-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E363HkjjwiyXVnkbogtwpc0Q58AZil6tyURFTbyIXgIH3Pl/LKKHzC+IjefYy3H7 nNLjJv8dm5lYTuNYoYsROw== 0000897101-03-000331.txt : 20030429 0000897101-03-000331.hdr.sgml : 20030429 20030429125043 ACCESSION NUMBER: 0000897101-03-000331 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030422 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MINN DAK FARMERS COOPERATIVE CENTRAL INDEX KEY: 0000948218 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE PRODUCTION - CROPS [0100] IRS NUMBER: 237222188 STATE OF INCORPORATION: ND FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-94644 FILM NUMBER: 03668599 BUSINESS ADDRESS: STREET 1: 7525 RED RIVER RD CITY: WAHPETON STATE: ND ZIP: 58075-9698 BUSINESS PHONE: 7016428411 MAIL ADDRESS: STREET 1: 7525 RED RIVER RD CITY: WAHPETON STATE: ND ZIP: 58075-9698 8-K 1 minndak031975_8k.txt MINN-DAK FARMERS COOPERATIVE FORM 8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 22, 2003 MINN-DAK FARMERS COOPERATIVE - ------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) North Dakota 33-94644 23-7222188 - ---------------------------- ------------------------ ------------------- (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.) 7525 Red River Road Wahpeton, North Dakota 58075 - ---------------------------------------- ------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (701) 642-8411 ITEM 1. Not Applicable - ------- -------------- ITEM 2. Not Applicable. - ------- -------------- ITEM 3. Not Applicable. - ------- -------------- ITEM 4. Not Applicable. - ------- -------------- ITEM 5. OTHER EVENTS. - --------------------- On April 22, 2003, the Board of Directors of Minn-Dak Farmers Cooperative (the "Cooperative"), approved the sale of the Cooperative's 5% ownership interest in ProGold Limited Liability Company ("ProGold") to American Crystal Sugar Company for $10,300,000. ProGold was formed in 1994 by three entities for the purpose of building a plant to produce from corn, and to market, high fructose corn syrup, corn gluten feed, corn gluten meal and corn germ. The other two entities with ownership interests in ProGold are American Crystal Sugar Company and Golden Growers Cooperative. After the sale, Golden Growers Cooperative has a 49% interest and American Crystal Sugar has a 51% interest in ProGold. A letter to stockholders explaining the sale is attached as Exhibit 99.1. ITEM 6. Not Applicable. - ------- -------------- ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. - ----------------------------------------- 99.1 Minn-Dak Farmers Cooperative letter to Stockholders, dated April 23, 2003, announcing the sale of the Cooperative's ownership interests in ProGold Limited Liability Company. ITEM 8. Not Applicable. - ------- -------------- ITEM 9. Not Applicable. - ------- -------------- ITEM 10. Not Applicable. - -------- -------------- ITEM 11. Not Applicable. - -------- -------------- ITEM 12. Not Applicable. - -------- -------------- SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MINN-DAK FARMERS COOPERATIVE Dated: April 28, 2003 By /S/ David H. Roche ------------------------------------- David H. Roche President and Chief Executive Officer EX-99.1 3 minndak031975_ex99-1.txt LETTER TO STOCKHOLDERS EXHIBIT 99.1 April 23, 2003 Dear Minn-Dak Stockholder/Grower: We are writing to inform you of an important decision made by your Board of Directors at its meeting on Tuesday, April 22, 2003. Your Board of Directors has approved the sale of Minn-Dak's 5% ownership interest in ProGold LLC to American Crystal Sugar Company, Moorhead, Minnesota for a sales price of $10.3 million. Following the close of this sale, American Crystal Sugar Company will have a 51% ownership interest in ProGold and Golden Growers Cooperative will continue to own 49%. The Minn-Dak Board of Directors concluded the investment in ProGold no longer played a key role in your co-op's strategic direction, so offers to purchase our ownership position were solicited. Minn-Dak's strategic plan calls for continuing focus on our core business, that being the production of quality sugar and co-products. Our attention will continue to be directed at further improving the efficiencies of our operations and managing the organization through significant changes in our industry and the business environment in which we operate. We realize many of you are Golden Growers members. Minn-Dak is pleased that we played a role in getting the ProGold plant built. Our participation and $5.2 million investment helped provide the opportunity for Minn-Dak's stockholder/growers as well as other area farmers to be part of a value added business. That was one of the underlying reasons in working with the team that promoted and built the ProGold plant in 1995. We remained on board while the ProGold operation moved through its early years of operation. Today that plant is very efficient by industry standards and able to produce a quality product for the marketplace. ProGold members continue to benefit by having that added nearby market for their corn. We look forward to the continued success of the ProGold operation. Sincerely, /s/ Victor Krabbenhoft /s/ David H.Roche - ---------------------- ----------------- Victor Krabbenhoft David H. Roche Chairman of the Board President & CEO -----END PRIVACY-ENHANCED MESSAGE-----