FinancialAdvice.co.uk Logo

Qualified advisers answering your
Financial Questions
call 0800 092 1245

Concern and confusion over National Express

Reports in the weekend press suggested that the Cosmen family, the largest single investors in National Express, were so disturbed by the developments at the company that the chairman Jorge Cosmen was in fact looking to resign. The family has today issued a statement suggesting that no resignation is imminent although it is well-known that the family would rather the company reopened negotiations with Stagecoach regarding a possible merger.



The situation has been further complicated by the fact that National Express's fourth largest shareholder, Aegon, last week sold the vast majority of its 3.5% stake without citing any reason for the sale. A number of issues are now coming into play with regards to National Express which include a £1 billion debt pile, the ending of talks with Stagecoach, difficult trading and a possible £5 million interest penalty if the company has not paid down some of its debt by Christmas.



There is no doubt that the clock is ticking on National Express and despite a number of parties showing initial interest in a possible acquisition or merger with the company, nothing has been formalised. The longer the situation drags on the more desperate the National Express management will become and the less encouragement investors are likely to show for a large fundraising.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:



Latest News

Blogs

Helpful new tax year facts that could affect you and your money


Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.


Read more

Useful Links

Popular Searches

Please Enter More Details

 
Enter More Details
Continue