ST. PAUL, Minn., April 28, 2015 /PRNewswire/ -- The Board of
Directors of CHS Inc. (NASDAQ: CHSCP), the nation's leading
farmer-owned cooperative, today announced revisions to its
non-qualified equity redemption policy affecting the company's
eligible cooperative and producer member-owners.
For fiscal 2013 and 2014 the CHS Board of Directors authorized
the allocation of a portion of patronage for those years as
non-qualified equity, specifying that non-qualified equity would
not be included in the company's annual equity redemption program.
At its April meeting, the CHS Board of Directors approved a
resolution further clarifying the role and handling of
non-qualified owner equity, specifying that:
- Non-qualified equity, with the exception of that held by
liquidated member cooperatives, is not considered permanent capital
on the CHS balance sheet.
- Non-qualified equity held by individual eligible
producer-members will be managed in the same manner as qualified
equity. As such, estates and producer-members who attain age 70
will be eligible to apply for redemption of non-qualified
equity.
- CHS will identify the amount of non-qualified equity redeemed
annually to eligible producer-members and periodically, at the
discretion of the CHS Board, pay a proportionate amount to eligible
member cooperatives on a pro-rata basis.
CHS Inc. (www.chsinc.com) is a leading global agribusiness
owned by farmers, ranchers and cooperatives across the United States. Diversified in energy,
grains and foods, CHS is committed to helping its customers,
farmer-owners and other stakeholders grow their businesses through
its domestic and global operations. CHS, a Fortune 100 company,
supplies energy, crop nutrients, grain marketing services, animal
feed, food and food ingredients, along with business solutions
including insurance, financial and risk management services. The
company operates petroleum refineries/pipelines and manufactures,
markets and distributes Cenex® brand refined fuels,
lubricants, propane and renewable energy products.
This document contains forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995
that are based on management's current expectations and
assumptions. These forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from the potential results discussed in the
forward-looking statements. The company undertakes no obligations
to publicly revise any forward-looking statements to reflect future
events or circumstances. For a discussion of additional factors
that may materially affect management's estimates and predictions,
please view the CHS Inc. annual report filed on Form 10-K for the
year ended Aug. 31, 2014, which can
be found on the Securities and Exchange Commission web site
(www.sec.gov) or on the CHS web site www.chsinc.com.
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SOURCE CHS Inc.