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National Express investor fearful

Source: The Guardian

Oct 30, 2009

Summary

The Cosmens, who hold 18% of National Express and run its Spanish bus operations, feared that National Express risked losing further value for all shareholders

The National Express saga turned nasty today when Spain's Cosmen family, the company's biggest shareholder, expressed "serious concerns" about its future and urged it to seek independent financial and legal advice.

The comments came a day after the troubled rail and bus operator ended informal merger talks with Stagecoach, leaving it no choice but to press ahead with an emergency equity fundraising.

In a strongly worded statement released to the London stock exchange this morning, the Cosmen family said: "We have serious concerns about the absence of a well-defined strategy to address the company's broader and longer-term issues."

"We are concerned that there has not been a sufficiently full and thorough assessment of all the available options to address the company's short and longer-term challenges, and, in particular, of Stagecoach Group's merger proposal, an option that could have addressed the fundame

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