Local real estate giant Griffin Land (NSDQ: GRIF) provided good news for shareholders Wednesday as the New York-based company that holds large-scale plots and industrial developments in Windsor moved to strengthen its board of directors with a new appointment and announced an annual dividend payment.
According to a statement released by the company, shareholders of the company's common stock will receive a dividend of $.20 per share, payable to shareholders on record as of Nov. 28.
The decision was made, according to the company, by its board of directors based on the company's current "cash flow," a number the company did not release Wednesday, but it did reveal capital spending in 2012 to hover around $14 million.
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Overall, it's been a year and a half of ups and downs for the real estate and nursery company.
Much of the current fiscal year was marked by a bleak outlook thanks to the winter's negative effect on the company's nursery business.
That said, Griffin's real estate moves brought the stock price up to its highest point of the year on October 1: just under $35 per share. That number has since fallen short of $25 per share, and the stock was down $.83 at the closing bell on Wednesday.
Despite ups and downs, Griffin was pleased to announced the seating of retired attorney John J. Kirby, Jr. to its board of directors.
Kirby was the litigation head of Latham & Watkins, LLP and is described as having a "thoughtful and insightful approach" by Griffin CEO Frederick M. Danzinger.
Kirby's election brings the board to seven members.