Doyon, Limited Declares Trust Contribution and Announces a Non-taxable Cash Distribution of $5.44 Per Unit (Per Share)
Today the Doyon, Limited board declared a contribution to the Doyon Settlement Trust, for distribution to shareholders.
The Doyon Settlement Trustees approved a total non-taxable cash distribution from the Doyon Settlement Trust (DST) of $21.9 million dollars on November 16, 2019 at their annual trustee meeting in Fairbanks. Due to the establishment of the trust and the annual meeting of the DST in November, Doyon expects to announce distribution amounts annually in November.
Doyon shareholders adopted the Doyon Settlement Trust on November 16, 2018 in a special meeting of shareholders. These trusts are organized under ANCSA to promote the health, education and welfare of beneficiaries, to preserve the heritage and culture of Alaska Natives, and to make distributions to DST beneficiaries.
The DST will issue a non-taxable trust distribution in the amount of $5.44 per unit, or $544.00 per 100 units to Doyon shareholders, who are beneficiaries of the DST on December 5, 2019. A second non-taxable trust distribution, also in the amount of $5.44 per unit, or $544.00 per 100 units to trust beneficiaries will be paid out in July 2020. These two distributions will provide a total distribution of $10.88 per share based on FY2019 performance.
The trust distribution reflects the 33rd consecutive year of profitability in the history of Doyon, Limited. Aaron M. Schutt, President and CEO of Doyon, Limited states, “The distribution is changing to two times per year to reflect the projected growth in our operating companies and the expected growth in the size of the Doyon distribution.”