Last summer, the CIRI Board of Directors declared a special dividend of $50 per share ($5,000 per 100 shares), with the understanding that it would consider an additional special dividend after further consideration of CIRI’s five-year strategic plan, including amounts which might be needed for near-term investment opportunities.

Last month, the CIRI Board of Directors and management met to discuss and draft a five-year strategic business plan to contemplate new investments for future growth of the company. At this same meeting, after extensive discussion, the Board chose not to pursue a large investment opportunity in a new line of business.

In addition, MidAmerican Energy Holdings Company, with whom CIRI planned to partner with in the proposed development of a trans-Alaska natural gas pipeline, withdrew its application to build the line. Because these actions reduced the amount of cash earmarked for immediate investment, it was determined CIRI had sufficient capital to: (1) pay taxes, (2) meet CIRI’s commitments, (3) make prudent investments for the future, and (4) pay an additional special dividend to shareholders.

With this in mind, CIRI management recommended that the Board of Directors declare a special dividend of $87.75 per share, or $8,775.00 per 100 shares, for a total distribution of $55,089,450. The Board agreed with the recommendation and distributed the special dividend on April 9, which was in addition to a first quarter dividend of $7 per share, or $700 per 100 shares, distributed on March 31.

“The accomplishments over the past five years have been extraordinary, and we have been able to deliver an unprecedented amount of equity to our shareholders. Throughout this period, our goal has been to maximize amounts paid to our shareholders, without harming the long-term interests of your company,” said CIRI President and Chief Executive Officer Carl Marrs.

Total distributions, which includes payments in the form of dividends and return of capital, to shareholders since the corporation’s inception are $801,861,961 ($127,725.70 per 100 shares). Of this amount, $594,292,617 ($94,662.73 per 100 shares) has been paid out over the last five years and $313,900,000 ($50,000 per 100 shares) was tax-free. This amount does not include $19,525,277 paid to or set aside for elders in the last four years.