ALICO, INC. — Director's Dealing 2008

Dec 3, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALICO INC (ALCO)
CIK: 0000003545
Period of Report: 2008-11-19

Reporting Person: GMT CAPITAL CORP (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-11-19	Common Stock	S	1183	$30.87	Disposed	766249	Direct
2008-11-20	Common Stock	S	1000	$28.18	Disposed	765249	Direct
2008-11-21	Common Stock	S	2700	$25.82	Disposed	762549	Direct
2008-11-24	Common Stock	S	3517	$27.8	Disposed	759032	Direct
2008-11-26	Common Stock	S	7000	$33.55	Disposed	752032	Direct

Footnotes

F1: This Form 4 is being jointly filed by Bay Resource Partners, L.P., a Delaware limited partnership ("Bay"), Bay II Resource Partners, L.P., a Delaware limited partnership ("Bay II"), Bay Resource Partners Offshore Fund, Ltd., an exempted company organized under the laws of the Cayman Islands ("Offshore Fund"), GMT Capital Corp., a Georgia corporation ("GMT Capital"), and Thomas E. Claugus, a United States citizen ("Claugus"). The foregoing persons are hereinafter sometimes collectively referred to as the Reporting Persons.

F2: GMT Capital, the general partner of Bay and Bay II, has the power to direct the affairs of Bay and Bay II, including the voting and disposition of shares. As the discretionary investment manager of the Offshore Fund and certain other accounts, GMT Capital has power to direct the voting and disposition of shares held by the Offshore Fund and such accounts. Mr. Claugus is the President of GMT Capital and in that capacity directs the operations of each of Bay and Bay II and the voting and disposition of shares held by the Offshore Fund and separate client accounts managed by GMT Capital. GMT Capital and Mr. Claugus may be deemed to beneficially own indirect pecuniary interest as the result of performance-based fees and profit allocations. Each of GMT Capital and Mr. Claugus disclaims such beneficial ownership except to the extent ultimately realized.

F3: The aggregate number of shares of common stock sold was 1,183 shares and such shares were sold by GMT Capital with respect to separate client accounts that it manages.

F4: 766,249 shares of common stock is the aggregate number of shares of common stock owned by the Reporting Persons and is owned as follows: Bay = 187,500 shares directly owned by it; Bay II = 128,100 shares directly owned by it; Offshore Fund = 386,087 shares directly owned by it; GMT Capital = 42,762 shares of common stock beneficially owned by it with respect to separate client accounts managed by it; Claugus = 21,800 shares directly owned by him.

F5: The aggregate number of shares of common stock sold was 1,000 shares and such shares were sold by GMT Capital with respect to separate client accounts that it manages.

F6: 765,249 shares of common stock is the aggregate number of shares of common stock owned by the Reporting Persons and is owned as follows: Bay = 187,500 shares directly owned by it; Bay II = 128,100 shares directly owned by it; Offshore Fund = 386,087 shares directly owned by it; GMT Capital = 41,762 shares of common stock beneficially owned by it with respect to separate client accounts managed by it; Claugus = 21,800 shares directly owned by him.

F7: The aggregate number of shares of common stock sold was 2,700 shares and such shares were sold by GMT Capital with respect to separate client accounts that it manages.

F8: 762,549 shares of common stock is the aggregate number of shares of common stock owned by the Reporting Persons and is owned as follows: Bay = 187,500 shares directly owned by it; Bay II = 128,100 shares directly owned by it; Offshore Fund = 386,087 shares directly owned by it; GMT Capital = 39,062 shares of common stock beneficially owned by it with respect to separate client accounts managed by it; Claugus = 21,800 shares directly owned by him.

F9: The aggregate number of shares of common stock sold was 3,517 shares and such shares were sold by GMT Capital with respect to separate client accounts that it manages.

F10: 759,032 shares of common stock is the aggregate number of shares of common stock owned by the Reporting Persons and is owned as follows: Bay = 187,500 shares directly owned by it; Bay II = 128,100 shares directly owned by it; Offshore Fund = 386,087 shares directly owned by it; GMT Capital = 35,545 shares of common stock beneficially owned by it with respect to separate client accounts managed by it; Claugus = 21,800 shares directly owned by him.

F11: The aggregate number of shares of common stock sold was 7,000 shares and such shares were sold by GMT Capital with respect to separate client accounts that it manages.

F12: 752,032 shares of common stock is the aggregate number of shares of common stock owned by the Reporting Persons and is owned as follows: Bay = 187,500 shares directly owned by it; Bay II = 128,100 shares directly owned by it; Offshore Fund = 386,087 shares directly owned by it; GMT Capital = 28,545 shares of common stock beneficially owned by it with respect to separate client accounts managed by it; Claugus = 21,800 shares directly owned by him.