The CIRI Board of Directors adopted an equity-based dividend policy in 2007 stating that the total CIRI dividend payment to shareholders in any given year shall equal 3.5% of the total shareholders’ equity, calculated as of Dec. 31 of the prior year, and shall be distributed in four quarterly payments, with the first three dividends equal to approximately 24% of the total distribution and the fourth quarter dividend equal to approximately 28% of the total distribution.
In June 2019, CIRI shareholders voted to approve the creation of the CIRI Settlement Trust (CST). Shortly thereafter, in August 2019, the CIRI Board of Directors rescinded the dividend policy and approved contributing the amounts that CIRI would have issued as dividends in the third and fourth quarters of 2019 to the CST Distribution Fund. The CST trustees agreed to distribute the contributed amounts to CST beneficiaries who are shareholders of CIRI on the record dates previously established for those dividends.
Thereafter, starting in 2020, until and unless otherwise ordered or modified by the Board of Directors, CIRI shall annually contribute 3.5% of the previous year’s ending shareholders’ equity balance attributable to CIRI to the Distribution Fund of the CST. As with the prior dividend policy, this contribution shall 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. Each such contribution shall be designated for payment to the CST Distribution Fund for distribution to the beneficiaries who are CIRI shareholders.
Information about CST distributions will be announced in the Raven’s Circle newsletter, via e-mailed announcements and on this website. Shareholders can also receive the most current distribution information by calling the distribution hotline at 263-5100 or toll-free at (800) 764-2435.