Both Leading Proxy Advisory Firms – ISS and Glass Lewis – Recommend Shareholders Vote “FOR” ONLY Tejon’s 10 Director Nominees
ISS’s and Glass Lewis’s Reports Reinforce That Tejon’s Existing Directors Are Best Positioned to Protect Shareholder Value
Company Launches VoteForTejon.com
In its
- Vote “FOR” all 10 of the Company’s highly qualified director nominees on the WHITE card.
- “WITHHOLD” on all Bulldog Investor (“Bulldog”) nominees, noting that these persons lack “appropriate industry experience that would be additive to the current board of directors.”
In its
- Vote “FOR” all 10 of the Company’s nominees, as Bulldog “has not presented a compelling case for change. As such, support for all management nominees is warranted on the management card.”
- “WITHHOLD” on all Bulldog nominees given “the dissident does not even provide a public view on which management nominees it hopes to unseat, and two of the dissident's three nominees are already overboarded. As such, the dissident has not presented a compelling case for change.”
Tejon issued the following statement:
We are very pleased that both major proxy advisory firms – ISS and Glass Lewis – recommend Tejon shareholders vote “FOR” all 10 of our highly qualified director nominees. The support of these proxy advisory firms reinforces our belief that Tejon’s Board has the right expertise and strategic vision to unlock the value of our unique assets. These critical recommendations draw a clear line between Tejon’s experienced, shareholder-focused nominees and Bulldog’s unqualified slate.
ISS and Glass Lewis recognize that Bulldog is running an opportunistic campaign to install three unqualified director nominees on Tejon’s Board. Crucially, as both firms note, Bulldog has failed to articulate any clear plan for Tejon. Glass Lewis even noted that Bulldog recognized its own lack of understanding, indicating they “cannot be sure what changes are needed”. Bulldog’s nominees’ lack of experience and short-sighted approach risks unraveling the purposeful work of Tejon’s Board and management team. Glass Lewis and ISS’s independent determinations that Tejon shareholders should support all of the Company’s director nominees affirms our view that Bulldog’s nominees would derail the important progress Tejon is making.
We urge all Tejon shareholders to follow ISS and Glass Lewis’s recommendations by voting “FOR” ONLY Tejon’s 10 director nominees on the Company’s WHITE proxy card and withholding all votes from Bulldog’s nominees to protect your investment in Tejon.
YOUR VOTE IS IMPORTANT, NO MATTER HOW MANY SHARES YOU OWN. YOU MAY VOTE BY THE INTERNET OR MAIL BY FOLLOWING THE INSTRUCTIONS ON THE WHITE PROXY CARD. WE URGE YOU TO VOTE TODAY! If you have any questions or require any assistance with voting your shares, please contact: Banks and Brokers: (212) 390-0450 All Others: (866) 796-7184 Email: TRC@dfking.com |
About
Forward Looking Statements
This communication contains forward-looking statements about future events and circumstances. Generally speaking, any statement not based upon historical fact is a forward-looking statement. In particular, statements regarding Tejon’s plans, strategies, prospects and expectations regarding its business and industry are forward-looking statements. They reflect Tejon’s expectations, are not guarantees of performance and speak only as of the date hereof. Except as required by law, Tejon does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements. Tejon’s business results are subject to a variety of risks, including business conditions and the general economy, future commodity prices and yields, market forces, the ability to obtain various governmental entitlements and permits, interest rates and other risks inherent in real estate and agriculture businesses. For further information on factors that could affect Tejon’s business results, refer to Tejon’s Annual Report on Form 10-K for the fiscal year ended
Additional Information and Where to Find It
Tejon has filed a definitive proxy statement on Schedule 14A and WHITE proxy card with the
SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY TEJON AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC AS THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain copies of these documents and other documents Tejon files with the
Participants
Tejon, its directors, certain of its executive officers, and other members of management and employees may be deemed to be participants in the solicitation of proxies with respect to a solicitation by Tejon. The identity of individual participants and information about their direct and indirect interests in the solicitation is available in Tejon’s definitive proxy statement filed with the
Contacts:
Investors
(661) 663-4212
nortiz@tejonranch.com
Media
(212) 355-4449
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1 Permission to use quotations was neither sought nor obtained.
Source: Tejon Ranch Co