Actually I think it is quite clever- the DRP is so attractive...

Actually I think it is quite clever- the DRP is so attractive that hardly anyone will opt to take the money. It would be the equivalent of a heavily discounted CR to only current holders. They will keep the promise of paying a dividend and still retain most of reserves. Going by the commentary in the report, they expect to grow through new orders much more than by acquisition, which in any case is likely to be both small and involve scrip and deferred payments rather than big outlays.