(RTTNews) - Longtime Keweenaw Land Association, Ltd. (KEWL.PK: News ) shareholder Ron Gutstein on Monday commented on the board's decision to eliminate the dividend starting in the first quarter of 2010.

"Keweenaw's management team has adopted yet another one of our proposals," Ron Gutstein said. "We have been pushing Keweenaw for several years to enhance shareholder value through a number of key initiatives, including the suspension of the dividend and the reinvestment of these funds back into the company." Another of these wishes is the buyback of stock, which Keweenaw has recently begun. Gutstein first suggested this practice in February of 2009. "Why the board and management delayed these decisions and fought us so hard for the last few years is beyond me," said Gutstein. "Cleary, doing away with the dividends and buying back stock are the right moves and we hope that the board continues to respond to the wishes of its investors."

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by RTT Staff Writer

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