Unfortunately the BOD is probably legally doing just enough to...

Unfortunately the BOD is probably legally doing just enough to ensure that a minority oppression action would fail. They would be able to prove that they are selling pellets to Shagang on the same terms and conditions as other customers. They would be able to prove that the main business of the Company is run efficiently and to the equal economic benefit of all shareholders. They can point to regular dividends being paid to all shareholders when the commodity price allows the operation to be profitable. There are no Management fees or the like being paid to Shagang.
They claim that they have the appropriate number of independent Directors and it would be difficult to prove otherwise.
We all know that if we had a totally independent BOD and CEO that could promote and converse with Australian analysts and make professional decisions on the cash pile, then this share price discount would dissipate to the benefit of all shareholders but can't see the legal system helping in that regard.
I also don't see why Shagang wouldn't be able to buy the same pellets on the same terms from Vale, so I can't see the benefit for them in holding a controlling stake in Grange which at the end of the day is a small supplier on the world stage.