Tejon Ranch Co. Emphasizes Commitment to Execution, Oversight and Transparency

Core Viewpoint - Tejon Ranch Co. urges shareholders to support its Board of Directors against a proxy contest initiated by Bulldog Investors, emphasizing the importance of experienced governance for long-term value creation [1][4][16]. Group 1: Company Strategy and Governance - Tejon Ranch has a value creation strategy focused on disciplined capital allocation and discretionary spending, overseen by a highly qualified Board [3][6]. - The capital allocation to future master-planned communities has decreased from 51% to 15% since 2019, reflecting a strategic shift [6]. - Tejon's entitled land value has increased by an estimated 5x-10x due to disciplined capital deployment and securing entitlements [6]. Group 2: Shareholder Engagement and Communication - Tejon has engaged with investors representing approximately 53% of shares outstanding in 2024, leading to updates in disclosures and improved communication strategies [12]. - The company emphasizes transparency and accessibility in its communications, particularly under the leadership of the newly appointed CEO [12][16]. Group 3: Response to Bulldog Investors - Bulldog Investors is criticized for lacking the necessary experience in real estate and land development, with their nominees deemed unqualified [4][15]. - Tejon asserts that Bulldog's campaign is opportunistic and lacks a concrete plan for long-term value creation, focusing instead on short-term gains [16][14]. - Tejon's Board has made efforts to avoid a contested election and has been open to considering potential director candidates proposed by Bulldog, which were declined [12][13].