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August 15, 2014
17:24 EDTCTOConsolidated Tomoka reports $7.8M land sale
Consolidated-Tomoka Land announced the sale of approximately 76 acres of land located on the east side of Interstate 95 at a purchase price of approximately $7.8M, or approximately $103K per acre, resulting in an estimated gain at closing of approximately $3.8M with an additional gain of approximately $400K to be recognized as certain road improvements are completed over the next six months. As part of the contractual agreement with the buyer, the company incurred approximately $2.1M in costs to prepare the pad site for vertical construction. In connection with this transaction the company received $400K from the CEO Business Alliance, a private economic development organization in Daytona Beach, as reimbursement for a portion of the pad site costs. In addition, the company expects to receive payments totaling approximately $1.1M from Volusia County, based upon certain milestones being achieved including when the distribution center receives its certificate of occupancy and the dates when specified numbers of jobs have been created at the buyer’s operations. The company believes the milestones could be reached in late 2015. Should the milestones be achieved, the estimated net gain on the sale would total approximately $5.3M.
News For CTO From The Last 14 Days
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November 24, 2015
12:47 EDTCTOConsolidated-Tomoka receives Wintergreen proposal to evaluate sale
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November 23, 2015
17:01 EDTCTOWintergreen Advisors urges Consolidated Tomoka sale or liquidation of assets
Wintergreen Advisers, a 26% stake holder in Consolidated Tomoka believes Consolidated Tomoka management should focus on maximizing shareholder value. Wintergreen Advisers believes the greatest value to shareholders will be realized through a thoughtful evaluation of the sale of Consolidated Tomoka or the liquidation of Consolidated Tomoka 's assets. Shareholders of Consolidated Tomoka have been waiting a long time and Wintergreen Advisers believe now is the time for Consolidated Tomoka Board of Directors to evaluate ways to maximize shareholder value. In addition to submitting a shareholder proposal,Wintergreen Advisers has had and may continue to have discussions with the Issuer's management, members of Consolidated Tomoka 's Board of Directors, other significant shareholders and others regarding the Issuer's business, strategy and future plans and alternatives that Consolidated Tomoka could employ to maximize shareholder value. Wintergreen Advisers intends to closely evaluate the performance of Consolidated Tomoka, including, but not limited to, its share price, business, assets, operations, financial condition, capital structure, management's performance and prospects of the Issuer. In addition, Wintergreen Advisers reserves the right to, without limitation, acquire additional Shares, dispose of all or some of the Shares they currently hold from time to time, in each case in open market or private transactions, block sales or purchases or otherwise, or may continue to hold the Shares. Further, Wintergreen Advisers reserve the right to revise their plans or intentions and to take any and all actions that they may deem appropriate to maximize the value of their investment in the Issuer in light of their general investment policies, market conditions, and subsequent developments affecting the Issuer.
09:21 EDTCTOConsolidated Tomoka disposes non-core income property for about $5.4M
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November 19, 2015
09:21 EDTCTOConsolidated Tomoka buys office complex in Raleigh for $42.3M
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November 12, 2015
16:45 EDTCTOConsolidated Tomoka reports $9.7M land sale to Tanger Factory
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