Shareholders of Tejon Ranch Co. Urged to Vote for an Accountable Board of Directors

Rhea-AI Summary

Special Opportunities Fund and Bulldog Investors (NYSE: SPE), holding 2.1% of Tejon Ranch Co. (NYSE: TRC), are urging shareholders to elect Andrew Dakos, Phillip Goldstein, and Aaron Morris to TRC's ten-person Board of Directors. The investors criticize TRC's management of the Tejon Mountain Village (TMV) project, highlighting that despite being declared "fully entitled" since 2013, no development has begun. The company has spent over $100 million ($4 per share), including $70 million to buy out a joint venture partner, yet the land remains unchanged after twelve years. Dakos argues that shareholders' complaints about management accountability and questionable expenditures have negatively impacted TRC's stock price.

Positive

• Potential for improved corporate governance with three new board nominees
• Possibility of increased transparency and accountability if new directors are elected

Negative

• Over $100 million ($4 per share) spent on TMV project with no visible progress
• $70 million spent on buying out joint venture partner with no apparent return
• Lack of development progress on TMV despite being 'fully entitled' since 2013
• Stock characterized as a 'dead money' investment

SADDLE BROOK, N.J., May 05, 2025 (GLOBE NEWSWIRE) -- Special Opportunities Fund, Inc. (NYSE: SPE) and Bulldog Investors, LLP (together, “Bulldog”), holders of 2.1% of Tejon Ranch Co., urge shareholders of Tejon Ranch Co. (NYSE: TRC) (“Tejon”) to vote to elect Andrew Dakos, Phillip Goldstein, and Aaron Morris as directors.   Bulldog strongly believes that electing these nominees to Tejon’s ten-person Board of Directors, will result in greater transparency and accountability and a higher stock price.

A prime concern among Tejon’s shareholders is whether the company’s massive expenditures will yield commensurate benefits. For example, the Board recently proclaimed that Tejon Mountain Village (“TMV”), an ambitious master-planned community, is fully entitled and “at near-execution stage” and that “incremental investments [now will generate] significant revenue.”   The problem is that it said almost the same thing in 2013: “TMV is fully entitled and all necessary permits have been issued to begin development.” Yet, since then, more than $100 million (or about $4 per share) has been spent on TMV, including a whopping $70 million to buy out Tejon’s joint venture partner. At the time, management characterized the buyout decision as one that “reflects the Company’s growth as a fully integrated real estate company and demonstrates our belief in the future success of the development.” Yet, TMV’s land looks the same today as it did twelve years ago and not a single shovel has yet touched the ground.

Andrew Dakos, a nominee for director, commented: “Shareholders have long complained about the Board’s failure to hold management accountable for questionable expenditures and that has likely had a dampening effect on Tejon’s stock price. There is an obvious need for directors who are dissatisfied with Tejon stock continuing to be a ‘dead money’ investment and that are committed to providing greater oversight, transparency and accountability.”   

About Bulldog Investors

Bulldog Investors LLP is an SEC-registered investment adviser that manages three registered closed-end investment companies including Special Opportunities Fund, Inc., and separately managed accounts.

Contact:	InvestorCom
	John Glenn Grau, (203) 972-9300 ext. 110
	jgrau@investor-com.com

FAQ

What changes are Special Opportunities Fund and Bulldog Investors proposing for Tejon Ranch (TRC)?

They are proposing to elect Andrew Dakos, Phillip Goldstein, and Aaron Morris to TRC's ten-person Board of Directors to improve transparency, accountability, and potentially increase stock price.

How much has Tejon Ranch spent on the Tejon Mountain Village (TMV) project?

Tejon Ranch has spent over $100 million ($4 per share) on TMV, including $70 million to buy out their joint venture partner.

What percentage of Tejon Ranch shares do Special Opportunities Fund and Bulldog Investors own?

Special Opportunities Fund and Bulldog Investors together hold 2.1% of Tejon Ranch Co. shares.

Why are investors concerned about Tejon Ranch's TMV project?

Despite being declared 'fully entitled' since 2013 and significant investments of over $100 million, no development has begun on the TMV project, and the land remains unchanged after twelve years.

What are the main criticisms of Tejon Ranch's current management?

Critics point to questionable expenditures, lack of management accountability, poor oversight, insufficient transparency, and the stock being a 'dead money' investment.