I can see what
@Seanf80 is saying I think.
When new shares are given out in their millions as bonuses / incentives to Directors there's no corresponding increase in the capital of the company. That's dilutionary in effect.
However if you participate in the DRP, then you are exchanging the cash payment of the dividend for another share instead, and SXY gets to keep that capital for expenditure elsewhere or whatever. In that sense it's not diluting the capital base amongst shareholders.
Maybe I am oversimplifying it, but I found the question interesting.
