BUZZ-BlackBerry Ltd: To buy back up to 12 mln shares for cancellation

Fri May 22, 2015 7:20am EDT
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** Canadian smartphone maker's U.S.-listed shares up 2.8 pct at $10.56 premarket

** Company said on Thursday that it planned to buy back up to 12 mln shares, or about 2.6 pct of its public float, for cancellation

** BlackBerry, which has not bought back any outstanding securities in past year, also said it would present new employee share purchase program and propose increase in its equity incentive plan at annual meeting next month

** Company says it will drop repurchase plan if proposals are not approved by shareholders

** Up to Thursday's close, stock had risen 40.5 pct in past 12 months