Maybe we do have to agree to disagree. I think we both agree on...

Maybe we do have to agree to disagree. I think we both agree on value of GRR, there is no doubt about it, infact, I personally believe keeping with 2c is prudent (and still a relatively good yield compared to other companies). I also agree that GRR will continue and fill its coffers with cash where it will have potentially a negative EV.

The thing you are assuming is that dividends will continue at 2c and that the company will run smoothly and ethically with no risk or shannanigans (like buying property ‍♂️). If there was 100% guarantee that this would happen, I would mortgage my entire house at 1.9% and put on GRR to add to my holdings at circa 50s - again, on paper it is great value.

However, whilst they have a long track record of paying, you have to ask yourself whether you are 100% happy with how management have communicated and managed the company - ultimately do you trust them to do the right thing by ALL shareholders.

Trust comes from strong, transparent and frequent communication PLUS capability PLUS alignment in interest. I have no reason to believe management isnt capable, but when it comes to communication they get an F. I also believe they are not aligned to all shareholders and to the retail shareholders in particular - they are only aligned to the biggest shareholder, Shagang.

Shagang does not care about share price or divs, they care about consistent supply of premium IO.

So whilst cash could pile up, what happens if tomorrow the board makes decisions such as stop/reduce divs, buy more property or other wealth destroying tactics? How do you stress test it? In that situation, cash would not translate to SP growth or to div growth. It happened before and could happen again. Without trust, come speculation = no real floor to SP despite cash backing.

As you mentioned only time will tell, but from risk/reward perspective i personally see mostly risk and unknown with very limited upside. The 50c "support" was much more attractive when IO price was on way up and when many holders had expectations divs would increase to share the profits. As mentioned before im still holding the bit that i didnt sell and am still in the green (going down by the day), but am in no rush to buy. I wouldn't be surprised if it breaks the 50c support zone just like it did the 60s support zone and go into the 40s