May 22 (Reuters) - Benjamin Hornigold Ltd BHD.AX :
* HAS APPROVED A PROPOSAL TO UNDERTAKE AN ON-MARKET SHARE BUY-BACK OF UP TO 10% OF SMALLEST NUMBER OF SHARES
* BUY-BACK TO BE FUNDED BY EXISTING CASH RESERVES; WILL NOT NEGATIVELY IMPACT CO'S CAPACITY TO OPERATE AND FUND FUTURE INITIATIVES