National Express Group PLC Director/PDMR Shareholding (5667U)

TIDMNEX

RNS Number : 5667U

National Express Group PLC

06 April 2021

NATIONAL EXPRESS GROUP PLC

("Company")

Notification of transactions by a Person Discharging Managerial Responsibilities ("PDMR")

The Company provides notification of the following transactions effected on 6 April 2021 relating to the below named PDMR and his interests in the ordinary shares of nominal value 5p each in the capital of the Company ("Shares") (ISIN: GB0006215205).

The transactions arise in respect of: (i) the 6.52% vesting on 3 April 2021 of a three-year performance conditioned nil cost option award over certain Shares granted on 3 April 2018 to the below-named PDMR under the Company's Long-Term Incentive Plan 2015 ("2018 LTIP Option"); and (ii) the exercise by the below-named PDMR of his 2018 LTIP Option over all vested Shares thereunder and immediate sale of a sufficient number of Shares to cover his personal tax liability arising on such exercise.

 
 Name and           Number of Shares      Number of        Beneficial        Total other 
  position           vested under          vested Shares    interest of       interest held 
  of PDMR            the 2018 LTIP         acquired and     PDMR in Shares    in 
                     Option on 3           retained on      following the     Shares following 
                     April 2021 and        exercise of      transaction       the transaction 
                     sold on 6 April       the 2018 LTIP    (3)               (4) 
                     2021(1)               Option(2) 
 
                           9,061 Shares 
   Chris Davies,       vested and 4,268 
   Group Chief                  sold at 
   Financial                329.4 pence 
   Officer                    per Share            4,793           253,031             567,835 
                   --------------------  ---------------  ----------------  ------------------ 
 

(1) Vested Shares under the 2018 LTIP Option have both a two-year exercise and a two-year compulsory holding period which run concurrently. The compulsory holding period is subject to an entitlement to sell a sufficient number of vested Shares to satisfy tax liabilities arising on exercise of the 2018 LTIP Option. Any residual vested Shares held beneficially post-exercise of the 2018 LTIP Option must be retained for the remainder of the holding period. Malus and clawback also apply to such vested Shares for two years form the date of vesting, including post termination of employment. Vested Shares qualify on vesting for an accrued dividend equivalent entitlement from the Company.

(2) All Shares delivered on exercise of the 2018 LTIP Option were through the transfer of market purchased Shares held in the Company's Employee Benefit Trust.

(3) Including those held by connected persons.

Represents outstanding awards granted under the Company's Long-Term Incentive Plan.

 
1.    Details of PDMR / PCA 
       Full Name                        Chris Davies 
      -------------------------------  --------------------------------------------------- 
       Position / status                Group Chief Financial Officer, PDMR 
      -------------------------------  --------------------------------------------------- 
       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 
      ------------------------------------------------------------------------------------ 
       Description of the              Ordinary shares of 5p each 
        financial instrument 
      -------------------------------  --------------------------------------------------- 
       Identification code             GB0006215205 
      -------------------------------  --------------------------------------------------- 
       Nature of the transaction        1. Vest of nil cost option under the Company's 
                                         2015 Long-Term Incentive Plan 
                                         2. Exercise of vested nil cost option under 
                                         the Company's 2015 Long-Term Incentive Plan 
                                         and sale of sufficient shares to cover tax 
      -------------------------------  --------------------------------------------------- 
       Price (s) and volume(s)                Price(s)   Volume(s)   Total 
                                          1.   GBP n/a    9,061       n/a 
                                              ---------  ----------  ------------- 
                                          2.   GBP3.294   4,268       GBP14,058.79 
                                              ---------  ----------  ------------- 
      -------------------------------  --------------------------------------------------- 
       Date of the transaction          6 April 2021 
      -------------------------------  --------------------------------------------------- 
       Place of the transaction         London Stock Exchange 
      -------------------------------  --------------------------------------------------- 
 
 

This above notice is given in fulfilment of the Company's obligation under DTR 3.1 and Article 19 of the EU Market Abuse Regulation 596/2014.

   -     END - 

National Express contact and telephone number for enquiries:

Jennifer Myram, Company Secretary

07880 472885

Melanie Travis, Deputy Company Secretary

07990 802678

Notes:

Legal Entity Identifier: 213800A8IQEMY8PA5X34

Classification: 3.1 (with reference to DTR6 Annex 1R)

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April 06, 2021 11:42 ET (15:42 GMT)