Pearson PLC Transaction in Own Shares (7841T)
17 October 2017 - 5:20PM
UK Regulatory
TIDMPSON
RNS Number : 7841T
Pearson PLC
17 October 2017
17 October 2017
London
LAUNCH OF SHARE BUYBACK PROGRAMME
Further to its announcement on 11 July 2017, and the subsequent
completion of the sale of a 22% stake in Penguin Random House to
our partner Bertelsmann SE & Co KGaA on 5 October 2017, Pearson
plc (the Company) announces that it is to commence a GBP300 million
share buyback programme (the Programme). The Programme will
commence on 18 October 2017 and will end no later than 26 April
2018 (the Engagement Period). Purchases may continue during any
closed periods of the Company during the Engagement Period.
The Company has entered into engagements with Citigroup Global
Markets Limited and J.P. Morgan Securities plc (each a Bank and
together the Banks) under which it has issued a non-discretionary
irrevocable instruction to each Bank to manage the share buyback
programme. Each Bank will carry out the instruction through the
acquisition of ordinary shares in the Company for subsequent
repurchase by the Company. The Banks will make trading decisions in
relation to the Company's ordinary shares repurchased under the
buy-back programme independently of, and uninfluenced by, the
Company. The Banks will acquire ordinary shares for delivery to the
Company pursuant to the Programme on alternate days during the
Engagement Period, starting with J.P. Morgan Securities plc on 18
October 2017.
Any acquisitions of its ordinary shares by the Company will be
effected within pre-set parameters set out in the Bank's respective
engagements, and in accordance with the Company's AGM authority to
repurchase ordinary shares (at the AGM in 2017, shareholders gave
the company authority to purchase a maximum of 82,258,685 ordinary
shares), Chapter 12 of the Financial Conduct Authority's Listing
Rules and the provisions of the Market Abuse Regulation
596/2014/EU.
The sole purpose of the Programme is to reduce the capital of
the Company. As such the Company intends to cancel any ordinary
shares purchased.
For the avoidance of doubt, no repurchases will be made in
respect of the Company's American Depositary Receipts.
Each Bank may undertake transactions in the Company's ordinary
shares during the Engagement Period in order to manage its market
exposure under the Programme.
For more information
T + 44 (0)20 7010 2310
Investors: Jo Russell, Tom Waldron, Anjali Kotak
Press: Tom Engel, Tom Steiner
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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