Up to US$600 million of shares to be repurchased pursuant to amended normal course issuer bid

US$605 million return of capital and share consolidation expected to be completed in May

TORONTO, Feb. 25, 2026 /PRNewswire/ — Thomson Reuters (TSX/Nasdaq: TRI) today announced that it plans to repurchase up to US$600 million of its common shares under an amended normal course issuer bid (NCIB) that has been approved by the Toronto Stock Exchange (TSX) and that it plans to return US$605 million to shareholders through a return of capital transaction.

Amended Normal Course Issuer Bid

Shares will be repurchased for the new US$600 million repurchase program under an amended NCIB. The amended NCIB, which has been accepted by the TSX, will become effective on February 27, 2026. The amended NCIB will increase the maximum number of common shares that may be repurchased by an additional 6 million. Under the amended NCIB, up to 16 million common shares (representing approximately 3.55% of the company’s 450,687,724 issued and outstanding shares as of August 12, 2025) may be repurchased between August 19, 2025 (the Effective Date) and August 18, 2026. The NCIB, as originally approved in August 2025, contemplated the repurchase of up to 10 million common shares. To date under the current NCIB, Thomson Reuters has repurchased 6,022,437 common shares for a total cost of approximately US$1.0 billion, representing an average price of US$166.05 per share.

Under the amended NCIB, shares may be repurchased on the TSX, the Nasdaq Global Select Market (Nasdaq) and/or other exchanges and alternative trading systems or by such other means as may be permitted by the TSX and/or the Nasdaq or under applicable law. Based on the average daily trading volume on the TSX of 364,105 for the six months preceding the Effective Date (net of repurchases made by TR during that time period), daily purchases are limited to 91,026 common shares, other than block purchase exceptions. Any shares that are repurchased will be cancelled.

Prior to its next regularly scheduled quarterly blackout period, Thomson Reuters intends to enter into an automatic share purchase plan (ASPP) with its broker to allow for the purchase of shares under the NCIB during pre-determined times when the company would ordinarily not be permitted to purchase shares due to customary blackout periods or other regulatory restrictions. Purchases under the ASPP are made by the company’s broker based upon parameters set by Thomson Reuters when it is not in possession of material non-public information relating to the company or the shares. The ASPP will be entered into in accordance with the requirements of the TSX and applicable Canadian and U.S. securities laws, including Rule 10b5- 1 under the U.S. Exchange Act of 1934, and will terminate when the NCIB expires, unless terminated earlier in accordance with its terms. All purchases made under the ASPP are included in computing the number of shares purchased under the NCIB. Outside of pre-determined blackout periods, shares may be purchased under the NCIB based on management’s discretion, in compliance with TSX rules and applicable securities laws.

Decisions regarding any future share repurchases will depend on certain factors, such as market conditions, share price and other opportunities to invest capital for growth. Thomson Reuters may elect to suspend or discontinue share repurchases at any time, in accordance with applicable laws.

Return of Capital

Thomson Reuters will return gross proceeds derived from the May 2024 sales of London Stock Exchange Group shares through a return of capital consisting of a special cash distribution of US$605 million in the aggregate, or approximately US$1.36 in cash per participating share (estimated based on the number of common shares issued and outstanding as of February 24, 2026 and assuming no shareholders opt-out of the return of capital transaction), followed by a share consolidation, or “reverse stock split”, which will reduce the number of common shares on a basis that is proportional to the special cash distribution. To that end, the share consolidation ratio will be based on the volume weighed average trading price of the common shares on the Nasdaq Stock Market LLC for the five trading days immediately prior to the transactions becoming effective.

The proposed return of capital is intended to distribute cash on a basis that is generally expected to be tax-free for Canadian tax purposes. Taxable non-Canadian resident shareholders (which include taxable U.S. resident shareholders and others) will be able to opt out of the return of capital. This right to opt out is being provided to those shareholders because in jurisdictions other than Canada the tax consequences of not participating in the return of capital may be preferable to those associated with participating in the return of capital. A taxable non-Canadian resident shareholder that chooses to opt out will not receive the special cash distribution and will continue to hold the same number of Thomson Reuters shares that they currently hold. Taxable non-Canadian resident shareholders are strongly urged to read the management proxy circular and other related materials carefully and to consult with their financial, tax and legal advisors prior to making any decision with respect to the return of capital and share consolidation transactions.

Shareholders will be asked to approve the proposed return of capital and share consolidation transactions at a special meeting of shareholders of Thomson Reuters to be held on Tuesday, April 28, 2026 at 12:00 p.m. (Toronto time). The proposed transactions require approval by at least two-thirds of the votes cast at the shareholder meeting. The board of directors of the company is unanimously recommending that shareholders vote in favor. Woodbridge has indicated that it plans to do so and, accordingly, it is expected that the shareholder vote will pass. The proposed transactions also require the approval of the Ontario Superior Court of Justice (Commercial List). If shareholder and court approval are obtained, Thomson Reuters expects to effect the proposed transactions in early May.

Full details of the proposed return of capital and share consolidation transactions will be described in the company’s management proxy circular and other related materials. Those documents are expected to be mailed or otherwise distributed to shareholders, filed with applicable Canadian securities regulatory authorities and made available without charge on SEDAR+ at www.sedarplus.ca and made available without charge on EDGAR at www.sec.gov, and posted on the company’s website at tr.com, in mid-March.

Thomson Reuters
Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this news release are forward-looking statements within the meaning of Canadian and U.S. securities laws, including statements relating to the company’s plans to repurchase up to US$600 million of its common shares; the timing for the approval and implementation of the return of capital and share consolidation transactions, and the filing of materials related thereto; and the anticipated tax treatment for shareholders participating in the return of capital and share consolidation transactions and those opting out of the return of capital. These forward-looking statements are based on certain assumptions and reflect our company’s current expectations. As a result, forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including other factors discussed in materials that Thomson Reuters from time to time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. There is no assurance that the return of capital and share consolidation transactions will be completed or that other events described in any forward-looking statement will materialize. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.

CONTACTS

View original content to download multimedia:https://www.prnewswire.com/news-releases/thomson-reuters-announces-new-us600-million-share-repurchase-program-and-us605-million-return-of-capital-and-share-consolidation-transactions-302696958.html

SOURCE Thomson Reuters

The chief executive of the FTSE 250 rail ticketing app said he would be leaving after more than six years in the job

Trainline boss Jody Ford confirmed he is stepping down from the UK’s best-known rail ticketing service.

Ford, who has led the FTSE 250 firm for over six years, confirmed he would remain in his role until a suitable replacement had been found.

The announcement sent Trainline’s share price down with the stock tumbling more than six per cent to 190p in early Wednesday trading.

Having taken the reins just prior to the pandemic, Ford steered Trainline through a particularly volatile period. During his tenure, net ticket sales across the UK and International consumer divisions doubled, profits more than doubled, and the company expanded into new markets across France, Spain and Italy.

Nevertheless, the stock has shed more than a third of its value over the past year, as the company battled increasing competition from rivals and investors weighed up the implications of the UK Government’s rail nationalisation ambitions, as reported by City AM.

“This would be the right time to handover to new leadership,” Ford said. “I will work closely with the board and my outstanding team over the coming months to ensure a smooth transition.”

In its most recent financial results, Trainline reported an 8 per cent rise in net ticket sales, with revenue climbing two per cent to £235m for the six months to end August 2025.

The firm cautioned last year that it faced the prospect of competing against a new government super-app. The London-headquartered firm highlighted a clarification issued by the government within its rail industry consultation, in which it outlined plans to consolidate the ticketing apps of all individual UK train operators into one unified retail platform.

This would enable passengers to search for and purchase the best-value tickets through a single app, irrespective of the route, thereby undermining a significant competitive edge currently held by Trainline.

Trainline emphasised that the new service was unlikely to launch before 2027, adding that it would push to ensure its own app could compete on a level playing field.

“The Government is unequivocal in its commitment to a fair, open and competitive market, recognising the central role independent retailers play,” Trainline said.

“As part of the industry consultation, the Government is engaging with Trainline and other independent retailers to assess various safeguards typically observed in regulated markets. This is to ensure [the new app] is not treated favourably versus other retailers, which is in line with competition law principles.”

The proposed government app forms part of broader plans to bring British railways back into public ownership, merging a host of private operators across various routes and services into a single state-owned entity, to be known as Great British Railways.

Apple Inc.’s stock has rebounded strongly in late February 2026, closing at $272.14 on February 24 after gaining 2.24%, as investors focus on the company’s record fiscal first-quarter performance, accelerating App Store growth, and anticipation for the iPhone 17e announcement amid broader concerns over regulatory pressures and China demand.

As of February 24, 2026, Apple (NASDAQ: AAPL) traded in a session range of $267.71 to $274.89 with volume of about 47 million shares. The shares have risen from recent lows near $255 in mid-February, though they remain below the all-time high of $285.92 reached on December 2, 2025. Year-to-date in 2026, the stock shows modest gains following a strong close to 2025, with market capitalization hovering around $4.1 trillion after briefly touching that milestone in recent commentary tied to U.S. manufacturing announcements.

The rally reflects digestion of Apple’s blockbuster fiscal Q1 2026 results reported January 29, 2026, for the period ended December 27, 2025. Revenue hit a record $143.8 billion, up 16% year-over-year, surpassing estimates of around $138-139 billion. Diluted earnings per share reached $2.84, up 19% and beating consensus of $2.67. Net income stood at $42.1 billion. iPhone revenue set a new high at approximately $85.3 billion (up 23%), driven by strong demand, while Services achieved a record $30 billion (up 14%), underscoring recurring revenue strength from the App Store, Apple Music, iCloud, and other offerings.

The board declared a quarterly dividend of $0.26 per share, payable February 12, 2026, maintaining its shareholder return commitment. Management highlighted an installed base exceeding 2.5 billion active devices and robust growth in emerging markets like India, offsetting some softness in Greater China amid competition from domestic brands like Huawei.

Recent developments include the February 24, 2026, annual shareholder meeting, where all nominated directors were reelected and proposals approved, signaling continued governance stability. Morgan Stanley noted accelerating App Store revenue growth in February, up 9% year-over-year per Sensor Tower data, supporting Services momentum despite ongoing antitrust scrutiny in the U.S., EU, and India.

Anticipation builds for Apple’s March 4, 2026, “Special Experience” event in New York, London, and Shanghai, expected to feature the iPhone 17e as successor to the iPhone 16e. Rumors point to a 6.1-inch OLED display with Dynamic Island (replacing the notch), A19 chip, 8GB RAM, 48MP main camera, USB-C, Action Button, improved battery, and Apple-designed 5G modem. Priced around $599, the model aims to broaden appeal in the value segment. Some leaks suggest a March announcement, aligning with Apple’s winter window for entry-level iPhones.

Broader outlook includes U.S. production of Mac minis, contributing to recent market cap commentary near $4 trillion. However, challenges persist: regulatory risks from App Store commission reductions (potentially impacting Services), antitrust trials, EU fines, and tariff/trade pressures. Analysts cite slower AI feature rollouts like enhanced Siri as execution risks.

Consensus among 28-47 analysts rates AAPL a Moderate Buy, with average 12-month price targets around $287-$299—implying 5-10% upside from current levels. High targets reach $350 from Wedbush, low ends around $200-$215. Optimism centers on ecosystem strength, Services expansion, and potential AI-driven cycles, balanced against valuation concerns and macro headwinds.

The next catalyst arrives with Q2 2026 earnings in late April, where updates on iPhone 17e traction, Services trends, and guidance revisions will be key. Positive momentum from the March event or sustained China recovery could propel shares higher; regulatory setbacks or demand softness might cap gains.

Apple navigates a pivotal period with its hardware-software-services integration and massive user base providing resilience. Record results and strategic launches position it to sustain leadership in consumer tech, though proving AI monetization and navigating global regulations will define trajectory in 2026.

In a dramatic break from tradition during his 2026 State of the Union address on February 24, President Donald Trump presented the nation’s highest military decoration, the Medal of Honor, to two American service members—one for recent heroism in a covert operation in Venezuela and the other to a 100-year-old Korean War veteran whose valor remained classified for decades.

The awards to Army Chief Warrant Officer 5 Eric Slover and retired Navy Capt. E. Royce Williams marked the first time a president has bestowed the Medal of Honor during a State of the Union speech, drawing bipartisan applause in the House chamber and highlighting themes of military valor amid a lengthy address focused on domestic achievements and foreign policy.

Slover, an active-duty helicopter pilot, received the medal for extraordinary actions during a January 2026 special operations mission that resulted in the capture of former Venezuelan President Nicolás Maduro. Wounded in the operation, Slover continued to fly his aircraft under heavy fire, ensuring the safe extraction of his team and the successful abduction of the Venezuelan leader. Lt. Gen. Jonathan Braga, commander of U.S. Special Operations Command, placed the medal around Slover’s neck—a departure from the usual presidential presentation—after Trump described the pilot’s courage as “above and beyond the call of duty.”

Williams, now 100 years old and a San Diego resident, was honored for his heroism on November 18, 1952, during the Korean War. Flying an F9F Panther from the USS Oriskany, Williams single-handedly engaged seven Soviet MiG-15s in a dogfight over the Sea of Japan. Despite being outnumbered and sustaining damage to his aircraft, he shot down four enemy planes before safely returning to his carrier. The mission remained classified for nearly 50 years due to Cold War sensitivities involving Soviet involvement. First Lady Melania Trump presented the medal to Williams, who stood to receive a prolonged standing ovation from both sides of the aisle.

Trump praised both men as exemplars of American bravery. “These are true American heroes,” he said, noting Williams’ long wait for recognition. “Tonight, at 100 years old, this brave Navy captain is finally getting the recognition he deserves. He was a legend long before this evening.” The president added a lighthearted remark about the award: “I’ve always wanted the Congressional Medal of Honor, but I was informed I’m not allowed to give it to myself. That’s a big thing.”

The ceremony came amid a broader sequence of honors during the nearly two-hour speech—the longest State of the Union in recent history. Trump also presented Purple Hearts to National Guardsman Andrew Wolfe, who survived a gunshot wound in a 2025 Washington, D.C., attack, and posthumously to Spc. Sarah Beckstrom, who died in the same incident. He awarded the Legion of Merit to a Coast Guard rescue swimmer for flood operations and announced that U.S. men’s hockey goaltender Connor Hellebuyck would receive the Presidential Medal of Freedom for his performance in the recent Olympic gold medal win.

The Medal of Honor recognitions provided rare moments of unity in an otherwise partisan address. Democrats and Republicans alike rose in applause, particularly for the centenarian Williams, whose story bridged generations of service. Williams, who also served in World War II and Vietnam, acknowledged the crowd with a salute, drawing extended cheers.

The awards underscore the administration’s emphasis on military strength and recognition of service members. Slover’s citation highlights ongoing U.S. involvement in Venezuela following Maduro’s ouster, while Williams’ long-delayed honor reflects efforts to declassify and acknowledge Cold War-era actions.

The Medal of Honor, awarded in the name of Congress, is given for conspicuous gallantry at the risk of life above and beyond the call of duty. Fewer than 4,000 have been bestowed since its creation during the Civil War.

As reactions poured in February 25, veterans’ groups and military leaders praised the spotlight on heroism. The Navy highlighted Williams as embodying “the fighting spirit and enduring legacy of the United States Navy.” Slover’s unit and Special Operations community expressed pride in the recognition of recent valor.

The dual presentations added emotional weight to Trump’s address, which also covered economic gains, immigration enforcement, and international developments. While critics noted the speech’s length and award-show style, the Medal of Honor moments stood out as bipartisan tributes to sacrifice and courage.

The recognition of Slover and Williams serves as a reminder of the enduring cost of service and the nation’s commitment to honoring those who go beyond the call of duty—whether in the skies over Korea seven decades ago or in a high-stakes mission last month.

Microsoft on Tuesday announced a new partnership with Starlink, the satellite internet arm of SpaceX, to expand global connectivity—signaling it is willing to work with Elon Musk’s businesses even as he battles Microsoft’s close partner, OpenAI.

The collaboration will focus on connecting hundreds of community hubs in Kenya through a joint effort between Microsoft, Starlink and a local internet service provider.

In a blog post, Microsoft said the project aims to bring reliable internet access to underserved areas using low-Earth orbit satellite technology.

“Through our collaboration with Starlink, Microsoft is combining low-Earth orbit satellite connectivity with community-based deployment models and local ecosystem partnerships,” said Melanie Nakagawa, Microsoft’s chief sustainability officer, CNBC reported

“This is intended to expand the set of tools available to deliver digital access while remaining firmly embedded in a holistic, partnership-driven approach.”

Microsoft Connects 299 Million People Worldwide

The move comes at a time when Musk is locked in a heated legal fight with OpenAI and its CEO, Sam Altman.

According to the NY Post, Musk, who co-founded OpenAI in 2015, is seeking as much as $134 billion in damages, arguing that the company shifted away from its original nonprofit mission.

Court filings show he wants compensation for what he calls “wrongful gains” tied to his early backing of the startup.

Despite the legal tension, Microsoft appears focused on expanding access to technology. The company has said it previously set a goal to bring internet access to more than 250 million people by the end of 2025.

According to Nakagawa, Microsoft has already extended connectivity to more than 299 million people worldwide.

The partnership also adds to growing demand for SpaceX’s satellite network, which already holds contracts with US government agencies such as NASA and the Department of Defense.

Musk recently announced that SpaceX would merge with his artificial intelligence startup, xAI, which develops the Grok chatbot.

Meanwhile, Microsoft continues to support a wide range of AI tools through its cloud platform. Last year, the company said its Foundry software added support for Grok models.

Originally published on vcpost.com