Sealaska Distributes $30.4M to Shareholders in 2015
A December distribution totaling $17.5 million will bring Sealaska's yearly distributions to $30.4 million.
Sealaska is the largest of 13 Alaska Native Claims Settlement Act (ANCSA) regional corporations with more than 22,000 shareholders. Read more about how Sealaska distributions are calculated here.
“Sealaska is in a strong position to utilize investment capital to make new operational investments,” said Sealaska President and CEO Anthony Mallott in a press release. “This will add to our net income and help us reach our goal of profitability before ANCSA Section 7(i) and investment income. The executive team and board have taken deliberate steps during the last two years to focus on financial stability and show operational improvement.”
Mallot is Tlingit, Eagle, Tsaagweidí (Killerwhale) Clan, as well as Koyukon Athabascan, Caribou Clan. Mallot joined Sealaska in 2006 as its chief investment officer and treasurer; he assumed his role as president and CEO in June 2014. When he took over, Sealaska was in the midst of reworking its financial policies, with one goal being to provide more jobs and higher dividends to shareholders. Mallot is the son of former Sealaska CEO and long-time board member Byron Mallott, who is the 12th and current Lieutenant Governor of Alaska.
Sealaska creates economic value by building businesses, investments and partnerships driven by its sense of responsibility for preserving and enhancing Alaska Native culture, land and the capacity of Tlingit, Haida and Tsimshian people. The business follows strict investment criteria.
Sealaska Sources of Income:
Marjorie V. Young Permanent Fund — A source of strength for our corporation, providing shareholders with reliable dividends since 1987. The distribution policy uses a percent of market value (POMV). The fund is at approximately $100 million.
Sealaska Operations — Sealaska continues to close the operational gap since 2013, that loss will impact payments from operations until 2018.
ANCSA Section 7(i)/7(j) — A significant source of income, but commodity prices have declined resulting in expected lower 7(i) income over the next few years.
“The Board fully understands how important these distributions are to our shareholders and their families,” said Sealaska Board Chair Joe Nelson. “We are working diligently with management to grow the annual distribution through improved operating results, but we are also continuing to provide job, internship and scholarship opportunities on a regular basis.”
Sealaska shareholders are asked to make any necessary updates, such as address changes or direct deposit with Shareholder Relations by the November 20, 2015 record date. The Distribution date is December 3, 2015.
You need to be logged in in order to post comments
Please use the log in option at the bottom of this page