------------------------
(ii) Description of Ordinary shares of nominal value 5p each
the financial GB0006215205
instrument
Identification
code
---- ------------------------- ------------------------------------------------------
Nature of the Disposal
transaction The sale of 162,261 shares in the market
to cover income tax and social security
contributions (as applicable) liability
on vesting
---- ------------------------- ------------------------------------------------------
Price(s) and Price(s) Volume(s)
volume(s) ------------------------- ------------------------
GBP3.903431 per Ordinary 162,261 Ordinary shares
share
------------------------- ------------------------
---- ------------------------- ------------------------------------------------------
Aggregated information
Aggregated volume 162,261 Ordinary shares at GBP3.903431
Price per Ordinary share
totalling GBP633,374.62
---- ------------------------- ------------------------------------------------------
Date of the transaction 6 March 2018
---- ------------------------- ------------------------------------------------------
Place of the London Stock Exchange
transaction
---- ------------------------- ------------------------------------------------------
1. Details of PDMR
---- --------------------------------------------------------------------------------
Full Name Matt Ashley
---- ------------------------- -----------------------------------------------------
Position / status President and Chief Executive, North America
---- ------------------------- -----------------------------------------------------
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 of Ordinary shares of nominal value 5p each
the financial GB0006215205
instrument
Identification
code
---- ------------------------- -----------------------------------------------------
Nature of the Acquisition
transaction The exercise, post-performance conditioned
vesting, of a nil cost option to acquire
138,186 shares under the Company's Long-Term
Incentive Plan 2015.
---- ------------------------- -----------------------------------------------------
Price(s) and Price(s) Volume(s)
volume(s) ----------------------- ------------------------
Nil per Ordinary share 138,186 Ordinary shares
----------------------- ------------------------
---- ------------------------- -----------------------------------------------------
Aggregated information
Aggregated volume 138,186 Ordinary shares at Nil per Ordinary
Price share totalling GBPNil
---- ------------------------- -----------------------------------------------------
Date of the transaction 6 March 2018
---- ------------------------- -----------------------------------------------------
Place of the N/A
transaction
---- ------------------------- -----------------------------------------------------
(ii) Description of Ordinary shares of nominal value 5p each
the financial GB0006215205
instrument
Identification
code
---- ------------------------- -----------------------------------------------------
Nature of the Disposal
transaction The sale of 62,309 shares in the market
to cover income tax and social security
contributions (as applicable) liability
on vesting
---- ------------------------- -----------------------------------------------------
Price(s) and Price(s) Volume(s)
volume(s) ------------------------- -----------------------
GBP3.903431 per Ordinary 62,309 Ordinary shares
share
------------------------- -----------------------
---- ------------------------- -----------------------------------------------------
Aggregated information
Aggregated volume 62,309 Ordinary shares at GBP3.903431
Price per Ordinary share
totalling GBP243,218.88
---- ------------------------- -----------------------------------------------------
Date of the transaction 6 March 2018
---- ------------------------- -----------------------------------------------------
Place of the London Stock Exchange
transaction
---- ------------------------- -----------------------------------------------------
- END -
National Express contact and telephone number for enquiries:
Michael Arnaouti, Group Company Secretary
++44 (0) 207 805 3807
Notes
Legal Entity Identifier: 213800A8IQEMY8PA5X34
Classification: 2.4 (with reference to DTR6 Annex 1R)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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