The Toronto Stock Exchange reports that Thomson Reuters Corp. has arranged a return of capital transaction that consists of a cash distribution of $4.67 (U.S.) in cash per common share and a consolidation of the company's outstanding common shares (or reverse stock split) on a basis that is proportional to the cash distribution. According to the TSX, the proposed 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 shares on the
New York Stock Exchange for the five trading days immediately
prior to the effective date.
The TSX reports that certain shareholders who are taxable in a jurisdiction outside of
Canada (including taxable U.S. resident shareholders and others)
will be able to opt out of the transaction. Eligible shareholders
who choose to opt out will not receive the cash distribution and
will continue to hold the same number of shares following the
consolidation. The election deadline is 5 p.m. Toronto time on June 13, 2023. Eligible shareholders who choose to opt out must return the optout election and certification form by the election deadline to
Computershare Trust Company of Canada at its principal office in
Toronto. Shareholders whose shares are held through
an intermediary may have earlier deadlines for submitting their
optout election.
The TSX notes that shareholders who do not make an election before the election
deadline, or for whom the depositary determines that their
election was not properly made, will be deemed to have elected
to receive a cash distribution of $4.67 (U.S.) per share
and will have their shares consolidated on a basis that
is proportional to the cash distribution. Trades on June 12, 2023, will settle on June 13, 2023, and trades from 9:30 a.m. Toronto time to 12 p.m. Toronto time on June 13, 2023, will settle on the same day.
For more information, see the company's management information circular dated April 26, 2023. The TSX will issue a further bulletin to confirm the substitutional listing of the consolidated shares.
© 2024 Canjex Publishing Ltd. All rights reserved.