Barnwell Industries Reiterates Willingness to Amicably Resolve Proxy Contest with Ned Sherwood
Barnwell Industries has responded to the ongoing proxy contest initiated by Ned Sherwood and his affiliated entities. The company received support from Glass Lewis & Co., a leading independent proxy advisory firm, which deemed the removal of three incumbent directors - Alexander C. Kinzler, Kenneth S. Grossman, and Joshua S. Horowitz - unwarranted.
Despite their strong position and growing support, Barnwell's Board remains open to constructive discussions with Sherwood to resolve the proxy contest amicably. The company emphasizes its commitment to avoiding unnecessary costs and prolonged conflicts through potential private settlement of differences.
The Board maintains its focus on executing a clear strategy to drive shareholder value while improving performance. They have expressed willingness to engage in good-faith discussions with Sherwood, though noting that his continued unwillingness to pursue reasonable dialogue would be telling.
Barnwell Industries ha risposto alla contestazione in corso avviata da Ned Sherwood e dalle sue entità affiliate. L'azienda ha ricevuto il sostegno di Glass Lewis & Co., una delle principali società indipendenti di consulenza per le votazioni per delega, che ha giudicato ingiustificata la rimozione di tre amministratori in carica - Alexander C. Kinzler, Kenneth S. Grossman e Joshua S. Horowitz.
Nonostante la loro posizione solida e il crescente supporto, il Consiglio di Barnwell rimane aperto a discussioni costruttive con Sherwood per risolvere amichevolmente la contestazione. L'azienda sottolinea il proprio impegno a evitare costi inutili e conflitti prolungati attraverso una possibile risoluzione privata delle divergenze.
Il Consiglio mantiene l'attenzione sull'esecuzione di una strategia chiara per aumentare il valore per gli azionisti migliorando al contempo le performance. Ha espresso la disponibilità a intraprendere dialoghi in buona fede con Sherwood, pur osservando che la sua persistente riluttanza a un confronto ragionevole sarebbe significativa.
Barnwell Industries ha respondido a la disputa por poder en curso iniciada por Ned Sherwood y sus entidades afiliadas. La compañía recibió el apoyo de Glass Lewis & Co., una destacada firma independiente de asesoría para votaciones por poder, que consideró injustificada la destitución de tres directores actuales - Alexander C. Kinzler, Kenneth S. Grossman y Joshua S. Horowitz.
A pesar de su posición sólida y el creciente respaldo, la Junta de Barnwell permanece abierta a discusiones constructivas con Sherwood para resolver la disputa de manera amistosa. La empresa enfatiza su compromiso de evitar costos innecesarios y conflictos prolongados mediante un posible acuerdo privado para resolver las diferencias.
La Junta mantiene su enfoque en ejecutar una estrategia clara para impulsar el valor para los accionistas mientras mejora el rendimiento. Han expresado su disposición a entablar conversaciones de buena fe con Sherwood, aunque señalan que la continua negativa de este a entablar un diálogo razonable sería reveladora.
Barnwell Industries는 Ned Sherwood와 그의 관련 단체들이 시작한 현재 진행 중인 대리인 선거 분쟁에 대응했습니다. 이 회사는 독립적인 주요 대리인 자문 회사인 Glass Lewis & Co.의 지지를 받았으며, 이 회사는 현직 이사 세 명인 Alexander C. Kinzler, Kenneth S. Grossman, Joshua S. Horowitz의 해임이 부당하다고 판단했습니다.
강력한 입장과 증가하는 지지에도 불구하고 Barnwell 이사회는 Sherwood와 건설적인 논의를 통해 대리인 선거 분쟁을 원만하게 해결할 의향을 유지하고 있습니다. 회사는 불필요한 비용과 장기적인 갈등을 피하기 위해 사적인 합의 가능성에 전념하고 있음을 강조합니다.
이사회는 주주 가치를 증대하고 성과를 개선하기 위한 명확한 전략 실행에 집중하고 있습니다. Sherwood와 선의의 대화를 나눌 의향을 표명했으나, 그가 합리적인 대화를 계속 거부하는 점은 중요한 신호가 될 것이라고 언급했습니다.
Barnwell Industries a répondu au conflit de procuration en cours initié par Ned Sherwood et ses entités affiliées. La société a reçu le soutien de Glass Lewis & Co., un cabinet indépendant de conseil en procuration de premier plan, qui a jugé injustifiée la destitution de trois administrateurs en poste – Alexander C. Kinzler, Kenneth S. Grossman et Joshua S. Horowitz.
Malgré leur position solide et un soutien croissant, le conseil d'administration de Barnwell reste ouvert à des discussions constructives avec Sherwood afin de résoudre le conflit à l'amiable. L'entreprise souligne son engagement à éviter des coûts inutiles et des conflits prolongés grâce à un éventuel règlement privé des différends.
Le conseil maintient son attention sur l'exécution d'une stratégie claire visant à accroître la valeur pour les actionnaires tout en améliorant la performance. Il a exprimé sa volonté d'engager des discussions de bonne foi avec Sherwood, tout en notant que son refus persistant d'entamer un dialogue raisonnable serait révélateur.
Barnwell Industries hat auf den laufenden Proxy-Kampf reagiert, der von Ned Sherwood und seinen verbundenen Unternehmen initiiert wurde. Das Unternehmen erhielt Unterstützung von Glass Lewis & Co., einer führenden unabhängigen Proxy-Beratungsgesellschaft, die die Abberufung von drei amtierenden Direktoren – Alexander C. Kinzler, Kenneth S. Grossman und Joshua S. Horowitz – als unbegründet ansah.
Trotz ihrer starken Position und zunehmenden Unterstützung bleibt der Vorstand von Barnwell offen für konstruktive Gespräche mit Sherwood, um den Proxy-Kampf einvernehmlich zu lösen. Das Unternehmen betont sein Engagement, unnötige Kosten und langwierige Konflikte durch eine mögliche private Beilegung der Differenzen zu vermeiden.
Der Vorstand konzentriert sich weiterhin darauf, eine klare Strategie zur Steigerung des Aktionärswerts umzusetzen und gleichzeitig die Leistung zu verbessern. Er hat seine Bereitschaft zu gutgläubigen Gesprächen mit Sherwood bekundet, weist jedoch darauf hin, dass dessen anhaltende Weigerung zu einem vernünftigen Dialog aufschlussreich wäre.
- Glass Lewis & Co. recommends against removal of incumbent directors, validating current Board's strategy
- Company demonstrates willingness to engage in constructive dialogue to resolve proxy contest
- Board reports improving performance and execution of value-driving strategy
- Ongoing proxy contest with major shareholder Ned Sherwood creating corporate governance uncertainty
- Company facing potential leadership disruption due to control dispute
- Resources being diverted to handle proxy contest instead of core business operations
Insights
Glass Lewis supports Barnwell's board in proxy contest; company offers to negotiate with activist investor to avoid costly battle.
This press release highlights a meaningful development in the ongoing proxy contest between Barnwell Industries (NYSE American: BRN) and activist investor Ned Sherwood. Glass Lewis & Co., a leading independent proxy advisory firm whose recommendations influence institutional investors, has concluded that removing Barnwell's three incumbent directors is "unwarranted" – providing significant third-party validation for the current leadership team.
The board's stated willingness to engage in "constructive, good-faith discussions" with Sherwood represents prudent governance practice. Proxy contests are typically expensive and distracting affairs that can impair shareholder value by diverting management attention away from business operations. By proactively offering to resolve the dispute amicably, the board demonstrates appropriate fiduciary responsibility.
What's notable is the board's strategic positioning: they're negotiating from a position of relative strength following the favorable Glass Lewis recommendation, while still extending an opportunity for resolution. This suggests confidence in their strategic direction while acknowledging that continued conflict would be counterproductive.
However, the proxy contest remains active, and this release provides no details about Sherwood's specific grievances or alternative proposals. Without financial metrics or operational details in this communication, the immediate impact on shareholder value remains unclear beyond the governance implications.
Focused on Moving Forward without Further Distraction to
Drive Value for ALL Shareholders
Barnwell is pleased that Glass Lewis & Co., a leading independent proxy advisory firm, has declared the removal of all three of the Company's highly qualified incumbent director nominees — Alexander C. Kinzler, Kenneth S. Grossman, and Joshua S. Horowitz — to be unwarranted. The recommendation was made in connection with the ongoing Consent Solicitation by the Sherwood Group to seize control of the Company, and follows a thorough review of both sides' materials that validates the current Board's track record, strategic direction, and commitment to shareholder value.
Notwithstanding the strength of the Company's position and the growing support it has received, Barnwell believes it is still in the best interest of all stockholders to avoid prolonged conflict and unnecessary cost. To that end, the Board reiterates its openness to engage in constructive, good-faith discussions with Mr. Sherwood at any time — including now — to seek a path toward amicable resolution. We believe responsible stewardship includes making every effort to avoid wasteful disputes when there may be an opportunity to settle differences privately and productively.
Barnwell is executing on a clear strategy to drive value, improving performance and upholding the trust of its long-term stockholders. Should Mr. Sherwood remain unwilling to pursue a mutually respectful and reasonable dialogue, that decision will speak for itself.
About Barnwell Industries, Inc.
Barnwell Industries, Inc. and its subsidiaries are principally engaged in oil and natural gas exploration and development.
If you have any questions or to revoke a previous submitted consent, please contact our proxy solicitor:
Okapi Partners at (877) 869-0171 or by email at info@okapipartners.com
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 effect of the Sherwood Group's Consent Solicitation and our ability to successfully solicit revocations of consents from our stockholders to reject the Sherwood Group's proposals. 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 revocations of consents from our stockholders to reject the Sherwood Group's proposals, 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 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.
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SOURCE Barnwell Industries, Inc.
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