Special Opportunities Fund Seeks to Elect Directors of Tejon Ranch Co.

Rhea-AI Summary

Special Opportunities Fund (NYSE: SPE) has announced its intention to solicit proxies for electing three independent directors to Tejon Ranch Co. (NYSE: TRC) at the upcoming annual shareholder meeting on May 13, 2025.

The Fund, as one of TRC's largest shareholders, expressed concerns about Tejon's long-term performance, with Chairman Phillip Goldstein noting that investors from forty years ago have seen virtually no returns, while those from twenty years ago have lost approximately 70% of their investment.

The Fund's nominees plan to focus on four key areas if elected:

• Capital allocation
• Executive compensation
• Communication and transparency
• Excessive expenses

The initiative aims to implement measures that could potentially lead to a significant increase in Tejon's share price.

News Market Reaction

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-1.75% News Effect

On the day this news was published, SPE declined 1.75%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

SADDLE BROOK, N.J., April 10, 2025 (GLOBE NEWSWIRE) -- Special Opportunities Fund, Inc., (SPE or the “Fund”) (NYSE: SPE), one of the largest shareholders of Tejon Ranch Co., (TRC or “Tejon”) (NYSE: TRC), announced that it is soliciting proxies to elect three independent directors of Tejon at its annual meeting of shareholders on May 13, 2025.

Phillip Goldstein, Chairman of the Fund and a Managing Partner of Bulldog Investors, LLP (“Bulldog”), the Fund’s investment advisor, stated: “Investors that purchased shares of Tejon forty years ago have had virtually no return on their investment. Investors that purchased shares of Tejon twenty years ago have lost about 70% of their investment. The need for change at the Board level could not be clearer.”

Andrew Dakos, President of the Fund and a Managing Partner of Bulldog, stated: “We believe that Tejon’s stock price does not reflect the value of its assets and that Tejon’s incumbent directors have been far too complacent in taking action to remedy that disparity. If elected, our nominees intend to focus their attention on four areas: capital allocation, executive compensation, communication and transparency, and excessive expenses. Our sole objective is to advocate for measures that we believe will result in a significantly higher price for Tejon’s shares.”

For information, please contact: Thomas Antonucci, Bulldog Investors LLP (1-201-566-0092)

FAQ

When is Tejon Ranch's annual shareholder meeting where SPE seeks to elect new directors?

The annual shareholder meeting is scheduled for May 13, 2025.

How many directors is Special Opportunities Fund (SPE) seeking to elect to Tejon Ranch's board?

SPE is seeking to elect three independent directors to Tejon Ranch's board.

What are the four key areas SPE's nominees plan to focus on at Tejon Ranch?

The nominees plan to focus on capital allocation, executive compensation, communication and transparency, and excessive expenses.

What has been Tejon Ranch's investment performance according to SPE?

According to SPE, 40-year investors have seen virtually no return, while 20-year investors have lost approximately 70% of their investment.

What is Special Opportunities Fund's (SPE) main objective in seeking board changes at Tejon Ranch?

SPE's sole objective is to advocate for measures they believe will result in a significantly higher price for Tejon's shares.