What We Want

Corporate Governance

  1. UCP Board reconstituted with owner-oriented Directors.

Asset Sales

  1. We want UCP sold.
  2. We want the most marketable Vidler water rights sold.
  3. We want all Vidler assets liquidated.

Application of Proceeds

We want all proceeds applied to share repurchases or a dutch tender.

11 responses to “What We Want

  1. A great plan that should draw overwhelming shareholder approval.

  2. I agree Herbert.

    I have been an owner for a while and not a pleased owner. It is clear that this board and management can’t run the company. So if they can’t, then who can? Time for a liquidation. That’s the only way PICO can create shareholder value. They had their chances and they blew em. Time has run out!

  3. 1. I don’t see how they are going to monetize UCP with the stock trading near $5
    2. I would be shocked if PICO is not currently actively buying back shares
    3. I would be shocked if PICO were not actively seeking to monetize some water rights
    If I was an entrenched PICO insider, #2 and #3 would seemingly be no brainers towards getting negotiated settlements with the two activists. Go ahead and give them a board seat or two while you’re at it. If they don’t do some of these things above I would be shocked if we did NOT see a new activist or two join the scene. This one is low hanging fruit at this point. That’s my two cents.

  4. I hope AlsoCurious is right. Given what this blog is saying, seems like the Board is more interested in saving itself and exchanging blows with Central Square, than creating shareholder value. Let’s hope PICO Directors “Get Religion.” Fourth quarter release will tell us something. AlsoCurious mentions a settlement. That would be nice, provided Central Square hangs tough. This Board can’t be trusted. They have already shown that.

  5. Thanks Martha. Yes, the Board’s motives are transparent and they are clearly not interested in creating shareholder value. Come annual meeting day, we will have the opportunity to express how we feel. Central Square is in this to win, and we support their efforts!

  6. I’m long and frustrated also. When exactly does each director come up for re-election? How do the shareholders declassify the board? There have been many demands made to this board with little to show. What are the exact mechanisms for the shareholders to begin the replacement process, either one-by-one en masse?

    Thanks

  7. Hi John. Thanks for your thoughtful questions. At the 2015 annual meeting, shareholders overwhelmingly voted to declassify the board of directors. As a result, this year, the board will adopt declassification. Shareholders will only get to elect 3 directors this year, but starting in 2017, all directors will be up for annual reelection.
    We do not know when PICO will hold its annual meeting. Given the Board’s corrupt nature and disregard for shareholders, it is likely the annual meeting will take place as late as possible, i.e. August. At that time, 3 directors will come up for reelection, including Chairwoman Leslie. Central Square is likely to put its slate of 3 candidates up for election also.

    You can exercise your right as a shareholder by voting for the 3 candidates which we believe will be offered by Central Square. If you want to increase your influence, buy more shares so as to have more votes at the annual meeting.

    We hope this is helpful. Feel free to ask any further questions.

  8. Thanks much. This is very helpful. It’s interesting how management and the board are playing for time. They must be betting that Vidler sells some rights before August. Any way, they must know their days are numbered.

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