Ann: Notification to Optionholders, page-23

I generally don't participate in DRPs for a number of reasons. Participating in a DRP doesn't save you any tax, short-term SP movements are usually larger than the discount on offer under DRP and having multiple small transactions across your portfolio that DRP gives rise to complicate the tax return, particularly with CGT. DRP benefits the company most, as it keeps cash in the company for reinvestment. In a lot of ways, it's detrimental to the shareholders in general, as the issue of new shares from DRP over the course of the years dilutes the earnings, not by much, but by something that adds up. Most value investors would prefer the cash, to reinvest in their choice of firms at a price they are willing to pay. Hope this helps others too.