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Glenbrook Capital Management's Bold Move

On May 9, 2025, Glenbrook Capital Management, a long-standing investor in Tejon Ranch Co. (NYSE: TRC), expressed gratitude towards the California State Teachers' Retirement System (CalSTRS) for supporting a pivotal shareholder proposal put forth by PFS Trust. The proposal aims to empower Tejon shareholders, who hold at least 10% of the company's outstanding shares, to call special meetings of shareholders, thereby enhancing their voice in corporate decisions.

Glenbrook, which owns approximately 1.1% of Tejon's outstanding shares, has been vocal about the necessity for transformation within the company to create new value for its shareholders. The proposal's endorsement by CalSTRS reflects a united front among significant stakeholders advocating for reform. Glenbrook emphasized the collaborative efforts between themselves, Bulldog Capital, and Harvey Capital as they seek to ensure that shareholder interests are prioritized.

The Importance of Vote Consolidation

Glenbrook officials highlighted that utilizing Bulldog's GREEN proxy card for voting not only enables cumulative voting but also maximizes the shareholding influence in favor of Bulldog’s proposed nominees for the Tejon Board of Directors, known as Bulldog's Slate. They are urging fellow shareholders to join them in voting FOR both Item #4, which sparks the call for special meetings, and Bulldog's Slate on the GREEN proxy card at the forthcoming annual meeting set for May 13, 2025.

“This is a crucial moment for Tejon shareholders,” said Richard Rudgley, President of Glenbrook Capital Management. “Together with CalSTRS and Bulldog Capital, we believe we can ensure that our voices are heard and that Tejon acts in the best interests of all its shareholders.”

Why Now is the Time for Change

Shareholder activism has become increasingly significant as investors push back against traditional corporate governance practices. The recent actions by Glenbrook and CalSTRS exemplify a growing trend where shareholders demand more than just a passive role in company operations. They seek active involvement in decision-making processes that affect the future of their investments.

The combination of Glenbrook’s and CalSTRS' support signals an era where shareholders are determined to influence company direction, especially underperforming entities such as Tejon Ranch. By backing the PFS Trust's proposal, these investors aim to unlock potential value that has remained untapped under the current board's leadership.

Looking Ahead: The Annual Meeting

As the May 13 annual meeting approaches, the eyes of many stakeholders are firmly fixed on Tejon Ranch. Glenbrook is optimistic about the growing momentum of their campaign, bolstered by outline from institutional supporters like CalSTRS.

“We encourage everyone to make their voices heard. Every vote counts, especially when aiming for transformational change,” emphasized Grover Wickersham, Chairman of Glenbrook Capital Management.

In conclusion, Glenbrook Capital Management’s engagement with CalSTRS and others showcases the power of collective shareholder influence. As investors push for new governance practices, the upcoming annual meeting will likely serve as a crucial turning point for Tejon Ranch’s future, molding its trajectory towards enhanced corporate governance that aligns more closely with shareholder interests.