live from agm, page-35

Simply not true. You have to pay more money to attain the same ownership of a stock, in effect the same dilutionary effect.

Let's take an outlandish scenario. You own $100K of shares. The company does an SPP to double their shares. You are forced to fork out another $100K so that you keep your same percentage of holdings of the company. But its now cost you $200K for that holding not $100K. I'm using an example that wouldnt (and coudnt happen) but it highlights the point that any share issue, whether you participate or not is dilutionary to you.