MASON CITY – Soy Energy, LLC announced on Wednesday dates for unit holder informational meetings and the vote on the company’s proposed asset transaction to Renewable Energy Group, Inc. and Soy Energy’s subsequent dissolution, liquidation and wind up.
“Investors should have received a proxy statement and notice of a Special Meeting in the mail,” said Chuck Sand, Chairman of the Soy Energy, LLC Board of Directors. The special meeting will be held on Monday, July 29th at 7:00 p.m. at the Western Iowa Tech Community College in Cherokee, located at 200 Victory Drive. Shareholders not able to attend the special meeting are encouraged to vote using the proxy procedure outlined in their letter.
“We are hosting informational meetings in four locations to give our unit holders a chance to learn about the board’s recommendations and ask questions,” Sand added. Along with the Soy Energy Board of Directors and staff, representatives from Eiler Capital will be on hand at each informational meeting.
Information Meetings will be held at 5:30 p.m. and 7:00 p.m. at each of the following locations:
· July 15 5– 8 pm Hartley Community Center, 820 2nd St NE, Hartley Iowa
· July 17 5– 8 pm Western Iowa Tech (WIT), 200 Victory Drive, Cherokee Iowa
· July 18 5– 8 pm Le Mars, Iowa, Community Center, 275 12th Street SE, Le Mars Iowa
· July 23 5– 8 pm Holiday Inn, 701 Gordon Drive, Sioux City Iowa
Sand stressed the importance of carefully reading the documents sent from Soy Energy.
“Your vote is very important and we encourage you to submit your proxy card as soon as possible,” Sand said. “If you are attending the informational meetings, I would encourage you to bring your proxy card with you as we will be accepting your executed proxy card at the informational meetings.”
On May 3, 2013, Renewable Energy Group, Inc. announced a purchase agreement to acquire the Mason City, Iowa biorefinery for $11 million in cash and the issuance of a $5.6 million promissory note to Soy Energy, LLC. The acquisition remains subject to customary closing conditions, including approval of the transaction by the Soy Energy unit holders.
The Mason City plant, originally built to process highly refined raw materials in 2006, was purchased by Soy Energy in 2010 and upgraded to utilize a larger variety of raw materials including animal fats and used cooking oil. The plant was idled in mid-2012 due to market conditions and manufacturing challenges.
