Consolidated-TomokaLand Co. gained a partial victory in its proxy fight with activist investor Wintergreen Advisers LLC.
At the company's annual shareholder meeting, all seven of itsincumbent director nominees were re-elected to serve until the next meeting in 2017,and Grant Thornton LLP was approved as the company's independent registered publicaccounting firm.
However, stakeholders voted down the company's proposed issuanceof additional shares of common stock upon conversion of its 4.50% convertible seniornotes due 2020, as well as its 2015 executive compensation plan.
Additionally, a shareholder proposal asking the board to hireand independent adviser to evaluate value-maximizing measures was passed.
Wintergreen had campaigned against the company's slate of directorsand said it would vote against the share issuance and ratification of Grant Thornton,as well as voicing opposition to the executive compensation plan.
Consolidated-Tomoka has claimed that Wintergreen's goal is toforce a sale or liquidation of the company for its own benefit.