CIRI’s dividend policy states that the total CIRI dividend payment to shareholders in any given year is equal to 3.25 percent of the total shareholders’ equity, calculated as of Dec. 31 of the prior year. 2009 dividend amounts will likely be calculated shortly before the date of record for the first quarter dividend distribution, which generally falls within the last two weeks of March.
As the first step in the process, the company’s 2008 accounting books must be “closed” (i.e., all 2008 expenses and income must be received and either paid or properly accounted for). As the next step, the Accounting and Finance Department will prepare CIRI’s 2008 financial statements, after which the independent accounting firm retained to review CIRI’s financial statements must complete its audit and “sign off” on those statements. This process will determine CIRI’s shareholders’ equity upon which the 2009 dividends will be based.
As in the past, once the Board declares a dividend, shareholders will be notified via the newsletter, CIRI’s website and the dividend hotline, which can be accessed by dialing (907) 263-5100 in Anchorage or toll-free outside of Anchorage by dialing 1 800-764-2435 (CHEK). Once calculated, a table containing the dates and amounts for each type of payment CIRI expects to issue to shareholders in 2009 will be published in the newsletter and posted on CIRI’s website.