Grange's Iron ore pellets at A$427/tonne, page-96

Hi footmax. GRR isn't a share it's a company. It's shareholders are owners of a company. We will have to agree to disagree on it purely being valued by its dividend. If that was true the fmg share price would be much higher (higher dividend) and the CIA price would be lower (lower dividend). Actually all 3 companies (CIA, GRR, FMG) are valued wholisitcally factoring in earnings plus reinvestment. Grange can pay higher or lower dividends and that should only affect the share price at the margin. CIA pays no dividend but is reinvesting all cash into growth and the market accepts this. FMG pays a huge dividend and the market accepts this. All are legitimate decisions by the board.
I am a shareholder in CIA, GRR and FMG. I accept the CIA and FMG board decisions because I understand the logic behind the decision. I am concerned by GRR because I don't know what the board plans and in the absence of that clear plan I am worried they might do something silly and squander the money.