Resimac Group (ASX:RMC) plans to conduct an on-market buyback of up to 10 million ordinary shares for up to 12 months starting Dec. 11, according to a Tuesday filing with the Australian bourse.

Resimac's board said the buyback will add value to the remaining shares on issue as "the current share price does not accurately reflect the underlying value of the company's assets."

The non-bank lender's shares were up nearly 5% in recent Tuesday trade.

Price (AUD): $0.88, Change: $+0.040, Percent Change: +4.76%