Core Viewpoint - Tejon Ranch Company has appointed Nicholas T. Ortiz as Senior Vice President of Corporate Communications and Public Affairs to enhance its communication strategies and stakeholder engagement in alignment with the company's growth objectives [1][3]. Company Overview - Tejon Ranch Company (NYSE: TRC) is a diversified real estate development and agribusiness firm with a significant asset of 270,000 acres located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield [6]. Appointment Details - Nicholas T. Ortiz previously served as Vice President of Small Business Advocacy for the California Chamber of Commerce, where he expanded local chamber relations across the state [2]. - Ortiz has a strong background in public affairs, having held leadership roles in various organizations, including the Greater Bakersfield Chamber and the Western States Petroleum Association [4]. Strategic Goals - Ortiz's role will involve overseeing communications, brand image, government affairs, and stakeholder engagement, all aimed at supporting the company's long-term growth for shareholders [1][3]. - The company aims to boost housing availability, increase job opportunities, and stimulate economic development in Los Angeles County and Southern California [5].

Core Viewpoint - Magna International Inc. has received an unsolicited mini-tender offer from TRC Capital Investment Corporation to purchase up to 2,000,000 common shares at CDN $57.90 per share, which is below recent market prices and highly conditional [1][2]. Group 1: Mini-Tender Offer Details - TRC Capital's offer represents a discount of 4.49% to the closing price of CDN $60.70 on July 29, 2024, and a premium of 7.58% to the closing price of CDN $53.82 on August 8, 2024 [1]. - The offer is conditional upon TRC Capital receiving necessary financing and may be withdrawn if the market price falls below CDN $57.58 [1]. - Magna advises shareholders to reject the offer and highlights that it is not affiliated with TRC Capital [2]. Group 2: Regulatory Context - Mini-tender offers typically seek to acquire less than 5% of a company's outstanding shares, allowing them to avoid many disclosure and procedural requirements [3]. - Both the Canadian Securities Administrators (CSA) and the U.S. Securities and Exchange Commission (SEC) recommend caution regarding mini-tender offers due to potential misunderstandings about the offer price relative to current market prices [3]. Group 3: Shareholder Recommendations - Magna urges shareholders to consult current market quotations and seek advice from brokers or financial advisors regarding TRC Capital's offer [5]. - Shareholders who have already tendered their shares are advised to withdraw them before August 30, 2024 [5]. Group 4: Company Overview - Magna is a leading global supplier in the automotive industry, employing over 179,000 people across 343 manufacturing operations and 105 product development, engineering, and sales centers in 28 countries [6][7]. - With over 65 years of experience, Magna is positioned to advance mobility in an evolving transportation landscape [6].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, $0.50 par value TRC New York Stock Exchange ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file nu ...

TEJON RANCH, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Tejon Ranch Co., or the Company, (NYSE:TRC), a diversified real estate development and agribusiness company, today announced financial results for the three and six-months ended June 30, 2024. "In the second quarter 2024, we continued our strategic efforts to unlock the value of our entitled land assets and grow our diversified cash flow streams for the Company. Terra Vista at Tejon, our first multi-family apartment community located in our Tejon Ranch ...

TEJON RANCH, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Tejon Ranch Co., or the Company, (NYSE:TRC), a diversified real estate development and agribusiness company, today announced financial results for the three and six-months ended June 30, 2024. "In the second quarter 2024, we continued our strategic efforts to unlock the value of our entitled land assets and grow our diversified cash flow streams for the Company. Terra Vista at Tejon, our first multi-family apartment community located in our Tejon Ranch ...

Hydro One cautions shareholders that TRC Capital's offer has been made at a price below recent market prices for the Hydro One common shares. TRC Capital's unsolicited offer price of CAD$38.10 per share represents a discount of approximately 4.49% to the CAD$39.89 closing price of the Hydro One common shares on July 9, 2024, the last trading day before the mini-tender offer was commenced. TRC Capital has made similar unsolicited mini-tender offers for shares of several other public companies in Canada and e ...

ST. PAUL, Minn., June 7, 2024 /PRNewswire/ -- Solventum (NYSE: SOLV) has been notified that TRC Capital Investment Corporation ("TRC") made an unsolicited "mini-tender offer" to purchase up to 2,000,000 shares of the company's common stock at $59.15 per share and decreased the offer price on June 6, 2024, to $55.00 per share. The closing stock price of Solventum's common stock on June 6, 2024 was $55.05.As of the date of this press release, Solventum expresses no opinion and is neutral toward TRC's tender o ...

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES. THE SOLICITATION AND THE OFFER TO BUY THE COMPANY'S SHARES WILL ONLY BE MADE PURSUANT TO THE OFFER TO PURCHASE AND RELATED MATERIALS, AS SUCH DOCUMENTS ARE SUPPLEMENTED AND AMENDED. STOCKHOLDERS SHOULD READ THESE MATERIALS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER. STOCKHOLDERS CAN OBTAIN A COPY OF THE OFFER TO PURCHA ...

Urges Company to Conduct Periodic Investor Calls and Adopt Investor Outreach Program Believes Transparency and Engagement Will Help Unlock Tejon's Value PALO ALTO, Calif., May 23, 2024 /PRNewswire/ -- Glenbrook Capital Management ("Glenbrook" or "we"), a long-time shareholder of Tejon Ranch Co. (NYSE:TRC) ("Tejon"), today issued the following open letter to the Chairman of the Nominating and Corporate Governance Committee of Tejon's Board of Directors May 23, 2024 Tejon Ranch Co. P.O. Box 1000 Tejon Ranch, ...

Revenue Performance - Commercial/industrial revenues for Q1 2024 were $2,945,000, a 10.1% increase from $2,676,000 in Q1 2023[90] - Mineral resources revenues decreased significantly to $2,489,000 in Q1 2024 from $6,912,000 in Q1 2023, representing a decline of 64.0%[92] - Farming segment revenues fell to $865,000 in Q1 2024, down 27.0% from $1,185,000 in Q1 2023[93] - Resort/residential development segment incurred losses of $1,561,000 in Q1 2024, compared to losses of $388,000 in Q1 2023[91] - Ranch operations revenues decreased to $1,107,000 in Q1 2024 from $1,492,000 in Q1 2023, a decline of 25.8%[94] - Total revenues for the three months ended March 31, 2024, were $43,131,000, an increase of 4.1% compared to $41,421,000 for the same period in 2023[100] - The total earnings for the joint ventures amounted to $2,745,000 for Q1 2024, compared to $2,579,000 in Q1 2023, reflecting a growth of 6.4%[100] - The Company’s joint venture TRCC/Rock Outlet Center, LLC reported revenues of $1,832,000 for Q1 2024, up from $1,431,000 in Q1 2023[100] Financial Position - The Company reported a total asset value of $315,278,000 as of March 31, 2024, with total debt of $225,200,000, resulting in equity of $82,163,000[101] - The total equity for Petro Travel Plaza Holdings, LLC was $54,356,000 as of March 31, 2024, compared to $52,950,000 at the end of 2023[101] - The Company’s total liabilities decreased from $208,030,000 at December 31, 2023, to $225,200,000 as of March 31, 2024[101] Investments and Joint Ventures - The Company's investment in unconsolidated joint ventures was $30,075,000 as of March 31, 2024, with equity in earnings of $1,513,000 for Q1 2024[95] - TRC-MRC 5 LLC completed construction of a 446,400 square foot industrial building, fully leased as of Q1 2024, with a construction loan refinanced at $53,354,000[96] - TRC-MRC 4 LLC's outstanding loan balance was $61,556,000 as of March 31, 2024, with the building fully leased since completion in Q4 2022[97] - The TRCC/Rock Outlet Center LLC joint venture reduced its term note balance by $6,000,000, with an outstanding balance of $20,776,000 as of March 31, 2024[99] - The Company owns 93.51% of Centennial Founders, LLC, a joint venture with TRI Pointe Homes for land development in Los Angeles County[99] Assets and Receivables - Accounts receivable as of March 31, 2024, totaled $5,593,000, with $1,689,000 (30%) related to pistachio sales, which are subject to price fluctuations[199] - The Company has water contracts for annual deliveries of 15,547 acre-feet of water, with costs amounting to $1,482,000 as of March 31, 2024[103] - The Company’s marketable securities amounted to $25,148,000 as of March 31, 2024, with a weighted average interest rate of 5.15%[195] Debt and Interest Rates - The effective interest rate on the revolving line of credit was 7.58% as of March 31, 2024, with an outstanding balance of $47,942,000[191]