Well, this company is completely unloved apart from its dividend...

Well, this company is completely unloved apart from its dividend and has been considered a high risk retail property developer on a negative track for several years. Retail property is not a good space to be in at present.
Probably the only profitable way out of this company is if there is a take-over but I would not get too excited.
It does indeed appear under-valued and although someone may be building up a stake, they need to bring the major shareholders on to their side.
Here are the top 20 shareholders from the Annual Report

Havannah Pty Limited 29,250,000 19.23%
Pacific Development Corporation Pty Limited 20,750,000 13.64%
HSBC Custody Nominees (Australia) Limited 12,084,433 7.94%
J P Morgan Nominees Australia Limited 11,366,248 7.47%
Citicorp Nominees Pty Limited 10,560,533 6.94%
National Nominees Limited 4,903,108 3.22%
Lloyds & Casanove Investment Partners Limited 4,000,000 2.63%
Sahba Abedian 3,657,510 2.40 SEIF PTY LIMITED 3,500,000 2.30%
Mr Sahba Abedian 3,245,032 2.13%
BNP Paribas Nominees Pty Ltd 3,147,964 2.07%
Rainham Pty Limited 2,821,875 1.86%
Citicorp Nominees Pty Limited 1,902,008 1.25%
BNP PARIBAS NOMS PTY LTD 1,739,236 1.14%
R & M Corporation Pty Ltd 1,103,125 0.73%
Mrs Julia Craike 912,296 0.60%
Mrs Anne Jamieson 853,000 0.56%
Ovens-Brown Pty Ltd 778,800 0.51%
BNP PARIBAS NOMINEES PYT LTD 733,445 0.48%
ABEDIAN SUPERANNUATION FUND PTY LTD 633,169 0.42%