I had commented in early January...

I had commented in early January (http://hotcopper.com.au/posts/16765965/single) when the price was 1.49 that the use of the funds for buyback (now spent $73.9m) would have been better spent reducing debt or if the directors hadn't disregarded their own capital management plan, returning funds to shareholders. I thought my charts for AHY were looking confused - so i got it wrong and missed all the run up to >$2 bucks as I couldn't understand it.

Perhaps the directors went full steam with the buyback because of the 2015 lift in operating cashflows, above 2014, they must have been expecting the good times to continue ...

I still doesn't excuse them from not paying more of the debt down