Tejon Ranch shareholder Glenbrook issues open letter to Board

Tejon Ranch shareholder Glenbrook Capital Management issued an open letter to the Chairman of the Nominating and Corporate Governance Committee of Tejon’s Board of Directors. Highlights of the letter include: “Dear Mr. Winer, …we are skeptical that what Nitor Capital referred to as “a wake-up call” – namely May’s overwhelming shareholder vote against management – has registered with the Tejon board of directors…A large number (if not most) of your fellow shareholders agree with Nitor…We have patiently continued to purchase shares when it has trading below book value because we believe there is great unrecognized value at Tejon. We currently have 300,000 shares, plus options to purchase another 160,000 shares, should we decide to exercise. On April 18, 2024, Nitor issued a news release via GlobeNewswire and, among many other serious criticisms, made reference to: “failure to effectively communicate the value of the Company’s assets to the market”..With the Company’s stock then trading significantly below its book value per share, it is evident that the market does not appreciate Tejon’s prospects…We have yet to see Tejon answer Nitor’s April 18th, May 9th and May 20th, 2024 public letters. We agree with the analysis and criticisms in Nitor’s correspondence…We strongly encourage you and the other members of the Nominating and Corporate Governance Committee to take appropriate steps to institute periodic investor calls and a broader investor relations and outreach program to attract a greater following for the company…the CEO search and recent solid CFO hire present an opportunity for Tejon to separate itself from the past and go in a new direction. As part of separating from the past, Mr. Bielli might also consider separating from Tejon as a way to afford a clean break”.