From The Arctic Sounder: Lower than expected revenues from oil and gas holdings and the Red Dog Mine contributed to a "perfect storm" of bad financial news for NANA Regional Corp. this year, preventing the giant Native corporation based in Northwest Alaska from paying out an annual fall dividend to its 13,300 shareholders.
For many in NANA's region and beyond, the absence of the yearly dividend is a huge blow to yearly incomes.
"In the villages where people are paying in the ballpark of $9 to $10 per gallon of gas and just below that in stove oil to heat their homes, it has a huge affect," said shareholder Paulette Schuerch. "The dividends have historically been paid in early December -- among other things this also gave us the opportunity to buy Christmas presents for family and friends."
Most shareholders have 100 to 200 shares each. ... So, depending on the household, some families will have to do without $10,000 or more this year.
NANA Chief Financial Officer Richard Headrick said NANA has made changes in policy that will "reduce the likelihood of no dividend" in future years.