OC Board Declares Shareholder Dividend

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OC Board Declares Shareholder Dividend

WAINWRIGHT, AK — The Olgoonik Corporation Board of Directors (BOD) declared a 2020 shareholder dividend, payable through the Olgoonik Settlement Trust, at the quarterly meeting on March 24, 2020. In declaring a $15/share dividend by a resolution that received full support from every Board member, the BOD made special mention of COVID-19 impacts on Olgoonik’s shareholder community.

The BOD adopted a dividend policy in 2019 that uses a revenue-based formula to determine a sustainable dividend amount each year. Based on averaged revenue from 2017, 2018, and 2019, the dividend policy formula would have set the 2020 dividend at $13/share. Through member discussion and consensus, the following statements were added to the 2020 dividend resolution to justify the increase from $13/share to $15/share:

WHEREAS, the Board of Directors recognizes that shareholders may need additional funds to bear the costs of exigencies created by the 2020 pandemic associated with the coronavirus; and

WHEREAS, the Board of Directors remains committed to maintaining Olgoonik Corporations financial health and to mitigate the effects upon its shareholder of totally unforeseen circumstances such as the coronavirus pandemic of 2020.

The 2020 dividend details are available in this Dividend Announcement Flyer and our staff has addressed some shareholder questions in this Dividend FAQ. We are working hard as a corporation to protect the health of our employees and our shareholders during this pandemic, so we are asking shareholders to complete online Change of Address forms and Direct Deposit forms rather than make in-person visits to our offices. Our staff are still available by phone and email to answer questions and assist. Email ocstock@olgoonik.com with your dividend questions or call 907-763-2989. Our offices receive a lot of calls this time of year, so please be patient and leave a message. Plan to include a good call-back phone number in your messages and on your forms so our dedicated staff can follow up.