Investing
Large Griffin Land & Nurseries (GRIF) Holder Gabelli Said Company Should Have Bought Back More Shares
Published:
In an amended 13D filing on Griffin Land & Nurseries Inc. (Nasdaq: GRIF), 31.1% holder Gabelli discloses a letter to the CEO. Gabelli notes “the share creep” since 2001, saying he realizes its due to options, but said at a minimum the company should have bought enough shares back to offset the dilution. Gabelli notes that the stock is materially undervalued. Gabelli also said, “I look forward to discussing the notion of harvesting our real estate assets.”
A Copy of the Letter:
Mr. Frederick M. Danziger
President and Chief Executive Officer
Griffin Land & Nurseries, Inc.
One Rockefeller Plaza
New York, NY 10020
Dear Mike:
Trust all is well. I just read your 2006 Annual Report.
Enclosed is a grid that shows “the share creep” since ’01.
We realize it’s due to options exercised – but at a minimum you should have bought enough shares back to offset the dilution.
More importantly, the value of your enterprise is materially above where your stock is selling so we remain somewhat miffed at the glacial speed of your share repurchase.
On another note, I look forward to discussing the notion of harvesting our real estate assets.
Trust you understand.
Sincerely,
Mario J. Gabelli
In an amended 13D filing on Griffin Land & Nurseries Inc. (Nasdaq: GRIF), 31.1% holder Gabelli discloses a letter to the CEO. Gabelli notes "the share creep" since 2001, saying he realizes its due to options, but said at a minimum the company should have bought enough shares back to offset the dilution. Gabelli notes that the stock is materially undervalued. Gabelli also said, "I look forward to discussing the notion of harvesting our real estate assets."
A Copy of the Letter:
Mr. Frederick M. Danziger
President and Chief Executive Officer
Griffin Land & Nurseries, Inc.
One Rockefeller Plaza
New York, NY 10020
Dear Mike:
Trust all is well. I just read your 2006 Annual Report.
Enclosed is a grid that shows "the share creep" since ’01.
We realize it’s due to options exercised – but at a minimum you should have bought enough shares back to offset the dilution.
More importantly, the value of your enterprise is materially above where your stock is selling so we remain somewhat miffed at the glacial speed of your share repurchase.
On another note, I look forward to discussing the notion of harvesting our real estate assets.
Trust you understand.
Sincerely,
Mario J. Gabelli
http://13dtracker.blogspot.com/
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
