Activist: Wintergreen

Wintergreen Advisers is nominating three candidates for election as directors and submitting shareholder proposals to declassify the board, separate the roles of chairman and chief executive and cap the board at 11 directors.

Wintergreen Advisers said it's nominating Dianne Neal for membership to CTO's board of directors, to fill the vacancy created by Bob D. Allen's retirement from the board. The shareholder also submitted the names of Frank O'Connor and Maryanne Connors Brennan as substitute candidates in case Neal's candidacy is unsuccessful. Wintergreen also said it initiated discussions with CTO on maximizing the value of its Daytona properties through direct development or partnerships. Wintergreen currently holds 1,481,474 shares (25.9% of the total outstanding).

Barington Capital Group reduced its stake to 282,703 shares (4.95%), from the 334,981 (5.85%) that it had reported owning on Feb. 1.

Q: You've developed a reputation over the years for being a shareholder activist as a way to create value. Anything going on for you on that front these days?

A: We own about 26% of Consolidated Tomoka Land (CTO). The market cap is about $300 million. We've put one director on the board, and we proposed another three. The company essentially has liquidated its land holdings into a 1031 tax exchange. We have suggested that instead of selling off this property, they should look at developing it. What are the alternatives we can do to create growing streams of income? They've been fairly receptive to what we have said. We're in an environment now where nobody wants to know anything about real estate. Yet, over time, if you buy real estate cheaply, it is unencumbered by debt and you are patient, you can make tons of dollars.

45.1

Wintergreen Advisers requested that the company name Adolfo Henriques to its board. Wintergreen Advisers currently holds 1.36 million shares (23.9%).

Daytona land being converted into income producing properties

Consolidated-Tomoka Land (CTO)
Wintergreen Advisers, the company's largest shareholder, raised its stake to 1,067,127 shares (18.7%) by buying 35,205 from March 15 to May 14, at prices ranging from $74.38 to $75.18.

favorable insider trading record

It's a real estate company when real estate is looking sad. Wait for the market to crash and burn, then sift this one from the ashes.