Aug 21. Novatek has launched a global depositary receipt (GDR) buyback program on the London Stock Exchange, the company said in a press release. The gas company's board greenlighted the program on February 11, 2008. The company plans to buy back GDRs for shares that form no more than 3% of the charter capital. GDRS are to be bought back exclusively on LSE, according to the press release. An independent broker will buy back shares and the company does not disclose its name. Novatek CFO Mark Guetvay said during a conference call for investors on Wednesday the company could earmark the bought back securities under an incentive plan for employees and executives. In addition, the GDRs could be used to issue convertible bonds which will enable the company to raise funds on more attractive terms, Mr. Guetvay went on to say. The company plans to finance GDR buyback using in-house funds.