Consolidated Tomoka files definitive proxy materials, mails letter to investors
Consolidated-Tomoka Land announced that it has filed definitive proxy materials with the SEC and is mailing a letter to the Company's shareholders in connection with its upcoming 2017 Annual Meeting of Shareholders to be held on April 26, 2017. Shareholders of record as of the close of business on March 2, 2017, are eligible to vote at the 2017 Annual Meeting. The letter highlights CTO's track record of strong performance, dedication to shareholder interests and the qualifications of the Board's director nominees. Among other things, the letter notes: CTO has generated total shareholder returns over the one-, three- and five-year periods ending March 17, 2017, and during the tenure of the Company's current CEO, that are excellent and higher than the returns of the MSCI US REIT index over those same periods. CTO is executing its strategic plan, including profitably monetizing its land portfolio and investing in high quality income assets in strong locations. The Company is committed to returning capital to shareholders as evidenced by its increased dividend and the recent increase to its share repurchase capacity with a new $10 million program. Four of CTO's current directors, and three of CTO's director nominees, were originally recommended by Wintergreen Advisers, and all unanimously support the Company's business plan. Wintergreen is now seeking to take control of the Company without paying a control premium to investors. It has proposed director candidates who could have a clear conflict with their duties to other shareholders, lack real estate expertise relevant to CTO, and have not disclosed an operating plan or value improvement ideas other than a rushed sale of the Company. CTO recently conducted a thorough strategic alternatives review process, with the assistance of an independent investment bank, and determined that a sale of the Company at this time would not generate more value for shareholders than the continued execution of the Company's strategic plan. To protect the value of your investment, the CTO Board of Directors unanimously recommends that shareholders vote the WHITE proxy card "FOR" all of the Company's seven experienced and highly qualified director nominees: John P. Albright, John J. Allen, Laura M. Franklin, William L. Olivari, Howard C. Serkin, Thomas P. Warlow, III and Casey R. Wold.