14 Aug 2020 08:00
NATIONAL EXPRESS GROUP PLC
("Company")
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")
The Company provides notification of a transaction effected on 13 August 2020 by the below-named PDMR and his respective interest in the ordinary shares of nominal value of 5 pence each in the capital of the Company ("Shares") (ISIN: GB0006215205).
The transaction arises in respect of the exercise by Dean Finch, Group Chief Executive, of both his 2016 and 2017 LTIP Options over all vested Shares thereunder and immediate sale of a sufficient number of such Shares to cover his personal tax liability arising on such exercise.
Name and position of PDMR | Number of vested Shares under the 2016 and 2017 LTIP Options 1 | Number of vested Shares immediately sold to cover tax at 155.171 pence per share 2 | Number of vested Shares acquired/retained on exercise 3 | Beneficial interest of PDMR in Shares following the transaction 4
| Total other interest of PDMR in Shares following the transaction 5 |
Dean Finch, Group Chief Executive |
642,470 |
302,567 |
339,903 |
339,903 |
1,150,6946 |
1 Vested Shares under the 2016 and 2017 LTIP Options 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. Malus and clawback also apply to such vested Shares for two years from the date of vesting, including post termination of employment
2 All Shares delivered to Mr Finch on the exercise of his 2016 and 2017 LTIP Options were through the transfer to him of market purchased Shares held in the Company's Employee Benefit Trust
3 The residual vested Shares held beneficially post-exercise must be retained for the remainder of the two-year holding period, including post termination of employment
4 Including those held by PCAs
5 Represents the PDMR's maximum interest in Shares under outstanding awards granted to him under the Company's Executive Deferred Bonus Plan and Long-Term Incentive Plan
6 Approved CSOP awards are made alongside nil cost options awards under the Company's Long-Term Incentive Plan where HMRC limits permit. The PDMR's interests in Shares under such approved CSOP awards are not included in these interests but, on their vesting and valid exercise, will have the effect of reducing the PDMR's interests in the vested Shares held under their corresponding nil cost options
1. | Details of PDMR / PCA | ||||||||||||||
Full Name | Dean Finch | ||||||||||||||
Position / status | Group Chief Executive, PDMR | ||||||||||||||
Initial notification / amendment | Initial notification | ||||||||||||||
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 financial instrument
| Ordinary shares of 5p each
| ||||||||||||||
Identification code | GB0006215205
| ||||||||||||||
Nature of the transaction | Exercise of vested share options and sale of sufficient to cover tax | ||||||||||||||
Price(s) and volume(s) |
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Date of the transaction | 13 August 2020 | ||||||||||||||
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
+44 (0) 207 805 3807
Melanie Travis, Deputy Company Secretary
+44 (0) 207 805 3805
Notes:
Legal Entity Identifier: 213800A8IQEMY8PA5X34
Classification: 3.1 (with reference to DTR6 Annex 1R)