Business
Barnwell Industries Shareholders Reject Ned Sherwood's Attempt to Take Full Control of the Company
Barnwell Industries, Inc. (NYSE American: BRN) ("Barnwell" or the "Company") today announced that, based on preliminary results from the Company's proxy solicitor, Barnwell shareholders have rejected the attempt by Ned Sherwood and certain of his affiliates (the "Sherwood Group") to remove and replace the entire Barnwell Board of Directors.
About this update from Barnwell Industries, Inc.
[{"type":"text","content":"Announces Preliminary Results of Consent Solicitation","length":53,"tagName":"p","attribs":{}},{"type":"text","content":"HONOLULU, May 14, 2025 /PRNewswire/ -- Barnwell Industries, Inc. (NYSE American: BRN) ("Barnwell" or the "Company") today announced that, based on preliminary results from the Company's proxy solicitor, Barnwell shareholders have rejected the attempt by Ned Sherwood and certain of his affiliates (the "Sherwood Group") to remove and replace the entire Barnwell Board of Directors.","length":415,"tagName":"p"},{"type":"image","alt":"Barnwell Industries, Inc.","displaySize":"","headline":null,"caption":"Barnwell Industries, Inc.","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":299,"url":"https://media.zenfs.com/en/prnewswire.com/371162ce58da82af2baf3b19e2063d50"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/SzMAIcBWUeGIFDYbkL9YoQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTUyNztjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/371162ce58da82af2baf3b19e2063d50","width":400,"height":299}},"href":"https://mma.prnewswire.com/media/2687705/Barnwell_Industries_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"While preliminary results indicate that shareholders consented to remove directors Alexander Kinzler and former Sherwood Group nominee Douglas Woodrum, and to elect Sherwood Group nominee Heather Isidoro, the Sherwood Group failed to elect a majority of the Board. Importantly, Barnwell Directors Ken Grossman and Joshua Horowitz will continue to serve, ensuring continuity and independent oversight on behalf of all shareholders. Barnwell shareholders also consented to the Sherwood Group's separate proposal to repeal the previous amendment to the Company's bylaws, which went into effect on February 4, 2025.","length":619,"tagName":"p"},{"type":"text","content":"As this outcome reflects, shareholders not only rejected Mr. Sherwood's attempt to seize control of the Company, but also supported the Sherwood Group's campaign to remove Douglas Woodrum — who received more consents for removal than any other director, and who notably is a director Mr. Sherwood himself previously backed during the 2020 proxy contest and again in the 2023 Cooperation Agreement. The result underscores the lack of consistency, credibili...