National Express Group PLC Changes to Vesting Schedule under 2015 LTIP (1992K)
April 14 2015 - 9:35AM
UK Regulatory
TIDMNEX
RNS Number : 1992K
National Express Group PLC
14 April 2015
14 April 2015
National Express Group PLC
(the 'Company' or 'National Express')
Changes to the Vesting Schedule for initial awards under the
2015 Long Term Incentive Plan ('2015 LTIP') for approval by
shareholders at the 2015 Annual General Meeting ('AGM')
National Express is a leading international public transport
operator, with bus, coach and rail services in the UK, Continental
Europe, North Africa and North America.
As part of the review of the Company's Remuneration Policy for
Executive Directors, the Remuneration Committee has altered the
vesting schedule for the return on capital employed ('ROCE') metric
in respect of the initial grant of awards under the 2015 LTIP, to
further enhance its link to performance. As a result, the level of
vesting for the ROCE metric will be reduced from 30% to zero for
the achievement of threshold performance. All other aspects remain
the same.
The performance period for these awards is the three financial
years ending on 31 December 2017. Awards are proposed to be made
following shareholder approval at the Company's AGM.
The performance targets that were initially proposed by the
Remuneration Committee in respect of these awards were set out on
page 17 of the Company's Notice of AGM 2015 that was published on
27 March 2015 ('Notice of AGM'). The amended performance targets,
taking into account the change in the level of vesting for the ROCE
metric as referred to above, will be as follows:
Metric Weighting Threshold Target Maximum
of metric (EPS, TSR: (50% vesting) (100% vesting)
30% vesting
ROCE: 0%
vesting)
----------------- ----------- ------------- --------------- ----------------
2017 EPS 1/3 24.8 pence 26.3 pence 28.6 pence
----------------- ----------- ------------- --------------- ----------------
Average ROCE
2015-2017 1/3 9% 10% 12%
----------------- ----------- ------------- --------------- ----------------
Relative 1/6 Median - Upper quintile
TSR vs FTSE
250
----------------- ----------- ------------- --------------- ----------------
Relative 1/6 Equal to - Index +
TSR vs Bespoke Index 10% p.a.
Index*
----------------- ----------- ------------- --------------- ----------------
* Notional index comprising Go-Ahead Group, First Group and
Stagecoach Group
A summary of the principal features of the 2015 LTIP is set out
in Appendix 2 of the Notice of AGM and is available on the
Company's website at
www.nationalexpressgroup.com/investors/agm/2015. The table
contained in Appendix 2 of the Notice of AGM should be reviewed in
the light of the amended table as set out above.
A copy of the rules of the 2015 LTIP is available for inspection
at the Company's registered office and at the offices of Ashurst
LLP, Broadwalk House, 5 Appold Street, London EC2A 2HA during
normal business hours on any weekday (Saturday, Sunday and public
holidays excluded) until the close of the AGM and will be available
at the AGM from 15 minutes prior to and during the AGM.
Enquiries:
National Express Group PLC
Sandra Forbes Tel: 0207 805 3807
Group General Counsel & Company Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
END
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