7 Apr 2016 16:10
7 April 2016
NATIONAL EXPRESS GROUP PLC
Notification of transactions by Persons Discharging Managerial Responsibilities ('PDMRs')
2016 Awards under the National Express Group PLC Long-Term Incentive Plan 2015
National Express Group PLC (the 'Company') announces that on Wednesday, 6 April 2016 the following awards over the Company's ordinary 5 pence shares were made in the form of nil-cost options to the Executive Directors of the Company (the 'Awards').
The Awards have been made in accordance with the rules of the Company's Long- Term Incentive Plan 2015 (the 'Plan') which was approved at the Company's AGM held on 6 May 2015. The calculation of the number of options awarded is based on the middle market price on 5 April 2016 of £3.438 per share.
Nil Cost Options
Name of Executive Director | Number of Plan Shares |
Dean Finch, Group Chief Executive | 342,641 |
Matthew Ashley, Group Finance Director | 141,797 |
The Awards will vest under normal circumstances, subject to the achievement of performance targets relating to EPS, ROCE and TSR (split equally between the FTSE 250 and a Bespoke Index) for the period which commenced on 1 January 2016 and will end on 31 December 2018. Each target relates to one third of the Award. There is no ability to retest any of the performance conditions.
Under the Plan rules, the Executive Directors are required to hold any Plan Shares arising from the vesting of their Awards for a period of two years; their Plan Shares are also subject to the malus and clawback provisions under the Plan rules.
National Express Group PLC was informed by the Executive Directors of the above transaction on 6 April 2016.
This notification is made in accordance with DTR 3.1.4R(1)(a).
Enquiries:
Joy Baldry
Deputy Company Secretary
Tel: 0207 805 3801