PAUG-VIK INC. LTD. (PVIL)
P.O. Box 61
Naknek, Alaska 99633
ANNUAL PAUG-VIK SHAREHOLDERS MEETING
October 17, 2015
Shareholder registration by staff was done from 10:00 am until 1:00 pm.
Invocation was led by Richard Wilson and Potluck Lunch followed.
Early Bird Proxy prize drawings by staff was done.
Calculation of quorum with Accounting Firm and Staff was verified by Audit Representative from BDO Lee Schatter, who took Bikky Sheresta’s place who was out on travel leave.
Call to Order and Welcome by President of Corporation Bill Hill was done at 1:00 pm.
Proof for Notice of Meeting was presented by Secretary of Corporation, Paula Monsen
Verification of quorum completed by BDO Audit Firm.
Verification of the Shareholders list was presented by Secretary, Paula Monsen.
Roll Call of Board of Directors by President, Bill Hill: Present were Chad Anderson, Richard Wilson, Sonny Groat, Paula Monsen, Paul Hansen, Clyde Clark and Bill Hill.
Approval of Agenda was made by Pvil Shareholder, Judy Matson who moved to approve the agenda. Motion was seconded by Pvil Shareholder, Wanda Miller motion carried.
Approval of Prior Year Minutes by Secretary and Shareholder, Paula Monsen who moved to approve FY15 Annual Meeting Minutes. Motions was seconded by Pvil Shareholder, Verna Heath motion carried.
The General Manager, Lucy Goode presented her annual report. After the sale of the Dock Shore Facility to Extreme Seafood’s they had serious challenges their first season as a new processing company that ultimately forced them to file for bankruptcy. Then Pvil’s Board met with Copper River Seafoods (CRS) the following January of 2015 and began negotiations to allow CRS to take over for Extreme Seafoods. After a successful transfer, CRS began with the installation of new processing equipment for the 2015 commercial fishing season. CRS had a good season in Naknek and exceeded their initial goal by a substantial margin.
BLM approved 14 C (1) sites in FY 2013 and Pvil Corporation is issuing deeds to those Pvil Shareholders. Pvil also continued the renewal of expired commercial lease.
General Manager, Lucy Goode also stated that for the past two years, gravel sales have been substantially profitable for Pvil and BBNC, but sales were down this year with no large projects happening in our communities.
Pvil studied a proposal this past year regarding a gold mining investment. After discussion, study and review, Pvil’s board decided it would not be in Pvil’s best interest. Pvil continues looking at other investment opportunities.
This year Pvil hired Edward and Sorenson’s Law Firm to create a Trust Agreement that would meet the State of Alaska Law Regulations required for ANCSA Corporations. The trust agreement will provide a very high degree of protection of shareholder assets and will eventually allow Pvil to pay dividends based on the earnings of the trust fund. After a lot of effort by all parties the trust is ready to bring to Pvil’s shareholders for approval.
General Manager, Lucy Goode reported that Pvil hired McSwain’s Associates LLC, to complete an appraisal on the 576.25 acres of 14c lands that were transferred to Bristol Bay Borough. Pvil is now eligible for tax credits of $937,000 toward the fiscal year ended March 31, 2014, and the balance of $1,877,000 should be deductible in the corporation’s fiscal year ended March 31, 2015.
This year Paug-Vik Development Corporation (PDC) Paug-Vik Environmental Corporation (PVC) and Paug-Vik Inc., Ltd. (Pvil) contributions to the Pvil Shareholder Dividend Fund are a total of $333,466.22.
The General Operations Manager, Maurice Labreque of PDC, PVS & PVCS was absent from the Annual meeting and a report was not available.
Lee Schatter BDO Audit Firm gave a report on Financials and held a Q&A for the shareholders. It has been a good year for Pvil and continues to grow and strengthen as an ANSCA Village Corporation.
Report from Board Nomination Committee by Board Member: Eddie reported we have three incumbents who are staying on board. Chad Anderson, Paul Hansen and Paula Monsen. Board Members introduced themselves and asked for the shareholder’s votes.
Closure of Solicitation of Ballots by Board Member Guy Groat moved to close solicitations and Eddie then second the ballot closure.
Submission of Ballots by Shareholders to BDO Accounting Firm:
Chad Anderson 15,533.09
Paul Hansen 15,516.67
Paula Monsen 17,047.47
The new board members are Chad Anderson, Paul Hansen and Paula Monsen.
Voting results for the Shareholder Resolution 2015-01 and 2015-02:
Resolution 2015-01 concerning the approval of the Pvil Shareholders Trust under ANCSA and received the approval of 95% of the shares voting on this Resolution (15,509.50 shares voting “Yes” out of the total of 16,265.19 shares that voted).
Resolution 2015-02 concerning the reduction of the quorum required for shareholder meetings from a majority of voting shares to on-third of voting shares. This Resolution received the approval of 89% of the shares voting on the Resolution (14,541.77 shares voting “Yes” out of 16,265.19 shares that voted)
Door Prize Drawing for present meeting attendees were given out.
Questions & Answers:
There was a request by shareholders asking if they can use reject material from the gravel pit for personal needs.
There was also a request that Shareholders who rent from Pvil and pay on time every month get a discount price on rent.
Richard moved to adjourn and Pam Second at 2:59 pm.
Paula Monsen, Secretary Bill Hill, President