UPDATE 1-Evertz Technologies to buy back 3.8 mln shares

Thu Jun 23, 2011 5:37pm EDT

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June 23 (Reuters) - Canadian broadcast equipment maker Evertz Technologies said it will buy back 5 percent, or about 3.8 million of its shares outstanding.

Burlington, Ontario-based Evertz said its common shares currently trade in a price range that does not adequately reflect their underlying value based on the company's financial position.

Shares of Evertz, which has operations in Croatia, Dubai, Hong Kong, the UK and the United States, lost 20 percent of their value in the past three months. They closed at C$12.70 on Thursday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel)

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