SASKATOON (Staff) – The resolution passed by Saskatchewan Wheat Pool delegates last week asks the provincial government to amend the Saskatchewan Wheat Pool Act to allow the company to, among other things:
- Issue Class A voting shares valued at $25. The holder could cast one vote in delegate elections. It would not be transferrable and no dividend would be paid. It could be redeemed at par value at the request of the shareholder or a resolution of the directors.
- Issue an unlimited number of Class B non-voting shares. The holder could not attend delegate meetings. Dividends would be paid. No one could own more than 10 percent of the Class B shares.
- Convert existing membership shares to Class A and B shares, with 25 existing shares equal to one Class A share, and the balance becoming Class B.
- Repeal patronage payments as a means of distributing net earnings and replace them with marketing incentives. Class A shareholders will be credited with payments based on their patronage of the company. Those payments could be made in cash or options to purchase Class B shares, at the discretion of the directors.
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