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Tejon Ranch Co. Message Board

  • yahoo yahoo May 14, 2005 9:13 AM Flag

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    • 'I have no plan to go either short or long here, although I was looking at TRC as a potential short. I'm just enjoying thinking about the land, the time I spent there and other hinterlands of CA and how much I miss living in CA. And I like discussing investments, corrupt management, accounting, and the like.'

      Yeah, sure. Compared to the stock universe, this is the BIG scoop I daresay. Too funny.

    • You are totally clueless! If you took the time to read the company's annual report and quarterly filings you might have a clue as to what the company is really up to. READ and EDUCATE yourself before you make statements about officers selling shares and your useless comments about management and land uses. I posted the following several months ago regarding Stine's stock sales. It is totally above board and he still owns shares and continues to get options. When options are about to expire, you have to do something. Selling shares to pay the taxes and holding the balance is a legit and shouldn't be viewed as management cashing in.

      Here is an excerpt from the 8K filed last summer. Stine selling shares is part of a plan...nothing else should be interpreted from it.


      Tejon Ranch Co. (the "Company") has been advised by Robert A. Stine,
      President and Chief Executive Officer and a Director of the Company, that on
      July 17, 2002 he established a trading plan intended to comply with Rule 10b5-1
      of the Securities and Exchange Commission providing for the sale of up to
      approximately 85,700 shares of Common Stock of the Company over a period
      commencing September 3, 2002 and continuing until December 3, 2003, subject to
      certain pricing and volume limitations set forth in the plan. The plan has a
      limitation on the number of shares which can be sold on any trading day that is
      intended to avoid disrupting the market for the Company's Common Stock.

      Rule 10b5-1 provides an affirmative defense to insider trading liability if
      a person purchases or sells securities pursuant to a written plan adopted before
      the person became aware of material non-public information about the issuer or
      the security being traded. Under the plan established by Mr. Stine, UBS
      PaineWebber Inc., an independent broker, will execute the sales.

      The plan has been established by Mr. Stine in order to provide an orderly
      program for the exercise of options held by him for the purchase of 100,000
      shares of Common Stock that were granted when he joined the Company in 1996. He
      has advised the Company that he intends to retain a significant number of the
      shares purchased upon exercise of the options and will use the proceeds from the
      shares that are sold to pay the exercise price of the options and related income
      taxes and to provide some liquidity and diversification for his personal
      investment portfolio. The shares subject to the plan represent approximately 16%
      of the combined number of shares owned by him and subject to options held by
      him.

      By filing this report the Company does not undertake to report the
      establishing of future 10b5-1 plans by Mr. Stine or other officers or directors
      of the Company nor to report modifications, terminations, transactions or other
      activities under such plans.

      • 1 Reply to onlylandleft
      • onlylandleft: nice post.

        Rome wasn't built in a day.

        Over the past few years, changes in management and the board are slowly turning TRC into a real estate operation from one that was primarily an agricultural/natural resources operation. Time will tell if the plan in place will translate into shareholder gains, but I'm willing to go for the slow ride.
        Sobering thought: of all the equities and few mutual funds I own, only one stock appreciated last year...TRC was up over 24%.

    • "One thing about large ownership positions in thinly traded stocks, they are almost impossible to liquidate without substantial losses."

      True. But if the two NY firms really are long term players then chances are one would have to wait a long time before possibly seeing any substantial downward movement. Just one more reason to avoid it as a short candidate.

      We might also wonder what these firms see in the ranch. It might be worth watching their percentage of ownership over the next several months or years because if they do decide to reduce their holdings the only way to do it is gradually.

      For whatever it's worth, I only have a few hundred shares of TRC in my retirement account so it's not like I'm going to get rich or poor on this stock and I really don't think my proxy votes will have a lot of influence. However I do own a nice acerage tract very close to the planned community off Hwy 138, and thanks to Californias low property taxes, I can afford to hang onto it for a long time (which I may have to.) But since I also have left the state I like to keep tabs on what's going on back at the ranch.


      Thanks for the info. Good luck to you too.

 
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