REG - Pearson PLC - Transaction in Own Shares

PearsonAnnouncement

04/04/2022 07:00

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RNS Number : 1087H  Pearson PLC  04 April 2022

 4 April 2022

 

 Pearson plc

 ("Pearson" or the "Company")

 Announcement of share repurchase programme

 Further to its announcement on 25 February 2022 at its Preliminary Results,
 Pearson plc (the Company) announces that it is to commence the first tranche
 of its £350 million share buyback programme (the Programme).

 The first tranche of the Programme will be in the sum of £250 million and
 will commence today, 4 April 2022, and is anticipated to end on or before 4
 October 2022 (the Engagement Period). Purchases may continue during any closed
 periods of the Company during the Engagement Period.

 The Company has entered into an engagement with Citigroup Global Markets
 Limited (the Bank) under which it has issued a non-discretionary irrevocable
 instruction to the Bank to manage this tranche of the share buyback 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 buyback 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 in 2021, shareholders gave the Company
 authority to purchase a maximum of 75,373,162 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 retained EU law in the
 UK (as defined in the EU (Withdrawal) Act 2018) and will be discontinued in
 the event that the Company ceases to have necessary general authority to
 repurchase ordinary shares.

 The Company intends to enter into arrangements to commence a second tranche of
 the Programme in the sum of £100 million in due course.

 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.

 -ENDS-

 Contacts
 Investor Relations      Jo Russell          +44 (0) 7785 451 266
 Media                   Tom Steiner         +44 (0) 7787 415 891

                         Gemma Terry         +44 (0) 7841 363 216
 Teneo                   Charles Armitstead  +44 (0) 7703 330 269

 

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