IRONWOOD, Mich.--(BUSINESS WIRE)--Keweenaw Land Association, Limited (“Keweenaw” or “the Company”) (OTC Pink: KEWL) today announced that it has issued an investor presentation in connection with the Company's 2018 Annual Meeting of Shareholders to be held on April 12, 2018.
The presentation can be found on the Company's website at https://keweenaw.com/wp-content/uploads/2018/03/KLAL-Investor-Presentation-March-2018.pdf.
Highlights of the presentation include:
- Keweenaw’s performance shows that the Company’s strategy is gaining momentum and the Company’s 5-year TSR of 39%1 demonstrates the long-term investment value of the stock.
- The value of Keweenaw’s assets on a per acre basis has risen steadily over the past 20 years.
- Keweenaw’s current Board is comprised of a broad and diverse background of timber industry experience including manufacturing, international forestry, real estate and ESG experience.
- Cornwall Capital Management LP (“Cornwall”) does not have the long-term interest of shareholders in mind, as it purchased the bulk of its stock based on its own faulty appraisal and is now trying to liquidate its holding.
- Cornwall has offered no plan for the Company and Cornwall’s nominees do not have the industry knowledge and expertise necessary to run the Company or create value at Keweenaw, particularly if their control of the Board results in dismissal/exit of current management.
- Cornwall claims Keweenaw’s operating expenses are excessive and rising2, when in reality this rise in expenses is due to Cornwall’s actions. With Cornwall representatives on the Board, expenses have climbed from the 5-year average of $274,000 per year to $515,000 in 2017.
Keweenaw’s Board and management are confident in the Company’s strategy and are driving long-term value creation. The Board has extensive experience across relevant industries along with decades of Director and Executive experience, which will help the leadership team successfully implement its strategic plan. Protect your investment and vote for your current Board to continue executing on the strategic vision that has already led to record results.
PLEASE VOTE FOR YOUR BOARD ON THE GREEN PROXY CARD TODAY!
PLEASE DO NOT SIGN ANY WHITE PROXY CARD SENT TO YOU BY CORNWALL CAPITAL MANAGEMENT LP
|If you have any questions, or need assistance voting|
your GREEN proxy card, please contact:
|1212 Avenue of the Americas, 24th Floor|
|New York, NY 10036|
|Telephone for Banks, Brokers, and International Shareholders: +1 212-297-0720|
|Shareholders may call toll-free (from the U.S. and Canada): 877-796-5274|
About Keweenaw Land Association, Limited
Keweenaw is a forest products and land management company located in Ironwood, Michigan. Keweenaw has land holdings of approximately 185,500 surface acres and over 400,000 acres of mineral rights, located predominantly in the western Upper Peninsula of Michigan and northern Wisconsin. Keweenaw shares trade in the OTC Markets under the Pink directory with 1,301,550 shares outstanding.
Statements in this document may constitute “forward-looking” statements regarding Keweenaw and its business. Forward looking statements involve significant risks and uncertainties and are not representations as to or guarantees of future results. The risks and uncertainties include changes in general economic conditions generally or in the timber industry, disruptions in Keweenaw’s business, program implementation delays, cost increases, expenses relating to the REIT conversion and proxy contest, capital needs, and other adverse factors. Actual events may cause results to differ materially from those contemplated in the forward looking statements.
1 Bloomberg. Figures calculated in local currency terms and as of March 13, 2018.
2 Cornwall Capital Press Release: https://www.businesswire.com/news/home/20180316005187/en/Cornwall-Capital-Sends-Letter-Keweenaw-Land-Association