Pearson PLC Announcement of share repurchase programme
01 Marzo 2024 - 2:29AM
RNS Regulatory News
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
|
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact
rns@lseg.com or visit
www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our
Privacy
Policy.
END
POSSSASAFELSEED
Pearson (LSE:PSON)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Pearson (LSE:PSON)
Gráfica de Acción Histórica
De May 2023 a May 2024