Pearson departing chairman continues to back company

Pearson chairman Glen Moreno may be stepping down from the board within the next six months, but that’s not stopping him backing the company he’s overseen for the last nine years.

Moreno, who indicated in April he would leave the company, bought 10,000 American Depositary Receipts (ADR) on Thursday for £94,709.

It came after the company said on Wednesday that underlying sales fell 4% in the third quarter, cutting its guidance for the full year by 5p to 70p-75p.

The company said some of its largest markets were weakened by "cyclical and policy related factors", in particular, including lower college enrolments in the US and lower textbook purchasing in certain South Africa provinces.

However it wasn’t enough to give the market much confidence after Exane BNP Paribas downgraded the company from outperform to neutral and cut the price target to 1,000p.

Shares were down 51.50 points (5.42%) to 898.50 at 1553 BST.

Meanwhile Lok'n Store Group’s chairman and finance director all took home a nice bonus before the weekend, cashing up their share options from the company’s share option scheme.

Chairman Simon Thomas took home £192,414, while finance director Ray Davies pocketed £342,417.

Top Director Buys

Pearson (PSON)

Director name: Mr Glen Moreno

Amount purchased: 10,000 @ 947.09p

Value: £94,709

Capital & Regional (CAL)

Director name: Mr Tony Hales

Amount purchased: 100,001 @ 67.00p

Value: £67,001

Computacenter (CCC)

Director name: Mr Greg Lock

Amount purchased: 4,000 @ 746.60p

Value: £29,864

Computacenter (CCC)

Director name: Mr Greg Lock

Amount purchased: 2,500 @ 745.50p

Value: £18,638

Home Retail Group (HOME)

Director name: Mr John Coombe

Amount purchased: 10,412 @ 131.40p

Value: £13,681

Independent Resources (IRG)

Director name: Mr Grayson Goodloe Nash

Amount purchased: 1,833,333 @ 0.60p

Value: £11,000

Top Director Sells

Lok'n Store Group (LOK)

Director name: Mr Ray Davies

Amount sold: 114,139 @ 300.00p

Value: £342,417

Lok'n Store Group (LOK)

Director name: Mr Simon Thomas

Amount sold: 64,138 @ 300.00p

Value: £192,414

DJI Holdings (DJI)

Director name: Mr Rodney St. Auburn Davis

Amount sold: 150,000 @ 48.92p

Value: £73,380

DJI Holdings (DJI)

Director name: Mr Rodney St. Auburn Davis

Amount sold: 55,000 @ 46.61p

Value: £25,636

DJI Holdings (DJI)

Director name: Mr Rodney St. Auburn Davis

Amount sold: 25,000 @ 43.90p

Value: £10,975

Proton Power Systems (PPS)

Director name: Mr Thomas Melczer

Amount sold: 200,000 @ 5.25p

Value: £10,500