Ann: Investor Presentation - Nova Positioned for Growth, page-32

My posts are not contradictory. However, you are not able to comprehend it.

The buyback should actually use idle money (cash flow surplus). However, the company decided to use money raised from investors for the buyback which contradicts with the objective of spin off. Since the buyback decision has been met, the company needs to try it out. Unfortunately, the buyback has not been well executed and poorly monitored so up to now it has not met the original objective as a signaling mechanism. Either the company keeps this buyback  and execute it properly or cancel it entirely.

Spin off  was not an appropriate decision. Since it has been done, the company could not turn it around. Although spin off is not a good strategy, if it is executed well, it may mitigate the negative effect in particular by making sure the seed capital deposited the money and the IPO is successful so the drilling could start soon. Unfortunately, those objectives have not been achieved up to now. The market is always right. The company does need to dlo extra things to boost investors' confidence by not repeating the same mistakes in the past.