DAYTONA BEACH, Fla.--(BUSINESS WIRE)--Consolidated-Tomoka Land Co. (NYSE American: CTO) today announced that, based on the preliminary vote count provided by its proxy solicitor following the Company’s 2018 Annual Meeting of Shareholders (the “2018 Annual Meeting”), shareholders have re-elected all seven of the Company’s directors – John P. Albright, Laura M. Franklin, Christopher W. Haga, William L. Olivari, Howard C. Serkin, Thomas P. Warlow, III, and Casey R. Wold – to the CTO Board of Directors. As previously announced, John J. Allen has stepped down from the Board after many years of service.
The Company issued the following statement:
“On behalf of the CTO Board and management team, we thank our shareholders for their overwhelming support for our Board of Directors and the Company’s strategic plan. We will continue to thoughtfully consider the views of all shareholders, consistent with our continued focus on value creation. We also thank Jack Allen for his dedicated service on CTO’s Board and his many valued contributions to the Company.
“We believe today’s positive outcome is a clear indication that our shareholders have confidence in the Board and management team and the pursuit of its strategy to maximize shareholder value. We look forward to building on our progress and strong momentum with the goal of benefitting all of CTO’s shareholders.”
The preliminary results indicate that shareholders approved all other Company proposals considered at the 2018 Annual Meeting, including the ratification of Grant Thornton LLP as CTO’s independent public accountant, the compensation of the Company’s named executive officers, and an amendment to the Company’s equity incentive plan. The shareholder vote did not result in the election of any of the three director candidates nominated by Wintergreen Advisers, LLC (“Wintergreen”) and the Wintergreen Fund (MUTF:WGRNX), and Wintergreen’s proposal requesting that the Board hire an independent financial advisor was not approved.
The Company will file final voting results with the Securities and Exchange Commission on a Form 8-K once they are certified by the independent inspector of elections.
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 approximately 2.1 million square feet of income properties, as well as nearly 8,100 acres of land in the Daytona Beach area. Visit our website at www.ctlc.com.
