Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (or the “Company”) today
announced that Wintergreen Advisors, LLC (“Wintergreen”), has submitted
a proposal to be voted upon by the Company’s shareholders at the 2016
annual meeting. The proposal, if approved by CTO’s shareholders, would
request that the CTO board of directors hire an independent advisor to
evaluate a sale of CTO or the orderly liquidation of its assets. While
expressing no views on the subject matter of the proposal at this time,
CTO intends to comply with Wintergreen’s request by including the
proposal in CTO’s proxy statement for the 2016 annual shareholder
meeting.
We welcome the input and perspective of all of our shareholders as we
continue to execute our business plan and to pursue our objective of
maximizing shareholder value. We appreciate Wintergreen’s continued
support through their ownership of a large stake in CTO, and the strong
statements of support regarding CTO’s board of directors and management
team in Wintergreen’s March 2015 annual Message to Shareholders. We are
pleased that the market has recognized the progress we have made in
pursuing our strategy, as evidenced by the 90% increase in CTO’s share
price over the last four years. We believe that maintaining this
strategy will continue to produce positive results.
We encourage you to review our most recent investor presentation, which
has been updated for Q3 2015, available on our website at www.ctlc.com.
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 more than 1.7 million
square feet of income properties, as well as over 10,500 acres of land
in the Daytona Beach area. Visit our website at www.ctlc.com.
SAFE HARBOR
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 identify
certain of such forward-looking statements, which speak only as of the
dates on which they were made. 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 uncertainties associated with closing land transactions,
including our ability to obtain necessary governmental approvals or to
satisfy 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, 2014 and in our Quarterly Report on Form 10-Q for the
quarter ended June 30, 2015, each 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.
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