Central Square Believes Appointment Of New Director Is Reactive

(RTTNews) - Central Square Management LLC delivered a letter to PICO Holdings, Inc.'s (PICO) Board of Directors, saying that Central Square believed appointment of new director was reactive and did not go far enough to address PICO'S prolonged underperformance and poor governance.

Central Square Management, one of the largest shareholders of PICO Holdings, with ownership of approximately 5.4% of PICO's outstanding shares, said that it reiterated desire to work constructively with pico to implement steps to enhance shareholder value and reconstitute the board.

On December 22, 2015, the Company announced it had appointed Eric Speron of First Foundation Advisors to PICO's Board of Directors, effective January 16, 2016.

Central Square said in the letter, " While we believe that fresh perspective is desperately needed on the Board, we believe the appointment of Mr. Speron is entirely reactive to our involvement at PICO and undertaken as a belated and underwhelming token attempt to appease shareholders. This blatantly transparent move clearly does not begin to go far enough to address the significant issues that we have highlighted in prior letters and communications to you and members of the PICO management team. Simply put, we believe this is a case of "too little, too late."

Central Square call on the company to immediately engage with it to agree on a procedure for seating each of Anthony Bergamo, James Henderson and Daniel Silvers to the Board.