The proceeds from the issue of the Bond will be used to repay the Group’s existing bank borrowings, with the Group’s existing €270 million Euro facility maturing in March 2011 expected to be repaid in full. The Bond will extend the average maturity of the Group’s remaining debt, reduce the Group’s reliance on bank financing and diversify and strengthen the Group’s overall funding structure.

Following the rights issue completed in December and this Bond issue, the Group will adjust its interest rate management arrangements. Certain of the Group's existing interest rate swaps (relating to hedging of the existing Euro denominated debt) will become ineffective and will be terminated, resulting in an exceptional expense and cash outflow of approximately £17.5 million.

Commenting, Jez Maiden, Group Finance Director, said:

“The successful launch of this bond marks a further step in delivering improvement at National Express. Over the past months, we have significantly reduced debt through a focus on cash generation, we have successfully completed a £360 million rights issue and we have now refinanced our maturing bank debt ahead of schedule. Leading bond investors have been strongly supportive of this debut bond issue.”

Enquiries:

*The Bond is being issued subject to the Group obtaining two investment grade credit ratings prior to 13 January 2011. In the event that the Group does not obtain such ratings by this date, the coupon will step up by 1.25 per cent. thereafter. The Group has begun discussions with the major rating agencies to commence the rating process. There are no financial covenants contained in the Bond.

Summary

Trading has continued in line with the trends reported in the third quarter Interim Management Statement on 22 October 2009, with full year profit expected to be consistent with the previous outlook.

Overall, the underlying revenue* trend has stabilised in the fourth quarter, in line with the previously reported rate. Both the UK and Spain continue to deliver a strong operating performance, with cost efficiencies offsetting areas of revenue weakness. Action in North America will start to address continued underperformance in operational cost management, while revenue has declined as expected on previous lower contract renewals.

During the fourth quarter, the Group has successfully delivered its key objectives:

• We have successfully completed a strongly supported rights issue to achieve a more robust capital structure and significantly reduce debt to an appropriate level;
• We have resolved our outstanding rail issues, by completing the exit from the loss-making East Coast franchise in November 2009 and with the UK government indicating that the Group will continue to operate its remaining two rail franchises to their normal termination dates in 2011**;
• We have appointed Dean Finch as Group Chief Executive, to focus on delivering our future strategy; driving cost efficiency, maximising cash generation and selectively growing the business where value is enhanced.

These developments have built on our earlier success, with annualised cost savings of £50 million secured in 2009 and strong organic cash generation reducing underlying debt.

Performance

UK Coach has returned to underlying revenue growth, of 4%, in the fourth quarter, with successful marketing and yield management offering even better value for our customers. Our new Birmingham coach station has opened for business, delivering a major improvement in customer experience. UK Bus underlying revenue growth has remained resilient at 2% year to date, despite the ongoing impact of higher regional unemployment. Fares are being held, to support customer retention and encourage travel, and we have optimised route coverage to protect profitability. In Rail, reduced demand in East Anglia continues to be offset through revenue support. The final element of the 2009 UK cost reduction programme has been announced, to deliver the Group’s full £50 million of annualised savings, and placing the UK business in a stronger position for 2010.

Encouragingly, in Spain the rate of underlying revenue decline has improved to 5%, although economic conditions remain challenging. Urban operations have been relatively stable, while there are signs of improvement in regional travel revenue. In long distance travel, operating kilometres have been reduced to match lower demand. Extensions of several concessions have been secured for a period of 10 years, reflecting a commitment by regional authorities to bus transport as a more efficient and sustainable solution.

As expected, revenue in North America has declined with the start of the new school year, reflecting previous lower contract renewals. Performance in managing costs, particularly from double-running in the centralisation of operations, has been disappointing, impacting margin. This will benefit from a stronger management action plan to be rolled out in 2010, supported by tailoring of the Business Transformation programme to optimise cost and benefit.

Commenting on the statement, Executive Chairman, John Devaney, said:

"This has been a challenging year for National Express but, as it draws to a close, I am pleased that we have tackled and resolved our significant issues. We have eliminated the loss-making elements of our rail business and restored our balance sheet through a well-supported rights issue. National Express will enter 2010 on a sound basis, enabling our new Group Chief Executive Dean Finch and the team to focus on improving the performance of our market-leading businesses and delivering shareholder value."

Enquiries:

Notes:

* Underlying revenue compares the current year with the prior year period on a consistent basis, including adjusting for the impact of currency translation, acquisitions and disposals, together with the estimated impact of advance travel.
** The UK Department for Transport said in an announcement on 26 November 2009 that its “objectives are best served by terminating NXEA’s franchise in 2011”. The NXEA and c2c franchises are scheduled for normal termination in March and May 2011 respectively.

Dean is one of Britain's most experienced transport professionals. He is currently Chief Executive of Tube Lines Ltd, the world's largest Private Finance Initiative, which is responsible for maintaining and upgrading half of the London Underground system.

Before joining Tube Lines, Dean worked for over 10 years in senior roles within FirstGroup plc. He was Managing Director of the Rail Division from 2000 - 2004 and then was appointed to the FirstGroup main board as Group Commercial Director in 2004, before being made Group Finance Director. With the completion of the Laidlaw acquisition he became Chief Operating Officer in North America before returning to the UK as Group Chief Operating Officer.

John Devaney, Executive Chairman of National Express said: “I am delighted to welcome Dean to National Express. His extensive experience of the transport sector, in Europe and North America as well as the UK makes him uniquely qualified to run a business of this scope and scale. He has a proven track record of improving operational performance and delivering financial success in bus, coach and rail businesses.

"Now the group has completed its recent rights issue, the Group's strategy is to focus on delivering excellence from its existing operations and Dean is ideally placed to provide the necessary insight and leadership to our experienced management team."

Dean Finch added: "National Express is a leading international transport company and it operates a series of first class businesses in Britain, Spain and North America. I am looking forward to strengthening all parts of the group, fostering a culture of operational excellence enabling us to deliver real shareholder value."

National Express confirms that there are no further details to be disclosed pursuant to paragraph 9.6.13R of the Financial Services Authority's Listing Rules in relation Mr. Finch's appointment.

For further information, please contact:

National Express Group

John Devaney, Chairman:  0207 506 4324
Nicole Lander, Director of Communications:  0121 460 8401

Maitland:  0207 379 5151

Neil Bennett
George Hudson

During the last five months, the Group has worked with the DfT and the proposed operator Directly Operated Railways ("DOR") to ensure an orderly handover. The franchise has continued to operate on all its existing terms, with the contractual support of the Group. The Group's committed funding support, comprising of a £40 million loan, has now been fully advanced to NXEC.

In order to effect the handover from NXEC to DOR, the DfT issued a termination notice after the markets closed last night and as a result, the operation of the NXEC franchise will transfer to DOR at 23.59 on 13th November 2009.

We do not expect passengers, services or employees to be affected by the handover.

The Group has two other rail franchises in the UK - National Express East Anglia and c2c - which are not subject to the termination notice announced today.

National Express Group PLC
("National Express" or the "Group")

Statement regarding Cosmen family

The Board of National Express (the "Board") notes the statement from the Cosmen family today.

As announced on 28 October 2009, the Board believes that the best course action for the Group and all shareholders is to proceed with an equity fundraising to secure funds before year end.

The Board, together with its independent advisers, has carefully explored a range of strategic options during the course of 2009. In relation to the recent Stagecoach proposal the Board concluded that there was significant uncertainty that a combination with Stagecoach could be successfully executed in 2009.

Non-compliance with 31 December 2009 banking covenants would require the Group to seek further concessions from its banking partners, incurring additional cost and creating significant uncertainty for National Express shareholders.

The Board believes it is in shareholders' best interests that an equity fundraising be undertaken as soon as possible to secure a sustainable capital structure for the Group.

A further announcement regarding such fundraising will be made during the course of November 2009. 

Enquiries:

National Express Group PLC    
Jez Maiden
Group Finance Director 020 7506 4324  
Nicole Lander
Director of Communications 0121 460 8401  
   
Maitland  020 7379 5151  
Neil Bennett  
George Hudson  
   
Merrill Lynch International 020 7628 1000
Simon Mackenzie-Smith  
Philip Noblet  
Justin Anstee  
Simon Fraser (Corporate Broking)  
Andrew Osborne (Corporate Broking)  
   
Morgan Stanley & Co. Limited 020 7425 8000
Matthew Jarman  
Peter Moorhouse (Corporate Broking)  

Merrill Lynch International (a subsidiary of Bank of America Corporation) and Morgan Stanley & Co. Limited are acting exclusively for National Express Group PLC in relation to the possible offer and will not be responsible to anyone other than National Express Group PLC for providing the protections afforded to each of their clients or for providing advice in relation to the possible offer.

This announcement is for information purposes only and shall not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell, issue, or subscribe for any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The information contained herein is not for publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia). These materials do not contain or constitute an offer for sale or the solicitation of an offer to purchase securities in the United States. The securities referred to herein (the "Securities") have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or jurisdiction of the United States, and may not be offered or sold in the United States absent registration under the Securities Act or an available exemption from, or transaction not subject to, the registration requirements of the Securities Act. There will be no public offer of the Securities in the United States.

Summary

Trading conditions have remained difficult during the third quarter with revenue slowing in a challenging economic environment. However, the Group continues to deliver a resilient operating performance. Cost saving programmes are on track to deliver £50 million of annualised savings. Our Bus, Coach and Rail operations are achieving excellence in service delivery. Our self help programme is delivering sustainable improvements in cash management. The Board is focused on our primary goal of strengthening the Group’s balance sheet through a planned equity fundraising, to unlock future value generation across the Group.

Outlook

Overall, the Board anticipates that the Group’s normalised profit before tax* for the current year will be slightly below its previous expectations. This reflects higher interest costs, following an increase in debt margin from October, together with reduced profitability in North America from additional costs. Retained operations in the UK and Spain continue to perform resiliently.

Revenue

Total Group revenue in sterling terms in the third quarter was 1% lower than the prior year period. Year to date, Group revenue in sterling terms rose by 3%. With economic conditions remaining weak, revenue growth has slowed across all businesses. In underlying** terms year to date, UK Bus grew at 2%, despite unemployment in Birmingham of over 12%. Rail saw 1% growth in East Anglia and a solid performance in c2c, supported by increasing Olympic site traffic. North America grew at 4%. UK Coach underlying revenue was flat in the first 9 months, while Spain was 5% lower in the same period.

Cost saving programmes

The Group has successfully implemented cost reduction plans to help mitigate the impact of declining GDP and rising unemployment on revenues. This has focused on two key factors; reducing vehicle operating mileage to match demand and rationalising overhead costs.

Operating mileage has been reduced across Bus and Coach operations to counter the impact of lower passenger traffic. Spain has been particularly successful, reducing operating kilometres by 9% in the third quarter, ahead of the adverse revenue impact. UK Coach has an adaptable model, where the majority of coach provision is outsourced to third party operators. This has allowed the business to flex service provision while closely controlling cost, thereby improving margin year-on-year. In UK Rail, the focus has been on improved productivity and cost control. East Anglia has secured a wage cost settlement totalling 3.5% over two years, while revenue support, where 80% of any shortfall is met by the UK Department for Transport (“DfT”), also benefits this franchise.

All businesses are focused on delivering cost reduction through more efficient staffing and indirect cost savings. UK reorganisation was already delivering benefits in 2009 and a move to a simpler organisational structure will see a total of £25 million of annualised benefits delivered by the end of 2009. Spain continues to reduce its cost base, with over €20 million of annual savings delivered by year end, through changes in contracts, productivity improvements and reducing structural costs. This programme has reduced profit erosion during the recession, whilst positioning the business at a lower cost base to benefit from medium term economic recovery.

The North America business has begun to make progress in reducing overall driver wages, the principal cost in service delivery, reducing costs as a proportion of revenue by 2% on prior year in the first full month of the new school year. However, additional costs, mostly due to a planned extension of the Business Transformation project to reduce delivery risk and manage cashflow more effectively, together with previously reported contract reductions, are adversely impacting profitability this year, which is expected to be behind prior year in sterling terms.

Service delivery

Despite recessionary conditions, we have continued to deliver service improvements. UK Coach will open its brand new Birmingham coach station on time and ready for Christmas travellers. Stansted airport routes have returned to year-on-year growth, leveraging our new modern airport ticketing facility. Dedicated events traffic has continued to grow through the summer, with 12% growth in Wembley travel. In UK Bus, quality partnerships are allowing us to develop tailored plans with local authorities to match changing customer demand. Our latest partnership in South Birmingham launches on 25 October. Our retained Rail businesses, East Anglia and c2c, continue to deliver record service performance, with c2c first place in UK franchises since March 2009 and another record performance from East Anglia***. Through its multi-million pound investment partnership with the DfT, East Anglia will deliver 28,000 extra seats per week from December 2009, as part of the roll out of 188 extra carriages into service by December 2011. East Anglia has also achieved all its operational performance criteria in respect of the three year franchise extension from April 2011, which will be subject to formal review in November 2009.

Discussions continue on the hand back of the East Coast rail franchise. At 30 September, £34 million of the available £40 million Group loan to this franchise had been utilised. Ongoing losses have been charged against the contract exit provision established at the half year. We are working towards agreeing a formal handback date for the franchise, prior to year end.

In Spain, reduced summer holiday travel adversely impacted long distance routes, while regional and urban services have seen smaller adverse revenue impacts. We also launched our new Clase Eurobus service between Asturias and Malaga. In North America, there was a successful operational start up to the new school year, benefiting from 75% of driver recruitment now being centralised under the Business Transformation programme. This programme has also made good progress in the further roll out of the centralised systems which are core to future benefit delivery. Margin improvement remains our key objective in this business.

Debt management

Our self help programme continues to focus on delivering cash management initiatives, aimed at maintaining compliance with the Group’s key debt covenants. These initiatives include continued effective management of capital investment and working capital, suspension of dividend payments and additional asset sales. During the third quarter, the Group raised £15 million in a sale and leaseback of its new flagship coach and office facility in Birmingham.

Third quarter net debt increased in line with the normal seasonal pattern, reflecting new fleet investment and increased receivables required for the new school year in North America. Debt is expected to decline in the fourth quarter, although this will be subject to timing of East Coast payments and the impact of sterling’s weakness, which added approximately £30 million to net debt translation in the third quarter. The Group retains strong committed facility headroom.

In July 2009, the Board highlighted the need to strengthen the Group’s balance sheet to relieve pressure on its banking covenants, from December 2009. Non-compliance with banking covenants would require the Group to work with its banking partners, incurring additional cost and creating significant uncertainty. In addition, delays created by the recent acquisition interest in the Group have resulted in a one per cent step-up in the interest margin payable by the Group from October 2009. Following withdrawal of the consortium interest on 16 October 2009, the Board is unanimously committed to strengthening its balance sheet through an equity fund raising.

In the event of an equity fundraising, the Group’s debt providers have, subject to certain conditions, agreed to extend the maturity on up to 50 per cent of the Group’s €540 million facility, due to mature in September 2010, to March 2011. This would provide additional certainty of funding to the Group and should permit a refinancing in 2010 of remaining bank facilities, including the £800 million revolving credit facility due to mature in June 2011.

It is the Board’s current intention to execute an equity fund raising to strengthen the balance sheet ahead of the Group’s year end. At the same time, the Board will continue to evaluate the value, risk and certainty offered by the preliminary proposal from Stagecoach Group PLC received on 16 October 2009 to acquire the Group in an all share transaction, while not putting at risk the Group’s ability to execute a fundraising to strengthen the balance sheet by year end.

Chief Executive

We are making good progress in the search for a new Group Chief Executive and we will update the market in due course.

National Express Group’s Executive Chairman, John Devaney, commented

“We are focused on delivering our refinancing, reducing and managing costs, driving revenue and delivering best in class customer experience. Despite the recession, we have delivered a resilient trading performance. We are moving forward, with our primary focus to refinance the Group.”

Enquiries:

National Express Group PLC
Jez Maiden, Group Finance Director
020 7506 4324

Nicole Lander, Director of Communications
0121 460 8401

Maitland
Neil Bennett/George Hudson
020 7379 5151

Notes:

* Normalised results are defined as the statutory result before the following as appropriate: profit or loss on the sale of businesses, exceptional profit or loss on disposal of non-current assets and charges for goodwill impairment, intangible asset amortisation, exceptional items and tax relief on qualifying exceptional items.
** Underlying revenue compares the current year with the prior year period on a consistent basis, including adjusting for the impact of currency, acquisitions and disposals, together with the estimated impact of advance travel.
*** c2c delivered a Public Performance Measure (PPM) on a Moving Annual Average (MAA) basis of 95.9% to 17 October 2009. c2c has recorded first place in UK rail franchises for PPM since March 2009. c2c achieved first place for franchised train operating companies for overall satisfaction in the National Passenger Survey (2009). East Anglia achieved a PPM (MAA) of 91.0% to 17 October 2009, the highest level since the franchise was awarded.

Stagecoach Group plc ("Stagecoach")

Stagecoach announced on  27 July  2009 that it was continuing to consider  all options in  relation  to the  Group. On  5  August  2009  the  Takeover  Panel Executive ruled that, unless the Takeover Panel Executive consented otherwise, each of  the  Consortium  and  Stagecoach must,  by  5.00pm  on  11  September 2009 (the "Put Up Shut Up Deadline"), either announce a firm intention to make an offer for the Group under Rule 2.5 of the Takeover Code or announce that it does not  intend to  make  an offer  for the Group. Stagecoach  accepted  this ruling.

On 3 September 2009, prior to the Put Up Shut Up Deadline and on the same  day that the Consortium announced  its 500 pence per  share cash proposal for  the Group, Stagecoach  announced  that, in  light  of  its  discussions  with  the Consortium to potentially  acquire certain  assets  of the  Group, it did  not intend to make a formal offer in its own right to acquire the Group.*

The Board subsequently supported certain extensions  to  the original  Put  Up Shut Up  Deadline,  as  it then  applied  to  the Consortium,  such  that  the Consortium was better able to  reach a position where  it could make a  formal offer for the Group to National Express shareholders at 500 pence per share in cash.

Following the announcement by  the Consortium on 16  October 2009 that it  did not intend  to make  an  offer for  the Group,  the  Board received  a  highly preliminary proposal  from Stagecoach  to acquire  the Group  in an  all-share transaction, with National Express shareholders owning no more than 40% of the enlarged group (the "Stagecoach Proposal").

Stagecoach confirmed  in  its  proposal that  further  work  and  analysis  is required to determine a precise exchange ratio, the extent to which any equity needs to be issued for cash and appropriate disposals of businesses.

FirstGroup plc ("FirstGroup")

The  Board confirms that it  has  not received any proposal  from  FirstGroup, other than as  previously announced on 29  June 2009. FirstGroup  subsequently announced on 22 July 2009 that it did not intend to make an offer for Group.**

Maximising value and certainty for National Express shareholders

The  Board received  various offer proposals for   the  Group  following   the announcement on  1   July   2009 that the   Group had   clear   legal   advice that its financial obligations to  the East Coast  rail franchise were clearly defined and limited. Each proposal was evaluated  in detail by  the Board  and its    advisers, and all discussions in     relation    to     these proposals have concluded.

In addition,  the Board  has explored  a range  of options to  accelerate  the reduction of the Group's borrowings  in a way that  will create value for  all National Express shareholders.

The Board believes that it is now necessary to rapidly conclude this phase  of potential corporate  activity to avoid  further  disruption  to  the  business and to allow the Group to secure additional  equity funding before the end  of 2009.

Notwithstanding   this,    the    Board   will    carefully    consider    the Stagecoach Proposal whilst continuing to progress its equity funding plans  in order to  assess  whether the  Stagecoach Proposal  offers greater  value  and certainty to National Express shareholders.

As required by the Takeover Code, the Group confirms that this announcement is not being made with the agreement or approval of Stagecoach. Any offer made by Stagecoach for the Group within  six months of 3  September 2009 must be  with the agreement or  recommendation of  the Board*. For the  avoidance of  doubt, there can be  no certainty that  the approach  by Stagecoach will  lead to  an offer being made for the Group or as to the terms on which any offer might  be made.

A further announcement will be made when appropriate.

* In accordance with  Rule 2.8 of the  Takeover Code, Stagecoach reserved  the right in its 3 September 2009 announcement to make or participate in an  offer for National Express (and/ or take any  other action which would otherwise  be restricted under  Rule  2.8  of  the Takeover  Code)  within  the  six  months following 3 September 2009: (i) following  the announcement of an offer by  or on behalf of a third party  (other than the Consortium) for National  Express; (ii) with  the  agreement or  recommendation  of  the board  of  directors  of National Express; (iii) following the announcement by or on behalf of National Express of  a  "whitewash"  proposal  (for  the purposes  of  Note  1  on  the dispensation from Rule 9 of the Takeover Code) or a reverse takeover; or  (iv) if there is a material change in circumstances.

** In accordance with Rule 2.8  of the Takeover Code,  FirstGroup reserved the right in its 22 July 2009 announcement to make or participate in an offer  for National Express  (and/ or  take any  other action  which would  otherwise  be restricted  under  Rule  2.8  of  the Takeover Code)  within  the  six  months following 22 July 2009: (i) following  the announcement of an  offer by or  on behalf of  a third  party for  National Express; (ii)  with the  agreement  or recommendation of the board of directors of National Express; (iii)  following the announcement by or on behalf of National Express of a "whitewash" proposal (for  the  purposes   of  Note  1   on  the  dispensation   from  Rule  9   of the Takeover Code) or  a reverse  takeover;  or (iv) if  there is  a  material change in circumstances.

Enquiries:

National Express Group PLC
Jez Maiden                         
020 7506 4324
Group Finance Director

Nicole Lander                      
0121 460 8401
Director of Communications

Maitland                           
Neil Bennett
George Hudson
020 7379 5151

Merrill Lynch International        
Simon Mackenzie-Smith
Philip Noblet
Simon Fraser (Corporate Broking)
Andrew Osborne (Corporate Broking)
020 7628 1000

Morgan Stanley & Co. Limited       
Matthew Jarman
Peter Moorhouse (Corporate Broking)
020 7425 8000

In accordance with Rule  19.11 of the  City Code on  Takeovers and Mergers,  a copy of this announcement will be published on National Express' website:

http://www.nationalexpressgroup.com/nx1/investor/rns/

Merrill   Lynch   International   (a    subsidiary   of   Bank   of    America Corporation) and Morgan Stanley  &  Co.  Limited are  acting  exclusively  for National Express Group PLC in relation to  the possible offer and will not  be responsible to anyone other than National Express Group PLC for providing  the protections afforded  to each  of their clients  or  for providing  advice  in relation to the possible offer.

Dealing Disclosure Requirements

Under the provisions of  Rule 8.3 of  the Takeover Code  (the "Code"), if  any person is, or becomes, "interested" (directly or indirectly) in 1% or more  of any class  of "relevant  securities"  of National  Express or  Stagecoach, all "dealings" in any "relevant securities" of that company (including by means of an option in  respect of, or  a derivative referenced  to, any such  "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London  business day following  the date of  the relevant  transaction.

This requirement will continue until the  date on which the offer becomes,  or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which  the "offer period"  otherwise ends.  If two or  more persons  act together  pursuant  to  an  agreement  or  understanding,  whether  formal  or informal, to  acquire  an  "interest" in  "relevant  securities"  of  National Express they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions  of Rule  8.1 of the  Code, all  "dealings" in  "relevant securities"  of   National   Express or  Stagecoach by   National   Express or Stagecoach or by any of their "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of  the relevant transaction.

A disclosure  table,  giving  details  of the  companies  in  whose  "relevant securities" "dealings" should be disclosed, and the number of such  securities in   issue,   can   be   found   on   the   Takeover   Panel's   website    at www.thetakeoverpanel.org.uk<file://www.thetakeoverpanel.org.uk>.

"Interests in securities" arise, in summary,  when a person has long  economic exposure, whether  absolute  or  conditional,  to  changes  in  the  price  of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of  securities, or by virtue of any  option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in  the Code, which can also be found  on the Takeover Panel's website. If you are in any doubt as to whether or not you are required to  disclose a  "dealing" under Rule  8, you  should consult  the Panel.