REG - Pearson PLC - Announcement of share repurchase programme

PearsonAnnouncement

01/03/2024 08:30

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RNS Number : 2473F  Pearson PLC  01 March 2024

1 March 2024
Pearson plc

 

Announcement of share repurchase programme

 

Further to its announcement on 1 March 2024 of its Preliminary Results,
Pearson plc (the Company) announces that it has entered into an engagement
with Citigroup Global Markets Limited (the Bank) to execute its £200 million
share buyback programme (the Programme).

 

The Programme will commence the next business day following completion of the
current £300 million share buyback programme announced on 20 September 2023,
and is anticipated to end on or before 8 August 2024 (the Engagement Period).
As per the 20 September 2023 announcement, it is anticipated that the current
£300 million share buyback programme will end on or before 7 March 2024.
Purchases may continue during any closed periods of the Company during the
Engagement Period.

 

The Company has entered into an engagement with the Bank under which it has
issued a non-discretionary irrevocable instruction to the Bank to manage the
Programme. The Bank will carry out the instruction through the acquisition of
ordinary shares in the Company for subsequent repurchase by the Company. The
Bank will make trading decisions in relation to the Company's ordinary shares
repurchased under the Programme independently of, and uninfluenced by, the
Company.

 

Any acquisitions of its ordinary shares by the Company will be effected within
certain pre-set parameters set out in the Bank's engagement letter, and in
accordance with the Company's AGM authority to repurchase ordinary shares as
in force from time to time (at the AGM on 28 April 2023, shareholders gave the
Company authority to purchase a maximum of 71,612,324 ordinary shares),
Chapter 12 of the Financial Conduct Authority's Listing Rules and the
provisions of the Market Abuse Regulation 596/2014/EU (as it forms part of UK
law pursuant to the European Union (Withdrawal) Act 2018, as amended) and will
be discontinued in the event that the Company ceases to have the necessary
general authority to repurchase ordinary shares.

 

The sole purpose of the Programme is to reduce the capital of the Company. As
such, the Company will cancel any ordinary shares purchased.

 

For the avoidance of doubt, no repurchases will be made in respect of the
Company's American Depositary Receipts.

 

The Bank may undertake transactions in the Company's ordinary shares during
the Engagement Period in order to manage its market exposure under the
Programme.

 

 

Contacts

 

 Investor Relations  Jo Russell          +44 (0) 7785 451 266
                     Gemma Terry         +44 (0) 7841 363 216
                     Brennan Matthews    +1 (332) 238-8785
 Teneo               Charles Armitstead  +44 (0) 7703 330 269

 

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