On June 16th, the Golden Growers Board of Directors approved a $0.14/Unit distribution of $2,013,762 to members of record as of June 1, 2022.
This distribution will retire a portion of remaining 2019 and 2020 allocated income. With this distribution, the remaining equity credit balance is $6,505,452 or $0.42/bushel. This balance is useful in determining per Unit basis levels and does not constitute an outstanding obligation for GGC.
The Golden Growers Board reviewed five-year revenue projections related to the current lease agreement and the potential investment requirements of an integrated joint venture with Cargill. The Board concluded that it would be wise to maintain the existing reserve in order to pay for a significant portion of potential capital costs of the JV while maintaining level distributions to members for the next few years.
GGC has issued payments to members totaling $126,310,529 or 234% of the original investment in the ProGold plant.