23rd Oct 2015 09:33
LONDON (Alliance News) - Pearson PLC Friday said Chairman Glen Moreno bought 10,000 American Depositary Receipts shares at a price of USD14.58 each on Thursday in wake of the company cutting its earnings per share expectations for 2015.
Following this transaction, Moreno holds 210,000 shares, which represents 0.02558% stake in the firm. Each ADR is equivalent to one ordinary share. The stock was down 4.4% at 908.50p, the worst performer in the FTSE 100.
The media and education company on Wednesday cut its earnings per share expectations for 2015 following its sale of its PowerSchool business, the FT Group and stake in The Economist Group, as well as continued challenging market conditions and currency movements.
Pearson had previously guided for earnings per share of between 75p and 80 pence, however, following these sales, as well as movements in exchange rates, this range is reduced by around 5p to between 70p to 75p. It said EPS likely would be at the bottom of that range.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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