Still trading at Disc to Cash. Why?, page-368

"spoken to the company about the detail. I can tell you I have on many occasions, speaking to current and previous CFO and chairman ( woman ) it's easy to paint the simplistic picture that you do above from the comfort of an arm chair but you fail to discuss the costs to produce the widgets was almost twice as high 3 years ago"

Firstly, must confess that I have not spoken to any member of GRR staff. Nor will I. In the past I have spoken to company secretaries and even the odd Director of listed companies, but found it as useful as an ashtray on a motor bike. They were never prepared or, to be fair they claimed, able to answer my questions or divulge information due to disclosure or other rules/laws. Funnily enough they were always able to tell me where and how to make payments when participating in an IPO or Share Placement or no problem telling where & when the next AGM was.

The price for GRR to produce IO pellets was almost twice as high 3 years ago? OK if you say so. Don't recall ever questioning the cost to produce IO pellets and thus, therefore and hence I've not discussed it. So to be clear, as I contemplate the picture from the comfort of my armchair, I do not question...
•why IO price has dropped.
•why margins dropped
•why profits dropped
•the cost to produce IO pellets
•why sp has dropped
•why CAB has dropped
•management's efforts to conserve cash

I well and truly understand the IO price dropped dramatically and subsequently the entire IO market was adversely affected.

But even my armchair can't understand why GRR sp is still trading below Cash backing for almost two years and why there is seemingly no attempt (of any kind) to counter this. I know you've advised to wait another 6 months, but I reckon nearly 2 years already is enough waiting.
***