Consolidated Tomoka Announces Actions Related to 2010 Annual Meeting of Shareholders
February 08 2010 - 12:03PM
PR Newswire (US)
DAYTONA BEACH, Fla., Feb. 8 /PRNewswire-FirstCall/ --
Consolidated-Tomoka Land Co. (NYSE AMEX: CTO) (the "Company")
announced today that at a meeting of the Company's Board of
Directors held on February 8, 2010, John C. Adams, Jr. elected not
to stand for re-election to the Board and will retire when his term
in Class I expires in April 2010. William J. Voges, Chairman of the
Board, stated, "Mr. Adams has contributed greatly to the success of
the Company since joining the Board in 1977. He has provided the
Board with leadership and distinguished service over the years, and
he will be missed. We all wish him the best in his retirement." Mr.
Adams has also served on the Executive, Audit, and Compensation
Committees, and is currently Chairman of the Compensation
Committee. The Board has nominated A. Chester Skinner, III,
Jacksonville, Florida, and Thomas P. Warlow, III, Orlando, Florida,
to replace Mr. Adams and John C. Myers, III, who retired in January
to pursue other obligations. Both candidates are well-qualified
with backgrounds and experience in real estate similar to the
Company's real estate activities. Mr. Warlow was originally
nominated to the Board by Wintergreen Advisers, LLC. Both Messrs.
Skinner and Warlow will be included as Board nominees in the proxy
statement for the 2010 annual meeting of shareholders in addition
to the incumbent director, Linda Loomis Shelley, a noted land use
attorney in Tallahassee, FL, whose Class I term expires in 2010 and
who has been re-nominated by the Board. The Company also announced
that after consideration of two shareholder proposals submitted by
Wintergreen Advisers, LLC, the Board has decided to include
proposals in the Company's proxy statement that will provide
shareholders with the opportunity to advise the Board as to whether
the Company should conduct an annual non-binding, advisory vote
with respect to executive compensation and whether the Company
should adopt a majority voting standard for the election of
directors in uncontested elections. The Board intends to recommend
that shareholders vote in favor of these proposals.
Consolidated-Tomoka Land Co. is a Florida-based company primarily
engaged in converting Company owned agricultural lands into a
portfolio of net lease income properties strategically located in
the Southeast, through the efficient utilization of 1031
tax-deferred exchanges. The Company has low long-term debt and
generates over $9 million annually before tax cash flow from its
real estate portfolio. The Company also engages in selective
self-development of targeted income properties. The Company's
adopted strategy is designed to provide the financial strength and
cash flow to weather difficult real estate cycles. Visit our
website at http://www.ctlc.com/. "Safe Harbor" Certain statements
contained in this press release (other than statements of
historical fact) are forward-looking statements. The words
"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. Forward-looking
statements are made based upon management's expectations and
beliefs concerning future developments and their potential effect
upon the Company. 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. DATASOURCE: Consolidated-Tomoka
Land Co. CONTACT: Bruce W. Teeters, Sr. Vice President,
+1-386-274-2202, Facsimile: +1-386-274-1223 Web Site:
http://www.ctlc.com/
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