Why buy back your shares?As long as NVA has debt why buy back the shares.
Paying off that debt at the rate of 7.785 is really just makes the company fiscally stronger and keeps the capital on the balance sheet.
These sharebuyback tend to evaporate capital, and constrain opportunity when a real investment opportunity comes along because they have squanders all the money and still not cleaned up the blance sheet.
If you keep 7.785 percent of the interest paid on the balance sheet that means you have the option to buy the stock back for $14 dollars next year, and really not be any the worse for wear.
Lets be certain, companies with zero debt, and robust growth plans get treated differently than companies that have more leverage.
IMHO