Special Meeting of Shareholders this Month
On November 16, 2018, Doyon, Limited will hold a special meeting of shareholders to vote on whether to create the Doyon Settlement Trust under the Alaska Native Claims Settlement Act (ANCSA). Proxy materials were mailed to shareholders on September 25, 2018. Doyon shareholders are requested to vote YES to establish the Doyon Settlement Trust.
A settlement trust is organized under the provisions of ANCSA and Alaska state law to provide certain benefits to the shareholders of a specific Alaska Native corporation. The purpose is to promote the health, education and welfare of the beneficiaries, and to preserve the heritage and culture of Alaska Natives. A settlement trust accomplishes its purpose by making distributions to its beneficiaries.
Individuals who own shares of Doyon stock will be beneficiaries for as long as they own Doyon stock. The Trust permits Doyon Settlement Trust (DST) Distributions, Potlatch Distributions and other potential future distributions.
DST Distributions are cash distributions to the Trust’s primary beneficiaries (i.e., Doyon shareholders) based upon the number of Doyon shares owned by each beneficiary. The DST Distribution is expected to replace Doyon’s dividends to its shareholders. Distributions from the DST will not be taxable to beneficiaries (shareholders). Doyon dividends are taxable today.
Potlatch Distributions will replace the potlatch payments currently paid by Doyon. The eligibility and disbursement requirements will remain the same.
Potential future distributions are future benefits that may be created to benefit primary beneficiaries (shareholders) and children of original enrollees of Doyon (Class A and B shareholders). The Trust is flexible and allows the Trustees (Doyon’s board of directors), at their discretion, to create additional distributions in the future.
The advantage of creating the Doyon Settlement Trust is that the distributions, in most cases, will not be taxable to its beneficiaries (shareholders of Doyon). Please note that the May 7(i) distributions that are paid to Doyon’s at-large shareholders (Class B) and village corporations cannot be paid out of the Doyon Settlement Trust and will continue to be taxable.
Doyon will be able to take a tax deduction for its contributions to the settlement trust, resulting in savings to the corporation. This could mean millions of dollars in savings for Doyon.
The Doyon board of directors requests that shareholders vote YES on ballot question #1 to establish the Trust as an ANCSA Settlement Trust.
To vote online using eProxy, go to https://eproxy.doyon.com. To log in, shareholders will need the last four digits of their Social Security number and their date of birth. On the eProxy site, shareholders will find a copy of the Trust Agreement, Notice of 2018 Special Meeting of Shareholders and Proxy Statement, frequently asked questions about the Doyon Settlement Trust, and videos.
Voting can also be done by paper proxy. Be sure to sign, date and return the proxy card using one of the following methods.
Scan and email: firstname.lastname@example.org
Mail: Inspector of Elections, C/O Cook & Haugeberg LLC CPAs, PO Box 60028, Fairbanks, AK, 99706-9985
Hand-deliver: Inspector of Elections, C/O Cook & Haugeberg LLC CPAs, 119 N Cushman Street, Suite 300, Fairbanks, AK 99701
Proxy deadline – November 13, 2018, at 5 p.m. AKST
Pre-registration – November 15, 2018; Chiefs Court, Doyon, Limited, 1 Doyon Place, Fairbanks, Alaska; 2 – 4 p.m.
Day-of-meeting registration – November 16, 2018; Westmark Fairbanks Hotel; 9 – 9:45 a.m.
Early bird prizes
Shareholders who submitted their paper proxy or eProxy by the appropriate deadline were entered to win early bird and special meeting prizes. Shareholders who voted by eProxy by the early bird deadline were eligible for all prizes.
Early bird prize winners:
1 – $2,500: Ann Bailey
2 – $1,500: Christina Frisby and Anthony Glazier
3 – $1,000: Hugh Demoski, Chaz Walker and Ava Vent
4 – $500: Amber Fields, Mary Carlo, Kaley Miller and Jesse Evans
6 – $250: Nathaniel Beach, Nolan Debler, Kimberly Maffei, Norma Knowx, Caleb Irwin and Travis Olin
10 eProxy prizes of $100 each: Michael Tanner, Donna Adams, Shirley Thompson, Ester McGinty, Jason Albert, Roger McCarty, Sr., Ivan Demientieff, Stanley Huntington, Megan Hosken and Leslie Jones
The winners of the early bird prize drawing were pulled from the names of the 5,900 shareholders who submitted their proxies by the early bird deadline of Friday, October 19, 2018, at 5 p.m. AKDT. The eProxy prize winners were pulled from the names of the 3,622 shareholders who voted online by the early bird deadline.
Special meeting prizes
Shareholders who vote by proxy or eProxy by the special meeting prize deadline on Tuesday, November 13, 2018, at 5 p.m. AKST are eligible for the special meeting prizes. Need not be present to win.
1 – $3,000
1 – $2,000
1 – $1,000
4 – $500
Shareholders unable to attend the special meeting in person may participate via webcast on the day of the meeting. To access the site, please visit www.doyon.com. The passcode is:
Doyon’s board requests that shareholders vote YES on the ballot question to establish the trust as an ANCSA Settlement Trust.