- 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’s Chief Executive Officer, John Albright stated, “Wintergreen has provided many valuable insights to the Company, serving in a constructive role as its largest shareholder and the Directors and management wish to express to Wintergreen and all of its investors our sincere gratitude and appreciation. We look forward to delivering results for all Company shareholders.”“SAFE HARBOR” Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Forward-looking statements are made based upon management’s expectations and beliefs concerning future developments and their potential effect upon the Company. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management.