Wintergreen Advisers, LLC (“Wintergreen”) is pleased that
Consolidated-Tomoka Land Co. (NYSE: CTO, “CTO”) has hired Deutsche Bank
to pursue the directive of Wintergreen’s Proxy Proposal: to explore
strategic alternatives to enhance shareholder value, including the
possible liquidation of assets or the sale of the company. We believe
CTO is trading at a massive discount to the value of its underlying
assets and that a liquidation or substantial asset sale is in the best
interests of the CTO shareholders.
We believe it is time to expedite and finalize any sales process while
interest rates remain low and the ongoing real estate market recovery
remains strong. We think prior and current CTO management has failed to
enhance shareholder value beyond a slight reflection of the recovery of
the real estate market and CTO needs strong, experienced outside
advisers to point the company in a proper direction for the benefit of
all shareholders.
At this point we cannot tell precisely what instructions have been given
to Deutsche Bank as investment banker adviser, nor can we know how
vigorously it will be permitted by CTO’s Board of Directors to explore
all meaningful strategic paths for maximizing shareholder value through
the sales process. We would welcome CTO’s support of Wintergreen’s
Proposal on CTO’s forthcoming proxy statement.
We note that CTO also announced that its review of company activities
and disclosures, conducted by CTO’s Audit Committee, had not uncovered
any violations of securities laws. We question this finding and
reiterate that we believe CTO management has violated both the letter
and the spirit of multiple laws.
About Wintergreen Advisers
Established in 2005, Wintergreen is an independent global money manager
that employs a research-driven value style in managing global
securities. As of December 31, 2015, Wintergreen Advisers had
approximately $950 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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