The Calista Corporation’s Board of Directors approved the first-ever Akilista Fund dividend with a total distribution of $1.62 million.
Calista has 12,900 shareholders and is one of the largest of the Alaska Native Corporations. The Calista region includes more than 6.5 million acres and 56 villages which have been incorporated into 46 individual village corporations.
Currently the total of shares for Calista is over $6 million. Communications manager for the Calista Corporation Thom Leonard says although the group has provided nine dividends to its shareholders, the Akilista fund is different.
“What’s different about the Akilista fund dividend is this is the first dividend from this investment fund.”
He says 20 years ago Calista set up an investment account to be able to save money while it grows—that way, the group could avoid significant financial dips that happen naturally in businesses.
“What Calista Board of Directors really wanted to do was have something that was more stable for our shareholders and perpetuity.”
The Akilista Fund dividend distribution equates to $1.22 per share. Leonard says this dividend is a lot like the state’s PDF.
“The Akilista fund was set up as a separate account if you will, an investment fund. The Akilista fund also has investments in the market. By targeted investments in a broad range of industries the Board and management have established a pretty stable and so far solidly performing market account for our shareholders.”
Meanwhile, Calista Corporation is set to begin public outreach in regards to a resolution that will be going in front of shareholders in 2015. This resolution would decide whether or not the organization wants to enroll descendants as shareholders. Only original shareholders or those who are gifted the original shares are allowed to own shares. This resolution would allow people like Leonard’s children to qualify for shares.
“And so until our next annual meeting next summer, we’re going to be out presenting information about what the effects would be in enrolling descendants. So this is based on shareholder feedback that they would like to see and now we’re going to spend the next eight months or so providing the information to shareholders.”
Calista will be looking at the impact of adding descendants and how much that will affect the payout. Checks from the Akilista Fund dividend are expected to be mailed by Friday, November 14th.