MGX Chart/Technical Analysis, page-317

"Or am I wrong there?"
YES

Not everybody pays tax on dividends. SMSFs who are very large investors don't pay tax when members are in pension stage, those in accumulation stage only pay 15%.
No dividend this next financial reporting season and my two SMSFs will definitely be dumping MGX and invest in shares like AMC that pay 5% dividends consistently.
MGX needs to pay 2c/share to make the share worth holding.
There will be no capital gain in MGX if management fail to pay dividends, GRR is a better bet overall, the Chinese are definitely better at managing companies. It seems Aussie management only care at feeding themselves from the trough.