dividends, page-13

Agree it seems odd to pay a dividend when so many shares have just been issued, and NIC are about to embark on a huge CAPEX program.
A near term dividend will effectively reduce the cost of the shares being purchased.
We are paying for the $270 mill for the 10% HNC deal in shares. A near term dividend effectively adds to our cost or if gives them a discount which ever way you chose to look at it.
Why raise via an SPP and just throw that money back at holders, including new holders?
I am thinking we may suspend the dividend for a year or more during this growth program. That seems prudent given that we also have significant debt in a rising interest rate environment.
Not sure about a DRP.