20th Apr 2005 11:47
Pearson PLC20 April 2005 Pearson plc - Notification of Directors' Interests Pearson operates the Annual Bonus Share Matching Plan (the "Plan") wherebyexecutive directors and certain senior executives are able to elect to investtheir annual bonus in ordinary shares in the Company ("Shares"). The participantis then entitled to receive, after tax thereon, one additional Share free ofcharge for every Share left in trust for five years (or half that number ofadditional Shares after three years). Entitlement to the additional Shares isdependent on Pearson satisfying a corporate performance target and will normallybe lost if the participant leaves Pearson's employment. Participants in the Plan who leave the Company with "good leaver" status underthe Plan rules are entitled to receive a matching award of Shares, scaled downto reflect their period of service. The 3 year performance condition on the 2002award has recently been met and as such, the Company is now in a position tomake scaled down awards of Shares to a small number of ex-employees who leftPearson with "good leaver" status. The Shares required to satisfy these awards have been sourced from an employeebenefit trust established by the Company. As a result of the release of Sharesdescribed above, the number of Shares held by Mourant & Co Trustees Limited (astrustee of the Pearson plc Employee Share Ownership Trust) is 365,729 Shares(representing 0.046% of the Company's issued ordinary share capital). No executive directors have received Shares as a result of this release ofShares. Each of the executive directors of the Company is for Companies Act purposes,regarded as interested in all the shares held by this trust. Despite thetechnical interest in all the Shares each executive director will only beentitled to receive from the Trust that number of Shares to which he or she isentitled under share plans operated by the Company in which he or sheparticipates. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Pearson