Boom Logistics (ASX:BOL) said it will start an on-market share buyback program of up to 4.1 million shares on Oct. 16, according to a Thursday filing with the Australian bourse.

The repurchase price will be no more than 5% above the stock's five-day volume-weighted average share price, the filing said.

The one-year program does not require shareholder approval, the filing added.

The timing and number of shares to be repurchased will depend on the prevailing share price, market conditions, and future capital requirements, the company said.

The company's shares fell almost 2% in recent Thursday trade.