Message to Shareholders
This month’s newsletter is packed with information and upcoming deadlines. We have a lot going on at Doyon, Limited as we just wrapped up our fiscal year 2017. A few of the projects Doyon staff is working on include preparing for the annual audit, the $6.18/share dividend distribution on December 5, and the upcoming annual meeting of shareholders in March 2018. We continue to closely monitor the Doyon Drilling Rig 26 design-build project, which is progressing on time and on budget. We expect the new rig to be operational in early 2020.
Northstar Wireless, a subsidiary of Doyon, Limited, was part of a recent decision by the U.S. Court of Appeals for the D.C. Circuit. The court reversed the Federal Communications Commission’s (FCC) decision and ruled in favor of Northstar Wireless, offering Northstar the opportunity to qualify as a designated entity and receive the bidding credits won in Auction 97. The court upheld the FCC’s initial denial of Northstar’s bidding credits, but decided Northstar should have had the opportunity to modify its agreements to comply with the established designated entity rules. In August 2015, after Auction 97 concluded, the FCC denied Northstar its designated entity bid credits. We look forward to working with the FCC to address their concerns.
This month, Doyon will provide all shareholders with information about the option to receive electronic delivery of Doyon’s annual report and proxy materials. Over the years, many shareholders have requested that Doyon deliver the annual report materials electronically. The elimination of having to print and mail the annual report packets for those who opt-in to the new program will save the company thousands of dollars. Look for more information about this initiative in this newsletter, and on our website and social media channels.
Doyon is a major stakeholder in the efforts by the federal government to update BLM land management plans. Doyon submitted comments, formally protested, and continues to raise concerns on the Eastern Interior Resource Management Plan, focusing specifically on the Fortymile subunit. We are also raising concerns with regard to proposed large expansions of Areas of Critical Environmental Concern in the Central Yukon and Bering Sea/Western Interior planning processes underway.
October is one of my favorite times of year working at Doyon. First, we have our annual Dialogue with Doyon meetings that take place in several of our villages. In addition, the Elders and Youth Conference, and the Alaska Federation of Natives convention take place this month. Both events provide me with the opportunity to see and visit with many of you. I enjoy having the opportunity to talk with you, share Doyon-related news and listen to your questions and concerns. If you have the opportunity, please stop by the pre-AFN shareholder reception on October 18 from 6 – 8 p.m. at the Hilton Anchorage Hotel.
I appreciate your continued support of Doyon and our employees.
Aaron M. Schutt
President & CEO