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NEW YORK, May 7, 2011 - (ACN Newswire) - 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). Although Thomson Reuters has not repurchased any shares since 2008, it may buy back shares from time to time as part of its capital management strategy.
Under the NCIB, up to 15 million common shares (representing less than 2% of the total outstanding shares) may be repurchased in open market transactions on the TSX or the New York Stock Exchange between May 13, 2011 and May 12, 2012. In accordance with TSX rules, any daily repurchases would be limited to a maximum of 227,648 shares, which represents 25% of the average daily trading volume on the TSX for the six months ended April 30, 2011. On April 30, 2011, there were 835,867,240 Thomson Reuters common shares outstanding. Any shares that are repurchased will be cancelled. Decisions regarding any future repurchases will be based on market conditions, share price and other factors, including opportunities to invest capital for growth.
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.
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.
Contact:
MEDIA
David Girardin
Corporate Affairs Manager
+1 646 223 4870
david.girardin@thomsonreuters.com
INVESTORS
Frank J. Golden
Senior Vice President, Investor Relations
+1 646 223 5288
frank.golden@thomsonreuters.com
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Thomson Reuters Corporation via Thomson Reuters ONE
HUG#1513473
Copyright (c) Thomson Reuters 2011. All rights reserved.
Topic: Press release summary
Source: Thomson Reuters
https://www.acnnewswire.com
From the Asia Corporate News Network
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