Thomson Reuters
Amends Normal Course Issuer Bid
NEW YORK, Feb. 12, 2016 -- Thomson Reuters (TSX / NYSE:
TRI), the world's leading source of intelligent information for
businesses and professionals, today announced that it has received
approval from the Toronto Stock Exchange (TSX) to amend its normal
course issuer bid (NCIB) in connection with the company's
previously announced plans to purchase up to an additional
US$1.5 billion of its shares.
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The amended NCIB increases the maximum number of common shares
that may be repurchased by an additional 9.2 million. Under the
amended NCIB, up to 39.2 million common shares (representing
approximately 5% of the 784,310,299 issued and outstanding shares
as of May 20, 2015) may now be
repurchased between May 28, 2015 and
May 27, 2016. The NCIB, as originally
approved in May 2015, contemplated
the repurchase of up to 30 million common shares. The shares may be
purchased in open market transactions on the TSX, the New York
Stock Exchange (NYSE) and/or other exchanges and alternative
trading systems, if eligible, or by other means permitted by the
TSX and/or NYSE or under applicable law. This includes private
agreement purchases if Thomson Reuters receives an issuer bid
exemption order from applicable securities regulatory authorities
in Canada for such purchases.
Decisions and the timing for any future repurchases will depend on
the timing for the sale of the company's Intellectual Property
& Science business in addition to other factors, such as market
conditions, share price and opportunities to invest capital for
growth.
The price that Thomson Reuters will pay for common shares in
open market transactions will be the market price at the time of
purchase or such other price as permitted by the TSX. Any private
agreement purchases made under an exemption order will generally be
at a discount to the prevailing market price. In accordance with
TSX rules, any daily repurchases (other than pursuant to a block
purchase exception) on the TSX under the renewed NCIB are limited
to a maximum of 184,791 shares, which represents 25% of the average
daily trading volume on the TSX of 739,166 for the six months ended
April 30, 2015 (net of repurchases
made by the company during that time period). On February 9, 2016, there were 760,696,325 Thomson
Reuters common shares outstanding. Any shares that are repurchased
will be cancelled.
Under the current NCIB, Thomson Reuters repurchased 25,636,500
common shares between May 28, 2015
and February 9, 2016 for a total cost
of approximately US$982.8 million,
representing an average price of US$38.34 per share.
From time to time, when Thomson Reuters does not possess
material nonpublic information about itself or its securities, it
may enter into a pre-defined plan with its broker to allow for the
repurchase of shares at times when Thomson Reuters ordinarily would
not be active in the market due to its own internal trading
blackout periods, insider trading rules or otherwise. Any such
plans entered into with Thomson Reuters broker will be adopted in
accordance with applicable Canadian securities laws and the
requirements of Rule 10b5-1 under the U.S. Securities Exchange Act
of 1934, as amended.
Thomson Reuters
Thomson Reuters is the world's leading source of news and
information for professional markets. Our customers rely on us to
deliver the intelligence, technology and expertise they need to
find trusted answers. The business has operated in more than 100
countries for more than 100 years. Thomson Reuters shares are
listed on the Toronto and New York
Stock Exchanges (symbol: TRI). For more information, visit
http://www.thomsonreuters.com/.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this news release are forward-looking.
These forward-looking statements are based on certain assumptions
and reflect our company's current expectations. As a result,
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results or events to differ
materially from current expectations. There is no assurance that
the events described in any forward-looking statement will
materialize. You are cautioned not to place undue reliance on
forward-looking statements which reflect expectations only as of
the date of this news release. Except as may be required by
applicable law, Thomson Reuters disclaims any obligation to update
or revise any forward-looking statements.
CONTACTS |
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MEDIA |
INVESTORS |
David Crundwell |
Frank J. Golden |
Senior Vice President, Corporate Affairs |
Senior Vice President, Investor Relations |
+1-646-223-5285 |
+1-646-223-5288 |
david.crundwell@tr.com |
frank.golden@tr.com |
SOURCE Thomson Reuters