Even if its a dividend and not by definition a split it will still dilute the stock. . If the share price is 10 and you give a dividend of 20 shares for each owned that going to dilute the share price like a split. Its still stock unless its not common but a prefered , but if thats the case what will it be worth . .An increase in shares any way you cut it will dilute the share price by that multiple would it not.Or am I missing something/