27th Jul 2005 12:17
Pearson PLC27 July 2005 Pearson plc (the Company) In 2001, the Company established the Pearson Long Term Incentive Plan (the Plan)for the purpose of providing a long-term share incentive for executive directorsand senior executives of the Pearson group. The Plan provided for the grant oftwo separate categories of award relating to ordinary shares in the Company (Shares) - option awards and restricted share awards. Restricted Share Awards Granted on 16 December 2002 The first tranche of the restricted share awards granted on 16 December 2002, toexecutive directors, vested on 28 June 2005. As a result of these Shares being released on 26 July 2005, the followingexecutive directors have become entitled to the number of Shares shown in thesecond column below. The number of Shares shown in the third column below weresold on 26 July 2005 at a price of 677.67 pence per share in order to dischargetax and social security liabilities on the Shares received, leaving theafter-tax number of Shares set out in the final column below. Name of Director Shares released Shares sold to discharge Shares retained tax liabilities David Bell 26,613 10,912 15,701Rona Fairhead 26,613 10,912 15,701John Makinson 34,480 14,137 20,343Marjorie Scardino 60,340 24,740 35,600 Interests of the Directors As a result of the above transactions, the executive directors are interested inthe following Shares (excluding Shares to which they are notionally entitled ormay become entitled, subject to the satisfaction of any relevant conditions,under the Company's employee share plans) : Name of Director Number of Shares % of capital David Bell 101,695 0.01265Rona Fairhead 43,209 0.005377John Makinson 147,314 0.01833Marjorie Scardino 181,238 0.02256 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 Employee Share Ownership Trust) is now 217,683 Shares(representing 0.027% of the Company's issued ordinary share capital). 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