DAYTONA BEACH — It began as a low-key affair, but Consolidated-Tomoka Land Co.’s annual shareholders meeting on Wednesday suddenly took on a reality TV-like twist, leaving investors and onlookers waiting for a dramatic conclusion.
Finally, after a several-hour delay, Consolidated-Tomoka issued a statement that all seven current board directors, including CEO John Albright, had been reelected to new one-year terms. Failing to win seats were three candidates nominated by the company’s largest shareholder, New Jersey-based Wintergreen Advisors LLC: the investment adviser firm’s managing director David Winters, its chief operating officer Liz Cohernour, and Wintergreen consultant Evan Ho.
The election included approval of a new executive compensation plan and rejection of a proposal by Wintergreen to hire an outside adviser firm to explore ways to “maximize shareholder value” for the second time in two years.
The latter proposal would have called for looking into the feasibility of either selling the public company or liquidating its assets, which include 8,100 acres in Daytona Beach, mostly surrounding the Interstate 95/LPGA Boulevard interchange.
A last-minute request by a “large institutional investor” for more time to submit votes prompted Consolidated-Tomoka officials to call for a lengthy intermission in its annual shareholders meeting on Wednesday, board chairwoman Laura Franklin confirmed.