Quick Facts

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--YOUR PROXY--
Things to pay special attention to:
Some Questions from the April 29 meeting of Concerned Heirs of Atrisco

1.  Read the section on dissenter rights; the part about
  the only way to get a fair price is to dissent.

2.  Read section on no solicitation - if another offer
    comes up they have restriction on working with them.

	3.  Read section on the CBIZ Fairness opinion - it seems odd 
    	    that they based the price on the information provided by 
    	    Westland management. No independent evaluation.

4.  Proxy shows that unless contrary instructions are given to 
    	    Westland, the proxy will be voted FOR the sale. Yet in the 
    	    sale terms it shows that if the proxy is not received it is a vote 
    	  against the merger (so which is it?).

5.  Why is a merger not a sale? Will Westland management 
    	    be part of the new company? Will they continue to profit even
    	    after they sell off our lands?

6.  Why is the meeting during the work-week? People work during 
    	    the week. THE MEETING SHOULD BE ON A SATURDAY. 

                                             -- Jerome Padilla

 

REASONS FOR OPPOSING THE SALE OF
ATRISCO/WESTLAND DEVELOPMENT CO. INC.

• We lose our herencia forever!

• Our land is worth much more than any current offer - it is priceless

• Westland has been secretive

• Westland is rushing the sale

• Westland's Board of Directors would profit immensely

• We need to hold the Directors accountable

VOTE TO STOP THE SALE
Then we can begin the process of reorganizing in order to serve all the people and not just the insiders.

ABOUT THE PROPOSED SALE OF WESTLAND

Facts About the Atrisco Land Grant
• 1967: Land Grant Conversion Act converted all assets of the Town of Atrisco to Westland Development Company, Inc.
• Today, this includes 57,000 acres of land, three cemeteries and Albuquerque's oldest church1
• There are 25,000+ Atrisco heirs, 6,129 of which hold shares2 in Westland Development.
• There are 794,927 Westland Development Company shares.2


Who Wants to Buy Our Land and at What Price?
• Proposed buyer is ANM Holdings, a group of out-of-state developers3
• Sale was first announced in New Mexico Business Weekly (August 2005)6
• Notification about the sale HAD NOT been sent to all 6,000+ Westland Shareholders until February 13, 2006, more than five months after Westland had concluded the greater part of negotiations on the sale!.
• Offer listed at $166 million or $200 per share3
• Offer adds up to $2,900 per acre

What is Our Land Really Worth?
• In 1990, the land was reportedly worth $1 billion or $1,258 per share4
• This adds up to $17,543 per acre, excluding water and mineral rights
• Today, the average value of land on the Westside is $30,000 per acre residential  and $70,000 per acre commercial5

Who Stands to Benefit Most From This Proposed Sale?
• ANM Holdings could buy our land at less than 5% of its potential value
• Westland Development board members will get $26 MILLION TOTAL
• OVER $4 MILLION FOR CEO BARBARA PAGE
• OVER $6 MILLION FOR BOARD PRESIDENT SOSIMO PADILLA2

What Will Westland Shareholders and Atrisco Heirs Get?
• Shareholders will get an obscenely devalued return on our stock: less than 5% of its value
• Atrisco heirs will lose our land forever. We will lose water and mineral rights as well as all of Westland's commercial properties. We will also lose the Morada de San José.
• Most importantly, we will lose the 300 year history held in our land!

How Can Westland Sell Our Land?
• Shareholders first have to vote to change Westland's articles of incorporation to allow non-heirs to purchase stock. Only then can ANM Holdings take our land.
• Date, time, and location of vote HAVE NOT yet been announced.

Concerned Heirs of Atrisco is an association that promotes the preservation of the land and cultural heritage of the Atrisco Land Grant. All members are Westland Development Co., Inc. shareholders and Atrisco heirs who volunteer their time and effort to oppose the sale of Westland Development Co. Inc.
For more information or to join, call Ross Aranda: 831-6529, or Janet Aranda: 899-4853.

SOURCES
1. Westland Development Co., Inc. Official Website; http://www.westlandnm.com
2. Westland Development Co., Inc. 2005 Annual Shareholder Report; http://www.sec.gov/
Annual Report 9/30/2005, 12/31/05 8-K filing, see all filings
3. McClannahan, Rory; Albuquerque Journal, "Heirs Discuss Sale of Westland," October 18, 2005.
4. Hartsfield, Jack; New Mexico Business Journal, "Westland Development Company's Billion Dollar Nest Egg: Atrisco Land Grant," April 1990.
5. Independent broker's estimate
6. Shingler, Dan; New Mexico Business Weekly, August 26, 2005.