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Consolidated-Tomoka investor fires back over attempt to block director nominees

Wintergreen Advisers LLC blasted back after Consolidated-Tomoka Land Co. dismissed the activist investor's claims about director nominations to the company's board.

The shareholder said Consolidated-Tomoka's dismissal was an attempt to block its right to submit director nominees to the company's board and called it "yet another example of CTO's board and management putting their own interests before those of shareholders, and seeking to distract shareholders from their own mismanagement."

Wintergreen, which owns more than 27.1% of Consolidated-Tomoka's shares as of Jan. 31, argued that new directors on Consolidated-Tomoka's board are needed to halt the company's "prolonged value drift."

The shareholder also responded to Consolidated-Tomoka's assertion that Wintergreen just wants a quick sale or liquidation of the company, saying: "If our goal was to exit this investment at any cost, we would take CTO up on its repeated offers to buy back all or a large portion of our shares."