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April 2013 Sealaska Distribution Approved by Directors

The Sealaska board of directors at the regular March 29, 2013 meeting declared a spring distribution to tribal member shareholders to be paid on or about April 12, 2013. The April 2013 distribution represents more than $12 million to tribal member shareholders and Southeast village corporations. Combined with the December 2012 distribution, Sealaska will pay out more than $24 million to shareholders for fiscal year 2012.

“I’m very happy Sealaska is able to provide distributions consistently to tribal member shareholders over the years,” said Sealaska Chair Albert Kookesh. “The economic impact of the April 2013 distribution to Southeast and Alaska’s economy is huge. I hope leaders across the state take note that Sealaska is a major contributor to Alaska’s economy as a result of Sealaska shareholders who continue to live at home.”

“The board-approved distribution is one meaningful benefit that Sealaska provides to shareholders and communities,” said Sealaska Finance Committee Chair Joe Nelson. “For example, each year we provide more than $300,000 in higher education scholarships, our profits support the internship program, and soon we will be breaking ground on the Walter Soboleff Center in downtown Juneau, Alaska.”

The April 2013 distribution includes payments from ANCSA Section 7(i) revenue sharing. Under Section 7(i), regional Native corporations like Sealaska are required to share 70 percent of their resource revenues from ANCSA lands with the other ANCSA corporations, according to Sealaska President and CEO Chris McNeil Jr. “Sealaska’s timber program funneled more than  $300 million to 7(i) during the early years of ANCSA and now contributions are coming from NANA who is developing their resources. Section 7(i) of ANCSA is doing exactly what it was designed to do,” said McNeil. 

  Per Share
 $ Amount Per 100 Shares
Urban and At-Large Shareholders
 $ 6.98 $ 698
Elder Urban and At-Large Shareholders $ 8.52 $ 852
Non-Elder Village and Leftout Shareholders
 $ 1.54 $ 154
Elder Village and Leftout Shareholders
 $ 3.08 $ 308
Descendant Shareholders 
 $ 1.54 $ 154
                 
  • Dividends from the Marjorie V. Young Permanent Fund are based on a percent of market value (POMV) of the fund balance. Based on the POMV calculation, the 2013 April dividend will be $0.54 per share.
  • Sealaska policy states that 35 percent of the corporation consolidated net earnings averaged over five years, minus earnings associated with the Marjorie V. Young Permanent Fund, may be paid annually in two installments. The distribution includes an operations dividend of $1.00 per share.
  • In addition to operations and the Marjorie V. Young Permanent Fund dividends, a $5.44 per share ANCSA Section 7(i) revenue sharing payment will be made.
The record date for the April distribution is March 29, 2013. The record date is when Sealaska closes its shareholder register from any changes. It is critical to have shareholder information updated with the Shareholder Records Department before any record date.

View full press release.

 

 
Copyright 2013 Sealaska
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