Barnwell Industries Inc. recently announced that its shareholders have rejected an attempt by Ned Sherwood and his affiliates to take full control of the company's Board of Directors. Preliminary results from the proxy solicitor revealed that while some changes were made, such as the removal of directors Alexander Kinzler and Douglas Woodrum and the election of Sherwood Group nominee Heather Isidoro, the Sherwood Group did not succeed in obtaining a majority on the Board. Despite the attempt, Barnwell Directors Ken Grossman and Joshua Horowitz will retain their positions, ensuring continued independent oversight. The company remains open to constructive discussions with the Sherwood Group and is awaiting a court decision regarding the validity of the Sherwood Group's nomination notice for the upcoming annual meeting. Additionally, shareholders consented to repeal a prior amendment to the company's bylaws. The final certified results will be reported in a Form 8-K filing with the SEC by May 19, 2025.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.