May 6, 2020 / 7:11 AM / 25 days ago

BRIEF-National Express Proposes Placing Of Up To 19.99% Of Share Capital

May 6 (Reuters) - National Express Group PLC:

* NATIONAL EXPRESS GROUP PLC - ANNOUNCES AN EXTENSION TO ITS PLANS IN RESPONSE TO COVID-19

* NATIONAL EXPRESS - PROPOSED PLACING OF UP TO 19.99% OF EXISTING ISSUED SHARE CAPITAL

* NATIONAL EXPRESS - PRE-EMPTIVE GEARING COVENANT WAIVER ON ITS USPP AND BANKING FACILITIES THROUGH 2020

* NATIONAL EXPRESS GROUP PLC - ASPIRATION TO REINTRODUCE A DIVIDEND ALONGSIDE 2021 INTERIM RESULTS

* NATIONAL EXPRESS - FOLLOWING PLACING, WILL SET NEW TARGET GEARING RANGE OF 1.5 TO 2.0 TIMES, SEEKING TO ACHIEVE THIS BY END OF 2021

* NATIONAL EXPRESS - OVERALL REVENUE FOR FIRST THREE MONTHS OF 2020 UP 8.9% IN CONSTANT CURRENCY

* NATIONAL EXPRESS - DOWNSIDE SCENARIO ON COVID-19 INVOLVES REVENUE RECOVERING SLOWLY FROM Q3, REMAINING AT SOMEWHAT LOWER LEVELS INTO & THROUGH 2021

* NATIONAL EXPRESS - UNDER DOWNSIDE SCENARIO, 2020 EBITDA WOULD FALL ABOUT 40% Source text for Eikon: Further company coverage:

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