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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/01/20 Pearson PLC 6-K 4/01/20 1:30K Blueprint/FA |
Document/Exhibit Description Pages Size 1: 6-K Disposal HTML 18K
a4745i |
1st April
2020
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Pearson,
the world's learning company, has today completed the sale of its
remaining 25% stake in Penguin Random House for approximately $675m
(£530m1)
to Bertelsmann SE & Co KGaA ("Bertelsmann"). The transaction
was announced on 18th December
2019 and completes Pearson's exit from the venture which, going
forward, will be wholly owned by
Bertelsmann.
In our
announcement in December, we stated our intention to return
£350m of net proceeds to our shareholders through a share
buyback programme, which we subsequently commenced in early 2020.
In our trading update on 23rd March,
in light of the rapidly changing environment caused by the COVID-19
pandemic, we further stated that the Board had decided it was
prudent to pause the share buyback with approximately £167m of
the £350m share repurchase programme completed to
date.
Pearson has
significant financial headroom with approximately £1bn in
total liquidity immediately available from cash and our Revolving
Credit Facility at the end of February 2020. Given the current
circumstances, we are looking at all options to maximise our
liquidity and therefore will retain the proceeds from the disposal
of our 25% stake in Penguin Random House to further strengthen our
short-term financial position.
John
Fallon, Pearson's chief executive, said: "As our venture
with Bertelsmann comes to an end, we wish our colleagues and
authors in Penguin Random House every future success. While we
are experiencing unprecedented times as a result of COVID-19, we
are taking all precautionary measures to protect our business. Our
balance sheet is strong, our net debt is
relatively low, and we have good liquidity. Furthermore,
the growing interest in online learning puts us in a strong
position given our global leadership and investment in this
area."
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Investor Relations
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Jo
Russell
Anjali
Kotak
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07785
451266
07802
890724
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Media
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Tom
Steiner
Gemma
Terry
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07787
415891
07841
363216
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Brunswick
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Charles
Pretzlik, Nick Cosgrove, Simone Selzer
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0207
404 5959
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PEARSON
plc
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Date: 01
April 2020
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By: /s/
NATALIE WHITE
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------------------------------------
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Natalie
White
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Deputy
Company Secretary
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