Graeme Wearden of The Guardian reports that Thomson Reuters plans to take its stock off of trading in London, where it was first traded 144 years ago, and just have a Toronto and New York listing.
Wearden writes, “The Thomson Reuters chief executive, Tom Glocer, said the dual-listing structure was meant to help Reuters shareholders to continue investing in the company, but he revealed that UK shareholders now make up only 5% of the total. This is partly because the value of a Thomson Reuters share traded in London has been consistently less than one traded in New York.
“Last summer, the discount between the two hit 20% â€“- Glocer claimed US investors had a better understanding of his company than those in the City of London.
“Losing the London listing will also cut the company’s costs. Its shares rose by more than 5% this morning to Â£17.19.”
Read more here.