L1 Long Short Fund (ASX:LSF) said it plans to buy back up to 10% of the fund's issued share capital in the 12 months starting June 2, according to a Friday Australian bourse filing.
The buyback is a renewal of the on-market repurchase program it previously had in place.
The board plans to buy back shares if the share price trades at a discount to post-tax net tangible asset backing per share of 10% or more, subject to market conditions and regulatory requirements.
L1 Long Short Fund's shares rose almost 2% in recent trading on Friday.
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