Pearson plc, the international media group, has sold its remaining 4.8 million shares in Flextech plc, the broadcast media company, at a price of 575p per share, giving gross proceeds of £27.6m. The shares have been placed by Merrill Lynch with institutional investors.
The transaction completes the disposal of Pearson’s 5.6% stake (8.8m shares) in Flextech and takes the total proceeds to £51.8m. Pearson acquired its stake in Flextech in April 1997 as part of the consideration for selling Flextech its interests in UK Gold and UK Living. Pearson’s total investment in both these channels since 1992 had been £6.7m.
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