Thomson Reuters to take stock off London exchange

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% –- 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 £17.19.”

Read more here.