Ann: Dividend/Distribution - GRR, page-48

The GRR Management decision 3 years ago to invest shareholders profit in a JV on ROC property development was arguably not in shareholders best interests. In-fact GRR communicated that there was no requirement to consult shareholders on the spend, they believed SH needed to have "patience" and trust.

The most recent 2021 befuddle (obviously before todays announcement) was the paltry dividend of 4c after record profits. Arguably those noisy SH on the paltry divy may well have helped management decide to do the right thing and honour their divy return plan of up to 25 % of profit.

I wouldn't go as far as saying shareholders that sold out are silly but if they felt they lacked trust, they may well have felt that didn't trust.

If your a long term holder your profits have been consistently used on mine development, legacy issues like the SDTSF, UG drilling program, Crushers, Mill upgrades.....SD studies (DFS 2012 !), the ROC property experiment and none of this appeared to increase tonnage beyond 2.5Mt so perhaps some frustration krept in and some sold. Recent SH probably have no experience that matches having skin in this game for a decade and they may well given the last years performance give an A1 to management.

The last years performance is outstanding but if you want to make good money on GRR then you have to have more than patience but stubbornly HOLD even when everyone says get out and things wont improve.

Im supportive of the GRR decision today and trust it'll restore faith and the SP to a realistic value of over $1 IMO eventually