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16 October 2009
National Express Group PLC
Statement regarding possible offer
The Board of National Express Group PLC ("National Express" or the "Group") notes the announcement by CVC Capital Partners and interests of the Cosmen family (together the "Consortium") that it has decided not to make an offer for National Express.
The Group has a strong portfolio of businesses and continues to perform resiliently despite challenging trading conditions. The Board believes that National Express has a strong future as an independent listed company, offering a compelling investment case building on the strength of its individual businesses.
As previously announced, the Board believes that strengthening the Group's balance sheet through an equity fundraising is now the most appropriate course of action and is a key objective in order to unlock the inherent value of the Group for all shareholders. This will provide the Group with a strong, stable platform to deliver sustainable and profitable growth.
The Cosmen family has now confirmed its intention to support the Group's plans to undertake an equity fundraising within certain parameters that the Cosmen family has communicated to the Board of National Express.
The Board is consulting with its major shareholders and a further announcement in connection with the potential equity fundraising will be made as and when appropriate.
Enquiries:
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National Express Group PLC
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020 7506 4324
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Jez Maiden
Group Finance Director
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Nicole Lander
Director of Communications
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0121 460 8401
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Maitland
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020 7379 5151
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Neil Bennett
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George Hudson
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