Barnwell Industries Faces Shareholder Activism as Quorum Reduction Sparks Tensions Ahead of 2025 Meeting

Reuters
2025/09/15
Barnwell Industries Faces Shareholder Activism as Quorum Reduction Sparks Tensions Ahead of 2025 Meeting

Barnwell Industries Inc. has been experiencing significant shareholder activism surrounding its 2025 Annual Meeting. The meeting, initially convened and then adjourned, is now scheduled for September 19, 2025, in Honolulu, Hawaii. This adjournment was partly influenced by the actions of Mr. Sherwood, who, by defeating a quorum, forced multiple postponements. This has resulted in increased costs for Barnwell and diverted management's focus from its strategic initiatives aimed at enhancing shareholder value. The Board of Directors at Barnwell has extended several settlement offers to Mr. Sherwood, each providing board representation aligned with the Sherwood Group's ownership. However, Mr. Sherwood has rejected these offers, proposing instead to gain control of the Board. Despite this, Barnwell remains open to constructive discussions with the Sherwood Group to find a resolution beneficial to both the Company and its shareholders. The Board has amended its bylaws to reduce the quorum requirement for the meeting from a majority to thirty-three and one-third percent of issued and outstanding shares, allowing the election of directors to proceed. Shareholders are urged to use the WHITE proxy card to vote for the Board's nominees and to disregard any green proxy card distributed by the Sherwood Group.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Barnwell Industries Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001140361-25-034938), on September 15, 2025, and is solely responsible for the information contained therein.

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