DAYTONA BEACH, Fla.--(EON: Enhanced Online News)--Consolidated-Tomoka Land Co. (NYSE: CTO) (the “Company” or “CTO”) today announced that it has filed an investor presentation with the Securities and Exchange Commission (“SEC”) outlining CTO’s track record of strong performance, commitment to shareholder value, ongoing execution of its strategic plan and why shareholders should support CTO’s nominees for election at the Company’s 2017 Annual Meeting of Shareholders (the “Annual Meeting”) on April 26, 2017.
“will seek to complete the mandate to maximize shareholder value through the sale of CTO or through the liquidation of CTO’s assets.”
CTO’s investor presentation also sets the record straight regarding the inaccuracies and misrepresentations put forth by Wintergreen Advisers (“Wintergreen”) in its most recent proxy disclosure, the details of which are below:
|WINTERGREEN'S CLAIMS||THE FACTS|
CTO’s current Board and management have overseen continued poor performance and significant value destruction
CTO’s Board has not held management accountable for poor performance and value destruction
|CTO’s Board members are not qualified, independent advocates for shareholder rights and interests, including corporate governance||
|Wintergreen’s Nominees are qualified, independent advocates for all shareholders||
|Wintergreen’s objective is to run CTO in a thoughtful manner for long-term success||
|CTO’s 2016 exploration of strategic alternatives with Deutsche Bank was “an unmitigated disaster” conducted “under the cloak of darkness”||
|CTO’s executive compensation is excessive and not tied to performance||
|John Albright’s stock sales show that he sees CTO as “his own personal piggy bank”||
|CTO is spending too much money on its new headquarters||
|The increase in Grant Thornton’s audit fees are “alarming”||
|Unclear how LPGA transaction benefits shareholders||
CTO shareholders are reminded that their vote is extremely important, no matter how many shares they own. The CTO Board strongly urges shareholders to protect the value of their investment in CTO by using the WHITE proxy card to vote “FOR” each of CTO’s seven nominees: John P. Albright, John J. Allen, Laura M. Franklin, William L. Olivari, Howard C. Serkin, Thomas P. Warlow, III and Casey R. Wold - TODAY by telephone, by Internet, or by signing and dating the WHITE proxy card.
If you have any questions or require any assistance with voting your shares, please contact the Company’s proxy solicitor listed below:
MacKenzie Partners, Inc.
105 Madison Avenue
New York, New York 10016
Call Collect: 212-929-5500
Toll-Free (800) 322-2885
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns a portfolio of income investments in diversified markets in the United States including approximately 1.9 million square feet of income properties, as well as approximately 8,200 acres of land in the Daytona Beach area. Visit our website at www.ctlc.com.
We encourage you to review our most recent investor presentations for year end 2016 pertaining to the results for the quarter and year ended December 31, 2016, available on our website at www.ctlc.com.
Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements. Words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions and variations thereof are intended to identify certain of such forward-looking statements, which speak only as of the dates on which they were made, although not all forward-looking statements contain such words. Although forward-looking statements are made based upon management’s expectations and beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include the completion of 1031 exchange transactions, the availability of investment properties that meet the Company’s investment goals and criteria, the modification of terms of certain land sales agreements, uncertainties associated with obtaining required governmental permits and satisfying other closing conditions, as well as the uncertainties and risk factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 as filed with the Securities and Exchange Commission. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release.
IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT
The Company, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from the Company’s shareholders in connection with the matters to be considered at the Company’s 2017 annual meeting of shareholders to be held on April 26, 2017. On March 21, 2017, the Company filed a definitive proxy statement (the “Proxy Statement”) with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies from the Company’s shareholders for the 2017 annual meeting. INVESTORS AND SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT AND ACCOMPANYING WHITE PROXY CARD WITH RESPECT TO THE 2017 ANNUAL MEETING, AND OTHER DOCUMENTS FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY AS THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents filed by the Company with the SEC for no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at the Investor Relations section of our corporate website at www.ctlc.com.