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National Express (NEX)

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Tuesday 29 March, 2011

National Express

Response to statement from Elliott Advisors

RNS Number : 8465D
National Express Group PLC
29 March 2011
 



29 March 2011

 

National Express Group PLC

Response to statement from Elliott Advisors

 

National Express Group plc ("National Express" or "the Group") notes the statement today from Elliott Advisors UK Ltd, advisors to Elliott Associates LP, a US private investment fund, regarding its proposal for the appointment of three new non-executive directors to the Board of National Express.

 

As set out in the Group's Annual Report and Accounts for 2010, we have begun a review of the Board's composition. The Nominations Committee has already commenced a process to identify and appoint additional and fully independent non-executive directors to support the business through its next stage of growth and represent the interests of all its shareholders. The Committee appointed Executive search firms as part of this process some weeks ago and is currently compiling a shortlist of strong, independent candidates.  

 

The Board believes that all candidates should participate in a proper selection and evaluation process. This will ensure that correct corporate governance is followed and that directors can be appointed to promote the interests of all shareholders.

 

As our 2010 results confirm, National Express is now a high quality business, focused on its core operations and established on a sound financial footing. The Board believes that this broad-based turnaround will deliver significant long-term growth for all shareholders of National Express under the strategy outlined in the full year results. The Group has a strong balance sheet and competes successfully across its markets.

 

Contacts:

                                                           

National Express Group PLC:


Jez Maiden, Group Finance Director 

} 0121 460 8657

Stuart Morgan, Head of Investor Relations    

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Anthony Vigor, Director of Policy and External Affairs

07767 425822



Maitland:

020 7379 5151

Neil Bennett


 


This information is provided by RNS
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