Doyon Pushes Distribution To Help Pandemic
Doyon, Limited is releasing a dividend early this spring to get money into the hands of shareholders impacted by the economic crisis related to the COVID-19 pandemic.
On Saturday, the board of trustees approved pushing the distribution up by a month to provide relief to families during the economic crisis. Here is a graphic on how the distribution works: https://www.doyon.com/wp-content/uploads/2020/04/1.jpg
Cheyena Kuplak with Doyon says the distribution originally scheduled for July will now go out in June.
Doyon, Limited was set up by the 1971 Alaska Native Claims Settlement Act, and as a for-profit Native Corporation, it distributes dividends to shareholders. Starting in 2018, shareholders adopted the Doyon Settlement Trust as the financial vehicle for those distributions. The annual amount per share has been slowly going up in recent years, and the 2019 value is $10.88 per share.
Kuplak says shareholders should update their records today so they can receive the money without any hiccups.
Doyon wants shareholders to make sure their records such as direct deposit, application and address changes, are updated by May 12. The company has adapted to the pandemic with a staggered shift schedule so employees can avoid physically interacting with each other, and Shareholders updating information could email email@example.com or by call the corporation at 907-459-2040.
Doyon, Limited makes its money through oilfield services, government contracting, and tourism, is also the largest private landowner in Alaska. Doyon has 20,100 shareholders, most of whom live in Interior Alaska. The purpose of the Doyon Settlement Trusts is to promote the health, education and welfare of beneficiaries, to preserve the heritage and culture of Alaska Natives.