Still trading at Disc to Cash. Why?, page-4

Stan - I love this company but hate the stock if that makes any sense. The company is well cashed up, profitable, fairly well run (see implementation of two ball mills). has a premium product (magnetite pellets), a long history and mine life and offers excellent value given its trades below cash.

On the other hand the stock is controlled by scalpers who manipulate the price for the sake of a few cents every few months and never let it run. Furthermore the largest shareholder scares away institutions from investing as they know they will never get a say in the boardroom.

Ideally Shagang should either make a takeover for the company or get off the registrar so that the company can be run for all shareholders not just for it. Like MGX the share-price has been suppressed below cash because the largest shareholders won't allow management to utilise its cash effectively for capital management and operational purposes going forward. They seem to want to use it as a cashbox to store wealth outside of China.

I'd like to think protesting at the AGM or to ASIC would help, but it won't, so you'll just have to hope that management keeps increasing cash at a rate that will drag the share price up with it. Now that the refits have been done I can see GRR having over $200 million in less than 12 months provided the IO stays around where it is - so yes a climb into the mid teens is very possible but its a shame that's it not valued much higher than that - which is should be given its strong balance sheet and operating business.

GLTA/IMHO