Sealaska’s board of directors approved a distribution totaling $23.71 million to be issued on Tuesday, March 31, 2020. The distribution includes payments from operations ($5.9 million) and the Marjorie V. Young (MVY) Shareholder Permanent Fund ($2.4 million).
The board also made the decision to hold community meetings online in May 2020. This decision is based on guidance from health authorities asking everyone to demonstrate social distancing. The safety and well-being of our employees and shareholders, especially our Elders, remains our top priority and we will continue to evaluate the situation and take additional actions as necessary. The annual meeting originally scheduled for Angoon in June will now be a virtual meeting online.
The decision to move the distribution payment date up by 17 days was made in light of the economic crisis and to provide some level of financial relief for shareholders who are impacted by the downturn in the economy as a result of the coronavirus (COVID-19).
“The board took decisive action to move up the distribution date,” said Joe Nelson, Sealaska board chair. “We believe it is a necessary step to help alleviate some of the pressure our people are facing during this time.”
“The company’s performance over the past several years with our growth in profit and the success of our businesses has given us the ability to make this distribution in this moment,” said Anthony Mallott, president and CEO. “We want our shareholders to know that we are focused on maintaining the continuity of our business during this crisis and will continue to explore ways we can support our communities during these challenging times.”
The following chart shows the history of dividend payments from operations and the MVY permanent fund by fiscal year.
All Sealaska shareholders will receive a spring dividend payment that includes:
- $2.35 per share payment from Sealaska operations
- $0.97 per share payment from the Marjorie V. Young Shareholder Permanent Fund
Elders who have Class E stock will also receive a distribution payment of $3.32 per share in addition to original shares.
The 2020 spring distribution also includes an ANCSA Section 7(i) payment of $9.74 per share to Urban and At-Large shareholders. The distribution also includes a $4.2 million routed to village corporations as part of the ANCSA Section 7(j) revenue sharing fund.
If you need to update your records or make changes to your stock, gift stock, or update your address or banking information, please visit MySealaska.com. You can also contact the Sealaska Shareholder Relations team directly at email@example.com or 1.800.848.5921.
Spring 2020 Distribution Schedule for Shareholders
- Friday, March 20, 2020: The Record Date is the last day to make changes to stock, gift stock, enroll, process estates or transfer shares by 4 p.m. AKDT.
- Thursday, March 26, 2020: This is the last day to change shareholder banking or mailing information. Update information on MySealaska.com by 11:59 p.m. AKDT.
- Tuesday, March 31, 2020: Distribution occurs.