first;debt is under control, they not in a hurry to reduce debts...

first;
debt is under control, they not in a hurry to reduce debts now. why ?1, they make clear target net debt range is 1-1.5 ebitda in all recent announcements. announcement of acquisition 20% AIN itself mention this issue again, will beyond 1-1.5 ebitda range temporarily, will bring back in range to 1-1.5 after reduce cost of 60 million.2., since they net debt in the range on 2021, just one day after refinance, they acquired prime group. these happens again this Sunday, acquired AIN one day after debt finance finished, so reduce debt is not on agenda right now, at least not top priority.
2. buy back: it is kindly forced action to comfort shareholders, they want spend as little as possible cash to stabilise share price to try comfort unhappy and lost patience shareholder like you and me(because share price down significantly, no dividends on the roll,)but they not successful to stabilise share price because they will not want spent big on it, that is why this year so tiny amount buy back.
3, dividend: obviously they not willing pay, and no dividends
4, finally, now their ( I should his) target or planing is very clear after this Sunday action- AIN or even both include southern. but problems is this company currently have no enough cash for full take over.so take 29% first, I don't want say this is bad decision. and not sure which is better decision compare 3 option I list previous, I have no idea to buy AIN 20% is smart even brilliant decision as someone who fall in love with stock described, it need be judged in the future as result cleared. but one thing I am sure this old guy not really feel the pain of retail shareholders, specially long term holder.pay dividends or (and) buy back serious not his top probity for sure.