Business
Barnwell Industries Urges Shareholders to Vote in Accordance with ISS Recommendation and Reject Ned Sherwood's Attempt to Take Over the Company
Barnwell Industries, Inc. (NYSE American: BRN) ("Barnwell" or the "Company") today urged shareholders to follow the recommendation by leading proxy advisory firm Institutional Shareholder Services Inc. ("ISS") in its May 7, 2025, report in which it recommended just one candidate, Heather Isidoro, from the slate put forward by Ned Sherwood and his affiliates (the "Sherwood Group").
About this update from Barnwell Industries, Inc.
[{"type":"text","content":"HONOLULU, May 12, 2025 /PRNewswire/ -- Barnwell Industries, Inc. (NYSE American: BRN) ("Barnwell" or the "Company") today urged shareholders to follow the recommendation by leading proxy advisory firm Institutional Shareholder Services Inc. ("ISS") in its May 7, 2025, report in which it recommended just one candidate, Heather Isidoro, from the slate put forward by Ned Sherwood and his affiliates (the "Sherwood Group").","length":462,"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/4128bfe7cf5153c2b26d1af4e0c666c4"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/O6UdaiZZsrpTF9KgIwQk8Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTUyNztjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/4128bfe7cf5153c2b26d1af4e0c666c4","width":400,"height":299}},"href":"https://mma.prnewswire.com/media/2685450/Barnwell.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"In its report, ISS stated1:","length":27,"tagName":"p"},{"type":"text","content":"As such, votes on the dissident card for the removal of [Alex] Kinzler, and against the removal of Kenneth Grossman, Joshua Horowitz, and Douglas Woodrum are warranted; as is support for dissident nominee Isidoro, and votes against dissident nominees James Cornell, Stuart Oran, Sherwood, and Gregory Sullivan.","length":315,"tagName":"p","attribs":{}},{"type":"text","content":"Barnwell issued the following statement:","length":40,"tagName":"p"},{"type":"text","content":"The Company is disappointed that ISS recommended the removal of Mr. Kinzler from Barnwell's Board, however, we believe the election of Ms. Isidoro and removal of Mr. Kinzler is a reasonable outcome. Such an outcome is also consistent with the opinion of proxy advisory firms ISS and Glass Lewis that replacing the entire Barnwell Board with an entirely new slate – and no plan for the Company – would be imprudent, and we believe, value destructive.","length":453,"tagName":"p","attribs":{}},{"type":"text","content":"We are pleased that, by rejecting the Sherwood Group's attempt to replace the Barnwell Board of Directors, ISS recognizes the Sherwood Group ...