If you think the shares will be worth $1 very soon (say within 12 months) it may be better to have a buyback as the return would be 150% (40c to $1) versus an effective 18% return from debt repayment.
Agree on the free float and liqudity being tiny, but they dont need to spend the entire lot and the impact on share price would be massive, that $25m can be easily split between a small buyback and larger debt repayment.
Assets sale proceeds, page-6
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