National Express Group PLC Notification of transactions by PDMR (8620E)
12 May 2017 - 1:00AM
UK Regulatory
TIDMNEX
RNS Number : 8620E
National Express Group PLC
11 May 2017
National Express Group PLC
11 May 2017
NATIONAL EXPRESS GROUP PLC
("Company")
Notification of transactions by Persons Discharging Managerial
Responsibilities ("PDMR")
The Company provides notification of the following transactions
effected on 10 May 2017 relating to Chris Davies who joined the
Company on the 2 May 2017 and joined the Board as an Executive
Director (becoming a new PDMR) following the closing of yesterday's
Annual General Meeting. He will assume the role of Group Finance
Director on 1 June 2017 in place of Matt Ashley who, while
remaining an Executive Director, is relocating to the US to take up
the role of President and Chief Executive of the Company's North
American business from 1 September 2017. Both appointments are as
previously reported.
The transactions, set out more fully below, relate to Chris
Davies and:
-- affect his interests in the ordinary shares of 5 pence each
in the capital of the Company ("Shares") (ISIN: GB0006215205);
-- arise from the grant to him, in the form of performance
conditioned nil cost options, of (i) a First Year Recruitment
Incentive Award, (ii) a Second Year Recruitment Incentive Award,
and (iii) a First Annual Long-Term Incentive Award, all under the
rules of the Company's Long-Term Incentive Plan 2015 ("LTIP"),
including, as applicable, the HMRC approved Company Share Option
Plan incorporated therein ("CSOP"), (individually, an 'Award' and
together, the "Awards"); and
-- represent satisfaction of the Company pre-employment
contractual promise made pursuant to the Company's Remuneration
Policy.
Number of Shares over which Award
granted
-------------- ---------------------------------------------------------
Name of First Year Second Year First Annual
PDMR Recruitment Recruitment Long-Term Incentive
Incentive Incentive Award Award (3)
Award (1) (2)
-------------- --------------- ----------------- ---------------------
Chris Davies 31,867 (LTIP) 63,735 (LTIP) 143,403 (LTIP)
8,194 (CSOP)
-------------- --------------- ----------------- ---------------------
(1) Award granted to the value of one-third of salary. The award
will normally vest on 10 May 2018 subject to the Company's
achievement against the same three-year performance targets, terms
and conditions (including malus and clawback but excluding the
two-year post vesting holding period) applicable to the annual
grant of LTIP awards made to the Executive Directors in 2015. (The
2016 Annual Report sets out details of these awards.) Dividends
accrue during the performance period on any vesting Award
Shares.
(2) Award granted to the value of two-thirds of salary. The
award will normally vest on 10 May 2019 subject to the Company's
achievement against the same three-year performance targets, terms
and conditions (including malus and clawback but excluding the
two-year post vesting holding period) applicable to the annual
grant of LTIP awards made to the Executive Directors in 2016. (The
2016 Annual Report sets out details of these awards.) Dividends
accrue during the performance period on any vesting Award
Shares.
(3) Award granted to the value of 150% of salary. The award will
normally vest on 18 April 2020 subject to the Company's achievement
of the same three-year performance targets, terms and conditions
(including malus, clawback and the two-year post vesting holding
period) applicable to the annual grant of LTIP awards made to the
Executive Directors on 18 April 2017. (The 2017 Annual Report will
set out details of these awards.) Dividends accrue during the
performance period on any vesting Award Shares and will be paid on
any unexercised Shares during the holding period.
The conversion of the Award value into the number of Shares
under option is based on the closing middle market quotation of a
Share on 9 May 2017 (being the business trading day immediately
preceding the date of grant) of GBP3.661 per share.
The Award element under the CSOP is structured in the form of a
market value share option with an exercise price of GBP3.661 per
Share (such price being derived as per note above). It is aligned
with the requirements of Schedule 4 to the Income Tax (Earnings and
Pensions) Act 2003 and any right of exercise will be off-set
against any vested Shares being exercised under the LTIP element of
the Award.
The Company's share ownership guidelines apply to Chris Davies
and require him to establish a holding of Shares to the value of
150% of salary within five years from the date of grant of the
Awards. Following the above transactions, the Awards represent the
total interest in Shares held by him and his connected persons.
This above notice is given in fulfilment of the Company's
obligation under DTR 3.1.
- END -
National Express contact:
Michael Arnaouti, Company Secretary
++44 (0) 207 805 3807
This information is provided by RNS
The company news service from the London Stock Exchange
END
DSHOKDDNCBKKFPD
(END) Dow Jones Newswires
May 11, 2017 11:00 ET (15:00 GMT)
Mobico (LSE:MCG)
Historical Stock Chart
From Apr 2024 to May 2024
Mobico (LSE:MCG)
Historical Stock Chart
From May 2023 to May 2024