The Toronto Stock Exchange reports that Thomson Reuters Corp. will complete a plan of arrangement consisting of, for each share outstanding as of 3:01 a.m. on the effective date (other than shares held by shareholders who elect to opt out): (i) a cash distribution of $4.45 (U.S.) per share or approximately $2.5-billion (U.S.) in total; and (ii) a consolidation of the outstanding common shares on a basis that is proportional to the cash distribution.

The TSX notes that the proposed return of capital transaction is intended to distribute cash on a basis that is generally expected to be tax free for Canadian tax purposes. The share consolidation ratio will be based on the volume-weighted average trading price of the company's shares on the New York Stock Exchange for the five trading days immediately before the effective date.

According to the TSX, certain shareholders who are taxable in a jurisdiction outside of Canada will be able to opt out of the transaction. Those who opt out will not receive the cash distribution and will continue to hold the same number of shares after the consolidation. The election deadline is at 5 p.m. Toronto time on Nov. 16, 2018.

The TSX reports that shareholders who do not make an election before the deadline will be deemed to have elected to receive a cash distribution of $4.45 (U.S.) per share and will have their shares consolidated on a basis that is proportional to the cash distribution. The TSX will issue a further bulletin to confirm the substitutional listing of the consolidated shares.

According to the TSX, trades on Nov. 15, 2018, will settle on Nov. 16, 2018. Trades from 9:30 a.m. Toronto time to 12 p.m. Toronto time on Nov. 16, 2018, will settle for cash on the same day.

For more information, see the company's management information circular dated Oct. 16, 2018, available on SEDAR.