Valuation, page-9

Grange has never stated in any documents the 25% of FCF for dividends as policy.
The 25% payout was related to some shareholders over the years as they had an internal policy of paying 25% of FCF for dividends.
Grange can change this at will, just like the 10c at Xmas and 10c at March.
Grange will keep as much money in the kitty as they deem fit for a buffer as well as for projects.
Last year I was told that the money in the bank belongs to shareholders and it would be used for shareholder benefit. Whether it would be for dividends, new projects like the underground block caving or Southdown development.
The 25% payout of FCF is an indication only and it could be up or down depending on the situation. In my discussions they have no intention of changing the policy so just be happy withever the payment as the money won't be wasted like the previous real estate fiasco. They've learnt their lesson.
I'd doubt whether 10c is paid in Sept, more likely 4c or 5c judging on present pellet prices.