Thomson Reuters Announces Voting Results of Return of Capital and Share Consolidation Transactions

Voting Results and Transaction Confirmation

• Date: April 28, 2026
• Event: Shareholder approval of a US$605 million return of capital (ROC) and proportional share consolidation.
• Distribution: Special cash distribution of approximately US$1.36 per common share.
• Structure: Reverse stock split combined with the cash distribution to maintain market value post-distribution.
• Effective Date: May 4, 2026 (New CUSIP trading begins).
• Opt-Outs: Non-Canadian taxable shareholders could opt out of the cash distribution but retain shares; voting results confirm plan passage.

Expected Execution of Capital Return

• The April 28 news confirms the execution of a plan announced two months prior in February.
• Market reaction was already priced into the stock following the February announcement (price jumped from ~$110 to $136 on Feb 25).
• Current trading price ($121.48) is below the post-announcement high, indicating the ROC alone does not offset broader valuation concerns.
• The transaction is procedurally complete regarding shareholder approval; court approval hearing scheduled for April 29, 2026.

Core Business

• Thomson Reuters provides information, technology solutions, and workflow software for professionals in legal, tax, accounting, risk, compliance, and global trade sectors.
• Flagship Project: CoCounsel Legal AI platform (Professional-grade agentic AI).
• Market Position: Dominant player in legal research (Westlaw) and regulatory information; expanding into practice management via partnerships (e.g., Smokeball).