Fall 2008 Distribution Announced
November 15, 2008
The Sealaska Board of Directors has approved a distribution that
will be paid to shareholders on December 5, 2008, based on earnings
from operations, the Permanent Fund and from Section 7(i) revenues.
A $10.46 per share distribution will be sent to Urban and At-Large
shareholders, and $1.61 per share will be sent to Village, descendant
and Leftout shareholders.
"While future market returns are uncertain in the face of
the economic downturn, we have minimized our losses through the
structure of our investments," said Sealaska Board Chair
Albert Kookesh. "Essentially, the market is down significantly
but due to our out-performance our losses have not been as severe
as other corporations with similar portfolios."
"We do anticipate year-end losses at Sealaska due to recessionary
economic conditions," said Sealaska President and CEO Chris
E. McNeil, Jr. "Sealaska is strong financially and has
strong leadership and I am confident we will weather this difficult
economic condition. Our ability to continue distributions in
down markets illustrates our careful management of the Permanent
Fund and the importance of section 7(i) distributions."
In June 2007, Sealaska shareholders voted to enroll descendants
and Leftouts into the Corporation, thereby creating two new classes
of stock. Enrolled descendants will receive $1.61 per share
of Class D stock and Leftouts will receive $1.61 per share of
Class L stock. These two new classes of stock receive dividend
benefits but do not receive ANCSA Section 7(j) revenue sharing
According to Kookesh, the distribution will consist of a $1.61
per share dividend from operations and the Permanent Fund. A
$8.85 per share ANCSA Section 7(i) revenue sharing payment will
also be made at the same time to Urban and At-Large shareholders
(Class B and C, respectively). Additionally, the payment of
$8.85 per share is paid to Village Corporations in Southeast
Alaska, which, in turn, have the option to retain such Section
7(j) funds for Village Corporation investment or to distribute
pro rata to Village Corporation shareholders. This 7(j) payment
results from CIRI, ASRC and Sealaska resource development.
If you are a village shareholder please contact your village
corporation with any questions about ANSCA
Section 7 (j) monies.
The record date of the dividend is November 21, 2008 and direct
deposit and mail checks will be issued on
December 5, 2008.
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An Alaska Native corporation weaving business with culture for
the benefit of shareholders, the communities it operates in and
the environment. Formed under federal law in 1971, Sealaska is
owned by nearly 20,000 tribal member shareholders of Tlingit,
Haida and Tsimshian descent.
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