OREANDA-NEWS. May 25, 2016. Thomson Reuters Corporation (TSX / NYSE: TRI), the world’s leading source of intelligent information for businesses and professionals, today 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 renewed NCIB, up to 37.5 million common shares (representing approximately 5% of the total outstanding shares) may be repurchased between May 30, 2016 and May 29, 2017.

Under the NCIB that expires later this month, Thomson Reuters has repurchased approximately 36.5 million common shares through May 13, 2016, for a total cost of approximately US\\$1.4 billion, representing an average price of US\\$38.35 per share.

In February 2016, the company announced plans to repurchase up to an additional US\\$1.5 billion of its common shares. Through May 13, 2016, the company has repurchased approximately US\\$404.1 million of shares under this program. Decisions regarding any future repurchases, including the timing for completing the US\\$1.5 billion repurchase program, will be based on market conditions, share price, other factors including opportunities to invest capital for growth and the timing for the sale of the company’s Intellectual Property & Science business.

Under the renewed NCIB, shares may be repurchased in open market transactions on the TSX, the New York Stock Exchange (NYSE) and/or other exchanges and alternative trading systems, if eligible, or by such other means as may be permitted by the TSX and/or NYSE or under applicable law, including private agreement purchases if Thomson Reuters receives an issuer bid exemption order in the future from applicable securities regulatory authorities in Canada for such purchases. The price that Thomson Reuters will pay for common shares in open market transactions will be the market price at the time of purchase or such other price as may be permitted by the TSX. Any private agreement purchases made under an exemption order will generally be at a discount to the prevailing market price. In accordance with TSX rules, any daily repurchases (other than pursuant to a block purchase exception) on the TSX under the renewed NCIB are limited to a maximum of 187,510 shares, which represents 25% of the average daily trading volume on the TSX of 750,040 for the six months ended April 30, 2016 (net of repurchases made by the company during that time period). On May 13, 2016, there were 751,434,586 Thomson Reuters common shares outstanding. Any shares that are repurchased will be cancelled.

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.