MGEX Completes Reorganization, Now a For-Profit
The Minneapolis Grain Exchange (MGEX) announced Wednesday that it has completed its reincorporation and is now a for profit, non-stock corporation.
The corporate structure change was first announced by MGEX in May. The reincorporation was unanimously approved by the MGEX board of directors and received a more than 98 percent approval from the MGEX membership in one of the largest authorized voter turnouts in MGEX's 129 year history.
“MGEX is well positioned for growth and we look forward to expanding our business opportunities in order to maximize our potential,” Mark G. Bagan, president and CEO of MGEX, said in a statement. “This reincorporation provides additional means for our members to participate in this growth and expansion.”
The reincorporation will not result in any change in the business, management, location of principal executive offices, assets, or liabilities of MGEX. There will also be no changes to current trading privileges.
In May, the organization said that the most notable change under the reincorporation will be its ability to distribute assets to MGEX members. The reincorporation also allows MGEX greater flexibility in business planning strategies.
MGEX, a commodity exchange located in Minneapolis, was founded in 1881. According to its Web site, it is the world's largest market for hard red spring wheat futures and options trading.