Consolidated-Tomoka investor asks board to act on shareholder mandate

By Lisa Kerner

Charlotte, N.C., June 24 - Consolidated-Tomoka Land Co. shareholder Wintergreen Advisers, LLC encouraged the company's board to make the shareholder-mandated changes to its articles of incorporation and bylaws as a result of the election on May 13.

Shareholders voted in favor of non-binding proposals to declassify the board, adopt an independent board chairman policy and limit the board to 11 members.

Wintergreen, a 25.9% shareholder, said it is pleased that the board separated the positions of chairman and chief executive officer, according to a Tuesday letter to the company included in a schedule 13D/A filed on Wednesday with the Securities and Exchange Commission.

In the letter, Wintergreen also expressed concern about potential conflicts of interest between newly appointed board chairman William J. Voges and his business interests.

Voges is president and CEO of the Root Organization, a private investment company located in Ormond Beach, Fla., a prior news release said.

As previously reported, incumbent director Linda Loomis Shelley was elected as a class I director and Jeffry B. Fuqua, proposed by Wintergreen and nominated by the board, was elected as a class II director.

Elected as class III directors to Consolidated-Tomoka's board were incumbents Gerald L. DeGood and Voges.

Also elected as class III directors were John J. Allen, a candidate proposed by Wintergreen and nominated by the board, and Allen C. Harper, a Wintergreen nominee.

Consolidated-Tomoka is a Daytona Beach, Fla., real estate and land development company.

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