GRR Valuation, page-378

Dividends are not the issue. The issue is whether the board is using company money well. That is the key question for Grange to assess the board by.

Totally agree Greatone , now GRR are in possession of a considerable and increasing amount of cash it will be interesting to see how they use it, but growth and a higher MC is essential for any business if it wants to attract institutions and bigger players, hence a higher average PE.

The current operations are close to reaching their limits in terms of production and cost cutting and the amount of expenditure required to achieve that are minimal.

I think SD's time has finally arrived , a project that in the past would have burdened GRR with a lot of debt if it they wished to retain a reasonable WI and was probably a bridge too far in terms of risk , has now quite suddenly become a realistic opportunity with more options for how it could be achieved.

Cheers Whisky