In holding back $800 million or so CSR appear to be doing a very...

In holding back $800 million or so CSR appear to be doing a very safe exercise. The cost of maintaining dividends in a company that has sold a $1.75 billion asset would be difficult otherwise.

The building business looks good for the future but remains cyclycal and cash is needed both to buy distressed assets and maintain a cash buffer.

After the final cash payment CSR may be worth just $1.15 to $1.25 a share and a maintained dividend would seriously jack up the return - considering the lower stock price to dividend paid.
So this alone, provided markets can see the retained dividend earned, then the stock price may eventually push on up again to around $1.30 to $1.40 (after final cash payment and not allowing for the reverse split).