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After CIRI shareholders approved the creation of the CIRI Settlement Trust (or CST) in 2019, the Board rescinded that dividend policy in favor of contributing the amounts that CIRI would have issued as dividends to the Distribution Fund of the CST, with the CST trustees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.
Since the creation of the CST in mid-2019, and 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. As with the prior dividend policy, this contribution will be made in four quarterly contributions, with the first three contributions equal to 24% of the total contribution and the fourth quarter contribution equal to 28% of the total contribution. For 2021, the CST Trustees approved payment dates of March 31, June 30, Sept. 30 and Dec. 9.
The Trustees have also approved the 2021 CIRI Settlement Trust Elders Fund distribution schedule, with payments scheduled for March 12, June 11, Sept. 10 and Dec. 10. CST beneficiaries who are original CIRI shareholders and are 65 years of age or older on the record date are eligible to receive the $450 payments, if they own at least one share of CIRI stock or gifted all of their CIRI stock to family members prior to July 31, 2003.
Distribution amounts are able to be calculated shortly before the date of record for the 2021 first quarter distribution, which generally falls in the last two weeks of March. CIRI will then prepare a table containing the amounts of each type of payment CIRI and the CST expect to issue to shareholders in 2021 and post it in Qenek. Distribution amounts and information will also be announced on the CIRI hotline, on ciri.com and in the March/April 2021 Raven’s Circle newsletter.