December 17, 2014 / 10:33 AM / 3 years ago

Austria's Immofinanz says to buy back shares

VIENNA, Dec 17 (Reuters) - Austrian real estate company Immofinanz plans to buy back around 1 percent of its outstanding shares in a repurchase programme set to run until the end of next April and will pay for at least 1.04 euros ($1) per share, it said on Wednesday.

The maximum purchase price will be 15 percent above the average of the volume-weighted daily closing prices of the previous 10 trading days, but not more than 3.00 euros a share after the redemption of 11,224,687 treasury shares, it said.

The shares hit their lowest in more than two years on Tuesday after it said it expected to record a second-quarter net loss.

The shares were up 0.15 percent at 2.04 euros at 1026 GMT euros. Immofinanz is due to report its second-quarter results after the market close on Wednesday.

$1 = 0.8027 euros Reporting by Alexandra Schwarz-Goerlich and Shadia Nasralla; editing by Jason Neely

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