Consolidated-Tomoka Land Co. (NYSE Amex:CTO) and Wintergreen Advisers, LLC are pleased to announce that they have amicably resolved their disagreement related to Wintergreen’s statutory request for production of documents. Consolidated-Tomoka Chief Executive Officer John Albright commented, “We are pleased to put this dispute behind us. On behalf of the company and its board of directors, I thank Wintergreen Advisers for its constructive role as a Consolidated-Tomoka shareholder. We have taken a number of steps to improve operation and management of the Company and its assets based on a number of suggestions and observations made by Wintergreen, such as:
- The Board of Directors and the shareholders approved an amendment to the Company’s charter requiring the annual elections of all Directors;
- The Company engaged a new management company to manage LPGA International;
- The Company hired a national brokerage company to assist it in selling some of its net leased properties;
- The Board strengthened director qualifications and the Company’s standards of corporate governance, business conduct, and ethics;
- The Board adopted stock ownership guidelines for directors and executive officers;
- The Company has frozen or eliminated executive and employee benefits including deferred compensation and the pension plan, among others; and,
- The Board of Directors adopted a resolution to reduce the size of the Board to nine directors for 2012, with a goal of having no more than seven directors by the 2014 annual meeting and no more than nine directors in 2012, which will be met as a result of the decision of two directors not to seek re-election to the Board at the 2012 annual meeting, and the retirement of William H. McMunn from the Board.
David J. Winters, Chief Executive Officer of Wintergreen Advisers remarked, “Wintergreen thanks Consolidated-Tomoka’s new CEO, John Albright, its new Chairman of the Board, Jeff Fuqua, and all of its directors who have successfully steered the Company through a difficult period and helped us reach a resolution. An incredible amount of progress has been made at Consolidated-Tomoka. We look forward to Consolidated-Tomoka’s future with a renewed sense of optimism and confidence – it is our firm belief that the Company’s best days lie ahead of it. Consolidated-Tomoka has a first class team in place who we believe will make every effort to unlock the intrinsic value of the Company and create long-term value for all shareholders.”
Consolidated-Tomoka’s Chief Executive Officer, John Albright stated, “Wintergreen has provided many valuable insights to the Company, serving in a constructive role as its largest shareholder and the Directors and management wish to express to Wintergreen and all of its investors our sincere gratitude and appreciation. We look forward to delivering results for all Company shareholders.”
Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Forward-looking statements are made based upon management’s expectations and beliefs concerning future developments and their potential effect upon the Company. 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.