None of Thomson's arguments are correct. The first argument made by Colin Thomson is that shareholders have as much information as the company's management. This is generally not the case. Shareholders may not have access to all the information that the management has, especially the internal information about the company's operations, strategies, and risk exposure. Therefore, they may not be able to hedge the risks as effectively as the company's management. The second argument made by Thomson is that it is cheaper for shareholders to hedge the risk as compared to the company. This is also incorrect. While it's true that shareholders can hedge the company's stocks in smaller quantities, the transaction costs and commissions for these smaller transactions are usually higher. On the other hand, the company, which hedges its risk in many transactions, pays much smaller per dollar transaction costs and commissions. Therefore, it is usually more cost-effective for the company to hedge its risks than for the shareholders.

Choice A is incorrect. Thomson's argument that shareholders have access to the same information as the company's management is not valid. In reality, there are often information asymmetries between a company's management and its shareholders due to insider knowledge and other factors. Furthermore, his argument that it would be more cost-effective for shareholders to hedge risks in smaller quantities is also flawed. The costs of hedging can be substantial for individual investors due to transaction fees and other expenses, which may outweigh any potential benefits.

Choice B is incorrect. As explained above, both of Thomson's arguments are flawed; hence this choice which suggests one of them being correct does not hold true.

Choice C is incorrect. As explained above, neither of Thomson's arguments are correct; hence this choice suggesting both being correct does not hold true.