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Agricore United Assisted Sales Program

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    Agricore United Assisted Sales Program

    No doubt many readers have read the article which appeared in the Dec. 20 issue of The Western Producer regarding the Agricore United assisted sales program of member shares.

    These are my comments...The AU assisted sales program cooked up to allow members to withdraw their equity has generated anger all across the prairies. Some have asked the question: Why didn't AU just pay out the share price based on the weighted average trading price? That should have been the direction to follow if the corporation were to emulate the co-operative approach of fair play and equity.
    Instead they followed the (corporate world) philosophy of dog eat dog market economics. To further skew things, they threw 6.7 million NEW shares on the market at the same time as the 6.3 million member shares were offered for sale. To my mind, this contributed to the low yield realized from the members share sale. I don't recall anything in the letter sent out to members mentioning a concurrent sale of NEW shares.
    When oil prices fall, OPEC cuts back on production in order to allow prices to increase. The hotshots at AU who arranged this assisted sales program could learn a few lessons from them.

    #2
    We simply got screwed over by UGG and ADM. This whole thing wouldn't pass a smell test even if it was done in a rendering plant.

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