Ann: Dividend/Distribution - GRR, page-63

At the outset, I'm on rocket's page here.

'... The clues have been out there for some time ...'

Right here right now:
1. The Mothership is reportedly distancing itself from Oz source IO. Where does that 'clue' sit within your narrative? Why should I dismiss this 'clue' that GRR management will not likewise promote IO development in this country in which case SD will never progress?
2. A dividend policy talked about FCF, and although I haven't done the calcs, I suspect A$0.02 will come up a little short on that policy. Where does this dividend policy clue sit?
3. It's only in the last 3 (...maybe 6 ...) months that GRR has given any 'clue' that it might develop SD. Of course it's tenure sort of demanded something a little more than rhetoric. Pre then it was hunting a JV partner. So when you speak of 'clues', are they just the most recent ones?
4. There wasn't a lot of clues re the extraordinary real estate foray ... Forgive me for not embracing the obvious 'clues' from green tea leaves.
5. By the time they part with the A$23m, even in this dour market I suspect they will have amounted that multiple times. If UG mining needs A$100m, by all means set that aside. But setting all of the A$500m (...now likely closer to A$600m ...) ... hmmmm, Really?

Sorry @Whisky49, I'm not sure today's announcement is consistent with what a reasonable person would have expected. There is no amount of lipstick that will make today's decree attractive!