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POET Biorefining - Bingham Lake

Trading Status: Active
Web Site: http://www.poet.com
SEC Filing(s): No
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POET Biorefining - Bingham Lake Logo
Current Postings for MI (Membership Interest)
Match History for MI (Membership Interest)

Southwest Minnesota Agrifuels, LLC (“SMA”), a Minnesota limited liability company, owns and manages a 51.28% partnership interest in its subsidiary, Ethanol2000, LLP (d/b/a POET Biorefining – Bingham Lake), a Minnesota limited liability partnership which owns and operates an ethanol biorefinery in Bingham Lake, Minnesota (http://poet.com/binghamlake).  POET, LLC and an affiliate of POET own the remaining partnership interests in POET Biorefining – Bingham Lake.
POET Biorefining – Bingham Lake was formed in 1996 in partnership between POET and SMA. The biorefinery, which processes approximately 12 million bushels of corn annually, produces annually 35 million gallons of ethanol and 93,500 tons of distillers grains for livestock feed. Originally built in 1997 as an 11 million ethanol gallon facility, the biorefinery expanded to 35 million ethanol gallons in 2001. The biorefinery employs 40 people.
SMA was originally organized as a cooperative in 1994, but converted to a limited liability company in 2009.  SMA is owned by approximately 300 members, most of whom are farmers who reside in Minnesota.  There are 5,047,500 membership interests issued and outstanding in SMA, all of which are owned by the 300 members.  SMA’s sole asset is its partnership interest in POET Biorefining – Bingham Lake; therefore, SMA’s revenue and income is solely dependent upon the financial condition and success of POET Biorefining – Bingham Lake.

*** Trading to begin on 1/01/2016***

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Matching Occurs Daily @ 5:00:00 PM Central Time
MI (Membership Interest)
Share Type: Membership Interest View Sample Buyer's Contract
Share Class: Membership Interest View Sample Seller's Contract
View Match History

Membership Ownership & Trade Requirements
Minimum Ownership: 5,000 Membership Interests
Minimum Sale or Purchase: 1,000 Membership Interests (5,000 if a new member)
Ø     Any new Buyer of at least 5,000 Membership Interests will become a member of SMA subject to satisfaction of the terms and condition of the Member Control Agreement.
Ø     The Seller of a Membership Interest in SMA is required to pay Variable Investment Advisors, Inc. a fee of two percent (2%) of the gross sales price or a minimum fee per transaction of $175.00, to be paid out of the Seller’s proceeds at the time of closing.
Ø     The Buyer of a Membership Interest in SMA is required to pay SMA a transfer processing fee of $200.00 per transfer.
Ø     Subject to the Company's Membership Interests Transfer System, including all restrictions and conditions on transfer, matches of SMA’s Membership Interests are subject to the following:
·        Matches in January, February and March are effective no earlier than April 1st
·        Matches in April, May and June are effective no earlier than July 1st
·        Matches in July, August and September are effective no earlier than October 1st
·        Matches in October, November and December are effective no earlier than January 1st.
Further, matches of Membership Interests in SMA between a Buyer and Seller are not effective prior to 45 days after the offer to sale has been posted. Offers to sell posted during the last 45 days of any quarter which are matched during the same quarter are not effective until the first day of the quarter following the subsequent quarter.
Ø     Before a match is effective, the Seller must qualify for an exemption from registration under federal securities laws and the securities law of the state in which the Seller resides. A Seller is strongly encouraged to consult an attorney or advisor to determine the exemption on which to rely.
Ø     All transfers and trading of Membership Interests in SMA are subject to the terms and conditions of SMA’s Member Control Agreement and Membership Interests Transfer System.

Offers to Buy Membership Interest

Currently no Offers to Buy
Offers to Sell Membership Interest

Currently no Offers to Sell
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