On September 15th, the Golden Growers Board of Directors approved a distribution of $2,168,667 or $0.14/Unit to members of record as of October 1, 2022. This distribution retires remaining allocated income for 2021 and a portion of allocated income for 2022. In combination with the February and June distributions, a total of $6,041,286 has been issued to members in 2022.
As you are aware, as of March 1, 2022, Golden Growers Cooperative and Cargill are 50/50 owners of ProGold LLC and a new operating agreement was established. In addition, the lease agreement between ProGold and Cargill was amended to extend through calendar year 2026. The Board’s distribution determination is based on anticipated lease agreement revenue and potential capital investment requirements for Golden Growers should a long-term joint venture be established between Cargill and Golden Growers.GGC.)
With this payment, Golden Growers has issued payments to members totaling $138,479,196 or 238% of original investment in the ProGold plant.