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Special Opportunities Fund Seeks to Elect Directors of Tejon Ranch Co.

1. SPE is soliciting proxies to elect directors at Tejon Ranch's annual meeting. 2. Long-term investors in Tejon face significant losses; change is urgently needed. 3. SPE's nominees aim to improve capital allocation and transparency. 4. SPE believes Tejon's stock price is undervalued compared to its assets. 5. Electing new directors could potentially raise Tejon's share price.

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FAQ

Why Bullish?

SPE's actions suggest potential improvements, which may raise Tejon's stock price. Historical examples show that activist investor involvement often leads to share price appreciation.

How important is it?

SPE's proxy solicitation and focus on governance changes at Tejon are critical for future stock valuation.

Why Long Term?

The impact of new directors may take time to materialize. Previous activist campaigns have shown gradual value enhancements over several quarters.

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TRCSPYIVV
April 10, 2025 14:34 ET  | Source: Special Opportunities Fund, Inc. SADDLE BROOK, N.J., April 10, 2025 (GLOBE NEWSWIRE) -- Special Opportunities Fund, Inc., (SPE or the “Fund”) (NYSE: SPE), one of the largest shareholders of Tejon Ranch Co., (TRC or “Tejon”) (NYSE: TRC), announced that it is soliciting proxies to elect three independent directors of Tejon at its annual meeting of shareholders on May 13, 2025. Phillip Goldstein, Chairman of the Fund and a Managing Partner of Bulldog Investors, LLP (“Bulldog”), the Fund’s investment advisor, stated: “Investors that purchased shares of Tejon forty years ago have had virtually no return on their investment. Investors that purchased shares of Tejon twenty years ago have lost about 70% of their investment. The need for change at the Board level could not be clearer.” Andrew Dakos, President of the Fund and a Managing Partner of Bulldog, stated: “We believe that Tejon’s stock price does not reflect the value of its assets and that Tejon’s incumbent directors have been far too complacent in taking action to remedy that disparity. If elected, our nominees intend to focus their attention on four areas: capital allocation, executive compensation, communication and transparency, and excessive expenses. Our sole objective is to advocate for measures that we believe will result in a significantly higher price for Tejon’s shares.” For information, please contact: Thomas Antonucci, Bulldog Investors LLP (1-201-566-0092)

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