MOUNTAIN LAKES, N.J.--(BUSINESS WIRE)--
Wintergreen Advisers, LLC serves as investment adviser to clients who have collectively owned more than 10% of Consolidated-Tomoka Land Co.’s ("CTO", NYSE:CTO) shares since 2006, and who currently own more than 27.1% of CTO’s shares. Attempting to block our legitimate right to propose nominees to CTO’s Board of Directors is yet another example of CTO’s Board and management putting their own interests before those of shareholders, and seeking to distract shareholders from their own mismanagement.
As evidenced by recent investor sentiment and by the vote at last year’s Annual Meeting of over 69% of the votes cast directing CTO to hire an independent advisor to evaluate ways to maximize shareholder value through the sale of CTO, shareholders are extremely unhappy with the company’s prolonged value drift. We believe CTO shareholders would welcome directors with shared values to arrest this drift and we think CTO’s current directors and management believe this as well, which is why they are trying desperately to keep Wintergreen’s nominees off the ballot.
If our goal was to exit this investment at any cost, we would take CTO up on its repeated offers to buy back all or a large portion of our shares (which according to them we apparently do not own). However, we believe in the value of CTO and its underlying properties, and wish to maximize this value to the benefit of all shareholders. If CTO’s Board and management acted with similar goals and in accordance with their fiduciary obligations, we would not be having this discussion.
About Wintergreen Advisers
Established in 2005 by Liz Cohernour and David J. Winters, Wintergreen is an independent global money manager that employs a research-driven value style in managing global securities. As of December 31, 2016, Wintergreen Advisers had approximately $540 million under management on behalf of individuals and institutions through its mutual fund and other clients, and is based in Mountain Lakes, New Jersey.
For further information on Wintergreen Advisers, please call 973-263-4500 or visit www.wintergreenadvisers.com. For information, forms and documents regarding our U.S. mutual fund, please visit www.wintergreenfund.com.
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