TORONTO, Aug. 14, 2019 /PRNewswire/ -- Thomson
Reuters Corporation (TSX / NYSE: TRI) today announced that it has
received approval from the Toronto Stock Exchange (TSX) for the
annual renewal of its normal course issuer bid (NCIB).
Under the renewed NCIB, up to 25 million common shares
(representing approximately 5% of the company's total outstanding
shares) may be repurchased between August
19, 2019 and August 18,
2020.
For its NCIB that began on May 30,
2018 and expired on May 29,
2019, Thomson Reuters previously received approval from the
TSX to repurchase up to 32,230,450 common shares (which reflects
the company's share consolidation in November 2018). Of this amount, Thomson Reuters
repurchased approximately 24.9 million common shares for a
total cost of approximately US$1.22
billion, representing an average price of US$49.24 per share. Thomson Reuters repurchased
the common shares through the facilities of the TSX, the New York
Stock Exchange (NYSE) and other alternative trading systems through
its broker.
Under the renewed NCIB, shares may be repurchased in open market
transactions on the TSX, the 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 may 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 126,517 shares, which represents 25% of the average
daily trading volume on the TSX of 506,069 for the six months ended
July 31, 2019 (net of repurchases
made by the company during that time period). On July 31, 2019, there were 501,157,261 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.
Decisions regarding any future repurchases will depend on
certain factors, such as market conditions, share price and other
opportunities to invest capital for growth. Thomson Reuters may
elect to suspend or discontinue share repurchases at any time, in
accordance with applicable laws.
Thomson Reuters
Thomson Reuters (TSX/NYSE: TRI) is a leading provider of
business information services. Our products include highly
specialized information-enabled software and tools for legal, tax,
accounting and compliance professionals combined with the world's
most global news service – Reuters. For more information on Thomson
Reuters, visit tr.com and for the latest world
news, reuters.com.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this news release are forward-looking.
While the company believes that it has a reasonable basis for
making forward-looking statements in this news release, they are
not a guarantee of future performance or outcomes and there is no
assurance that the events described in any forward-looking
statement will materialize. Forward-looking statements are subject
to a number of risks, uncertainties and assumptions that could
cause actual results or events to differ materially from current
expectations. Many of these risks, uncertainties and assumptions
are beyond our company's control and the effects of them can be
difficult to predict. 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
Head of
Communications
+1 416 649
9904
david.crundwell@tr.com
|
INVESTORS
Frank J.
Golden
Senior Vice
President, Investor Relations
+1 646 223
5288
frank.golden@tr.com
|
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SOURCE Thomson Reuters