Bristol Bay Native Corporation (BBNC) is pleased to present the results of the recent shareholder survey on descendant enrollment. More than 4,000 shareholders (44%) completed a survey, and we want to thank everyone who participated. Your opinions are very important to BBNC.
The survey provides BBNC important information that will be used to study the descendant enrollment issue in greater detail. BBNC is reviewing various options for structuring a potential descendant enrollment that would limit the effects of dilution – but it’s important for all shareholders to understand that with any new issuance of shares, some amount of dilution is likely unavoidable.
BBNC will continue to carefully study this important issue and its effects on the corporation and all shareholders. It’s also important to remember that just because this issue is being studied, doesn’t mean that BBNC is moving forward with descendant enrollment. Any issuance of new shares to descendants must be approved by a vote of the shareholders and no vote on this issue is scheduled at this time.