May 23 (Reuters) - Henry Morgan Ltd HML.AX :
* APPROVED PROPOSAL TO UNDERTAKE ON-MARKET SHARE BUY-BACK OF UP TO 10% OF SMALLEST NUMBER OF SHARES ISSUED BY CO OVER PREVIOUS 12 MNTHS
* BUY-BACK DOES NOT REQUIRE SHAREHOLDER APPROVAL AS IT WILL BE WITHIN 10/12 LIMIT PERMITTED BY CORPORATIONS ACT
* BUY-BACK WILL BE FUNDED BY COMPANY'S EXISTING CASH RESERVES