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National Express (NEX)

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Monday 15 March, 2010

National Express

Director/PDMR Shareholding

RNS Number : 5916I
National Express Group PLC
15 March 2010

National Express Group plc (the "Company")


Notification of Director's Interests



This notification is made in accordance with DR 3.1.4R(1)(a).


On 12 March 2010 the Company's Chief Executive, Dean Finch purchased 68,275 ordinary shares of 5 pence each in the Company at an average price of 218.0576 pence on the London Stock Exchange. 


Also on 12 March 2010, IFG Trust (Jersey) Limited (the Company's employee benefit trust) awarded the following number of ordinary shares of 5 pence each to Mr Finch as summarised below as an award of forfeitable shares under a Deferred Award Agreement.


Number of forfeitable shares subject to Deferred Award

Deferred Award


First Award


Second Award


Subject to Mr Finch's continued employment the First Award and Second Award will ordinarily vest on 1 April 2011 and 1 April 2012 respectively. At the time of vesting the relevant shares will cease to be subject to a risk of forfeiture.


The Deferred Awards were granted in connection with and to facilitate Mr Finch's recruitment.


No consideration was paid for the grant of the Deferred Awards. 


As a result of the above transactions Mr Finch is the registered holder of 114,579 ordinary shares of the Company amounting to 0.023 % of the issued share capital of the Company.


On 15 March 2010, the Company granted Mr Finch certain awards (the "LTIP Awards") in accordance with the rules of the Company's Long Term Incentive Plan.  The Awards comprised nil cost options over the following number of the Company's ordinary 5 pence shares:



LTIP Performance Shares

LTIP Matching Shares

Dean Finch




The LTIP Awards will ordinarily vest three years from grant subject to Mr Finch's continued employment and the satisfaction of total shareholder return and earnings per share performance conditions over a fixed three year performance period.


In addition, the LTIP Matching Shares will only vest to the extent that the linked "Investment Shares" are retained during the vesting period. The shares purchased by Mr Finch on 12 of March 2010 as noted above being such Investment Shares.


No consideration was paid for the grant of the LTIP Awards.


The Company was informed by Mr Finch of the above transactions on 15 March 2010.


Name of contact and telephone number for queries: Tony McDonald on 020 7506 4325.


For and on behalf of National Express Group plc



Date: 15 March 2010

This information is provided by RNS
The company news service from the London Stock Exchange