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
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.
Mario J. Gabelli