They are between a rock and a hard place at the moment.if they...

They are between a rock and a hard place at the moment.

if they need more cash :-

they can borrow - interest rates very high
they can capital raise - crazy at these levels and will really dilute and sink the price

so retaining cash via Div reinvestment is probably better esp if they see the price going up before the next reporting period.

of course they could cut the Div significantly but that would likely see the price crash as well.

if they get NZ performing better and guidance for fy25 shows an improvement, the share price recovery will make Div reinvestment less of an issue.