14 Apr 2016 16:48
NATIONAL EXPRESS GROUP PLC (the 'Company')
Notification of transactions by Persons Discharging Managerial Responsibilities ('PDMRs')
The Company announces the following transactions.
On 11 April 2016 the Directors/PDMRs set out below exercised their Performance and Matching Share Awards granted on 10 April 2013 ('2013 Awards') under the Company's 2005 Long Term Incentive Plan ('LTIP') and subsequently acquired and sold on 13 April 2016 the number of Ordinary shares of 5 pence each ('Shares') set out below. The sale price was £3.397536 per Share. The personal tax and national insurance contribution liabilities for each Director/PDMR arising from the exercise will be paid out of the proceeds of their respective sales.
Name of person discharging managerial responsibility / director | Number of Shares acquired under the 2013 Awards | Number of Shares sold | Total interest in Shares (including those held by connected persons) following transaction | Total interest in Shares held under long-term incentives (including deferred Shares under the Executive Deferred Bonus Plan) |
Dean Finch, Group Chief Executive
|
453,283 |
453,283 |
294,598 |
2,296,936 |
Matthew Ashley, Group Finance Director
|
148,522 |
129,228 |
87,891 |
564,209 |
The performance period relating to the Awards ended on 31 December 2015. Details of the performance conditions and the extent to which they have been satisfied are set out below and on page 87 of the Company's 2015 Annual Report:
Performance Condition | Weighting | Threshold performance required (30% vesting) | Maximum performance required (100% vesting) | Actual Performance | % vesting |
TSR (1) | 50% | Median of comparator group | Upper quintile of comparator group | Between median and upper quintile (7th out of 15 companies) | 46.7% |
EPS (2) | 50% | 2015 EPS of 22.1p | 2015 EPS of 24.7p | 24.8p | 100% |
Total | 100% | 73.4% |
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 now that bid costs, with effect from 1 January 2015, are treated as a normalised expense which has the impact of reducing normalised EPS in 2015 and subsequent years. Bid costs of £9.2m for 2015 were added back to the normalised EPS of 23.4p to give an outcome of 24.8p for the LTIP awards tested at the end of the year.
Place of transaction: London
This notification is made in accordance with DTR 3.1.4 R(1).
Joy Baldry
Deputy Company Secretary
14 April 2016
Enquiries:
Maitland
Rebecca Mitchell 07951 057351