Marjorie Scardinom, chief executive of Pearson, has made multiple sales of her stake in the firm on the same day it announced plans to sell its 50% stake in FTSE International to the London Stock Exchange.
Scardinom, 64, sold 32,960 at 1,147.00p each, 12,040 at 1,140.59p, and 5,000 at 1,147.49p for a total of £572,752. She now holds 1,346,244 shares, equivalent to a 0.165% stake in the firm.
Pearson, which owns the Financial Times and Penguin books, will receive £450m for its stake in FTSE. Pearson expects that FTSE will make a total post-tax contribution to 2011 adjusted earnings of around £18m.
Try 6 free issues of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
Start your trial
Sign up for MoneyWeek’s free twice-daily newsletter.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Pearson was at pains to point out this sale is its exit "from companies that are primarily providers of financial data". Pearson's aim is to make money from its FT brand through the subscription model.
Latest Videos FromMoneyWeek
Scardino said: "Proud as we are of (our) long association, FTSE's strategy is different from our own. We wish it every success as we continue to build our digital business information services around the Financial Times."
Pearson shares are up 13% so far this year. Over the same time the FTSE 100 index is down 4.87%.
Top Director Buys
Catlin Group Ltd. (CGL)
Director name: Mr John Barton
Amount purchased: 31,960 @ 401.80p
Value: £128,415
Standard Life European Private Equity Trust (SEP)
Director name: Mr Scott Dobbie
Amount purchased: 60,000 @ 126.00p
Value: £75,600
Lavendon Group (LVD)
Director name: Mr Don Kenny
Amount purchased: 50,000 @ 89.00p
Value: £44,500
Provident Financial (PFG)
Director name: Mr John van Kuffeler
Amount purchased: 4,000 @ 957.10p
Value: £38,284
Ascent Resources (AST)
Director name: Mr Jeremy Eng
Amount purchased: 1,349,822 @ 2.80p
Value: £37,795
Rolls-Royce Group (RR.)
Director name: Mr Lewis Booth
Amount purchased: 5,000 @ 723.00p
Value: £36,150
City of London Group (CIN)
Director name: Mr Howard Goodbourn
Amount purchased: 40,000 @ 61.50p
Value: £24,600
Swallowfield (SWL)
Director name: Mr Roger McDowell
Amount purchased: 20,000 @ 117.00p
Value: £23,400
Grainger (GRI)
Director name: Mr Anthony Paul Wray
Amount purchased: 10,000 @ 101.00p
Value: £10,100
Top Director Sells
Pearson (PSON)
Director name: Ms Marjorie Scardino
Amount sold: 32,960 @ 1,147.00p
Value: £378,051
Pearson (PSON)
Director name: Ms Marjorie Scardino
Amount sold: 12,040 @ 1,140.59p
Value: £137,327
Centamin Egypt Ltd. (CEY)
Director name: Mr Trevor Stanley Schultz
Amount sold: 100,000 @ 91.30p
Value: £91,300
Pearson (PSON)
Director name: Ms Marjorie Scardino
Amount sold: 5,000 @ 1,147.49p
Value: £57,374
NR
