As originally appeared in Troubled Company Reporter.
PICO Holdings, Inc. (Nasdaq:PICO), based in La Jolla, Calif., is a diversified holding company reporting recurring losses since 2008. PICO owns 57% of UCP, Inc. (NYSE:UCP), 100% of Vidler Water Company, Inc., a securities portfolio and various interests in small businesses. PICO has $676 million in assets and $431 million in shareholder equity. Central Square Management LLC and River Road Asset Management LLC collectively own more than 14% of PICO and have agitated for governance and financial changes. Sean Leder owns 1% of PICO shares and seeks shareholder authorization to call a Special Meeting to remove and replace five directors. Other activists at http://ReformPICONow.com/ have taken to the Internet to advance the shareholder cause.
In a DEFN14A filed with the Securities and Exchange Commission on February 24, 2016, Sean Leder begins the Solicitation Process. Leder Holdings will mail the Information Packages to PICO Holdings’ shareholders who contact Okapi Partners. In reality, Okapi Partners,as Information Agent, will order Proxy Intermediary, Broadridge Financial Solutions, Inc., to mail the Information
Packages, but that is a technical detail. PICO investors can call Okapi Partners toll free at (855) 208-8901. Ask to speak with Chuck or Dan.
Electronic voting is not available. Broadridge disallows electronic voting in contested situations. Shareholders must fill out and return by standard mail, their Information Packages, including and especially, the White Request Card.
Leder Holdings will submit the Special Meeting Request Form to PICO by March 25, 2016.
Activist bloggers at www.reformpiconow.com strongly encourage PICO shareholders to call Okapi Partners and vote their shares in favor of Mr. Leder’s Special Meeting. There are several important reasons for their enthusiastic advocacy.
“First, if shareholders do not act now, we can expect two more years of continued poor corporate governance, wasted shareholder funds, excessive director compensation and a lower stock price. Second, Mr. Leder will maximize the value of PICO assets. Third, a strong showing will send a signal to this Board and will save shareholder funds. Fourth, non-action or a vote for this Board will only lead to further entrenchment of a corrupt and incompetent group of Directors.”
Given that entities friendly to the PICO Board hold 1,260,713 shares, the activist bloggers hope to garner the remaining 21,776,874 PICO shares in favor of Mr. Leder’s campaign.