jaarc, kenna, lo23ik,
It's pretty clear that HLA wants to increase their ownership, and taking their dividend in shares does that without them having to buy on the open market, potentially driving up the price and making it more expensive for them to acquire the same % of shares. On the other hand, I, too, can take the div $ I just received and buy more shares at the presumed lower price.
In the end, the price will be driven mostly by earnings, and although I have not kept close track, it seems to me that the P/E ratio has been relatively consistent across time (and low by U.S. standards), indicating that whatever HLA's strategy may be, it really does come down to the fundamentals which, maybe, are about to get better.
jaarc, I've appreciated your point of view over the years, although I did not follow your advice. Given the Golden share, what does it matter that HLA owns 40% -- or what would it matter if they were to get it over 50%? All longs would want CYD to do well.