AJL has a relatively small register, very little revenue and...

AJL has a relatively small register, very little revenue and pays no dividend. So, buying back shares doesn’t impact eps (atm). The stock isn’t particularly liquid, and is highly concentrated, so shrinking the register by buying shares back would exacerbate that issue.
On the other hand, the interest payments are eye watering. Paying back the high interest debt where possible would be the best outcome imo. Even if there needs to be equity issuance down the track.
What I would find unacceptable is any bonus payments to management. If they had managed that side of the business competently, this would be a $100mm asset sale, not $25mm. Other engineering firms (eg RCR, WOR & ASL) have flourished in what Lucas management have continually called a tough environment.
I think the current management would find any environment challenging because they are not very good at what they do.
Go Cuadrilla.