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National Express (NEX)

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Monday 28 June, 2010

National Express

Director/PDMR Shareholding

RNS Number : 3830O
National Express Group PLC
28 June 2010
 



 

National Express Group PLC

(the "Company")

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND CONNECTED PERSONS

The Company was advised on 25 June 2010 of certain dealings in its share capital by European Express Enterprises Limited ("EEEL"), a company which is a connected person (as defined in section 96(B)(2) of the Financial Services and Markets Act 2000) of Jorge Cosmen, a Director of the Company. This notification is being made pursuant to DTR 3.1.2R.

On 23 June 2010, EEEL entered into a collar transaction in respect of 10,000,000 ordinary shares of 5 pence each in the capital of the Company (the "Shares") (which represents approximately 1.96% of the Company's issued share capital).  The collar has a floor price of 235 pence per Share and a ceiling price of 305.5 pence per Share. It is understood that the transaction took place in London.

The collar will terminate in seven equal increments during a six calendar month period commencing in June 2013 and ending in December 2013 (the "Expiration Period").  During the Expiration Period, EEEL will have the option to settle in cash or in physical form.

 

As security for its obligations under a related loan agreement, EEEL has entered into a share pledge, pursuant to which it has pledged 10,000,000 Shares to the counterparty.  At the same time, EEEL has been released from a share pledge in favour of BNP Paribas España S.A. in respect of 12,835,680 Shares, with the net result that the total number of Shares currently pledged by EEEL is 36,000,000 Shares, meaning a net reduction of 2,835,680 shares being subject to pledges. This figure represents approximately 7.06% of the Company's issued share capital.

ENQUIRIES:

National Express Group PLC

Tony McDonald: +44 20 7506 4325

Nicole Lander: +44 121 460 8401

Maitland (Financial PR): +44 20 7379 5151

Neil Bennett

George Hudson


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