The Olgoonik Corporation Board of Directors (BOD) declared a 2023 shareholder dividend, payable through the Olgoonik Settlement Trust, at the quarterly meeting on March 23, 2023. The BOD supported a $6.50/share dividend, as calculated by Olgoonik’s dividend policy.
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 2023 dividend at $6.06/share. The BOD passed a resolution setting the dividend at $6.50/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 most recent Heirship Committee meeting on March 1, 2023, OC welcomed 299 new Class B shareholders, bringing our living shareholder total to 1,585. So, while the dividend policy sets the guidelines for total distribution based on average revenue 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 2023 dividend details are available in this Dividend Announcement Flyer and our staff has addressed some shareholder questions in this Dividend FAQ. We encourage shareholders to complete online Change of Address forms and Direct Deposit forms whenever possible, but information received by April 5 will be used for processing. Like previous years, we will continue to accept high-quality cell phone photos of printed and completed forms to help expedite form submission. As a faster method, Shareholders are encouraged to submit 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.