January 14 (SeeNews) - Croatian IT company Span [ZSE:SPAN] said its management adopted on Friday a programme to buy back up to 30,000 own shares for a maximum amount of 9 million kuna ($1.4 million/1.2 million euro).
The shares will be purchased on the regulated market of the Zagreb Stock Exchange at a price which cannot be 5% higher than the average market price achieved during the previous trading day, the company said in a filing with the Zagreb bourse.
The aim of the share buyback if to offer shares to employees of Span and its affiliated companies for the purpose of remuneration, it added. The programme will start on January 17 and end no later than January 17 next year.
The company holds 30, 900 own shares, representing 1.5765% of its share capital. Its share capital totals 19.6 million kuna and is distributed in 19.6 million shares with a par value of 10 kuna.
In September Span's shares made their debut on the Zagreb bourse following a public offering, in which the company raised 101.19 million kuna from the sale of 578,200 existing shares.
On Friday afternoon the company's shares traded 0.87% higher at 232 kuna.
(1 euro = 7.519 Croatian kuna)