Yep, same here. That is why back then I was so surprised and the dividend out 100%. It made no sense to me that the company would not retain enough to at least have a stake that may provide for initial positive news flow from work on the next property (which has sounded like EL).
To sell off property of current work effort, then start with ballooned O/S and near zilch for treasury, back near square one on next property, as a business plan imo just sucks, or more politely is not a plan at all.
But, we know how bullheaded, listen to none others, etc. once struck by an idea, "strategy" or "plan" in some vision . . .