Dear Central Iowa Energy, LLC Unitholder,
Exhibit 99.1
May 22, 2009
Dear Central Iowa Energy, LLC Unitholder,
This letter is to inform you that Central Iowa Energy, LLC (CIE) has entered into an asset purchase
agreement with Renewable Energy Group, Inc.® (REG®) to consolidate their respective operations
under a newly formed holding company. The agreement provides for the sale of substantially all of
CIE’s assets to a wholly-owned subsidiary of the holding company in exchange for shares of Common
Stock and Preferred Stock in the new holding company. Certain liabilities of CIE will also be
assumed by the entity that will be acquiring CIE’s assets. The agreement also contemplates that
REG ® will merge into another wholly-owned subsidiary of the holding company, such that the
ownership of CIE’s and REG’s® operations will be consolidated under a common ownership structure.
Two other biodiesel plants, Blackhawk Biofuels, LLC and Western Iowa Energy, LLC, have also entered
into similar agreements with REG® pursuant to which they will also participate in the consolidation
through separate transactions.
REG® offers biodiesel management, feedstock procurement and product marketing services to the
biodiesel market. Blackhawk Biofuels, LLC (Blackhawk) owns a 45 million gallon per year (MGY)
facility in Danville, Illinois and Western Iowa Energy, LLC (Western Iowa Energy) owns a 30 MGY
facility in Wall Lake, Iowa.
Ownership of the operations of CIE, WIE, Blackhawk and REG are expected to be consolidated under a
new holding company to be named Renewable Energy Group, Inc. The consolidated company is expected
to be owned by current REG investors and current members of the three other companies involved in
the consolidation, including you. The asset purchase transaction pursuant to which CIE’s operations
will be consolidated under the new holding company is subject to approvals by the unitholders and
shareholders of CIE and REG, respectively, and the satisfaction of numerous other conditions,
including the receipt of customary regulatory approvals and the approval of CIE’s senior lender.
The closing of the separate transactions involving Blackhawk and WIE are not conditions to the
closing of CIE’s transaction with REG®.
Our multi-feedstock plant has helped us be more competitive in the biodiesel production landscape;
however given current industry consolidation and production economics, it is difficult for
stand-alone facilities like our plant to succeed on their own in the 67 billion-gallon distillate
market. The Central Iowa Energy board of directors believes that the consolidation of the
operations of CIE and REG, and potentially also those of WIE and Blackhawk, under a common
ownership structure is the best option for CIE in the current challenging environment.
(over)
We look forward to continuing our relationship with REG® as we consolidate under a common ownership
structure. As you may know, REG® is an Iowa company headquartered in Ames with more than a decade
of biodiesel production. REG® has stated that it looks forward to continuing the vision of our facility to spur rural economic development and support the local economy by being good
business partners and neighbors.
In light of the anticipated closing of the transaction with REG®, CIE’s Board of Directors has
determined to suspend CIE’s Unit Trading Bulletin Board that is accessible through CIE’s website at
xxxxxxxxxxxxxxxxx.xxx for the purpose of posting nonfirm quotes for the purchase and sale of CIE’s
units. The decision to suspend the Unit Trading Bulletin Board has been immediately put into
effect. The Board of Directors does not expect to approve any unit transfers other than those
specifically permitted under CIE’s current Operating Agreement.
As part of the approval and regulatory processes, additional details will be sent you in the
future, including a proxy statement and full information about the proposed transaction. To
provide you with more information regarding CIE’s transaction with REG, enclosed with this letter
please find a document entitled “Questions and Answers Regarding Central Iowa Energy, LLC’s
Consolidation with Renewable Energy Group, Inc.” for your review. We also intend to hold
informational meetings in the future and will notify you as soon as they are scheduled.
Sincerely,
Xxx Xxxxxxxx
Chairman, Central Iowa Energy, LLC
Cautionary Statement of Forward-Looking Information
This document contains forward-looking statements that reflect management’s current expectations regarding future events and the new holding company’s future performance, including, but not limited to, the statements made by Xxxxx Xxxxxxxx and all statements containing the words “will,” “believes” or words of similar import. Many factors could cause actual results to differ materially from those projected in these forward-looking statements, including, but not limited to: whether the conditions to the business combination transaction will be satisfied, the possibility that the transaction will not close, whether Renewable Energy Group, Blackhawk Biofuels, Western Iowa Energy and Central Iowa Energy will be able to integrate their businesses successfully and achieve anticipated synergies, the market demand for biodiesel changes in legislation and regulations that provide incentives for the use of biodiesel, including RFS, and the costs for the feedstocks used to make biodiesel and the relationship of those costs to prices for finished biodiesel. Some of these factors and other important factors are detailed in various Securities and Exchange Commission filings made periodically by Central Iowa Energy, Blackhawk Biofuels, and Western Iowa Energy, particularly in each company’s latest Annual Report on Form 10-K or 10-KSB and its subsequent Quarterly Reports on Form 10-Q, copies of which are available from each company without charge at the Securities and Exchange Commission’s website at xxxx://xxx.xxx.xxx. Please review these filings and do not place undue reliance on these forward-looking statements. Each company disclaims any intention or obligation to update or revise any forward-looking statements.
This document contains forward-looking statements that reflect management’s current expectations regarding future events and the new holding company’s future performance, including, but not limited to, the statements made by Xxxxx Xxxxxxxx and all statements containing the words “will,” “believes” or words of similar import. Many factors could cause actual results to differ materially from those projected in these forward-looking statements, including, but not limited to: whether the conditions to the business combination transaction will be satisfied, the possibility that the transaction will not close, whether Renewable Energy Group, Blackhawk Biofuels, Western Iowa Energy and Central Iowa Energy will be able to integrate their businesses successfully and achieve anticipated synergies, the market demand for biodiesel changes in legislation and regulations that provide incentives for the use of biodiesel, including RFS, and the costs for the feedstocks used to make biodiesel and the relationship of those costs to prices for finished biodiesel. Some of these factors and other important factors are detailed in various Securities and Exchange Commission filings made periodically by Central Iowa Energy, Blackhawk Biofuels, and Western Iowa Energy, particularly in each company’s latest Annual Report on Form 10-K or 10-KSB and its subsequent Quarterly Reports on Form 10-Q, copies of which are available from each company without charge at the Securities and Exchange Commission’s website at xxxx://xxx.xxx.xxx. Please review these filings and do not place undue reliance on these forward-looking statements. Each company disclaims any intention or obligation to update or revise any forward-looking statements.
Additional Information and Where to Find It
The new holding company intends to file with the Securities and Exchange Commission a registration statement and other relevant documents in connection with the proposed business combination transactions involving Renewable Energy Group, Central Iowa Energy, Blackhawk Biofuels, and Western Iowa Energy. Security holders of Central Iowa Energy, Blackhawk Biofuels, and Western Iowa Energy are urged to read the joint proxy statement/prospectus that will be contained in the registration statement filed by the new holding company and the other relevant documents when they become available because they will contain important information about the new holding company, Renewable Energy Group, Central Iowa Energy, Blackhawk Biofuels, and Western Iowa Energy and the proposed business combination transaction. Investors and security holders of Renewable Energy Group, Central Iowa Energy, Blackhawk Biofuels, Western Iowa Energy may obtain free copies of the joint proxy statement/prospectus and the other relevant documents filed with the Securities and Exchange Commission (when they become available) at the Securities and Exchange Commission’s website at xxxx://xxx.xxx.xxx and may also obtain free copies of the joint proxy statement/prospectus (when it becomes available) by writing to, in the case of Renewable Energy Group, 000 X. Xxxx Xxx., Xxxx, Xxxx 00000, Attention: Secretary, in the case of Blackhawk Biofuels, 000 X. Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx 00000, Attention: Secretary, in the case of Western Iowa Energy, 0000 X. Xxxxxx Xxxxxx, P.O. Box 399, Wall Lake, Iowa, 51466, Attention: Secretary, and, in the case of Central Iowa Energy, 0000 Xxxx 00xx Xxxxxx X., Xxxxxx, Xxxx, 00000, Attention: Secretary. Information regarding the identity of persons who may, under the Securities and Exchange Commission’s rules, be deemed to be participants in the solicitation of shareholders or unitholders of Renewable Energy Group, Central Iowa Energy, Blackhawk Biofuels, and Western Iowa Energy in connection with the proposed business combination transaction, and their interests in the solicitation, will be set forth in the joint proxy statement/prospectus that will be with the Securities and Exchange Commission and contained in the registration statement that will be filed by the new company with the Securities and Exchange Commission.
The new holding company intends to file with the Securities and Exchange Commission a registration statement and other relevant documents in connection with the proposed business combination transactions involving Renewable Energy Group, Central Iowa Energy, Blackhawk Biofuels, and Western Iowa Energy. Security holders of Central Iowa Energy, Blackhawk Biofuels, and Western Iowa Energy are urged to read the joint proxy statement/prospectus that will be contained in the registration statement filed by the new holding company and the other relevant documents when they become available because they will contain important information about the new holding company, Renewable Energy Group, Central Iowa Energy, Blackhawk Biofuels, and Western Iowa Energy and the proposed business combination transaction. Investors and security holders of Renewable Energy Group, Central Iowa Energy, Blackhawk Biofuels, Western Iowa Energy may obtain free copies of the joint proxy statement/prospectus and the other relevant documents filed with the Securities and Exchange Commission (when they become available) at the Securities and Exchange Commission’s website at xxxx://xxx.xxx.xxx and may also obtain free copies of the joint proxy statement/prospectus (when it becomes available) by writing to, in the case of Renewable Energy Group, 000 X. Xxxx Xxx., Xxxx, Xxxx 00000, Attention: Secretary, in the case of Blackhawk Biofuels, 000 X. Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx 00000, Attention: Secretary, in the case of Western Iowa Energy, 0000 X. Xxxxxx Xxxxxx, P.O. Box 399, Wall Lake, Iowa, 51466, Attention: Secretary, and, in the case of Central Iowa Energy, 0000 Xxxx 00xx Xxxxxx X., Xxxxxx, Xxxx, 00000, Attention: Secretary. Information regarding the identity of persons who may, under the Securities and Exchange Commission’s rules, be deemed to be participants in the solicitation of shareholders or unitholders of Renewable Energy Group, Central Iowa Energy, Blackhawk Biofuels, and Western Iowa Energy in connection with the proposed business combination transaction, and their interests in the solicitation, will be set forth in the joint proxy statement/prospectus that will be with the Securities and Exchange Commission and contained in the registration statement that will be filed by the new company with the Securities and Exchange Commission.
QUESTIONS AND ANSWERS REGARDING
CENTRAL IOWA ENERGY, LLC’S CONSOLIDATION
WITH RENEWABLE ENERGY GROUP, INC.
CENTRAL IOWA ENERGY, LLC’S CONSOLIDATION
WITH RENEWABLE ENERGY GROUP, INC.
Q. What is happening?
Central Iowa Energy, LLC (“CIE”) has entered into an asset purchase agreement with Renewable Energy
Group, Inc. (“Renewable Energy Group®” or “REG®”) and two other related entities to consolidate its
operations with Renewable Energy Group® under a newly formed holding company. Renewable Energy
Group® has entered into similar agreements with two other commercial-scale biodiesel plants:
Western Iowa Energy, LLC (“WIE”), which operates a 30 MGY facility in Wall Lake, Iowa, and
Blackhawk Biofuels, LLC (“Blackhawk”), which operates a 45 MGY facility in Danville, Illinois.
The facilities represent an additional 105 million gallons per year (MGY) of wholly-owned
production capacity which would allow the combined entity to better position itself to meet
anticipated demand from the petroleum industry’s distillate fuel market.
It is anticipated that the ownership of the operations of all four companies will be consolidated
in a new holding company to be named Renewable Energy Group, Inc. (referred to currently as “REG
Newco”).
The consolidated company will be owned by the current members of CIE, WIE, and Blackhawk and
the current shareholders of REG®. The closing of the business combination transaction involving
CIE and REG is subject to approval by the unitholders of CIE and the shareholders of REG and to
other conditions, including customary regulatory approvals. Although the goal is that the
operations of each of the four companies will be consolidated into REG Newco, the closing of the
transactions involving WIE and Blackhawk are not conditions to closing of asset purchase
transaction contemplated in the agreement executed by CIE and REG®.
Q. What is the value of the transaction?
A. This consolidation is a stock-only transaction with no cash changing hands. In consideration of
the transaction, CIE will receive shares of Common Stock and Preferred Stock in REG Newco. These
shares are expected to be distributed to CIE’s unitholders in connection with CIE’s dissolution
following the closing of the transaction. Because none of the stock to be received in connection
with the transaction trades on a securities exchange, it is difficult to calculate a value for the
transaction. Current unitholders in CIE will become shareholders in REG Newco upon completion of
the transaction.
Q. What is the process for completing the deal?
The asset purchase agreement was signed by CIE and REG® on May 8, 2009; REG® entered into similar
agreements with WIE and Blackhawk on May 11, 2009. Upon completion and approval of certain
regulatory filings, a proxy statement will be sent to each unitholder and shareholder in CIE, WIE,
Blackhawk and REG®. This proxy statement will provide detailed information about the proposed
business combination transaction. Upon approval by the unitholders and shareholders of each of the
four companies, we expect current investors in CIE, WIE, Blackhawk and REG® to become shareholders
in REG Newco in late summer or early fall of 2009.
QUESTIONS AND ANSWERS REGARDING
CENTRAL IOWA ENERGY, LLC’S CONSOLIDATION
WITH RENEWABLE ENERGY GROUP, INC.
CENTRAL IOWA ENERGY, LLC’S CONSOLIDATION
WITH RENEWABLE ENERGY GROUP, INC.
Current filings with the Securities and Exchange Commission (“SEC”) for CIE, WIE and Blackhawk can
be found any time by visiting xxx.xxx.xxx and searching for a company’s respective name in the
“Search” function. Direct links are:
WIE — xxxx://xxx.xxx.xxx/Xxxxxxxx/xxxxx/xxxx/0000000/000000000000000000/x00000x0xx.xxx
CIE — xxxx://xxx.xxx.xxx/Xxxxxxxx/xxxxx/xxxx/0000000/000000000000000000/x00000x0xx.xxx
Blackhawk — xxxx://xxx.xxx.xxx/Xxxxxxxx/xxxxx/xxxx/0000000/000000000000000000/x00-000000000.xxx
REG® is not required to file reports with the SEC and, accordingly, no such public filings are
available for REG® on the SEC’s website.
Q. What percentage of the new company will Central Iowa Energy, LLC own in the new company (REG
Newco)?
A. Central Iowa Energy, LLC will receive 158,041 shares of Preferred Stock and 4,248,840 shares of
Common Stock in REG Newco. It is expected that CIE will receive approximately 1.15% of the
outstanding Preferred Stock and 11.62% of the outstanding Common Stock of REG Newco. Please see
the enclosed document entitled “Attachment to Newco Disclosure Schedule 5.2(i)” (which is a
schedule to the asset purchase agreement entered into between CIE and REG®) for information
regarding the anticipated ownership of all of the shareholders of REG Newco. The shares of Common
Stock and Preferred Stock received by CIE in the transaction are expected to be distributed to
CIE’s unitholders in proportion to their current ownership percentages in CIE upon CIE’s
dissolution, winding up and liquidation following the closing of the transaction.
Details of ownership percentage are also included in final purchase agreement document executed by
CIE and REG®. Please refer to CIE’s SEC website (xxxx://xxx.xxx) to review the full purchase
agreement filed as an exhibit to its Form 10-Q filed for the quarter ended March 31, 2009. Final
purchase agreement documents will also be mailed to you as part of the proxy statement process.
Q. Will these facilities continue to run?
Each of the plants owned by CIE, WIE and Blackhawk are capable of producing biodiesel at this time
and REG has plans to maintain and improve operations at each facility involved in the transaction
in order to meet demands of the diesel fuel market for biodiesel blends.
Q. Who are the current owners of REG?
XXX is currently a privately held company whose investors include:
| • | Bunge North America, a unit of soybean giant Bunge | ||
| • | ED&F Man, a large commodities trader based in London | ||
| • | Natural Gas Partners, a large private equity firm specializing in energy | ||
| • | US Renewables Group, a clean tech private equity fund with about $600 million under management. | ||
| • | West Central Cooperative, a grain trading firm in Iowa that originally spun out its Renewable Energy Group division in 2006 |
QUESTIONS AND ANSWERS REGARDING
CENTRAL IOWA ENERGY, LLC’S CONSOLIDATION
WITH RENEWABLE ENERGY GROUP, INC.
CENTRAL IOWA ENERGY, LLC’S CONSOLIDATION
WITH RENEWABLE ENERGY GROUP, INC.
Q. Is REG now a public company? Where can I track the value of REG stock?
A. With the successful completion of this consolidation, a new holding company will be created to
hold the businesses of all CIE, WIE, Blackhawk and REG. That new holding company, which will be
named Renewable Energy Group, Inc., will be a public company required to file reports with the SEC.
The new holding company does not intend to seek public listing of stock until market conditions
improve. Accordingly, you will not be able to track the value of the holding company’s stock on any
stock exchange.
Q. Will shareholders of REG see dividends/distributions?
A. Renewable Energy Group is a growth stage company. Like most other growth stage companies REG®
intends to reinvest its cash flows into its business to expand its customer base and offerings and
grow its overall business.
Q. How will our facility be represented within REG?
A. Each of the three limited liability companies will be entitled to designate a director nominee
to be elected to XXX Xxxxx’s board of directors until December 31, 2010 (or, if earlier, 180 days
after the effective date of XXX Xxxxx’s initial public offering of common stock).
Q. Will this add to the value of the stock?
A. We believe this business combination transaction will position the new holding company to an
unparalleled position in the biodiesel industry as a way to better meet the demands of the
distillate market. In these tumultuous market times, it is difficult for any company to predict
future market value. What we do know is this deal allows investors to diversify their biodiesel
investments while streamlining complex decision making processes to better serve our customers’
needs.
Q. Why did REG choose to consolidate these facilities versus building new facilities?
As with many businesses in the current economy, capital and debt for new projects is hard to come
by. This transaction would allow REG® to more quickly ramp up its owned production in order to
better serve its customers. REG® is also committed to finishing construction of two REG-owned
facilities (Emporia, KS and New Orleans, LA).
Q. What are REG’s current assets?
Current investors in REG hold the assets for the following:
12 MGY facility in Xxxxxx, Iowa (REG Xxxxxxx)
35 MG Y facility near Houston, Texas (REG Houston)
Two 60 MGY facilities under constructions (REG Emporia, REG New Orleans)
Ownership stakes in certain biodiesel plants, including Western Dubuque Biodiesel, LLC; East Fork Biodiesel, LLC; SoyMor Biodiesel, LLC; and CIE, and several terminal locations.
REG’s headquarters building in Ames, Iowa
35 MG Y facility near Houston, Texas (REG Houston)
Two 60 MGY facilities under constructions (REG Emporia, REG New Orleans)
Ownership stakes in certain biodiesel plants, including Western Dubuque Biodiesel, LLC; East Fork Biodiesel, LLC; SoyMor Biodiesel, LLC; and CIE, and several terminal locations.
REG’s headquarters building in Ames, Iowa
QUESTIONS AND ANSWERS REGARDING
CENTRAL IOWA ENERGY, LLC’S CONSOLIDATION
WITH RENEWABLE ENERGY GROUP, INC.
CENTRAL IOWA ENERGY, LLC’S CONSOLIDATION
WITH RENEWABLE ENERGY GROUP, INC.
Q. Why are these three plants involved?
The decision to consolidate Western Iowa Energy, Central Iowa Energy, and Blackhawk Biofuels under
these purchase agreements were made by each company’s board of directors along with Renewable
Energy Group. Those boards have shared with us that they made the decision to consolidate with REG
because it was the right decision for their plants in these economic conditions and offered the
opportunity for their investors to diversify their biodiesel investment risks. These boards took
the initiative to move this deal forward and we are proud to be working with each of them.
Q. Is REG considering other mergers? Acquisitions?
A. Renewable Energy Group is always looking for business growth opportunities , although right now
we are focused on completing this transaction.
Q. Will the employees have jobs?
A. As an Iowa-based Midwest company, REG® is committed to each community and its economic
development.
Danville: Currently the 29 employees at the facility are already REG employees, so we do
not expect any changes in personnel numbers.
Western Iowa Energy: The 28 employees at this facility were informed that upon completion
of the deal, we expect that they will have the opportunity to work as REG employees at their
facility. As we approach the closing of the transaction, REG® will further evaluate if any of the
administrative positions at the facilities can be better served out of its headquarters in Ames.
Central Iowa Energy: The 22 employees at this facility have been informed that upon
completion of the deal, we expect that they will have the opportunity to work as REG employees at
their facility. As we approach the closing of the transaction, REG® will further evaluate if any of
the administrative positions at the facilities can be better served out of its headquarters in
Ames.
Q. With this consolidation, what will change in the way the REG network is managed? Operated?
A. Although the REG network’s production capacity will remain the same upon closing of the
business combination transaction, REG® and CIE look for this to be an opportunity to better price
raw materials with greater economies of scale. As customers are demanding efficient production and
transportation, we look to meet their needs through further streamlined central management of
complex logistics and decision-making processes.
Q. What will the facility be named?
A. Upon successful completion of the business combination transactions, CIE’s, WIE’s and
Blackhawk’s plants will be re-branded with the following names:
Current Name:
|
Name Post-Transaction: | |
Western Iowa Energy, LLC
|
REG Wall Lake, LLC | |
Central Iowa Energy, LLC
|
REG Xxxxxx, LLC | |
Blackhawk Biofuels, LLC
|
REG Danville, LLC |
Attachment to Newco Disclosure Schedule 5.2(i)
(As of Closing Date*)
(As of Closing Date*)
| Number of | Percent of | Percent of | ||||||||||||||||||||||
| Preferred | Preferred | Number of | Common | Percent of | ||||||||||||||||||||
| Holder Name | Shares | Shares | Common Shares | Shares | Total Shares | Total Shares | ||||||||||||||||||
Bunge North America,
Inc. |
1,361,723 | 9.93 | % | 702,780 | 1.92 | % | 2,064,503 | 4.11 | % | |||||||||||||||
ED&F Man Holdings B.V. |
1,770,334 | 12.91 | % | 1,081 | 0.00 | % | 1,771,415 | 3.52 | % | |||||||||||||||
Natural Gas Partners
VII, L.P. |
2,559,808 | 18.66 | % | 1,096 | 0.00 | % | 2,560,904 | 5.09 | % | |||||||||||||||
NGP Energy Technology
Partners, L.P. |
2,559,808 | 18.66 | % | 0 | 0.00 | % | 2,559,808 | 5.09 | % | |||||||||||||||
Energy Technology
Partners, LLC |
0 | 0.00 | % | 1,096 | 0.00 | % | 1,096 | 0.00 | % | |||||||||||||||
West Central Cooperative |
563,635 | 4.11 | % | 9,500,000 | 25.98 | % | 10,063,635 | 20.01 | % | |||||||||||||||
USBG Group** |
4,349,049 | 31.71 | % | 3,289,755 | 9.00 | % | 7,638,804 | 15.19 | % | |||||||||||||||
Sargeco, Inc. |
0 | 0.00 | % | 1,018,253 | 2.78 | % | 1,018,253 | 2.02 | % | |||||||||||||||
Blue Marble Investors,
LLC |
0 | 0.00 | % | 696,210 | 1.90 | % | 696,210 | 1.38 | % | |||||||||||||||
West Central Biodiesel
Investors, LLC |
0 | 0.00 | % | 1,409,053 | 3.85 | % | 1,409,053 | 2.80 | % | |||||||||||||||
Biofuels Company of
America, LLC |
0 | 0.00 | % | 1,980,488 | 5.42 | % | 1,980,488 | 3.94 | % | |||||||||||||||
Xxxxx X. Xxxxxxx |
0 | 0.00 | % | 1,435 | 0.00 | % | 1,435 | 0.00 | % | |||||||||||||||
Xxxxxxx Xxxxxxxxxxx |
0 | 0.00 | % | 1,435 | 0.00 | % | 1,435 | 0.00 | % | |||||||||||||||
Xxxxxxx Xxxxxxx |
0 | 0.00 | % | 1,081 | 0.00 | % | 1,081 | 0.00 | % | |||||||||||||||
Xxxx Xxxxxxxxxxxx |
0 | 0.00 | % | 1,354 | 0.00 | % | 1,354 | 0.00 | % | |||||||||||||||
Blackhawk Biofuels, LLC |
133,377 | 0.97 | % | 6,753,088 | 18.47 | % | 6,886,465 | 13.69 | % | |||||||||||||||
Central Iowa Energy, LLC |
158,041 | 1.15 | % | 4,248,840 | 11.62 | % | 4,406,881 | 8.76 | % | |||||||||||||||
Western Iowa Energy, LLC |
259,012 | 1.89 | % | 6,963,377 | 19.04 | % | 7,222,389 | 14.36 | % | |||||||||||||||
Total |
13,714,787 | 100.00 | % | 36,570,422 | 100.00 | % | 50,285,209 | 100.00 | % | |||||||||||||||
| * | Subject to adjustment for issuance of fractional shares pursuant to the Agreement and Common Plan Agreements. | |
| ** | As defined in the REG Merger Agreement. |
