Your ascertain that dividends are paid out of capital raises could be leveled at any company that is heavily investing in it's business plus growing dividend payments., but are simply untrue.
There are many small ASX financial services companies that grow through debt expansion but they are only able to do that because they are able to service their debt through operational cash flows, PNC is no different.
PNC is not servicing it's debt through capital raisings nor is it paying it's dividends through them.
Counsel's opinion, page-28
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Mkt cap ! $73.69M | |||
| Open | High | Low | Value | Volume |
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| Price($) | Vol. | No. |
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