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Home | News | 2016 | Wintergreen Advisers Cites What it Sees as Further Disclosure Failings at Consolidated-Tomoka

For the period ending December 31, 2018, the Fund's 1-year, 5-year, 10-year, and since inception (10/17/05) average annual returns for the Investor Class were -20.18%, -2.34%, 6.08%, and 3.81%, respectively, and the 1-year, 5-year, and since inception (12/30/11) average annual return for the Institutional Class were -19.92%, -2.10%, and 1.82%, respectively. Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Shares redeemed within 60 days of purchase are subject to a 2.00% redemption fee. As stated in the current prospectus, the Fund's total annual operating expense ratio for Investor Class shares (WGRNX) is 1.95%, and Institutional Class shares (WGRIX) is 1.70%. Click here to view the Fund's most recent month-end performance data.

Wintergreen Advisers Cites What it Sees as Further Disclosure Failings at Consolidated-Tomoka

January 12, 2016

New York, NY - (Business Wire) - Wintergreen Advisers, LLC ("Wintergreen") sent the following letter to the board of Directors of Consolidated-Tomoka Land Co. (NYSE: CTO, "CTO") to draw attention to what Wintergreen believes are continuing failures by CTO to make full disclosures to its shareholders about the financial condition of the company.

The Wintergreen letter notes that CTO's recent announcement of a new share repurchase program fails to mention that the company's share count has increased since John Albright was named CEO in August 2011, depriving shareholders of the benefits typically associated with share repurchases. In fact, we believe CTO's share repurchases are being used to make stock grants to management instead of reducing CTO's share count and increasing each shareholder's equity in the company. Indeed, Mr. Albright has been granted options for 314,000 shares of CTO stock, which represent over 5% of the company's outstanding shares, since he was hired in 2011.

The Wintergreen letter adds: "We call upon the Board to expedite the sales process and maximize value for shareholders. We believe now is the time to act, while interest rates remain low and to realize the benefit of the ongoing and escalating recovery of real estate values in Daytona Beach which we believe has been the primary reason for the recent increases in CTO's share price."

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