January 16 (SeeNews) - Bulgaria's Web Media Group [BUL:WMG] said it will ask its shareholders to endorse a share repurchase programme targeting up to 235,000 company shares.
Web Media Group is seeking to buy back the shares at a price between 1.40 levs ($0.78/0.72 euro) and 2.10 levs apiece, it said in a bourse filing on Monday. The potential share buyback programme would run for up to 18 months.
The company's equity capital is divided into 7.84 million shares of 1 lev in par value each, according to the commercial register. The shares it seeks to repurchase represent nearly 3% of its capital.
The proposal will be put to the vote at an extraordinary general meeting of shareholders on February 15.
In September, the group launched a share repurchase programme until the end of the year.
Shares in Web Media Group last traded on December 22 when they closed at 1.80 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)