Thomson Reuters says court approves return of capital, share consolidation

Thomson Reuters (TRI) announced that the Ontario Superior Court of Justice issued a final order approving a plan of arrangement to implement the company’s proposed return of capital and share consolidation transactions. On April 28, Thomson Reuters received shareholder approval for the return of capital and share consolidation transactions at its special meeting. As described in the company’s management proxy circular dated March 13, the return of capital and share consolidation transactions consist of a special cash distribution of $605M in the aggregate, or approximately $1.36 per common share, estimated based on the number of common shares issued and outstanding as of the record date for the special meeting and assuming no shareholders opt-out of the return of capital, and a consolidation of the company’s outstanding common shares on a basis that is proportional to the special cash distribution. The plan of arrangement for the return of capital and share consolidation transactions is subject to final approval by the Toronto Stock Exchange and the Nasdaq, the company noted.