Starks, I agree
If DRA took a 5,0% interest in Energizer. per the MOU of 03/26/2012, it would total ~8.163M shares of Energizer's present ~163.254M share float. When considering DRA's present holding of 2.540M Energizer shares, they could buy up to ~5.623M shares. Using today's (03/12/2013) closing price it would cost ~ $1.046M to complete the 5% interest according to the MOU.
This would be a positive form of dilution.