First quarter payments from the CIRI Settlement Trust (CST) Distribution Fund, in the amount of $9.67 per share (or $967 per 100 shares), were mailed or directly deposited on Wednesday, March 31 to all CST beneficiaries who owned CIRI stock and had a valid mailing address on file with CIRI as of Monday, March 22.
Resource Revenue Distribution
For shareholders who owned at-large shares and had a valid mailing address on file, resource revenue payments of $14.6661 per share (or $1,466.61 per 100 shares) were mailed or directly deposited on Thursday, April 1. Resource revenue payments for shareholders who own village-class shares are mailed directly to their village corporations, as required by the Alaska Native Claims Settlement Act (ANCSA). Information on the type of stock owned is available in the Qenek portal. Resource revenue payments are made in accordance with Section 7(j) of ANCSA, which directs the sharing of resource revenues among the 12 regional corporations within the state of Alaska.
Other 2021 Distributions
The dividend policy adopted by the CIRI Board of Directors in 2007 set total CIRI dividend payments to shareholders in any given year at 3.5% of the total shareholders’ equity, calculated as of Dec. 31 of the prior year. After shareholders approved the creation of the CIRI Settlement Trust (CST) in 2019, the Board rescinded that dividend policy in favor of contributing the amounts that CIRI would have issued as dividends to the Distribution Fund of the CST, with the CST trustees agreeing to distribute the contributed amounts to CST beneficiaries who were shareholders of CIRI. Beginning in 2020, until and unless otherwise ordered or modified by the Board, CIRI will annually contribute 3.5% of the previous year’s ending shareholders’ equity balance to the Distribution Fund of the CIRI Settlement Trust.
We are pleased to announce that CIRI’s prior-year financial statements have been reviewed, and confirmed, allowing 2021 distribution amounts to be calculated. The below table has been prepared to assist shareholders with planning and contains the approved dates and amounts for all distributions expected to be issued in 2021. The table is also available in Qenek.