Jamix SA is a company with a market capitalisation of $5.0bn and reported shareholders equity of $2.0bn at the end of Q2 this year. It has a dividend yield of 6.0% and trades at 10.0x next years forecast earnings. Although not disclosed to the market, the CFO has recommended that the dividend be cut and the buyback programme not be renewed when it completes at the end of Q3. Without recourse to optimal capital structure theory, discuss the constraints that limit the amount of buyback and ordinary dividends a company can make in a given quarter.