Ann: Profit Results for FY2017 and Declaration of Final Dividend, page-9

OK, a quick history lesson:

MGX's cash position for the last few years:
2010 $347M
2011 $403M
2012 $293M
2013 $376M
2014 $520M
2015 $334M
2016 $400M
2017 $447M

During this period, their SP retreated. MGX LOST its premium to its cash holding because of increasing risk (low IOP and depleting resources). Their SP undershoot to cash backing is not something that will be easily corrected. Thinking they're in some "golden age" is obvious rot: they have always been miserly div payers and have always horded cash. They may or may not gat back to cash backing, but it wont be their cash holding that will do it - it will be a perceived lowering of risk in the IO market. Pretty simple.