Ann: Dividend/Distribution - GRR, page-127

Cash backing is around 50c. Maybe it gets to there and maybe it doesn't. It's certainly getting very close. The point is it's very close and therefore the stock is not being valued fully.

Others in this forum have posted that the stock has hit cash value or very close to cash value at many points in history. Management is aware of this and has allowed the SP to remain in undervalued all this time.

Legally and ethically the role of the board is to maximise shareholder returns and the easiest way to do that right now is pay a fat 5-10c dividend and moon the stock straight to $1. Management are not maximising the share price. Indeed they have been neglecting it for several years.

Dividends do not need to stay at this high level forever. If IO falls significantly they can lower the dividend. This is exactly what will happen to other commodity producers that are currently paying record dividends. Everybody investing is aware those dividends are not sustainable. Regardless the current payout policy is so stingy they could easily pay 5c now and even when IO falls, if they were okay to increase payout, they could easily keep paying 5c even on a 200 AUD pellet price.