Refutes Inaccuracies and Challenges Misleading Claims
Provides Evidence of Company’s Cherry-Picking of Metrics
Believes Griffon’s Numerous Erroneous Claims are Proof Shareholder Driven Change is Needed
Voss Capital, LLC (“Voss”), a significant shareholder of Griffon Corp. (“Griffon” or the “Company”), issued an open letter to Griffon , which responds to several misleading statements and mischaracterizations made by Grifon in its recent investor presentation.
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We have been encouraged by the positive investor response to our recent presentation that highlights the urgent need for change at Griffon, including our step-by-step plan for unlocking the value that is currently shrouded by Griffon’s conglomerate structure, outsized management compensation and a lack of true Board independence.
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Sadly, Griffon’s executive team and Board have been unwilling to acknowledge the need for change. Instead of providing logical, accurate responses to the issues we have raised, the Company has chosen to be confrontational since our very first meeting. The Company’s recently released investor presentation and letter attempt to mislead investors by cherry-picking benchmarks, metrics, and time periods.
This is a blatant attempt to justify executives’ oversized compensation and the Company’s value destructive strategy. The Company also failed to address several key issues raised in our deck including chronically low ROIC, the lack of margin expansion at CPP, sustained underperformance relative to peers, peer-leading management compensation, dismal of say-on-pay results, and ISS’s and Glass Lewis’ repeated criticisms of the company’s corporate governance and compensation. Below we highlight just a few of the deceptive and outright false statements the Company has made.
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