Ann: Investor Presentation - Nova Positioned for Growth, page-104

Dear Phantom,

You have not read my post well. I did say that buyback in the US differs from Australia.

In the US: buyback shares can be placed as Treasury stock as current asset and re-sell it on the market.

In Australia: Buyback shares must be cancelled and reduce total shares issued.

Buyback in the US is generally proposed by the management when a company has FREE CASH FLOWS (CASH SURPLUS) and the management believes that the company share price is UNDERVALUED due to temporary negative market sentiment. In this context, buyback is considered as a positive signal by investors because it is perceived that the company's share price is UNDERVALUED.