SST Review Results

As required by the Huna Totem Corporation Shareholders Settlement Trust (Trust), the Board of Trustees completed its review of the Trust, current market conditions, and the opinions of unitholders. Accordingly, the Board of Trustees put forth before the unitholders the following Trust amendment to vote on:

A) A partial liquidation of the Huna Totem Corporation Shareholders Settlment Trust in the amount of one hundred dollars ($100) per unit, payable in two installments to unitholders of record as of October 12, 2019. One payment of fifty dollars ($50) per unit to be paid in November 2019 and one payment of fifty dollars ($50) per unit to be paid in March 2020 and,

B) A change in Section 7.2 of the Trust Agreement to change to the method of annual dividend calculations form a percentage of Net Cash Income to a Percentage of Market Value based upon a multiplier of two percent of (2%) of the total Trust Market value based on a five (5) - year rolling average of the market value of the Trust.

The following question was voted on by unitholders:

Do you favor a partial liquidation of the Huna Totem Corporation Shareholders Settlement Trust in the amount of one hundred dollars ($100) per unit, payable in two installments as referenced above; and, do you favor amending the language in section 7.2 to change the method annual dividend calculation from a net cash income basis to a percentage of market value based upon a multiplier of 2% of the total market value of the Trust based on a five (5) - year rolling average of the market value of the trust?

The Inspectors of Election Official Results:

64,216 Units voted YES
4,346 Units voted NO

An affirmative vote of greater than 66.66% of Class A Trust Units was reached, with a total voter turnout of 68,562 or 79.81%. The ballot question was APPROVED by a super majority of unitholders.

Moving forward, the Board of Trustees will petition the Superior Court for the State of Alaska to amend the Trust now that a super majority of unitholders has approved the amendment.

The first distribution of $50/unit is scheduled for 11/27. Checks will be mailed, and direct deposit accounts will be credited on Wednesday, November 27, 2019.
The second installment will be in March 2020, exact date to-be-determined.