Yes - and I think the lessons learnt from the RE venture should...

Yes - and I think the lessons learnt from the RE venture should be considered.

Thing is that Grange does not have to do anything with the cash it has - it should be prepared to pass on more of the cash it is now making now to shareholders but there is nothing wrong with a large cash reserve. Having it does not mean that it needs to be spent.

Earnings are fantastic and should be able to fund very decent returns in way of dividends without upsetting cash accumulation - which I hope continues.

Grange is an specialised (maybe even boutique) IO pellet producer - the design works so we should let that continue. Constants are not a bad thing and GRR is at least a less risky proposition than most companies listed on the ASX. This is why most of us invest in GRR - we gamble with some of our other holdings.