Buyback benefits the company & shareholders
The most important reason to do a buyback is to stop a partial or full takeover at a time when panic has depressed the SP. It will stop the transfer of some or all of the company to opportunistic predators. This is essential insurance in this environment & far more important than eps, shareholder returns etc.
I hope the company management are capable of appreciating that SP & market cap are essential to the SURVIVAL of NZO in it's present form & shareholding structure.
For example I would not be surprised if 50% of NZO could be grabbed for $1.50 per share.
Why wouldn't a company protect itself and ensure survival if they had the cash on board - I think $20m would get the SP up to $1.50 and then any bid would have to be $1.80 or so but would likely fail since the number of acceptors would fall dramatically if the SP was rising. Also they make a profit as other posters have pointed out, ie sold options for $1.50 & buy back for less than that.