6 Apr 2016 17:52
6 April 2016
NATIONAL EXPRESS GROUP PLC (the 'Company')
Notification of Transactions by Directors/Persons Discharging Managerial Responsibilities and Connected Persons
The Company was advised on 5 April 2016 of certain dealings in the Company's 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.
The dealings relate to the unwinding of a call spread transaction and a collar transaction, both of which were entered into in May 2013.
On 1 April 2016, EEEL unwound a call spread entered into on 8 May 2013 with Credit Suisse AG in respect of 10,000,000 shares that was due to terminate in seven equal tranches during a seven week period commencing in May 2016 and ending in June 2016. The aggregated margin of the options was £0.56 per share.
In addition, on 4 April 2016, EEEL unwound a collar transaction entered into on 23 May 2013 (the 'Transaction') in respect of 10,000,000 shares that was due to terminate during a six calendar month period commencing in May 2016 and ending in November 2016. As a result of the Transaction, EEEL has been released from a share pledge in favour of UBS in respect of 10,000,000 shares. Also as a result, EEEL sold 9,623,170 shares at a price of 346.9 pence per share.
The above transactions took place in London.
As a result, at close of business on 4 April 2016, Jorge Cosmen has an interest in 69,237,515 shares amounting to 13.53% of the issued ordinary share capital of the Company, EEEL has an interest in 66,481,891 shares and Northern Enterprises Limited (another connected person of Jorge Cosmen) has an interest in 2,755,624 shares.
Joy Baldry
Deputy Company Secretary
Enquiries:
Maitland
Rebecca Mitchell 07951 057351