dividend has to be cut

Have a look at the historical MIG dividends - in 2004 they went from 3.75c per half to 10 cents per half (more than doubled).

Nothing material changed in the business but MIG just took on more debt so it could repay more dividends sooner.

TCL has been hammered in recent weeks because the market has figured out they can't sustain the dividend and may need to raise capital.

MIG is no different - maybe worse.

These Ponzi like schemes of paying out far more than underlying cash flows is over.

Look out below.