Consolidated-Tomoka Land Co. (NYSE MKT:CTO) (the “Company”) today
announced that a special committee of independent directors (the
“Special Committee”), formed by the Company’s Board of Directors (the
“Board”) for the purpose of exploring strategic alternatives to further
enhance shareholder value, has engaged Deutsche Bank Securities Inc.
(“Deutsche Bank”) as independent advisor to the Special Committee.
As previously announced, the Company had received a shareholder proposal
to be voted upon by the Company’s shareholders at the 2016 annual
meeting, requesting that the Board engage an independent advisor to
evaluate a sale of the Company or the orderly liquidation of its assets
(the “Shareholder Proposal”). In November 2015, the Board decided to
initiate the process called for by the Shareholder Proposal in advance
of the Shareholder Proposal being voted upon by shareholders at the
Company’s annual meeting scheduled for April 2016, and solicited
proposals from a number of financial advisory firms to advise the
Company as to its options for maximizing shareholder value, including
the options of sale of the Company, sale of assets or the continued
pursuit of the Company’s business plan. After thorough consideration of
the proposals from the financial advisory firms, the Special Committee
engaged Deutsche Bank for the purpose of exploring the aforementioned
strategic alternatives.
The Special Committee is proceeding in a diligent and orderly manner,
but has not set a definitive timetable for completion of this process.
There can be no assurance that this review process will result in a sale
transaction or other strategic alternatives of any kind. The Company
does not intend to disclose developments or provide updates on the
progress or status of this process unless and until it deems further
disclosure to be appropriate or required.
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.
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.
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 sales transactions,
including our ability to obtain necessary governmental approvals or to
satisfy other closing conditions, the possible strategic alternatives
that might be identified during a review of strategic alternatives, 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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