Shareholders of Tejon Ranch Co. Urged to Vote for an Accountable Board of Directors

Core Viewpoint - Bulldog Investors, holding 2.1% of Tejon Ranch Co., is urging shareholders to elect new directors to enhance transparency and accountability, which they believe will lead to a higher stock price [1]. Group 1: Shareholder Concerns - Shareholders are worried about Tejon's significant expenditures and whether they will yield corresponding benefits, particularly regarding the Tejon Mountain Village (TMV) project [2]. - The Board previously claimed TMV was fully entitled and near execution, but similar statements were made in 2013, with over $100 million spent since then without any development progress [2]. Group 2: Management Accountability - Andrew Dakos, a director nominee, highlighted shareholders' frustrations with the Board's lack of accountability for questionable spending, which has negatively impacted Tejon's stock price [3]. - There is a clear need for directors who are committed to improving oversight and ensuring that Tejon does not remain a stagnant investment [3].