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SADDLE BROOK, N.J. - Special Opportunities Fund, Inc. (NYSE: SPE), a $157.4 million market cap investment firm with an impressive 8.87% dividend yield and strong financial health score according to InvestingPro, and Bulldog Investors, LLP, collectively holding a 2.1% stake in Tejon Ranch Co. (NYSE: TRC), are advocating for the election of three new directors to the board of the real estate company. The investment firms suggest that this move could lead to improved transparency and accountability, as well as an increase in Tejon’s stock value.
Bulldog’s push for board changes comes amid shareholder concerns regarding Tejon Ranch’s large expenditures, particularly on the Tejon Mountain Village (TMV) project. Despite claims of the project being "fully entitled" and at a "near-execution stage," Bulldog notes that over $100 million has been spent without visible progress since similar statements were made in 2013. Special Opportunities Fund itself has demonstrated strong performance, with a 29.35% total return over the past year and maintains a notably low P/E ratio of 4.53.
Andrew Dakos, one of the nominees, has voiced criticisms about the current board’s oversight and the company’s stagnant stock, labeling it as a "dead money" investment. The proposed directors aim to enhance oversight and ensure the company’s actions align with shareholder interests.
This initiative is part of Bulldog Investors LLP’s broader investment strategy, as the firm manages assets across various funds and accounts, focusing on enhancing shareholder value.
The information is based on a press release statement from Special Opportunities Fund, Inc.
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