David Winters’ Wintergreen Advisers filed SEC 13D on November 29th to notify Consolidated Tomoka Land Co (CTO) of its intent at the issuer’s 2012 annual meeting. The firm is “requesting the resignation of Issuer director William H. McMunn and requesting that Issuer adopt a policy that no individual may be nominated or continue to serve as director of Issuer who has materially violated any applicable law or rule in relation to his or her duties at the Issuer.” Wintergreen Advisers has 1.54 million shares in CTO, and makes no change to its position after the second quarter. CTO is now trading at $26.39, losing 9% in 2011.
In the second quarter, five hedge funds were bullish about CTO in our tracking list. Beside David Winters’ Wintergreen Advisors, Martin Whitman’s Third Avenue Management had 524 thousand shares; Clint Carlson’s Carlson Capital had 100 thousand shares; Chuck Royce’s Royce & Associates had 72 thousand shares.
David Winters’ Wintergreen Advisors is a New Jersey-based investment firm. It focuses on value investing globally. The firm was founded by David Winters in May 2005. Mr. Winters served in various positions in Franklin Mutual Advisors. Mr. Winters graduate from Cornell University and is a chartered financial analyst charter holder. As of July 2011, Wintergreen Advisors had a portfolio value of $554 million, mainly investing in Financial, Consumer Goods, Basic Materials, Services, and Technology sector.
Consolidated Tomoka Land Co. is a real estate development company. According to Yahoo! Finance, the company engages in real estate, income properties, and golf operations. Consolidated Tomoka Land Co. operates its subsidiaries with various income properties located in Florida, Georgia, and North Carolina. The company was founded in 1902 and is headquartered in Daytona Beach, Florida.