Sealaska board approves shareholder payments

Posted: Sunday, October 31, 2010

The Sealaska Board of Directors approved distributions to tribal member shareholders at its Friday meeting. These distributions will be administered on Dec. 3, approximately, according to a press release.

This distribution is based on earnings from operations, the Marjorie V. Young Shareholder Permanent Fund and the Alaska Native Claims Settlement Act section 7(i) payments.

The release states that dividends from the Marjorie V. Young Permanent Fund will be based on a percent of market value of the fund balance, calculated to be a dividend of 40 cents per share.

The release also states 35 percent of the corporation's 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 divided of 80 cents per share. A $4.57 per share 7(i) revenue sharing payment will be made in addition to the operations and permanent fund dividends.

"The December distribution approved by the board will infuse millions into the Southeast economy," Sealaska Chairman Albert Kookesh said in the release. "Sealaska continues to grow as a company, but we also carefully govern our assets to ensure sustainability."

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