New York, NY – (Business Wire) ‐ Wintergreen Advisers, LLC (“Wintergreen”) sent the following letter to the board of Directors of Consolidated‐Tomoka Land Co. (CTO)(NYSE: CTO, “CTO”) to draw attention to what Wintergreen believes are continuing failures by CTO to make full disclosures to its shareholders about the financial condition of the company.
The Wintergreen letter notes that CTO’s recent announcement of a new share repurchase program fails to mention that the company’s share count has increased since John Albright was named CEO in August 2011, depriving shareholders of the benefits typically associated with share repurchases. In fact, we believe CTO’s share repurchases are being used to make stock grants to management instead of reducing CTO’s share count and increasing each shareholder’s equity in the company. Indeed, Mr. Albright has been granted options for 314,000 shares of CTO stock, which represent over 5% of the company’s outstanding shares, since he was hired in 2011. Continue Reading »