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Shareholders of Tejon Ranch Co. Urged to Vote for an Accountable Board of Directors

1. SPE and Bulldog Investors encourage Tejon Ranch shareholders to elect new directors. 2. Nominees aim to ensure greater transparency and accountability at Tejon. 3. Tejon's past expenditures on TMV have not led to visible development. 4. Shareholders express concerns about management's accountability for investments. 5. Electing new board members may positively influence Tejon's stock price.

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Why Bullish?

Investor activism often drives stock prices higher when transparency improves. Historical examples show that effective board changes can enhance shareholder value, as seen with companies like Yahoo.

How important is it?

The article directly addresses SPE's involvement in a significant decision affecting Tejon's future, highlighting financial implications.

Why Long Term?

Changes in board composition typically affect strategy and operations over time. Historical cases indicate such changes can start yielding positive outcomes within a year but may take several years for full realization.

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TRC
May 05, 2025 14:08 ET  | Source: Special Opportunities Fund, Inc. SADDLE BROOK, N.J., May 05, 2025 (GLOBE NEWSWIRE) -- Special Opportunities Fund, Inc. (NYSE: SPE) and Bulldog Investors, LLP (together, “Bulldog”), holders of 2.1% of Tejon Ranch Co., urge shareholders of Tejon Ranch Co. (NYSE: TRC) (“Tejon”) to vote to elect Andrew Dakos, Phillip Goldstein, and Aaron Morris as directors.   Bulldog strongly believes that electing these nominees to Tejon’s ten-person Board of Directors, will result in greater transparency and accountability and a higher stock price. A prime concern among Tejon’s shareholders is whether the company’s massive expenditures will yield commensurate benefits. For example, the Board recently proclaimed that Tejon Mountain Village (“TMV”), an ambitious master-planned community, is fully entitled and “at near-execution stage” and that “incremental investments [now will generate] significant revenue.”   The problem is that it said almost the same thing in 2013: “TMV is fully entitled and all necessary permits have been issued to begin development.” Yet, since then, more than $100 million (or about $4 per share) has been spent on TMV, including a whopping $70 million to buy out Tejon’s joint venture partner. At the time, management characterized the buyout decision as one that “reflects the Company’s growth as a fully integrated real estate company and demonstrates our belief in the future success of the development.” Yet, TMV’s land looks the same today as it did twelve years ago and not a single shovel has yet touched the ground. Andrew Dakos, a nominee for director, commented: “Shareholders have long complained about the Board’s failure to hold management accountable for questionable expenditures and that has likely had a dampening effect on Tejon’s stock price. There is an obvious need for directors who are dissatisfied with Tejon stock continuing to be a ‘dead money’ investment and that are committed to providing greater oversight, transparency and accountability.”    About Bulldog Investors Bulldog Investors LLP is an SEC-registered investment adviser that manages three registered closed-end investment companies including Special Opportunities Fund, Inc., and separately managed accounts.

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