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National Express (LON:NEX)

National Express (LON:NEX)


Share Price
392.00 p
Change
-0.8 (-0.20 %)
Market Cap
£2,008.11 m
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National Express RNS Release

Notification of transactions by PDMRs


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 position of PDMR

Number of Shares vesting under option on 
5 March¹

Number of vested Shares acquired on exercise of option on 
6 March

Number of Shares sold at 390.3431p per share on 6 March

 

Total beneficial interest held in Shares following the transactions³

 

Total other interest held in Shares following the transactions⁴

 

Dean Finch, Group Chief

Executive

 

 

344,544

 

344,544

 

162,261²

 

334,081

 

1,238,448

 

Matthew Ashley,

President and CEO, North America

 

 

138,186

 

 

138,186

 

62,309²

 

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.

⁴ 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 Condition

Weighting

Threshold performance (30% vesting)

 

Maximum performance (100% vesting)

 

Actual performance

% vesting

TSR vs.FTSE 250

1/6

 

Median

 

Upper Quintile

Median →Upper Quintile

85.2%

TSR vs.Bespoke Index

1/6

Equal to Index

 

≥ Index +10% pa

> Index +10% 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 / amendment

Initial notification

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 the financial instrument

Identification code

 Ordinary shares of nominal value 5p each

                                                                                                    GB0006215205

 

                                                                                                

 

 

 


Nature of the transaction

Acquisition

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 volume(s)

Price(s)

Volume(s)

Nil per Ordinary share

344,544 Ordinary shares






Aggregated information

Aggregated volume Price

 

  344,544 Ordinary shares at Nil per Ordinary share

  totalling £Nil

 


Date of the transaction

  6 March 2018


Place of the transaction

  N/A

(ii)

Description of the financial instrument

Identification code

 Ordinary shares of nominal value 5p each

                                                                                                     GB0006215205

 


Nature of the transaction

 Disposal

 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 volume(s)

Price(s)

Volume(s)

£3.903431 per Ordinary share

162,261 Ordinary shares






Aggregated information

Aggregated volume Price

 

  162,261 Ordinary shares at £3.903431 per Ordinary share

  totalling £633,374.62

 


Date of the transaction

  6 March 2018


Place of the transaction

  London Stock Exchange

 

 

 

1.        

Details of PDMR


Full Name

 Matt Ashley


Position / status

President and Chief Executive, North America


Initial notification / amendment

Initial notification

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 the financial instrument

Identification code

 Ordinary shares of nominal value 5p each

                                                                                                    GB0006215205

 

                                                                                                

 

 

 


Nature of the transaction

Acquisition

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 volume(s)

Price(s)

Volume(s)

Nil per Ordinary share

138,186 Ordinary shares






Aggregated information

Aggregated volume Price

 

  138,186 Ordinary shares at Nil per Ordinary share                   totalling £Nil

 


Date of the transaction

  6 March 2018


Place of the transaction

  N/A

(ii)

Description of the financial instrument

Identification code

 Ordinary shares of nominal value 5p each

                                                                                                     GB0006215205

 


Nature of the transaction

 Disposal

 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 volume(s)

Price(s)

Volume(s)

£3.903431 per Ordinary share

62,309 Ordinary shares






Aggregated information

Aggregated volume Price

 

  62,309 Ordinary shares at £3.903431 per Ordinary share

  totalling £243,218.88

 


Date of the transaction

  6 March 2018


Place of the transaction

  London Stock Exchange

 

-     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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