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Activist shareholder pushes Consolidated-Tomoka to explore sale, liquidation

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Activist shareholder pushes Consolidated-Tomoka to explore sale, liquidation

Activist shareholder Wintergreen Advisers LLC is proposing that Consolidated-Tomoka Land Co.'s board engage an independent adviser to help the company evaluate a sale, liquidation or other options to maximize stockholder value.

Wintergreen is also nominating David Winters, Elizabeth Cohernour and Evan Ho for election to Consolidated-Tomoka's board and requested that the company bring both proposals up for a vote at the company's 2018 annual shareholder meeting.

Wintergreen proposed the same three directors for election at Consolidated-Tomoka's 2017 annual shareholder meeting, but its nominees were not elected.

Consolidated-Tomoka said its board will review Wintergreen's proposal and director nominations, but stressed that it views several of the activist's assertions as being "factually incorrect."