SD is just being used as an excuse to hold on to the cash from what I see.
Really..the company doesn't need an excuse for holding onto cash it makes its decisions based on what they think is best for the long term future of the company not individual shareholders... there is no gain for Shangang or GRR for holding more cash than they think is prudent , they may reach that point this quarter or next , but eventually whats considered excess will get returned to shareholders either by increased dividends, special dividend , a share buy back or a combination...
Cheers Whisky
Grange's Iron ore pellets at A$427/tonne, page-86
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