NCIBQuick napkin math.
VET buys back 7 million shares @17, with borrowed monety from credit at 3.5%
cost 11.9 million, interst cost $416, 500, total cost $12 316 500
7 million shares paying divy of 2.76 annually cost $19, 320 000
So within a year they are up 7 million without really doing anything.
I'm not a proponent of companies adding debt but sometimes it just makes sense. Especially with an unwillingness to trim divy. At least with share buybacks you are acttually reducing your payout ratio.