Pearson's Ethridge cashes in ADRs

2nd Sep 2013 15:07

The head of Pearson's North America business raised almost a million dollars by selling American depositary receipts (ADRs) in the education publishing giant.Will Ethridge, who leaves Pearson at the end of 2013, sold 50,000 ADRs on August 30th for $19.6782 (£12.62) each - a total of $983,910. Pearson's London-listed shares hit a 12-year high of £13.50 on July 31st.Ethridge and Pearson are parting company after a management shake-up under new chief John Fallon. Ethridge has been at the company since 1999 and failed to secure the Chief Executive's job when Marjorie Scardino retired in October.The sale leaves Ethridge with 435,768 Pearson shares, equivalent to 0.05324% of the publisher, which owns the Financial Times. He will continue working for Pearson as an adviser after he leaves the board on December 31st. In other director dealings news on Monday, Majestic Wine announced that Buying Director Justin Apthorp made nearly £1.4m last week after cutting his stake by over a third.Apthorp, who joined the board back in 2006, sold 267,200 shares at a price of 510.01p each, earning himself a tidy £1.362m. The transaction left him with a holding of just under 500,000 shares, equal to 0.8% of the company.Majestic has gained nearly 8% so far in 2013 and hit an all-time closing high of 530p in August.Top Director BuysCoal of Africa Ltd. (CZA) Director name: Mr Michael Meeser Amount purchased: 200,000 @ 7.80p Value: £15,600Baobab Resources (BAO) Director name: Mr Jeremy DowlerAmount purchased: 75,000 @ 13.38p Value: £10,035Top Director SellsMajestic Wine (MJW) Director name: Mr Justin James ApthorpAmount sold: 267,200 @ 510.01p Value: £1,362,747Pearson (PSON) Director name: Mr Will EthridgeAmount sold: 50,000 @ 1,269.46p Value: £634,730SThree (STHR) Director name: Mr Justin HughesAmount sold: 22,500 @ 345.00p Value: £77,625LMS Capital (LMS) Director name: Mr Bernard J. Duroc-DannerAmount sold: 15,628 @ 76.90p Value: £12,018