The board though managing the business well have not been honest with their shareholders in giving no reasons for the miniscule 11% profits paid out as dividends .
This seems to breach their positions on dividends in the past .
Certainly in the short term the GRR share price will drop.
By comparison FEX has said that they will give 50% of profits if franking allows to shareholders.
That suggest with 49 m profit a dividend of up to 5 cents.
I have sold half mu Grange at 64.5 cents to move to FEX.
Certainly even a 2c FEX div.would be comparatively much more generous than Grange and hence likely to rise share price.
Ann: Dividend/Distribution - GRR, page-100
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