17 Mar 2023 16:32
NATIONAL EXPRESS GROUP PLC
(the "Company")
Director/PDMR Shareholding
The Company provides notification of the following transactions, all effected on 17 March 2023, 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 vesting of 86,315 forfeitable Shares awarded to Ignacio Garat on 17 March 2022 under the rules of the Company's Executive Deferred Bonus Plan ("EDBP") in relation to the deferred element of his 2021 annual bonus; and
ii. the immediate sale of a sufficient number of such Shares to cover tax, social security and dealing cost liabilities arising on that vest.
Individual PDMR details are set out in the table below:
Name and position of PDMR | Number of forfeitable Shares vested and sold as per above ¹ ² ³ | Total unrestricted beneficial interest held in Shares following the transactions ⁴
| Total other interest held in Shares following the transactions ⁵ |
Ignacio Garat, Chief Executive Officer | 86,315 vested of which 40,651 were sold to cover tax and dealing costs | 107,204 | 845,312 |
¹ The Shares sold comprise those compulsorily sold to cover the immediate income tax, social security and dealing cost liabilities arising on vesting of the 2022 EDBP award.
² All Shares delivered to the individual are existing Shares delivered through the Company's Employee Benefit Trust.
³ Malus and clawback will apply to the forfeitable Shares vested in the 2022 EDBP Award for two-years from the date of vest, including post termination of employment.
⁴ Including those held by the PDMR's connected persons.
⁵ Represents outstanding awards granted under the Company's EDBP and Long-Term Incentive Plan.
1. | Details of PDMR / PCA | ||||||||||||||||||
Full Name | Ignacio Garat | ||||||||||||||||||
Position / status | Group Chief Executive Officer, 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 | 1. Vest of 2022 share award under the National Express Group PLC (the "Company") Executive Deferred Bonus Plan ("EDBP"); and 2. Sale of sufficient shares from the 2022 share award under the Company's EDBP to cover tax, social security and dealing cost liabilities. | ||||||||||||||||||
Price(s) and volume(s) |
| ||||||||||||||||||
Date of the transaction | 17 March 2023 | ||||||||||||||||||
Place of the transaction | (i) Off market (ii) London Stock Exchange | ||||||||||||||||||
The 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 contacts and telephone number for enquiries:
Simon Callander, Group General Counsel & Company Secretary
+44 (0) 7795 232 708
Gillian Saunderson, Deputy Company Secretary
+44 (0) 7506 642 348
Notes:
Legal Entity Identifier: 213800A8IQEMY8PA5X34
Classification: 3.1 (with reference to DTR6 Annex 1R)