Infomedia (ASX:IFM) will launch an on-market share buyback program of up to 5% of issued capital, or about 18.8 million shares, expected to start March 3 and run for 12 months, according to a Tuesday filing with the Australian bourse.

Shares bought back under the program will be canceled upon acquisition, resulting in a reduction in the number of issued shares, per the filing.

Shares fell almost 2% in midday trade Tuesday.