You are spot on, they have to find the money somewhere.Based on...

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.