Kanza Cooperative Association’s board recently approved redemption of the 2nd payment for patronage ledger credits from 2010. Last January, the Board of Directors voted to redeem the patronage ledger credits from 2010 totaling $2,520,000. The large size of this redemption necessitated two payments of $1,260,000 each to ensure the proper level of working capital. The first payment being issued to members in April along with the 2018 cash patronage payments after the annual meeting.
Payments for this second round will be mailed the week of November 11. This mailing will include an individual retained equity statement, reporting the current structure of your patronage ledger credits as retained. These ledger credits are eligible for future redemption through the revolving equity redemption program. Future redemptions will be based on earnings and are at the Board’s discretion.
Kanza continues to work to build a strong balance sheet that will enable future investments and deliver direct economic value to our membership. For more information about equity redemption, contact Mickaela Holmes at (800) 536-5614 Ext. 305.