TRC - GLENBROOK CAPITAL MANAGEMENT RELEASES OPEN LETTER TO TEJON RANCH BOARD CALLING FOR TRANSPARENCY | Benzinga
Urges Company to Conduct Periodic Investor Calls and Adopt Investor Outreach Program
Believes Transparency and Engagement Will Help Unlock Tejon's Value
PALO ALTO, Calif., May 23, 2024 /PRNewswire/ -- Glenbrook Capital Management ("Glenbrook" or "we"), a long-time shareholder of Tejon Ranch Co. (NYSE:TRC) ("Tejon"), today issued the following open letter to the Chairman of the Nominating and Corporate Governance Committee of Tejon's Board of Directors
May 23, 2024
Tejon Ranch Co.
P.O. Box 1000
Tejon Ranch, California 93243
Attn: Michael H. Winer, Chairman of the Nominating and Corporate Governance Committee
Dear Mr. Winer,
You will remember that we wrote to you two years ago in connection with our shareholder proposal that Tejon Ranch Co. ("Tejon" or the "Company") should hold quarterly earnings calls like 97% of NYSE listed companies. Because of Tejon's out of hand rejection of our prior plea that Tejon should behave like a normal public company, we are skeptical that what Nitor Capital Management LLC ("Nitor") referred to as "a wake-up call" (namely May's overwhelming shareholder vote against management) has registered with the Tejon board of directors (the "Board"). We fully concur with Nitor that Tejon shareholders expect engagement and not business as usual. A large number (if not most) of your fellow shareholders agree with Nitor.
Our shareholdings go back to the 1970s when our position was initiated by Mr. Wickersham's father at approximately today's share price. We have patiently continued to purchase shares when it has trading below book value because we believe there is great unrecognized value at Tejon. We currently have 300,000 shares, plus options to purchase another 160,000 shares, should we decide to exercise. This is a larger financial commitment than most directors.
As you know, on April 18, 2024, Nitor issued ...