Totally agree that the DRP should not be dilutionary, as when you combine this program with (i) the staff LTIP that applies to a large proportion of staff EVN employees that sees performance rights issued and then converted to ordinary shares (making this another substantial amount of shares typically issued each year); and (ii) the issue of an annual 'bonus' parcel of ordinary shares to the rest of the workforce each year to make them feel like 'owners', and you have a constant source of dilution for other shareholders. Maybe all of these schemes should be fully funded each year and shares purchased from cash (or debt). Hard to whine about it when the share price is roaring, but it hasn't always been that way and these programs have been running for many years.
EVN Price at posting:
$6.86 Sentiment: Hold Disclosure: Held
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