Likely because majority shareholder not trusted by instos. Recent opacity of changes in substantial shareholdings is a case in point.
Also, strategy is unfocused (eg property investment? what for? Better to increase the divy as you say; and underground mining / Southdown both seem over ambitious IMHO.)
I don't get the sense management spends a lot of effort promoting the investment case to instos either - I may be wrong on this.
It's a pity as this is a pretty unique investment proposition particularly in the current market where pellet attracts a premium and there are few other producers of high grade iron ore on the ASX (Rio, BHP - who else? MGX not yet). A cash and divy machine, deserves a better rating.
premium Iron ore pellets hit US$165.26/tonne, page-34
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