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Investing

Large Griffin Land & Nurseries (GRIF) Holder Gabelli Said Company Should Have Bought Back More Shares

Photo of Douglas A. McIntyre
By Douglas A. McIntyre 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

http://13dtracker.blogspot.com/

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/

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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