SPE - Shareholders of Tejon Ranch Co. Urged to Vote for an Accountable Board of Directors

SADDLE BROOK, N.J., May 05, 2025 (GLOBE NEWSWIRE) -- Special Opportunities Fund, Inc. (NYSE: SPE) and Bulldog Investors, LLP (together, “Bulldog”), holders of 2.1% of Tejon Ranch Co., urge shareholders of Tejon Ranch Co. (NYSE: TRC) (“Tejon”) to vote to elect Andrew Dakos, Phillip Goldstein, and Aaron Morris as directors.   Bulldog strongly believes that electing these nominees to Tejon’s ten-person Board of Directors, will result in greater transparency and accountability and a higher stock price.

A prime concern among Tejon’s shareholders is whether the company’s massive expenditures will yield commensurate benefits. For example, the Board recently proclaimed that Tejon Mountain Village (“TMV”), an ambitious master-planned community, is fully entitled and “at near-execution stage” and that “incremental investments [now will generate] significant revenue.”   The problem is that it said almost the same thing in 2013: “TMV is fully entitled and all necessary permits have been issued to begin development.” Yet, since then, more than $100 million (or about $4 per share) has been spent on TMV, including a whopping $70 million to buy out Tejon’s joint venture partner. At the time, management characterized the buyout decision as one that “reflects the Company’s growth as a fully integrated real estate company and demonstrates our belief in the future success of the development.” Yet, TMV’s land looks the same today as it did twelve years ago and not a single shovel has yet touched the ground.

Andrew Dakos, a nominee for director, commented: “Shareholders have long complained about the Board’s failure to hold management accountable for questionable expenditures and that has likely had a dampening effect on Tejon’s stock price. There is an obvious need for directors who are dissatisfied with Tejon stock continuing to be a ‘dead money’ investment and that are committed to providing greater oversight, transparency and accountability.”

About Bulldog Investors

Bulldog Investors LLP is an SEC-registered investment adviser that manages three registered closed-end investment companies including Special Opportunities Fund, Inc., and separately managed accounts.