Pearson plc (PSO,PSON.L), a publishing and education company, on Monday announced updated arrangements for its 350 million pounds share buyback programme.
The company said the first tranche of the programme is now expected to be completed on or before April 2.
The company said that to date, about 74 million pounds has been returned to shareholders through the repurchase of 7.9 million shares, with up to about 101 million pounds remaining to be purchased under the tranche.
The second and final tranche, to be executed by Morgan Stanley, will begin on the trading day following completion of the first tranche and is expected to conclude on or before May 29.
Upon completion of both tranches, Pearson will have returned 350 million pounds to shareholders under the programme.
The company appointed Citigroup Inc. (C), Citigroup Global Markets Ltd. to complete the first tranche and Morgan Stanley & Co. International plc (MS) to execute the second tranche.
On Friday, Pearson closed trading 0.06% lesser at GBp 976 on the London Stock Exchange.
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