Thomson Reuters (TRI) Will Repurchase Up to 15M Under NCIB
Tweet
Share
E-mailGet Alerts TRI Hot Sheet
Join SI Premium – FREE
Thomson Reuters (NYSE: TRI) 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 NCIB, up to 15 million common shares (representing less than 2% of the total outstanding shares) may be repurchased between May 22, 2013 and May 21, 2014 in open market transactions on the TSX, the New York Stock Exchange and/or other exchanges and alternative trading systems, if eligible, or by such other means as may be permitted by the TSX. In accordance with TSX rules, any daily repurchases (other than pursuant to a block purchase exception) would be limited to a maximum of 258,936 shares, which represents 25% of the average daily trading volume on the TSX for the six months ended April 30, 2013. On May 8, 2013, there were 829,263,266 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. Under its NCIB that began on May 22, 2012 and expires on May 21, 2013, Thomson Reuters has repurchased 4,332,200 common shares for a total cost of approximately US$121.3 million, representing an average price of US$28.01 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.
Under the NCIB, up to 15 million common shares (representing less than 2% of the total outstanding shares) may be repurchased between May 22, 2013 and May 21, 2014 in open market transactions on the TSX, the New York Stock Exchange and/or other exchanges and alternative trading systems, if eligible, or by such other means as may be permitted by the TSX. In accordance with TSX rules, any daily repurchases (other than pursuant to a block purchase exception) would be limited to a maximum of 258,936 shares, which represents 25% of the average daily trading volume on the TSX for the six months ended April 30, 2013. On May 8, 2013, there were 829,263,266 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. Under its NCIB that began on May 22, 2012 and expires on May 21, 2013, Thomson Reuters has repurchased 4,332,200 common shares for a total cost of approximately US$121.3 million, representing an average price of US$28.01 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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Z Squared outlines AI power strategy and Paradox Data acquisition
- Cable One names Heather McCallion as chief operating officer
- Pony.ai and Uber plan to deploy 2,000+ robotaxis across Europe
Create E-mail Alert Related Categories
Corporate News, Stock BuybacksSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
