When Pearson revealed its plans to acquire National Computer Systems for $2.5bn, there was some surprise that the company chose to launch the biggest ever rights issue in the UK to finance the buy, and that the underwriters would be paid just £7.5m (€12.2m).

The company will do a three-for-11 rights issue of 170 million new Pearson shares at the deeply discounted price of £10 a share, raising up to £1.7bn. This was set despite calculations for the deal being based on the middle market closing price of £20.10 a share on 28 July.