Author Topic: NX boardroom disquiet?  (Read 1187 times)

Offline Suzy Scott

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NX boardroom disquiet?
« on: April 10, 2011, 12:19:20 PM »
Many of the trade and financial press have picked up on this, but I will stick to the company announcement and documents! The docs referred to are attached in this message...

http://www.nationalexpressgroup.com/nx1/media/news/corp_news/pr2011/2011-04-04/

Publication of circular in relation to new AGM resolutions
04 Apr 2011

Further to our announcement of 29 March 2011, in relation to the request from Elliott Advisors (UK) Ltd ("Elliott") to propose three additional resolutions at the National Express Group PLC ("National Express") Annual General Meeting, National Express has today dispatched to shareholders a circular containing these resolutions, a letter from the Chairman of National Express and a statement from Elliott.

The letter from the Chairman recommends that all shareholders vote against the resolutions proposed by Elliott and ignore Elliott’s call to vote against the re-election of Roger Devlin.

Copies of the circular have been submitted to the UK Listing Authority for publication through the National Storage Mechanism and the circular can be accessed at http://nationalexpressgroup.com/nx1/investor/agm/.
Suzy Scott
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Offline TCD813

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Re: NX boardroom disquiet?
« Reply #1 on: April 10, 2011, 03:58:29 PM »
This seems to be the latest development in the disquiet which surfaced in February. (See Forum topic: 'Sale pressure' on National Express)

This, in itself, follows on from the Cosman makes bid for National Express Group fun-and-games back in 2009.
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Offline TCD813

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Re: NX boardroom disquiet?
« Reply #2 on: April 14, 2011, 06:59:52 AM »
National Express rebel claims support of second-largest shareholder

Spain's Cosmen family reported to be backing US hedge fund seeking shakeup of transport group


Quote from: Dan Milmo, guardian.co.uk,   Tuesday 12 April 2011 17.16 BST
National Express is heading for another boardroom showdown with its second largest shareholder, the Spanish Cosmen family, after an activist US investor claimed it has won the support of the powerful transport dynasty.

Only last week National Express suggested that it had the full support of the dynasty, whose leader Jorge Cosmen is the bus and train group's deputy chairman. However, Elliott Advisors, the US hedge fund that owns 17.5% of National Express, said it now expects the Cosmens to back its plan to appoint three new non-executive directors to the group's board...

Institutional investors including M&G, with a 13% stake in National Express, and Co-operative Asset Management, with 2.7%, have expressed public support for the transport group's board. Sources close to the situation also pointed to the lack of public backing from the Cosmens and described the Elliott statement as an "assertion" with no firm proof of Spanish support...

With the Cosmens' support, Elliott's resolution has the backing of 34% of the company's shareholders, which means that the hedge fund need only find support from shareholders representing a further 16% of the business to force its candidates onto the board.

Elliott wants National Express to consider beefing up its US activities and seek a big merger in the UK, where it fears the group could be beaten in the rail market by state-owned European competitors such as France's SNCF and Germany's Deutsche Bahn. Those concerns gained momentum last month when National Express was surprisingly excluded from the shortlist for the Greater Anglia rail franchise, where it is the incumbent operator. However, DB also failed to make the cut...

TCD813? The reg of a Southdown Motor Services, Northern Counties bodied, Leyland Titan PD3/4 FH39/30F (popularly dubbed 'Queen Mary') from the late 50s.
There's all 'manor' of stuff on my Twitter A/c.