Ann: Quarterly Activities Report, page-12

No - I don’t believe it means “no” dividends. I believe it means he or his puppet master (LoL) have decided for the time being to spend up more and cross their fingers it pays out and in doing so, obviously try to keep the money-well at an acceptable level, given the IOP is not and probably won’t be for many years providing the lucrative profits it initially did to get the bank balance to where it sits today. So, in pursuing all that, they’re essentially flagging to the market and SH’s not to expect dividend ratios of the past…unfortunately…but it’s also a bonus because I know how much it’s going to bother Graham aka bookarelli.

Oh, and also I recall one of The Lock’s fanboys here mentioning the possibility of a transition in the dividend policy before anything like that was even remotely suggested publicly…so, when you couple that inside scoop with today’s official release, it becomes fairly clear dividends are not their priority anymore IMO.