National Express (LON:NEX)

National Express (LON:NEX)

Share Price
412.20 p
-2 (-0.48 %)
Market Cap
£2,109.39 m
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National Express RNS Release

Director/PDMR Shareholding

RNS Number : 6203O
National Express Group PLC
18 May 2018

National Express Group PLC

18 May 2018





Notification of transactions by Persons Discharging Managerial Responsibilities ("PDMRs")


The Company provides notification of the following transactions effected on 17 May 2018 relating to Chris Davies, PDMR, and his respective interests in the ordinary shares of nominal value 5p each in the capital of the Company ("Shares") (ISIN: GB0006215205).


The transactions arise from the exercise of a nil cost option over certain Shares, and the immediate London market sale of the resulting Shares acquired, which vested to Mr Davies on 10 May 2018 pursuant to the First Recruitment Incentive Award ("First RIA") granted to him under the terms of the Company's Long-Term Incentive Plan 2015 ("LTIP") on 10 May 2017. Further details of the First RIA, the applicable performance conditions and the 96.7% vesting are set out in the Company's announcement of 10 May 2018 (RNS Number 6953N) and the Directors Remuneration Report to its 2017 Annual Report.


Name and position of PDMR

Number of vested Shares acquired on exercise of nil cost option on                   17 May ¹

Number of Shares sold at 407.775p per share on             17 May


Total beneficial interest held     in Shares following the transactions ²


Total other interest held in Shares following the transactions ³


Chris Davies, Group Finance Director ⁴











¹ Malus and clawback apply to the vested Shares for two years from the date of vesting. All Shares delivered were through the transfer of market purchased Shares from the Company's Employee Benefit Trust.

² Including Shares held by connected persons.

³ Including interests under the Company's Executive Deferred Bonus Plan and LTIP.

Post the above transactions, Mr Davies has a residual shareholding value (comprising his beneficially owned Shares and the forfeitable Shares in which he has an interest under the EDBP) which currently represents approximately 30% of the 150% of salary value which he is required to attain over five years from the date of his first LTIP award (ie by May 2022) under the Company's share ownership guidelines.


The Company can confirm that Mr Davies has complied with his obligation to notify the Financial Conduct Authority in respect of the above transaction as is his requirement under the EU Market Abuse Regulation.


-     END    -


National Express contact and telephone number for enquiries:

Michael Arnaouti, Group Company Secretary

++44 (0) 207 805 3807



Legal Entity Identifier: 213800A8IQEMY8PA5X34

Classification: 3.1 (with reference to DTR6 Annex 1R)

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