The board of the Weyburn Inland Terminal is making good on a promise to shareholders that dates back to their annual meeting last April.

At the time, then-president Roy Levee addressed concerns that WIT shares were not liquid enough and didn't reflect their true value with what he called a "common sense plan."

The plan included the company offering to buy back a percentage of outstanding common shares which would then be up for sale for the next generation of Terminal owners.

The buy-back plan was formed in response to a group of directors who were angry when the Terminal cut off talks with the United Grain Growers. They said UGG was willing to buy WIT shares at $30 to $35 per share.

But in a historic vote, 90 per cent of WIT shareholders rejected the "dissident directors" who were trying to gain control of the board to continue alliance talks with UGG.

Now those in favour of selling their piece of the farmer-directed grain company have a chance to do so, at a price of $21.25 per share.

WIT is offering to purchase up to 105,257 - or ten per cent - of the outstanding common shares for that price until March 3.

Funding for the purchase will come from working capital, not from borrowing.

While the buy back price is considerably less than the rumoured $30-$35 per share under the UGG deal, Terminal CEO Rob Davies says UGG never made a formal offer.

"The $30-$35 per share was never on the table. It was a discussion, a number thrown about. We don't know that anyone would've paid that," he said.

The $21.25 share prices is fair to the buyer and seller, says Davies, and is based on a valuation study conducted by Union Securities Ltd. over the past few months that provides a more accurate estimate of the company's worth.

Further, if shareholders would've sold to UGG, WIT's independence would be compromised, Davies adds. That's a risk the majority of shareholders weren't willing to take.

Davies says WIT has now addressed the two major concerns the dissident shareholders brought forward last year - including securing the long-term viability of the company through a less invasive agreement with UGG that provides increased access to marketing and transportation.

A package of information is being mailed to all WIT shareholders including a copy of the Union Securities valuation and the purchase document, which is called an issuer bid.

"We don't know if there is a huge desire to sell," said Davies. "The important thing is it's entirely voluntary. The shareholder can choose whether they want to tender all of their shares, some of their shares or none at all."

It's a chance for shareholders who faced significant risk in their investment 25 years ago when the company started to get that money back, Davies added.