UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 7, 2011
HOMELAND ENERGY SOLUTIONS, LLC | |||
(Exact name of registrant as specified in its charter) | |||
Iowa | 000-53202 | 20-3919356 | |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |
2779 Highway 24, Lawler, Iowa | 52154 | ||
(Address of principal executive offices) | (Zip Code) | ||
(563) 238-5555 | |||
(Registrant's telephone number, including area code) | |||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.07 Submission of Matters to a Vote of Security Holders.
Results of 2011 Annual Members’ Meeting
On April 7, 2011, Homeland Energy Solutions, LLC (“Homeland”) held its 2011 annual members’ meeting (“Annual Meeting”) to vote on the election of two directors whose terms were scheduled to expire in 2011.
Proposal One: Election of Directors
Mathew Driscoll and Robert Sieracki were elected by the members to serve three year terms which will expire in 2014. The votes for the nominee directors were as follows:
Nominees | For | Withhold/Abstain | ||||
Mathew Driscoll, Incumbent | 47,708 | 909 | ||||
Stephen Eastman | 29,304 | 585 | ||||
Bernard Retterath | 16,566 | 1,119 | ||||
Duane Schwickerath, Incumbent | 12,121 | 970 | ||||
Robert Sieracki | 33,042 | 1,319 | ||||
Item 8.01 Other Events.
Off-Specification Ethanol
In November and December 2010, Homeland produced and shipped ethanol that failed to meet the specifications required by our ethanol marketing agreement. While Homeland believes that this ethanol was within specifications when it was shipped from our ethanol plant, it was rejected when it was received at a blending terminal in Linden, New Jersey. As a result of the ethanol that failed to meet specifications, Homeland was required to purchase additional ethanol from the market to fulfill certain ethanol delivery contracts as required by our ethanol marketing agreement. In addition, Homeland incurred costs in order to treat the ethanol that did not meet specifications so it could be sold. Homeland completed the treatment of this off-specification ethanol in December 2010 and January 2011. As of December 31, 2010, Homeland had accrued a loss of $1,561,000 associated with the off-specification ethanol. Homeland has recently determined that its total loss associated with this off-specification ethanol was approximately $2 million.
Corn Oil Extraction Equipment
Homeland is in the process of evaluating whether it will install equipment that will allow us to separate corn oil from the distillers grains we produce. This would be a new revenue source for Homeland. Homeland has not determined when or if it will install this corn oil extraction equipment.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HOMELAND ENERGY SOLUTIONS, LLC | |
Date: April 8, 2011 | /s/ Walter W. Wendland |
Walter W. Wendland | |
Chief Executive Officer | |
(Principal Executive Officer | |