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This excerpt taken from the RTRSY 6-K filed Mar 31, 2008. Capital structure The Group considers capital to be equity as disclosed in note 11 and net debt, which is total borrowings less short-term deposits and cash and cash equivalents. The Group is committed to managing its capital structure with the objective of maintaining the right balance between funding investment opportunities, managing the risk profile of the business and returning surplus cash to shareholders. On 1 March 2007 Reuters communicated that it will actively manage its capital structure to maintain a strong investment grade rating of BBB+/Baa1. Prior to that Reuters had maintained a credit rating of A-/A3 or better. Reuters monitors the capital structure of the company on the basis of the primary debt capacity ratios as defined by our credit rating agencies. The ratios are calculated using an adjusted cash flow measure as a percentage of adjusted net debt. The adjustments take into account items such as pensions and operating leases. The final credit rating is determined as a combination of financial and non-financial criteria, the ratio being just one of those financial criteria.
Certain group companies are subject to minimum capital requirements imposed by regulatory bodies. At 31 December 2007 minimum regulatory capital for those companies amounted to £1m and during the year they complied with externally imposed capital requirements to which they were subject.
This excerpt taken from the RTRSY 6-K filed Apr 25, 2006. Capital structure
Included in the strategy update announced today is a plan to return £1 billion to shareholders, including the proceeds of around $1 billion from the Instinet Group sale, as previously disclosed. Reuters has today put this plan into effect by initiating an on-market buy-back programme, which is expected to run for up to two years.
This excerpt taken from the RTRSY 6-K filed Jul 27, 2005. Capital structure
Included in the strategy update announced today is a plan to return £1 billion to shareholders, including the proceeds of around $1 billion from the Instinet Group sale, as previously disclosed. Reuters has today put this plan into effect by initiating an on-market buy-back programme, which is expected to run for up to two years.
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