wild backside guess.. historically been around this time of the...

wild backside guess.. historically been around this time of the month and often wednesday / thursday. Not point holding over.

wild card is has the stdsf been completed. that will lighten up capex ... to the tune of around $3 ~ $4m / qtr... if so, put that in the "I must reward the shareholders bucket.

Otherwise, my take is capex is fairly shallow ... certainly not $170m deep. moreover, push by china re smog equates to increase demand for higher grade (Fe) pellets ... revenue looks positive ahead so more comfort in margins ahead. academic what major shareholder thinks so long as he keeps paying fair value .

25% payout ration is low i think.

grr will get dumped on divi announcement ... but if 2c dividend some will be inclined to hold so modest dump. At 1c then some more dumping but with an EV somewhere around sub $100m churning out EBIT of about $70m (and cash of about that number) into a price favourable commodity market ... my take is the soft side looks pretty firm IMO!

have a great day!