It's time for NANA shareholders to call a special meeting led by concerned shareholders to discuss the continued losses of NANA Development Corporation.

NANA Development Corporation (NDC) has had operating losses consistently since fiscal years 2012 according to NANA financials.  It's been almost 5 years since NDC made a profit. It requires profits (or borrowing money) to distribute dividends. This track record of losses isn't contributed to a specific downturn, i.e. oil and gas downturn, but investment choices that have not fared well. In 2013 alone, NDC lost $92 million while oil was priced at an average of close to $100 per barrel.  Poor investment choices include Evergreen, Piksik and the purchase of GIS.  Clearly, almost 5 years of losses cannot be contributed to a single event, but attributable in part to a series of decisions by NDC leadership.

The future of NDC doesn't look much better, at least in the near term according to the downgrade of NDC's credit rating.  A recent article by Annie Zak  in the Alaska Dispatch News states: "A credit rating agency has downgraded an Alaska Native corporation subsidiary over its performance and weak cash flow generation."  This downgrade will increase costs further for NDC.  Of course, this makes it even more difficult to make money that could be returned to shareholders in a dividend.

NDC's losses offset the profits from Red Dog Mine.  In fiscal year 2015 alone, after the amounts distributed to other regional corporation, the losses by NDC were nearly half of the amount of profits from Red Dog Mine.  How long are shareholders willing to allow profits from Red Dog Mine to go to NDC to pay for its losses as opposed to dividends to shareholders?

It is time to call a special shareholder meeting to discuss the direction of NDC.  It is time to review the performance of the leadership at NDC, including the Board Chair, President and Board of NDC.  This group makes the decisions and sets the direction of NDC.  It is time to determine which Board members, if any, have called for change at NDC, but have been unsuccessful.  It is time to return NDC to profitability.

Please sign this petition if you feel it is time for the NANA shareholders to call a special meeting to discuss the direction of NDC.

You may also email your support to changefornana@gmail.com.