Glenbrook issues statement, supports Bulldog nominees to Tejon Ranch board

Glenbrook Capital Management, long-time shareholders of Tejon Ranch (TRC) Co. and owners of approximately 1.1% of outstanding shares of the Tejon, issued the following statement outlining their intention to vote FOR Item #4 to allow Tejon shareholders owning a combined 10% of outstanding shares to call a special meeting of shareholders and FOR Bulldog Capital’s state of nominees to the Tejon Board of Directors, at the May 13 Tejon Annual Meeting of Shareholders. “As long-term Tejon shareholders, we see great unrecognized value in the Company despite years of the current Board’s mismanagement, lack of transparency and arrogant refusal to engage with Tejon’s public shareholders. Despite our standing request for quarterly earnings calls – something 97% of NYSE companies currently hold – the Board and the largest shareholder continue to benefit from hiding in the bushes. With Tejon’s stock trading at depressed prices, years of self-granted stock options and insider purchases have materially diluted existing shareholders. Despite this value destruction and attempted engagement from major shareholders, the Board has doubled-down on its poor oversight by including former CEO Gregory Bielli, who managed 12-years of stagnation in the Company stock price during his tenure as CEO, on its slate of director nominees for next week’s Annual Meeting. We believe Mr. Bielli and Mr. Tisch are largely responsible for the Company’s abysmal stock performance, and that Mr. Bielli should not have been rewarded with either the board seat or the $1million consulting contract he was granted upon stepping down as CEO earlier this year… We are also pleased that leading proxy advisory firms ISS and Glass Lewis have recommended shareholders vote FOR the shareholder proposal submitted by PFS Trust, an entity indirectly associated with Glenbrook, which would enable Tejon shareholders owning a combined 10% of outstanding shares to call special meetings of shareholders. We believe the proposal is a common-sense measure that provides the owners of the Company with the ability to adequately voice concerns over the direction of Tejon under the continued mismanagement by the current or future Board of Directors.”