On January 3, 2017, Wintergreen Advisers, LLC announced that it has sent a letter to Consolidated-Tomoka Land Co. on December 29, 2016. In the Letters, Wintergreen Advisers stated that it has delivered a proposal to the Company presenting 4 director nominees for inclusion in the Company's 2017 proxy statement and subsequently notifying the Company that it reserved the right to conduct its own proxy solicitation in the event that the Company rejected the Wintergreen Advisers' request for the nominees to be included in the Company's proxy materials. In addition, Wintergreen Advisers stated that the Company's counsel responded, on behalf of the Company, that because Wintergreen Advisers did not affirmatively represent that it is a shareholder of record, it would not be able to nominate directors to be voted on at the Company's 2017 annual meeting.