30th Oct 2009 07:00
Statement from the Cosmen family regarding National Express Group PLC
30 October 2009
Following the announcement on 29 October by National Express Group PLC (the "Company") that it had terminated all merger discussions with Stagecoach Group plc and intends to proceed with an equity fund-raising, the Cosmen family wishes to clarify its position.
As the Company's largest shareholder for some time, we remain entirely focused on promoting the longer-term success of the Company in the interests of all its shareholders.
The Company is facing short-term issues that need to be addressed but we have serious concerns about the absence of a well-defined strategy to address the Company's broader and longer-term issues. We are concerned that there has not been a sufficiently full and thorough assessment of all the available options to address the Company's short and longer-term challenges, and, in particular, of Stagecoach Group plc's merger proposal, an option that could have addressed the fundamental financial and strategic issues facing the Company.
The board of the Company (the "Board") should ensure it makes its best efforts to evaluate all the Company's options with the benefit of independent advice. We are greatly concerned that the Board risks losing further value for all shareholders by not keeping the Company's options open and we would urge the Board to seek independent financial and legal advice to assist it in this review process.
For the purposes of Rule 2.8 and other relevant provisions of The City Code on Takeovers and Mergers (the "Code"), we remain unable to announce an offer or possible offer or make or participate in an offer or possible offer for the Company within six months from 16 October 2009 other than: (i) with the agreement or recommendation of the Board of the Company; (ii) in the event that a third party announces a firm intention to make an offer for the Company; or (iii) in the event that the Company announces a "whitewash" proposal or a reverse takeover (in each case as defined in the Code).
Further enquiries:
Ondra Partners LLP
Michael Tory/Mark Hutt
Tel. 020 7618 8435
Media enquiries:
Brunswick Group
Michael Harrison/Rurik Ingram
Tel 020 7404 5959
Related Shares:
NEX.LSGC.L