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New independent directors to revitalise National Express board, says Elliott

Elliott Advisors (UK) Ltd (Elliott), the second largest shareholder in National Express Group plc (National Express), with approximately 17 per cent share ownership through funds managed by the firm, has announced its support for three new, experienced independent candidates to join the National Express Board of Directors.

Elliott believes that the new directors, Javier Alarco Canosa, Marc Meyohas and Chris Muntwyler – who are fully independent and have no financial arrangement with Elliottt – will provide a fresh perspective and strategic outlook, designed to capture exciting growth opportunities for the company.
 
In a statement, Elliott says: “We see exciting opportunities for National Express in the transport sector and believe existing management has done a commendable job in turning the company around. National Express faces fierce competitive pressures from European state players who have both strong balance sheets and low costs of capitalIn particular in the highly competitive UK transport market, we expect the company to be increasingly at a significant disadvantage given its inability to couple a strong balance sheet with multi-modal offerings. Therefore, now is the time to look to the next phase in the company’s future, as we believe National Express requires a fresh assessment of its growth opportunities and the positioning of its assets.
 
“We are delighted to have attracted such strong independent non-executive Director candidates to join the board of National Express, and we believe they will bring new and different viewpoints and experience for the benefit of all shareholders."
 
Elliott has been a long-term shareholder of National Express from prior to the time of the November 2009 rights issue and has supported management during a period of significant change and development.

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