Glenbrook Welcomes CalSTRS' Support of PFS Trust's Shareholder Proposal and Bulldog's Director Slate
Glenbrook Capital Management, owning 1.1% of Tejon Ranch Co. (NYSE:TRC), has announced that CalSTRS will vote in favor of two key proposals at Tejon's upcoming Annual Meeting on May 13, 2025. CalSTRS supports: 1) Item #4, which would allow shareholders owning a combined 10% of shares to call special meetings, and 2) Bulldog Capital's slate of nominees for the Board of Directors. Glenbrook, along with Bulldog and Harvey Capital, advocates for these changes to unlock shareholder value. The company urges shareholders to vote using Bulldog's GREEN Proxy Card to enable cumulative voting and maximize the impact of votes for Bulldog's Slate.
Glenbrook Capital Management, che detiene l'1,1% di Tejon Ranch Co. (NYSE:TRC), ha annunciato che CalSTRS voterà a favore di due proposte chiave durante l'Assemblea Annuale di Tejon prevista per il 13 maggio 2025. CalSTRS sostiene: 1) il punto #4, che consentirebbe agli azionisti con una quota combinata del 10% di convocare assemblee straordinarie, e 2) la lista di candidati di Bulldog Capital per il Consiglio di Amministrazione. Glenbrook, insieme a Bulldog e Harvey Capital, promuove questi cambiamenti per valorizzare gli azionisti. La società invita gli azionisti a votare utilizzando la Scheda Proxy VERDE di Bulldog per abilitare il voto cumulativo e massimizzare l'impatto dei voti per la lista di Bulldog.
Glenbrook Capital Management, que posee el 1.1% de Tejon Ranch Co. (NYSE:TRC), ha anunciado que CalSTRS votará a favor de dos propuestas clave en la próxima Junta Anual de Tejon el 13 de mayo de 2025. CalSTRS apoya: 1) el punto #4, que permitiría a los accionistas que posean un 10% combinado de acciones convocar reuniones especiales, y 2) la lista de candidatos de Bulldog Capital para la Junta Directiva. Glenbrook, junto con Bulldog y Harvey Capital, aboga por estos cambios para liberar valor para los accionistas. La compañía insta a los accionistas a votar utilizando la Tarjeta Proxy VERDE de Bulldog para habilitar la votación acumulativa y maximizar el impacto de los votos para la lista de Bulldog.
글렌브룩 캐피털 매니지먼트는 Tejon Ranch Co. (NYSE:TRC)의 1.1%를 보유하고 있으며, CalSTRS가 2025년 5월 13일 예정된 Tejon 연례 주주총회에서 두 가지 주요 안건에 찬성 투표할 것이라고 발표했습니다. CalSTRS는 1) 주주가 총 10%의 지분을 보유할 경우 임시 주주총회를 소집할 수 있도록 하는 4번 안건, 2) Bulldog Capital의 이사회 후보 명단을 지지합니다. Glenbrook는 Bulldog 및 Harvey Capital과 함께 이러한 변화를 통해 주주 가치를 극대화하고자 합니다. 회사는 주주들에게 Bulldog의 녹색 위임장(Proxy Card)을 사용하여 누적 투표를 가능하게 하고 Bulldog 후보 명단에 대한 투표 영향력을 극대화할 것을 권고합니다.
Glenbrook Capital Management, détenant 1,1 % de Tejon Ranch Co. (NYSE:TRC), a annoncé que CalSTRS votera en faveur de deux propositions clés lors de la prochaine Assemblée Générale Annuelle de Tejon le 13 mai 2025. CalSTRS soutient : 1) le point #4, qui permettrait aux actionnaires détenant collectivement 10 % des actions de convoquer des assemblées extraordinaires, et 2) la liste des candidats de Bulldog Capital pour le Conseil d'Administration. Glenbrook, avec Bulldog et Harvey Capital, plaide en faveur de ces changements pour libérer de la valeur pour les actionnaires. La société encourage les actionnaires à voter en utilisant la Carte de Procuration VERTE de Bulldog afin d'activer le vote cumulatif et de maximiser l'impact des votes en faveur de la liste de Bulldog.
Glenbrook Capital Management, das 1,1 % von Tejon Ranch Co. (NYSE:TRC) besitzt, hat bekannt gegeben, dass CalSTRS bei der bevorstehenden Hauptversammlung von Tejon am 13. Mai 2025 zwei wichtige Vorschläge unterstützen wird. CalSTRS befürwortet: 1) Punkt #4, der es Aktionären mit insgesamt 10 % der Anteile erlaubt, außerordentliche Versammlungen einzuberufen, und 2) die Kandidatenliste von Bulldog Capital für den Vorstand. Glenbrook setzt sich gemeinsam mit Bulldog und Harvey Capital für diese Änderungen ein, um den Aktionärswert zu steigern. Das Unternehmen fordert die Aktionäre auf, mit der GRÜNEN Vollmachtskarte von Bulldog abzustimmen, um kumulatives Wählen zu ermöglichen und die Wirkung der Stimmen für die Kandidatenliste von Bulldog zu maximieren.
- CalSTRS' support adds significant institutional backing to the shareholder proposals
- Proposed change would give more power to shareholders by allowing 10% ownership to call special meetings
- Cumulative voting mechanism enables stronger shareholder representation
- Indicates ongoing corporate governance issues and shareholder dissatisfaction with current management
- Potential for board disruption and strategic uncertainty during leadership transition
- Proxy contest suggests internal conflicts that could impact company operations
Insights
CalSTRS backing activist proposals signals significant shareholder discontent with Tejon's current management and governance structure.
This development represents a significant escalation in shareholder activism at Tejon Ranch. The endorsement by CalSTRS, one of America's largest pension funds with approximately $300 billion in assets, lends substantial institutional credibility to the dissident shareholders' campaign. Two key governance changes are being pushed: a proposal allowing shareholders with 10% ownership to call special meetings and support for Bulldog Capital's alternative director slate.
The use of cumulative voting through Bulldog's GREEN proxy card is particularly strategic. This voting mechanism allows shareholders to concentrate their votes on specific director candidates, potentially enabling minority shareholders to secure board representation even without majority support. This tactical approach suggests sophisticated coordination among the dissident shareholders: Glenbrook Capital (1.1% ownership), Bulldog Capital, Harvey Capital, and now CalSTRS.
The language regarding "urgent need for change to unlock value" indicates long-standing frustration with Tejon's performance and strategy implementation. Tejon Ranch controls approximately 270,000 acres of land with significant development potential but has faced criticism for slow progress in monetizing these assets. The current board challenge represents a culmination of shareholder dissatisfaction with the pace of value creation despite the company's substantial land holdings and development opportunities.
With the annual meeting scheduled for May 13th, this announcement just four days prior creates momentum and public pressure on other institutional shareholders to reconsider their voting positions. The explicit request for shareholders to use the GREEN card (not the company's card) demonstrates the technical sophistication of this proxy contest, as votes on the company's card would not enable the cumulative voting strategy.
Urges Shareholders to Vote on Bulldog's GREEN Proxy Card at Tejon Annual Meeting of Shareholders
"We are happy that CalSTRS has joined us, Bulldog and Harvey Capital in recognizing the urgent need for change to unlock value at Tejon for shareholders. We believe their votes FOR the shareholder proposal ("Item 4") submitted by PFS Trust — which would enable Tejon shareholders owning a combined
Importantly, casting votes using Bulldog's GREEN Proxy Card enables cumulative voting and maximizes the impact of shares voted for Bulldog's Slate. Accordingly, we intend to vote FOR Item 4 and Bulldog's Slate on the GREEN Proxy Card at the Tejon Annual Meeting of Shareholders scheduled for next Tuesday, May 13, 2025, and urge other shareholders to do the same."
***
Media Contact:
ASC Advisors
Taylor Ingraham
tingraham@ascadvisors.com
203-992-1230
Investor Contact:
Richard Rudgley
President, Glenbrook Capital Management
richard@glenbrookcapital.net
Grover Wickersham
Chairman, Glenbrook Capital Management
415-601-1111
Disclaimer and Cautionary Statement Regarding Forward-Looking Statements
This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein in any state to any person. This press release does not constitute a solicitation of authority to vote any proxy card at the Annual Meeting of Shareholders of Tejon and Glenbrook is not asking for your proxy card.
The information herein contains "forward-looking statements." Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "potential," "targets," "forecasts," "seeks," "could," "should" or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct or that any of the objectives, plans or goals stated herein will ultimately be undertaken or achieved. If one or more of such risks or uncertainties materialize, or if Glenbrook underlying assumptions prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Glenbrook that the future plans, estimates or expectations contemplated will ever be achieved.
View original content:https://www.prnewswire.com/news-releases/glenbrook-welcomes-calstrs-support-of-pfs-trusts-shareholder-proposal-and-bulldogs-director-slate-302451052.html
SOURCE Glenbrook Capital Management
FAQ
What is CalSTRS voting for in the Tejon Ranch (TRC) shareholder meeting?
When is Tejon Ranch's (TRC) 2025 Annual Meeting of Shareholders?
What percentage of Tejon Ranch (TRC) does Glenbrook Capital Management own?
Why should TRC shareholders vote using the GREEN Proxy Card?
Who are the major shareholders supporting changes at Tejon Ranch (TRC)?
