As expected, Consolidated-Tomoka Land Co. shareholder Wintergreen Advisers LLC nominated three individuals for election to Consolidated-Tomoka's board.
Wintergreen, which owns a 27.82% stake in Consolidated-Tomoka shares, put forward Elizabeth Cohernour, Evan Ho and David Winters in a preliminary proxy statement. Cohernour is COO and principal of Wintergreen. Ho is the founder of Value Investor Resources Inc., which conducts securities analysis for active managers. Winters is the CEO of Wintergreen.
The shareholder said its nominees will take "concrete" steps to improve the company's share price relative to NAV, including, among other things, hiring an independent adviser, tendering for shares of the company and hiring a consultant to value the mineral rights portfolio.
Consolidated-Tomoka has nominated seven current directors for re-election to the board.
With regard to other agenda items Consolidated-Tomoka plans to address at its annual meeting, Wintergreen said it would vote against the executive compensation and the company's equity incentive plan. The shareholder has no position on the accounting firm, and it will vote for its own shareholder proposal to narrow the discount between net asset value and the company's share price.
Consolidated-Tomoka took no position on Wintergreen's proposal.