WELCOME TO THE SECOND EDITION OF THE SITNASUAK MESSENGER
This e-newsletter is a supplement to our quarterly Venture newsletter. If you are a new subscriber, we welcome you to this new and exciting way for your Board of Directors to communicate openly and often with what’s happening in the Corporation. We encourage you to share The Sitnasuak Messenger with your friends and family so they, too, may subscribe and keep informed.
Shareholder Update on Lawsuit
Sitnasuak Native Corporation is providing Shareholders an update on Sitnasuak Native Corporation v. Fagerstrom et al., a case currently pending in Anchorage Superior Court. We hope that this proceeding will resolve the lengthy and divisive misinformation campaign by certain individuals who seek to obtain seats on the Sitnasuak Board of Directors.
Sitnasuak filed this case in order to protect Shareholders’ ability to exercise their voting rights in a clean election, untainted by false information. As noted in Sitnasuak’s court filing, “the free and intelligent voting rights of…Shareholders will be forfeited if such votes are exercised based upon false and misleading information.” A vote based on misleading information would irreparably harm Sitnasuak and its Shareholders.
The court filings are part of the public record and available to any Shareholder interested in reviewing them. The filings discuss important factual background information to understand the case and why it is important to Shareholders. The court docket (Case No. 3AN-17-08648CI) can be found online on Alaska Courtview at https://records.courts.alaska.gov
The following are allegations from Sitnasuak’s court filings, and provide helpful background to Sitnasuak Shareholders:
Against this extensive backdrop of false and misleading proxy solicitations, Sitnasuak has asked the Superior Court for an injunction that would invalidate Barbara Amarok and Marie Tozier’s write-in proxies, as these proxies were obtained in violation of Alaska’s securities laws. However, Sitnasuak has also asked that the court to rule those proxies remain valid for quorum purposes and for the Shareholders’ vote on whether to lower the quorum requirement for future Shareholder meetings. Because Amarok and Tozier’s proxy solicitations did not contain false and misleading statements about the quorum issue, these proxies remain valid for that purpose. It is a common practice for Alaska Native-owned corporations to lower the quorum requirement for annual Shareholder meetings.
The process for conducting Shareholder meetings is a critical part of a successful operation, and we’re hopeful that the circumstances are resolved soon. We will share news with Sitnasuak Shareholders of any developments in the court case and ability to proceed with the Sitnasuak annual meeting.