Well they have around $100m of net borrowings (modestly geared, unlike some similar LICs) so ultimately I expect you could make an argument either way.
I suspect they'll keep gearing relatively stable (at modest levels) in which case they'll be using the surplus dividends (in versus out) and some of the DRP monies to buy back rather than increased borrowing.
My personal opinion only.
Ann: On-market buyback - Update, page-10
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