- The Board of Directors and the shareholders approved an amendment to the Company’s charter requiring the annual elections of all Directors;
- The Company engaged a new management company to manage LPGA International;
- The Company hired a national brokerage company to assist it in selling some of its net leased properties;
- The Board strengthened director qualifications and the Company’s standards of corporate governance, business conduct, and ethics;
- The Board adopted stock ownership guidelines for directors and executive officers;
- The Company has frozen or eliminated executive and employee benefits including deferred compensation and the pension plan, among others; and,
- The Board of Directors adopted a resolution to reduce the size of the Board to nine directors for 2012, with a goal of having no more than seven directors by the 2014 annual meeting and no more than nine directors in 2012, which will be met as a result of the decision of two directors not to seek re-election to the Board at the 2012 annual meeting, and the retirement of William H. McMunn from the Board.
Consolidated-Tomoka Land Co. (NYSE Amex:CTO) and Wintergreen Advisers, LLC are pleased to announce that they have amicably resolved their disagreement related to Wintergreen’s statutory request for production of documents. Consolidated-Tomoka Chief Executive Officer John Albright commented, “We are pleased to put this dispute behind us. On behalf of the company and its board of directors, I thank Wintergreen Advisers for its constructive role as a Consolidated-Tomoka shareholder. We have taken a number of steps to improve operation and management of the Company and its assets based on a number of suggestions and observations made by Wintergreen, such as: