Thomson Reuters (TSX/NASDAQ: TRI) received court approval from the Ontario Superior Court of Justice for its plan to return $605 million to shareholders and consolidate shares. The company announced April 30 that the court issued a final order approving the arrangement.

Shareholders approved the return of capital and share consolidation transactions at a special meeting on April 28. The plan involves a special cash distribution of $605 million, or approximately $1.36 per common share, along with a proportional reverse stock split.

The transactions require final approval from the Toronto Stock Exchange and Nasdaq before proceeding. If approved, Thomson Reuters will determine the actual cash distribution per share and consolidation ratio after 4:00 p.m. EDT on May 1 based on participating shares.

The arrangement is scheduled to become effective at 3:01 a.m. EDT on May 4, with post-consolidation shares expected to begin trading under a new CUSIP when markets open that day. Computershare Investor Services Inc. will serve as depositary for the transactions.

Registered shareholders who participated will receive cash distributions through the depositary, while beneficial shareholders will receive payments through their intermediaries. The share consolidation effects will be reflected in the company's share register and shareholder accounts.

Shareholders who opted out of the return of capital will not receive the cash distribution but will participate in the share consolidation. These shareholders will maintain their current number of shares while gaining a proportionate increase in their equity and voting interests due to the consolidation of participating shares.

The information was provided in a company press release statement.