1. Yes - so you have a smaller pool of potential investors; they...

1. Yes - so you have a smaller pool of potential investors; they are also mostly thermal coal (used for energy, whereas metallurgical coal is used for steel), and some investors aren't allowed to invest in thermal, so you have an even smaller pool of potential investors
2. Yes - but (i) it should be liquid enough for retail investors who are long term e.g. $9m of stock changed hands today; (ii) many are uncomfortable with a Chinese majority owner, so you have an even smaller pool of potential investors; by this stage, most of the investors have ruled themselves out
3. No - they've been paying out at least 50%; of course, everyone wants more but that's another story
4. No - but it is possible and they've already suffered from royalty increases from first Queensland and second New South Wales in recent years

Related to 3 is capital management. People are scared they'll torch the cash on M&A, renewables and/or the boogeyman.