Glenbrook Capital Management ("Glenbrook" or "we"), a long-time shareholder of Tejon Ranch Co. (NYSE:TRC) ("Tejon" or the "Company") and owner of approximately 1.1% of outstanding shares of Tejon, today urged Tejon's Board of Directors (the "Board") to implement PFS Trust's shareholder proposal to allow Tejon shareholders owning a combined 10% of outstanding shares to call a special meeting of shareholders (the "Special Meeting Proposal"). Glenbrook also questioned the timing and motive behind Tejon quietly filing a $200 million shelf offering three days after the Tejon Annual Meeting of Shareholders (the "Annual Meeting") and before the newly elected Tejon board can properly consider it.
Glenbrook believes the Board must respect the will of public shareholders and implement the Special Meeting Proposal given its significant – over 49% – shareholder support at the Annual Meeting and recommendations by leading shareholder advisory firms ISS and Glass Lewis. This was achieved despite Tejon devoting more than $3 million of Tejon shareholder funds on lawyers and PR firms to defeat it.