Sealaska directors approved a December distribution to shareholders totaling $17.5M. Total distributions in 2015 to Sealaska shareholders are $30.4M. Management continues to follow priorities outlined in the strategic plan including growing operations in relevant industries and creating a disciplined investment process.
“Sealaska is in a strong position to utilize investment capital to make new operational investments,” said Sealaska President and CEO Anthony Mallott. “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.”
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 $100M.
- 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.
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