Barnwell Announces Reduction of Quorum for Further Adjourned 2025 Annual Meeting
Barnwell Industries (NYSE American: BRN) announced the adjournment of its 2025 Annual Meeting of Stockholders to September 19, 2025. In response to ongoing quorum challenges, the Board has amended its Bylaws to reduce the quorum requirement from a majority to 33.33% of outstanding shares for this specific meeting.
The Board claims that Mr. Sherwood has deliberately prevented quorum achievement, leading to multiple meeting adjournments, increased costs, and management distraction. Despite multiple settlement offers including board representation proportional to the Sherwood Group's ownership, negotiations have been unsuccessful as Mr. Sherwood reportedly seeks board control.
The Board strongly recommends stockholders use the WHITE proxy card to vote "FOR" their four nominees: Kenneth S. Grossman, Craig D. Hopkins, Joshua S. Horowitz, and Philip J. McPherson. The record date remains July 21, 2025.
Barnwell Industries (NYSE American: BRN) ha annunciato il rinvio della sua Assemblea Annuale degli Azionisti 2025 al 19 settembre 2025. A causa di persistenti difficoltà a raggiungere il quorum, il Consiglio ha modificato il Regolamento Interno riducendo il requisito di quorum da maggioranza al 33,33% delle azioni in circolazione esclusivamente per questa riunione.
Il Consiglio afferma che il signor Sherwood ha ostacolato intenzionalmente il raggiungimento del quorum, provocando ripetuti rinvii, maggiori spese e distrazioni per la gestione. Nonostante numerose proposte di transazione, comprese offerte di rappresentanza in Consiglio proporzionale alla partecipazione del Sherwood Group, le trattative non hanno avuto esito positivo poiché il signor Sherwood avrebbe l'obiettivo di ottenere il controllo del Consiglio.
Il Consiglio raccomanda con forza agli azionisti di utilizzare la WHITE proxy card per votare "A FAVORE" dei quattro candidati: Kenneth S. Grossman, Craig D. Hopkins, Joshua S. Horowitz e Philip J. McPherson. La data di riferimento rimane il 21 luglio 2025.
Barnwell Industries (NYSE American: BRN) anunció la aplazación de su Junta Anual de Accionistas 2025 al 19 de septiembre de 2025. En respuesta a continuos problemas para alcanzar el quórum, la Junta ha enmendado sus Estatutos para reducir el requisito de quórum de mayoría a 33,33% de las acciones en circulación solo para esta reunión.
La Junta afirma que el Sr. Sherwood ha impedido deliberadamente la consecución del quórum, provocando múltiples aplazamientos, mayores costes y distracciones para la dirección. A pesar de varias ofertas de acuerdo, incluidas propuestas de representación en el consejo proporcional a la participación del Sherwood Group, las negociaciones no han llegado a buen puerto ya que el Sr. Sherwood supuestamente busca el control del consejo.
La Junta recomienda encarecidamente a los accionistas que utilicen la WHITE proxy card para votar "A FAVOR" de sus cuatro candidatos: Kenneth S. Grossman, Craig D. Hopkins, Joshua S. Horowitz y Philip J. McPherson. La fecha registro sigue siendo el 21 de julio de 2025.
Barnwell Industries (NYSE American: BRN)는 2025년 주주총회를 2025년 9월 19일로 연기했다고 발표했습니다. 계속된 정족수 문제에 대응해 이사회는 해당 회의에 한해 정족수 요건을 과반수에서 발행주식의 33.33%로 완화하도록 정관을 변경했습니다.
이사회는 Sherwood 씨가 정족수 달성을 의도적으로 방해하여 여러 차례 회의가 연기되고 비용이 증가했으며 경영진의 주의가 분산되었다고 주장합니다. Sherwood Group의 지분에 비례한 이사회 참여를 포함한 여러 화해 제안에도 불구하고 협상은 결렬되었으며, Sherwood 씨가 이사회 장악을 원한다고 전해집니다.
이사회는 주주들에게 네 명의 후보자 Kenneth S. Grossman, Craig D. Hopkins, Joshua S. Horowitz 및 Philip J. McPherson에게 "찬성" 표를 행사하기 위해 WHITE proxy card를 사용하도록 강력히 권고합니다. 기준일은 2025년 7월 21일로 유지됩니다.
Barnwell Industries (NYSE American: BRN) a annoncé le report de son Assemblée Générale Annuelle 2025 au 19 septembre 2025. En raison de difficultés persistantes à atteindre le quorum, le Conseil d'administration a modifié ses statuts pour réduire l'exigence de quorum de la majorité à 33,33% des actions en circulation pour cette réunion spécifique.
Le Conseil affirme que M. Sherwood aurait volontairement empêché l'atteinte du quorum, entraînant plusieurs reports, des coûts accrus et une distraction de la direction. Malgré plusieurs offres de règlement, y compris une représentation au conseil proportionnelle à la participation du Sherwood Group, les négociations ont échoué car M. Sherwood rechercherait le contrôle du conseil.
Le Conseil recommande vivement aux actionnaires d'utiliser la WHITE proxy card pour voter "POUR" leurs quatre candidats : Kenneth S. Grossman, Craig D. Hopkins, Joshua S. Horowitz et Philip J. McPherson. La date d'enregistrement demeure le 21 juillet 2025.
Barnwell Industries (NYSE American: BRN) gab die Vertagung seiner Hauptversammlung 2025 auf den 19. September 2025 bekannt. Als Reaktion auf anhaltende Probleme, ein Quorum zu erreichen, hat der Vorstand seine Satzung geändert und die Quorum-Anforderung für diese Sitzung von der Mehrheit auf 33,33% der ausstehenden Aktien gesenkt.
Der Vorstand erklärt, Herr Sherwood habe vorsätzlich die Herstellung des Quorums verhindert, was zu mehreren Vertagungen, erhöhten Kosten und Ablenkungen des Managements geführt habe. Trotz mehrfacher Vergleichsangebote, unter anderem mit Sitzverteilung im Vorstand proportional zum Anteil der Sherwood Group, blieben die Verhandlungen erfolglos, da Herr Sherwood angeblich die Kontrolle über den Vorstand anstrebe.
Der Vorstand empfiehlt den Aktionären nachdrücklich, die WHITE proxy card zu verwenden, um "FÜR" seine vier Nominierten zu stimmen: Kenneth S. Grossman, Craig D. Hopkins, Joshua S. Horowitz und Philip J. McPherson. Der Stichtag bleibt der 21. Juli 2025.
- Board demonstrates flexibility by reducing quorum requirements to facilitate stockholder voting
- Company remains open to constructive settlement discussions with the Sherwood Group
- Ongoing proxy contest causing additional costs and management distraction
- Multiple failed settlement attempts with major stockholder
- Corporate governance challenges preventing timely election of directors
HONOLULU, HI / ACCESS Newswire / September 11, 2025 / Barnwell Industries, Inc. (NYSE American:BRN) ("Barnwell" or the "Company") today convened and then adjourned the 2025 Annual Meeting of Stockholders (the "2025 Annual Meeting") without transacting any other business. The 2025 Annual Meeting was adjourned to be held on Friday, September 19, 2025 at 9:00 a.m., Hawaii Standard Time, at Suite 210, Alakea Corporate Tower, 1100 Alakea Street, Honolulu, Hawaii. The 2025 Annual Meeting will continue to be uncontested and the adjournment of the 2025 Annual Meeting will not reopen the nomination window for the election of directors under the Company's Amended and Restated Bylaws (the "Bylaws").
So that a stockholder vote on the nominees to the Board may occur and the Company's annual meeting be concluded, the Board decided yesterday to amend the Bylaws to reduce the quorum requirement on a one-time, limited basis to transact business at the 2025 Annual Meeting from a majority of the shares of the Company issued and outstanding and entitled to vote to thirty-three and one-third percent (33
%) of the issued and outstanding shares of the Company entitled to vote, represented in person or by proxy.
By purposefully defeating a quorum, Mr. Sherwood forced multiple adjournments of the 2025 Annual Meeting, depriving all stockholders of the orderly and timely election of directors, forced the Company to incur additional costs over the past several quarters, and caused management to divert attention and resources away from executing on its strategy for enhancing stockholder value.
Over the past year, the Board has extended multiple settlement frameworks to Mr. Sherwood, each offering board representation consistent with the Sherwood Group's ownership. Mr. Sherwood rejected every such offer and only countered with proposals that would grant him control of the Board. As previously stated, Barnwell remains open to engaging in constructive, good-faith settlement discussions with the Sherwood Group in pursuit of a resolution that represents the best interests of the Company and all stockholders. The Company believes that these governance matters should be resolved collaboratively and thoughtfully, wherever possible, to avoid unnecessary distraction and preserve focus on long-term value creation by developing its Canadian energy assets.
Barnwell's Board of Directors (the "Board") strongly recommends that stockholders use the WHITE proxy card to vote "FOR" ONLY the election of the four nominees proposed by the Board (Kenneth S. Grossman, Craig D. Hopkins, Joshua S. Horowitz, and Philip J. McPherson).
The record date for the adjourned 2025 Annual Meeting remains the close of business on July 21, 2025. If you have already voted, you do not need to recast your votes unless you wish to change your votes. Proxies previously submitted will be voted at the reconvened 2025 Annual Meeting unless properly revoked. The Board strongly urges you to discard and NOT to vote using any green proxy card that may be sent to you by the Sherwood Group. If you have already voted using a green proxy card sent to you by the Sherwood Group, you have every right to change your vote and we strongly urge you to revoke that proxy by following the instructions on the Notice of Internet Availability of Proxy Materials to vote your shares, or, if you requested a hard copy of the proxy materials, by completing and returning the WHITE proxy card or voting instructions form to the Company.
If you have any questions or to revoke a previous submitted proxy, please contact our proxy solicitor: |
Forward-Looking Statements
Certain information contained in this press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current beliefs and expectations of our board and management team that involve risks, potential changes in circumstances, assumptions, and uncertainties, include various estimates, forecasts, projections of Barnwell's future performance, statements of Barnwell's plans and objectives, our expectations regarding the outcome of the 2025 annual meeting of stockholders and our ability to successfully solicit proxies from our stockholders in connection with the 2025 annual meeting of stockholders. Forward-looking statements include phrases such as "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates," "assumes," "projects," "may," "will," "will be," "should," or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Any or all of the forward-looking statements may turn out to be incorrect or be affected by inaccurate assumptions Barnwell might make or by known or unknown risks and uncertainties. These forward-looking statements are subject to risks and uncertainties including risks related to the actions of the Sherwood Group, our ability to successfully solicit proxies from stockholders in connection with the 2025 annual meeting of stockholders, our ability to defend against any potential claims by the Sherwood Group, our ability to execute on our strategy and business plan and the other risks forth in the "Forward-Looking Statements," "Risk Factors" and other sections of Barnwell's Annual Report on Form 10-K for the fiscal year ended September 30, 2024 (as amended on Form-10-K/A filed on January 27, 2025) and Barnwell's other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.
COMPANY:
Barnwell Industries, Inc.
1100 Alakea Street, Suite 500
Honolulu, HI 96813
Telephone: (808) 531-8400
Fax: (808) 531-7181
Website: www.brninc.com
CONTACT:
Investors:
Bruce Goldfarb / Chuck Garske
(212) 297-0720
Email: info@okapipartners.com
Kenneth S. Grossman
Vice Chairman of the Board of Directors
Email: kensgrossman@gmail.com
SOURCE: Barnwell Industries
View the original press release on ACCESS Newswire
FAQ
What changes did Barnwell Industries (BRN) make to its 2025 Annual Meeting quorum requirements?
When is Barnwell's (BRN) adjourned 2025 Annual Meeting rescheduled for?
Who are the Board's recommended director nominees for Barnwell's 2025 Annual Meeting?
What is the record date for Barnwell's (BRN) 2025 Annual Meeting?
What is the current situation between Barnwell and the Sherwood Group?
