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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mobico Group Plc | LSE:NEX | London | Ordinary Share | Ordinary Shares |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 108.30 | 108.50 | 108.90 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMNEX
RNS Number : 6373C
National Express Group PLC
18 April 2017
NATIONAL EXPRESS GROUP PLC
("Company")
Notification of transactions by Persons Discharging Managerial Responsibilities ("PDMRs")
Following receipt of notification today from the below named PDMRs, the Company provides notification of the following transactions effected by the PDMRs on 13 April 2017 relating to their respective interests in the ordinary shares of nominal value 5p each in the capital of the Company ("Shares") (ISIN: GB0006215205).
The transactions arise for each of the PDMRs' from: (i) the exercise of an option award(s) over certain performance conditioned and matching Shares which vested on 9 April 2017 - the original awards having been granted on 9 April 2014 under the Company's Long-Term Incentive Plan 2005 ("LTIP"), and, as applicable, the HMRC approved Company Share Option Plan attached thereto ("CSOP"), and (ii) the immediate sale on the London Stock Exchange of all or some of the Shares acquired under (i), as indicated.
Name and Number Number Total beneficial Total interest position of Shares of Shares interest in Shares of PDMR acquired immediately in Shares following on exercise sold following the transaction of LTIP in the the transaction under the and/or market (including Company's CSOP option at 356.2357p those held deferred (as indicated) per share by connected bonus and (1) persons) long-term incentive plans ----------------- ----------------- -------------- ----------------- ----------------- Dean Finch, Group Chief 444,095 Executive (LTIP) 444,095(2) 137,598 1,524,208 ----------------- ----------------- -------------- ----------------- ----------------- Matthew 146, 834 Ashley, (LTIP) 133,733(2) 111,785 316,202 Group Finance 10, 793 Director (CSOP) ----------------- ----------------- -------------- ----------------- -----------------
(1) Awards under the LTIP were granted in the form of conditional nil cost options and awards under the CSOP were structured in the form of market value share options with an exercise price of GBP2.743 per Share. The CSOP awards are aligned with the requirements of Schedule 4 to the Income Tax (Earnings and Pensions) Act 2003 and their vesting is by way of set-off against Shares vesting under the original LTIP award. Malus and clawback provisions did not apply to the original awards. All Share deliverables are satisfied through the transfer of market purchased Shares from the Company's Employee Benefit Trust.
(2) Including Shares compulsorily withheld and sold to satisfy the individual's personal tax and national insurance contribution liabilities which arise immediately on exercise and which will be paid out of the proceeds of sale.
The stretching performance condition targets which attached to the original awards were set at the time of grant and related to the three-year financial period ended 31 December 2016. These targets, and the Company's measured performance against them, are shown below (and in the Directors' Remuneration Report of the Company's 2016 Annual Report) and were used to determine the 98.7% vesting level of the Shares subject to the original award and available to be acquired on exercise.
Performance Weighting Threshold Maximum Actual % vesting Condition performance performance performance required required (30% vesting) (100% vesting) ------------- ---------- ------------------------------------- --------------- ------------- ---------- Median Upper Between of FTSE quintile median 250 comparator of comparator and upper TSR 25% group group quintile 94.8% ------------- ---------- ------------------------------------- --------------- ------------- ---------- Equal Median to or Greater of Bespoke above than the Index the Bespoke Bespoke comparator Index Index +10% TSR (1) 25% group +10% pa pa 100% ------------- ---------- ------------------------------------- --------------- ------------- ---------- 2016 EPS of 2016 EPS EPS (2) 50% 21.3p of 23.9p 29.1p 100% ------------- ---------- ------------------------------------- --------------- ------------- ---------- Total 100% 98.7% ------------- ---------- ------------------------------------- --------------- ------------- ----------
(1) TSR was measured against a bespoke comparator group of transport companies taken predominantly from the FTSE Industrial Transportation and FTSE Travel & Leisure sectors.
(2) The Remuneration Committee considered and agreed changes to the performance conditions for outstanding awards made under the previous 2005 Long-Term Incentive Plan whereby the growth in EPS for outstanding awards under this plan would be based on a consistent accounting basis to exclude actual bid costs incurred. This adjustment serves to ensure that the EPS element of the LTIP continues to incentivise and reward delivery of normalised EPS growth given that bid costs, with effect from 1 January 2015, are treated as a normalised expense which had the impact of reducing normalised EPS in 2015 and subsequent years.
This above notice is given in fulfilment of the Company's obligation under DTR 3.1.
The following disclosures are made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.
1. Details of PDMR ---- ------------------------------------------------------ -------------------------------------------- Full Name Dean Finch ---- -------------------------------------------------- ------------------------------------------------ Position / Group Chief Executive status ---- -------------------------------------------------- ------------------------------------------------ Initial notification Initial notification / amendment ---- -------------------------------------------------- ------------------------------------------------ 2. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ---- ---------------------------------------------------------------------------------------------------- Name National Express Group PLC ---- ---------------------------------------------------- ---------------------------------------------- LEI 213800A8IQEMY8PA5X34 ---- ---------------------------------------------------- ---------------------------------------------- 3. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ---- ---------------------------------------------------------------------------------------------------- (i) Description Ordinary shares of nominal value of the financial 5p each instrument GB0006215205 Identification code ---- -------------------------------------------------- ------------------------------------------------ Nature of Acquisition the transaction The exercise, post-performance conditioned vesting, of a nil cost option to acquire 444,095 shares under the Company's Long-Term Incentive Plan 2005. ---- -------------------------------------------------- ------------------------------------------------ Price(s) and Price(s) Volume(s) volume(s) ----------------- -----------------
Nil per Ordinary 444,095 Ordinary share shares ----------------- ----------------- ---- -------------------------------------------------- ------------------------------------------------ Aggregated information 444,095 Ordinary shares at [GBP3.562357 Aggregated or Nil] per Ordinary share volume Price totalling GBPNil ---- -------------------------------------------------- ------------------------------------------------ Date of the 13 April 2017 transaction ---- -------------------------------------------------- ------------------------------------------------ Place of the N/A transaction ---- -------------------------------------------------- ------------------------------------------------ (ii) Description Ordinary shares of nominal value of the financial 5p each instrument GB0006215205 Identification code ---- -------------------------------------------------- ------------------------------------------------ Nature of Disposal the transaction The sale of 444,095 shares in the market ---- -------------------------------------------------- ------------------------------------------------ Price(s) and Price(s) Volume(s) volume(s) ---------------- ----------------- GBP3.562357 per 444,095 Ordinary Ordinary share shares ---------------- ----------------- ---- -------------------------------------------------- ------------------------------------------------ Aggregated information 444,095 Ordinary shares at GBP3.562357 Aggregated per Ordinary share volume Price totalling GBP1,582,025 ---- -------------------------------------------------- ------------------------------------------------ Date of the 13 April 2017 transaction ---- -------------------------------------------------- ------------------------------------------------ Place of the London Stock Exchange transaction ---- -------------------------------------------------- ------------------------------------------------ 1 Details of PDMR ----- ------------------------------------------------------ -------------------------------------------- Full Name Matthew Ashley ----- -------------------------------------------------- ------------------------------------------------ Position / Group Finance Director status ----- -------------------------------------------------- ------------------------------------------------ Initial notification Initial notification / amendment ----- -------------------------------------------------- ------------------------------------------------ 2 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ----- ---------------------------------------------------------------------------------------------------- Name National Express Group PLC ----- ---------------------------------------------------- ---------------------------------------------- LEI 213800A8IQEMY8PA5X34 ----- ---------------------------------------------------- ---------------------------------------------- 3 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ----- ---------------------------------------------------------------------------------------------------- (i) Description Ordinary shares of nominal value of the financial 5p each instrument GB0006215205 Identification code ----- -------------------------------------------------- ------------------------------------------------ Nature of Acquisition the transaction The exercise, post-performance conditioned vesting, of a nil cost option to acquire 146,834 shares under the Company's Long-Term Incentive Plan 2005. ----- -------------------------------------------------- ------------------------------------------------ Price(s) and Price(s) Volume(s) volume(s) ----------------- ----------------- Nil per Ordinary 146,834 Ordinary share shares ----------------- ----------------- ----- -------------------------------------------------- ------------------------------------------------ Aggregated information 146,834 Ordinary shares at Nil Aggregated per Ordinary share totalling GBPNil volume Price ----- -------------------------------------------------- ------------------------------------------------ Date of the 13 April 2017 transaction ----- -------------------------------------------------- ------------------------------------------------ Place of the N/A transaction ----- -------------------------------------------------- ------------------------------------------------ (ii) Description Ordinary shares of nominal value of the financial 5p each instrument GB0006215205 Identification code ----- -------------------------------------------------- ------------------------------------------------ Nature of Acquisition the transaction The exercise, post-performance conditioned vesting, of a market value share option to acquire 10,793 shares at an exercise price of GBP2.743 per share under the HMRC approved Company Share Option Plan schedule to the Company's Long-Term Incentive Plan 2005. ----- -------------------------------------------------- ------------------------------------------------ Price(s) and Price(s) Volume(s) volume(s) ---------------------- ---------------- GBP2.743 per Ordinary 10,793 Ordinary share shares ---------------------- ---------------- ----- -------------------------------------------------- ------------------------------------------------ Aggregated information 10,793 Ordinary shares at GBP2.743 Aggregated per Ordinary share totalling GBP29,605 volume Price ----- -------------------------------------------------- ------------------------------------------------ Date of the 13 April 2017 transaction ----- -------------------------------------------------- ------------------------------------------------ Place of the N/A transaction ----- -------------------------------------------------- ------------------------------------------------ (iii) Description Ordinary shares of nominal value
of the financial 5p each instrument GB0006215205 Identification code ----- -------------------------------------------------- ------------------------------------------------ Nature of Disposal the transaction The sale of 133,733 shares in the market ----- -------------------------------------------------- ------------------------------------------------ Price(s) and Price(s) Volume(s) volume(s) ---------------- ----------------- GBP3.562357 per 133,733 Ordinary Ordinary share shares ---------------- ----------------- ----- -------------------------------------------------- ------------------------------------------------ Aggregated information 133,733 Ordinary shares at GBP3.562357 Aggregated per Ordinary share totalling GBP476,405 volume Price ----- -------------------------------------------------- ------------------------------------------------ Date of the 13 April 2017 transaction ----- -------------------------------------------------- ------------------------------------------------ Place of the London Stock Exchange transaction ----- -------------------------------------------------- ------------------------------------------------ - END -
National Express contact and telephone number for enquiries:
Michael Arnaouti, Company Secretary
++44 (0) 207 805 3807
This information is provided by RNS
The company news service from the London Stock Exchange
END
DSHOKFDNPBKDBQD
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April 18, 2017 11:35 ET (15:35 GMT)
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