#United States #Honolulu #Barnwell Industries #Ned Sherwood #Proxy Contest

Barnwell Industries' Stance in Proxy Contest with Ned Sherwood

Barnwell Industries, Inc. (NYSE American: BRN), a notable player in the oil and natural gas sector, has publicly reiterated its commitment to amicably settle the ongoing proxy contest initiated by Ned Sherwood and associated entities. The company's statement reflects its desire to reduce conflict and avoid unnecessary expenses, as it focuses on its strategic goals and overall shareholder value.

Recently, the independent proxy advisory firm Glass Lewis & Co. supported Barnwell, stating that the removal of the highly qualified current directors was unjustified. This recommendation comes at a significant moment in the solicitation process led by the Sherwood Group. Barnwell's board believes that its current leadership has set a clear direction and maintained a strong track record in managing the company. The directors in question—Alexander C. Kinzler, Kenneth S. Grossman, and Joshua S. Horowitz—are viewed as vital to Barnwell’s continued success.

Despite the backing from Glass Lewis and a wave of growing support among shareholders, Barnwell acknowledges that prolonged disputes can distract from its mission to create shareholder value. Thus, the company emphasizes an openness to engage in constructive discussions with Mr. Sherwood to find a mutually beneficial resolution. This approach is rooted in the belief that responsible governance involves seeking peaceful solutions rather than battling in public disputes.

In its communication, Barnwell’s board emphasized, “We believe responsible stewardship includes making every effort to avoid wasteful disputes when there may be an opportunity to settle differences privately and productively.” This sentiment is particularly relevant as Barnwell aims to uphold its relationships and trust with long-term investors while executing its strategic objectives.

Current Strategy and Future Outlook

The company's ongoing strategy focuses on improving operational performance and driving value for stockholders. Barnwell's management is determined to navigate this proxy conflict without compromising its commitments to its investor base. By prioritizing dialogue with stakeholders like Mr. Sherwood, Barnwell hopes to mitigate conflicts that could deter its progress.

Unaffected by external pressures, Barnwell continues to execute its exploration and development activities in the oil and natural gas sector. As the firm aims to enhance its operational capabilities, there is a clear intent to maintain a robust dialogue with its investors, reinforcing its dedication to transparency and collaboration.

As the proxy contest unfolds, all eyes are on Barnwell to see how it will balance the pressures from the Sherwood Group with its established operational strategies. The company believes that maintaining clear communication and actively pursuing constructive engagements will ultimately support its objectives and the interests of its shareholders.

In conclusion, as Barnwell Industries moves forward, its commitment remains steadfast in delivering value while addressing the challenges posed by the proxy contest. Should Mr. Sherwood choose not to engage in constructive discussions, Barnwell asserts that such a choice will ultimately reflect on his stance and approach.

For those communities and investors interested in monitoring Barnwell’s developments closely, the company urges clear and open communication with its stakeholders. It strongly advocates for a collaborative environment where differences can be settled amicably to pave the way for a more prosperous future in the industry.

With a track record of diligence and strategic foresight, Barnwell Industries aims to emerge from this contest not only intact but positioned strongly for future growth and success.