Business
Proposed placing of new ordinary shares
Proposed placing of new ordinary shares.
About this update from Mobico Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 0381M\n National Express Group PLC\n 06 May 2020\n \n \n \n THIS ANNOUNCEMENT, INCLUDING THE APPENDICES AND THE INFORMATION CONTAINED IN THEM, IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL\n FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION\n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n LEI: 213800A8IQEMY8PA5X34\n \n \n For immediate release\n \n \n 6 May 2020\n \n \n NATIONAL EXPRESS GROUP PLC\n \n \n (\"National Express\", the \"Company\" or the \"Group\")\n \n \n Proposed placing of new ordinary shares \n \n \n National Express today announces its intention to conduct a non-pre-emptive placing of new ordinary shares of 5 pence each in the capital of the Company (the \"Placing Shares\") at the Placing Price (as defined below) (the \"Placing\"). In conjunction with the Placing, certain members of the Board and Executive Management Team intend to subscribe for new ordinary shares in the capital of the Company (the \"Subscription Shares\") at the Placing Price and intend to contribute approximately £1.0 million. \n \n \n Together, the total number of Placing Shares and Subscription Shares will not exceed 102,347,729 Ordinary Shares, representing approximately 19.99% of the Company's existing issued share capital. \n \n \n The Placing, which is being conducted by way of an accelerated bookbuild available to qualifying new and existing investors, will be launched immediately following this announcement.\n \n \n National Express has separately today provided an update on its response plans for COVID-19 (the \"Market Update\"). This Announcement should be read in conjunction with the Market Update.\n \n \n Shareholder consultation\n \n \n National Express acknowledges that it is seeking to issue Placing Shares and Subscription Shares amounting to up to 19.99% of its existing issued ordinary share capital on a non-pre-emptive basis and therefore has consulted with the Company's major institutional shareholders ahead of the release of this Announcement. The Placing structure has b...