April 11 (SeeNews) - Bulgaria's Web Media Group [BUL:WMG] said that it was authorised by its shareholders to increase its capital to up to 40 million levs ($22.32 million/20.45 million euro) and launch a share buyback programme targeting up to 235,000 shares in the company, or nearly 3% of its equity capital.
Web Media Group will be able to raise its capital over five years via new share issues or by converting bonds, it said in a stock exchange filing on Monday. The company's capital is currently divided into 7.84 million shares with a par value of 1 lev each, bourse data show.
Web Media Group can also issue bonds with a nominal value of 50 million levs over five years, including convertible bonds.
The company said it will repurchase its own stock at a price between 1.40 levs and 2.10 levs per share from April 20 until the end of the year.
Finally, Web Media Group will now be able to increase its reserve fund by 766,421 levs to 784,000 levs, using its accumulated premium reserves.
Shares in Web Media Group last traded at 1.50 levs on the BaSE market of the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)