well, they needed the cash from the sale of their casino business to pay off the investment into Burger King. Since the casino sale was blocked by the competition tribunal, they are in a bit of a period of uncertainty. I guess they had to scale back their expectation on the Burger King rollout, and are a bit over extended, I think. So prudent strategy is to preserve cash until they can get this unfortunate mess sorted. I like these types of companies (for investments - I deplore BEE) - they have access to cheap capital and SA Incorporated is kind of compelled by law to sell to them. In GPL's case though, these guys are stepping out of the comfort zone of investment holdings into the realm of building a large scale business from scratch. Kudos to them if they pull it off!
Good answer Skaaptjop. This my largest holding and i follow it very closely, so agree with everything you say. On a technical level though i think they are waiting for the second phase of the slots sale to be unconditionally approved, and perhaps for the money to be in the bank before declaring a dividend, hopefully still this year!