OC Board Declares 2024 Shareholder Dividend

OC Board Declares 2024 Shareholder Dividend

5/30/24 UPDATE — Dividends were scheduled for payment by June 7, but we will be mailing checks and initiating direct deposits on Friday, May 31, a week early! Please be patient as mail delivery and bank processing may take time. Now is a great time to sign up for www.myolgoonik.com to view your address and banking information. If you did not update it before the April 5 record date, you can also make changes there, though payment will be delayed. Linked below in the article is a Dividend FAQ and links to change of address forms, if needed. Thank you for your patience as we receive MANY phone calls this time of year and will do our best to keep up with calls and emails.

WAINWRIGHT, AK — The Olgoonik Corporation Board of Directors (BOD) declared a 2024 shareholder dividend, payable through the Olgoonik Settlement Trust, at the quarterly meeting on March 28, 2024. The BOD supported a $5.00/share dividend.

The BOD adopted a dividend policy in 2019 that uses a net income-based formula to determine a sustainable dividend amount each year. Based on the three-year average of net income from previous years, the dividend policy formula would have set the 2024 dividend at $3.87/share. The BOD passed a resolution setting the dividend at $5.00/share following member discussion.

OC shareholders voted to approve the issuance of an additional 50,000 shares of Class B stock in 2021, at the Annual Meeting. Between December 2021 through the March 2024 Heirship Committee meeting, OC has welcomed 360 new Class B shareholders, bringing our living shareholder total to 1,634. So, while the dividend policy sets the guidelines for total distribution based on average income from previous years, that amount is now shared with additional shareholders. As discussed with shareholders prior to the vote in 2021, the dividend dilution was expected with the addition of new shareholders to OC’s rolls.

The 2024 dividend details are available in this Dividend Announcement Flyer and our staff has addressed some shareholder questions in this Dividend FAQ.

NEW this year, shareholders are able to register for an account at MyOlgoonik.com where they can review and update their own address and banking information, as well as the information for their wards.
Shareholders may still complete online Change of Address forms and Direct Deposit forms if that is their preferred method for updates. Information received by April 5 will be used for dividend processing. As always, information can still be changed after April 5, but processing will be significantly delayed. Like previous years, we will continue to accept high-quality cell phone photos of printed and completed forms to help expedite form submission. Shareholders are encouraged to submit scanned or photo copies of all Direct Deposit and Change of Address forms by email to the email address printed on the forms. All Direct Deposit forms must be accompanied by proof of account ownership – typically a copy of a voided check.

If you need to visit the Wainwright office or Anchorage office for assistance, we ask that you please call ahead so we can ensure someone is on hand to coordinate that assistance. Our staff will be available by phone and email to answer questions and assist. Email OC Stock with your dividend questions or call 907-763-2989 or 907-562-8728. Our offices receive many calls this time of year, so please be patient and leave a message. Our Stock team is required to verify the identity of all shareholders who submit updated forms, so please be sure to include a good call-back number along with your forms and inquiries when you submit them electronically. Our staff will follow up for verification.