Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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National Express (NEX)

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Thursday 29 October, 2009

National Express

Statement re equity fundraisi

RNS Number : 5573B
National Express Group PLC
29 October 2009


28 October 2009  

National Express Group PLC
("National Express" or the "Group")

Statement regarding equity fundraising and Stagecoach

In July 2009, the Board of National Express (the "Board") highlighted the need to strengthen the Group's balance sheet to reduce debt and maintain compliance with its banking covenants from December 2009. Non-compliance with banking covenants would require the Group to seek further concessions from its banking partners, incurring additional cost and creating significant uncertainty for National Express shareholders

On 16 October 2009, following the announcement that the consortium comprising CVC Capital Partners and the Cosmen family (together, the "Consortium") did not intend to make an offer for the Group, the Board reiterated that the execution of an equity fundraising in 2009 is a key objective to secure a sustainable capital structure for the Group and unlock its inherent value. Notwithstanding this, the Board subsequently said it would carefully consider the offer proposal made by Stagecoach Group PLC ("Stagecoach") whilst continuing to progress its equity funding plans in order to assess whether it offered greater value and certainty to National Express shareholders.

Stagecoach Proposal

Following the Consortium's withdrawal, and as announced by the Group on 19 October 2009, the Board received a highly preliminary proposal from Stagecoach to acquire the Group in an all-share transaction, with National Express shareholders owning no more than 40% of the enlarged group (the "Stagecoach Proposal"). Stagecoach confirmed in its proposal that further work and analysis would be required to determine a precise exchange ratio, the extent to which any equity needs to be issued for cash and appropriate disposals of businesses.

The Board, together with its advisers, has evaluated the value and certainty of the Stagecoach ProposalAs part of this process, the Group's advisers met with Stagecoach's advisers to discuss due diligence requirements, the timing and feasibility of obtaining debt financing for the enlarged group, the requirement for future equity issuance and necessary disposals

The Board has concluded it is unlikely that a combination with Stagecoach could be successfully executed in 2009, even if appropriate terms could be agreed. Accordingly, to avoid any further disruption to the business and to allow the Group to secure the additional equity funding it requires before the end of 2009, all discussions with Stagecoach have now ceased.

The Group has confirmed with the Panel on Takeovers and Mergers (the "Panel") that, following this announcement, the Panel no longer regards National Express as being in an offer period for the purposes of the City Code on Takeovers and Mergers.

Equity fundraising

The Board believes it is in shareholders' best interests that an equity fundraising be undertaken as soon as possible, and expects to make a further announcement regarding such fundraising during the course of November 2009.



National Express Group PLC 
Jez Maiden
Group Finance Director
020 7506 4324 
Nicole Lander
Director of Communications
0121 460 8401 
020 7379 5151 
Neil Bennett
George Hudson
Merrill Lynch International
020 7628 1000
Simon Mackenzie-Smith
Philip Noblet
Justin Anstee
Simon Fraser (Corporate Broking)
Andrew Osborne (Corporate Broking)
Morgan Stanley & Co. Limited
020 7425 8000
Matthew Jarman
Peter Moorhouse (Corporate Broking)


Merrill Lynch International (a subsidiary of Bank of America Corporation) and Morgan Stanley & Co. Limited are acting exclusively for National Express Group PLC in relation to the possible offer and will not be responsible to anyone other than National Express Group PLC for providing the protections afforded to each of their clients or for providing advice in relation to the possible offer.

This announcement is for information purposes only and shall not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell, issue, or subscribe for any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The information contained herein is not for publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia). These materials do not contain or constitute an offer for sale or the solicitation of an offer to purchase securities in the United States. The securities referred to herein (the "Securities") have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or jurisdiction of the United States, and may not be offered or sold in the United States absent registration under the Securities Act or an available exemption from, or transaction not subject to, the registration requirements of the Securities Act. There will be no public offer of the Securities in the United States.

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

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