you can only marvel at the market .... a few observations : 1....

you can only marvel at the market .... a few observations :

1. per the qrtly GRR had A$200.02m cash and receivables. Add a further A$38m re pellet stockpile and you could comfortably call around A$238m liquid assets. Not rubbish, not slow moving stock, not prepayments which might be recoverable... cold hard liquid assets. Two tenths of didley squat liabilities. So, on a simple basis that's 20.5cents per share. And today, it just might touch 16.5 cents per share ...

2. The directors up for re-election are independent directors. I see a few posts today looking for non re-election .... That logic is not obvious!

3. Besides 'KFC', someone mentioned franked dividends. I think franking credits are worthless internationally so that might explain why the dividends are very sticky downwards ....

4. Ok, so you want a positive. Because GRR reports to the mothership, SS China, the lions share of cash will be in US$. A simple calculation suggests that there will have been around A$8m foreign exchange gain since March 2018, all else equal...

Tough stock. If there resistance to dividends doesn't kill you, the surprises the board produces will certainly inflict some pain! But i'm an optimist (right up there with the Black Knoght in Search for the Holy Grail) .... at some stage somebody is going to notice that the till is overflowing and they'll run out of great new ways to hide cash .... surely???