Well, if you currently hold 60 or more shares in your MEC share account you are. And that means you’ll soon be getting a cheque in your postbox, along with the other 43,500+ members who qualify for this share redemption.
As the letter you’ll get with that cheque explains, “MEC is not operated to earn a profit, but we strive to remain financially healthy. If there is a surplus of revenues over expenses in a year, that surplus is returned to members in proportion to their purchases during that year.”
This is one of those years where our Board of Directors has deemed that we have enough cash to meet our projected needs and we are able to buy back (or redeem) some shares. So if you had 60 or more shares in your account as of our fiscal year end (December 26, 2010), you will soon recieve a cheque that redeems your share holding to 55 shares.
Since 2000, and including this year, MEC has returned $16.2 million to our members in the form of a share redemption. That’s pretty sweet. Thank you for keeping our Co-op healthy and strong.
Oh, and by the way… the cheque is in the post. 
Filed under: MEC News
