Ann: Announcement of buy-back - Appendix 3C, page-7

You are spot on, they have to find the money somewhere.
Based on quarterly profit annualised HVN is about $100m short of funding for its buyback.
If it keeps dividend at 12c per half that costs another $300m so we are now $400m short.
Unused finance facilities at 30 June were about $300m excluding overdraft.
I know the above are very much ballpark figures but it seems to me that in order to complete the buyback HVN has to slash dividend and/or ramp its borrowing facilities to max and/or establish new borrowing facilities.
I understand the motivation to buy back considering the medium/long term outlook, just not sure it is financially prudent given the short term outlook.