TEJON RANCH, Calif., April 18, 2025 (GLOBE NEWSWIRE) -- Tejon Ranch Co. (NYSE:TRC), a diversified real estate development and agribusiness company, has mailed a letter to its shareholders, urging them to vote in favor of its own director nominees on the Companys WHITE proxy card for the upcoming Annual Meeting of Shareholders scheduled for May 13, 2025.

The Company has voiced its concerns over the short-sighted campaign led by Bulldog Investors, which aims to take control of nearly 30% of the Tejon Board of Directors. Tejon Ranch argues that Bulldog's strategy poses a significant risk to decades of diligent work and investment that have been made to enhance shareholder value. The letter emphasizes the importance of voting exclusively for Tejon's ten director nominees, stating that doing so is crucial for protecting shareholders investments.

In the letter, the Board of Directors outlines their perspective, stating, We are reaching out to you directly because your vote on the Companys WHITE proxy card ONLY 'FOR' Tejons 10 director nominees is critical to preserving the value of your investment. The Company expresses deep concern about Bulldogs lack of a coherent plan, which they claim would undermine years of progress in critical residential development projects.

Bulldog Investors' nominees are criticized for lacking substantial experience in real estate and land development, which Tejon considers essential for effectively managing its complex operations. Furthermore, the letter highlights that the nominees have primarily built their careers around closed-end funds, which have struggled to achieve favorable market outcomes, trading at discounts to net asset value. Tejon points out that one of Bulldogs nominees, Phillip Goldstein, has even acknowledged a past failure at Emergent Capital, raising further doubts about their capability to guide Tejon effectively.

Additionally, Bulldogs third nominee, Aaron Morris, is described as closely tied to Bulldog and primarily serving its interests rather than those of all shareholders. Tejons Board asserts that entrusting the control of the Company to individuals with a history of poor performance would be a gamble that shareholders cannot afford to take.

In stark contrast, the letter passionately defends Tejons proven history of success in development and securing vital land use entitlements, which the Board believes is essential for maximizing the value of their unique assetthe Ranch. The Company has been engaged in a long-term strategy to convert its land holdings into valuable master-planned communities (MPCs) and has consistently met the challenges posed by Californias stringent regulatory environment. The Board members emphasize their deep familiarity with the local market and the ongoing relationships they have built with regulatory authorities, which have been crucial in advancing Tejons development projects.

Tejon has successfully transformed its strategic vision into tangible results, generating over $110 million in cumulative cash flow from its Tejon Ranch Commerce Center (TRCC) as a direct outcome of their careful planning and execution processes. The Board warns that Bulldogs proposal to halt investments in these MPCs would not only threaten future value creation but also jeopardize the trust and goodwill Tejon has cultivated over the years.

Moreover, the letter outlines that Tejon has been strategically reducing discretionary spending by 38% over the past five years, optimizing its capital allocation while successfully navigating through various legal challenges. The Company has managed to sustain its growth without additional shareholder equity and has maintained a leaner workforce by outsourcing specific operations, all while keeping debt levels low.

Tejons Board believes that the current directors possess the essential knowledge and expertise required to steer the Company through the complexities of Californias real estate landscape. They conclude with a strong message, warning that if Bulldogs campaign succeeds, it could significantly compromise the long-term value generated for shareholders.

The letter urges shareholders to participate in the voting process, emphasizing that every vote counts, regardless of the number of shares owned. They invite shareholders to vote online or by mail as outlined in the WHITE proxy card and to reach out for assistance if needed.

Tejon Ranch Co. is a well-regarded entity in the real estate sector, known for its extensive landholdings in California, which span approximately 270,000 acres. The company has faced challenges but has consistently worked towards enhancing its portfolio and driving shareholder value. For more information on Tejon Ranch, please visit their official website.