Thomson Reuters
Announces Annual Renewal of Normal Course Issuer Bid
NEW YORK, May 24, 2016 -- Thomson Reuters Corporation (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) for the
annual renewal of its normal course issuer bid (NCIB).
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Under the renewed NCIB, up to 37.5 million common shares
(representing approximately 5% of the total outstanding shares) may
be repurchased between May 30, 2016 and May 29, 2017.
Under the NCIB that expires later this month, Thomson Reuters
has repurchased approximately 36.5 million common shares
through May 13, 2016, for a total
cost of approximately US$1.4 billion,
representing an average price of US$38.35 per share.
In February 2016, the company
announced plans to repurchase up to an additional US$1.5 billion of its common shares. Through
May 13, 2016, the company has
repurchased approximately US$404.1
million of shares under this program. Decisions regarding
any future repurchases, including the timing for completing the
US$1.5 billion repurchase program,
will be based on market conditions, share price, other factors
including opportunities to invest capital for growth and the timing
for the sale of the company's Intellectual Property & Science
business.
Under the renewed NCIB, shares may be repurchased 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
such other means as may be permitted by the TSX and/or NYSE or
under applicable law, including private agreement purchases if
Thomson Reuters receives an issuer bid exemption order in the
future from applicable securities regulatory authorities in
Canada for such purchases. 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 may be 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 187,510 shares, which
represents 25% of the average daily trading volume on the TSX of
750,040 for the six months ended April 30, 2016 (net of
repurchases made by the company during that time period). On
May 13, 2016, there were 751,434,586 Thomson Reuters common
shares outstanding. Any shares that are repurchased will be
cancelled.
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
MEDIA
David Crundwell
Senior Vice President, Corporate Affairs
+1 646 223 5285
david.crundwell@tr.com |
|
INVESTORS
Frank J. Golden
Senior Vice President, Investor Relations
+1 646 223 5288
frank.golden@tr.com |