GRR's current dividend policy not transparent. I note in FMG...

GRR's current dividend policy not transparent. I note in FMG presentation today (ASX announcement) that its FY18 Guidance that Dividend Policy for full year would be 50-80% of NPAT. FMG Half year FHY18 actual dividend was 40% NPAT payout and FMG has significant debt/gearing and lower grade products (not premium pellets). As GRR has significant cash reserves + profit and cash flow outlook strong and no debt if GRR was to payout 40% of NPAT similar to FMG policy then IMO the Sept 2018 interim / half year dividend would be $0.02 per share franked and at 60% a $2.5c dividend could be declared when half year results are announced.

I over the last 8 months, I've written to GRR Chair several times about updating its Dividend Policy and Capital Management plans. The $0.02 interim dividend should be a done deal but this Board is not rationale and or communicative IMO.