Pearson plc (PSO, PSON.L), a provider of educational products and services, Tuesday announced that it is to begin the share buyback program worth 175 million pounds, the first tranche of its previously announced 350 million pounds share buyback program.
The first tranche will begin on March 18 and is expected to run until August 18.
The buyback program aims to reduce the company's capital by canceling any shares it repurchases.
The company plans to start the second phase of its 175 million pounds share buyback program in due course.
These purchases will follow the authority granted by shareholders at the April 26, 2024, AGM, allowing the company to buy up to 68.66 million shares.
Pearson has appointed Morgan Stanley & Co. International plc to manage the first phase of its share buyback program. The company has given the bank-firm instructions to buy its shares, which the company will later repurchase.
Monday, Pearson had closed 0.79% higher at $16.59 on the New York Stock Exchange.
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