Jorge Cosmen increases stake in National Express

Spanish businessman Jorge Cosmen, who has the largest stake in National Express Group Plc, has increased his stake further by 750,000 shares, raising his interest from 18.5 per cent to 19.5 per cent.

Jorge Cosmen's recent move is seen as a part of his plan to derail company's rescue rights issue for which the transport group will vote later this month.

Jorge Cosmen, Company's deputy chairman, has been opposing company's decision for rights issue.

About two weeks back, National Express had launched a £360 million investor cash-call to fix its tattered balance sheet.

National Express needs only a simple majority of voting shareholders to proceed with its cash-call.

Shares in National Express slipped nearly 12.1p to 350p-a-share in the recent London trading.