Barnwell Industries Urges Shareholders to Vote in Accordance with ISS Recommendation and Reject Ned Sherwood's Attempt to Take Over the Company
Barnwell Industries' Shareholder Recommendations: Barnwell Industries, Inc. has urged shareholders to support the recommendation from Institutional Shareholder Services (ISS) to elect Heather Isidoro while opposing the removal of certain board members and rejecting the Sherwood Group's proposals.
Concerns Over Sherwood Group's Plans: Barnwell expressed disappointment over ISS's recommendation to remove Alex Kinzler but believes that electing Isidoro is reasonable; they assert that the Sherwood Group lacks a credible plan for the company, which could be detrimental to shareholder value.
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Barnwell Revenue Drops 29% in Fiscal Q3
Financial Performance: Barnwell Industries reported a significant decline in Q3 2025, with revenue dropping 29.2% to $3.19 million and a net loss of $1.55 million due to increased legal and administrative expenses.
Strategic Shift: The company has sold all U.S. oil and gas assets for $2.3 million, marking a complete retreat from the U.S. market and focusing future operations on Canadian energy activities, while facing ongoing liquidity risks and uncertainty about its financial viability.
Barnwell Industries Inc. Q3 Loss Widens
Financial Performance: Barnwell Industries Inc. reported a third-quarter loss of -$1.550 million, or -$0.15 per share, compared to a loss of -$1.246 million, or -$0.12 per share, in the previous year, with revenue declining by 29.2% to $3.192 million.
CEO's Statement: CEO Craig D. Hopkins highlighted the sale of U.S. oil and natural gas properties as a means to fund well workovers and address production declines, while also indicating the need for additional capital to develop assets at Twining and manage ongoing shareholder disputes.
Barnwell Announces Second Adjournment of 2025 Annual Meeting Due to Ned Sherwood's Refusal to Submit Votes Solicited from Shareholders
Annual Meeting Adjournment: Barnwell Industries has adjourned its 2025 Annual Meeting of Shareholders to June 17, 2025, due to the Sherwood Group's refusal to vote their solicited proxies, which is affecting the quorum needed for the meeting.
Board Resignation and Voting Instructions: Heather Isidoro has resigned from the Board, and shareholders are encouraged to vote on the WHITE proxy card to support Barnwell nominees, as only the latest card voted will count.
Barnwell Shareholders Adjourn 2025 Annual Meeting Due to Ned Sherwood's Refusal to Submit Votes Solicited from Shareholders
Annual Meeting Adjournment: Barnwell Industries has adjourned its 2025 Annual Meeting of Shareholders to June 2, 2025, due to the Sherwood Group's refusal to submit solicited proxies, which prevented a quorum for the first time in the company's history.
Legal Action Consideration: The company is consulting with legal counsel regarding potential violations of federal securities laws by the Sherwood Group and intends to pursue remedies to ensure fair shareholder voting at the reconvened meeting.
Barnwell Announces Delaware Court of Chancery Rules in Favor of Barnwell and its Board of Directors
Court Ruling: The Delaware Court of Chancery ruled in favor of Barnwell Industries, confirming that the director nominations submitted by Ned Sherwood and his affiliates were non-compliant with company bylaws, leading to their disqualification for the upcoming 2025 Annual Meeting.
Board Changes: Alexander C. Kinzler announced he will not stand for election at the 2025 Annual Meeting, while Heather Isidoro is welcomed to the Board, bringing her industry expertise and new perspectives.
Barnwell Industries Shareholders Reject Ned Sherwood's Attempt to Take Full Control of the Company
Barnwell Industries Shareholder Vote Results: Barnwell shareholders rejected the Sherwood Group's attempt to replace the entire Board of Directors, although they consented to remove two directors and elect a new nominee from the Sherwood Group. The current directors will continue to serve, ensuring stability and oversight.
Future Governance and Legal Proceedings: Barnwell is awaiting a court decision regarding the validity of the Sherwood Group's nomination notice and remains open to settlement discussions, while also planning for a transition in leadership and management structure by the end of 2025.
Barnwell Revenue Drops 29% in Fiscal Q3
Financial Performance: Barnwell Industries reported a significant decline in Q3 2025, with revenue dropping 29.2% to $3.19 million and a net loss of $1.55 million due to increased legal and administrative expenses.
Strategic Shift: The company has sold all U.S. oil and gas assets for $2.3 million, marking a complete retreat from the U.S. market and focusing future operations on Canadian energy activities, while facing ongoing liquidity risks and uncertainty about its financial viability.
Barnwell Industries Inc. Q3 Loss Widens
Financial Performance: Barnwell Industries Inc. reported a third-quarter loss of -$1.550 million, or -$0.15 per share, compared to a loss of -$1.246 million, or -$0.12 per share, in the previous year, with revenue declining by 29.2% to $3.192 million.
CEO's Statement: CEO Craig D. Hopkins highlighted the sale of U.S. oil and natural gas properties as a means to fund well workovers and address production declines, while also indicating the need for additional capital to develop assets at Twining and manage ongoing shareholder disputes.
Barnwell Announces Second Adjournment of 2025 Annual Meeting Due to Ned Sherwood's Refusal to Submit Votes Solicited from Shareholders
Annual Meeting Adjournment: Barnwell Industries has adjourned its 2025 Annual Meeting of Shareholders to June 17, 2025, due to the Sherwood Group's refusal to vote their solicited proxies, which is affecting the quorum needed for the meeting.
Board Resignation and Voting Instructions: Heather Isidoro has resigned from the Board, and shareholders are encouraged to vote on the WHITE proxy card to support Barnwell nominees, as only the latest card voted will count.
Barnwell Shareholders Adjourn 2025 Annual Meeting Due to Ned Sherwood's Refusal to Submit Votes Solicited from Shareholders
Annual Meeting Adjournment: Barnwell Industries has adjourned its 2025 Annual Meeting of Shareholders to June 2, 2025, due to the Sherwood Group's refusal to submit solicited proxies, which prevented a quorum for the first time in the company's history.
Legal Action Consideration: The company is consulting with legal counsel regarding potential violations of federal securities laws by the Sherwood Group and intends to pursue remedies to ensure fair shareholder voting at the reconvened meeting.
Barnwell Announces Delaware Court of Chancery Rules in Favor of Barnwell and its Board of Directors
Court Ruling: The Delaware Court of Chancery ruled in favor of Barnwell Industries, confirming that the director nominations submitted by Ned Sherwood and his affiliates were non-compliant with company bylaws, leading to their disqualification for the upcoming 2025 Annual Meeting.
Board Changes: Alexander C. Kinzler announced he will not stand for election at the 2025 Annual Meeting, while Heather Isidoro is welcomed to the Board, bringing her industry expertise and new perspectives.
Barnwell Industries Shareholders Reject Ned Sherwood's Attempt to Take Full Control of the Company
Barnwell Industries Shareholder Vote Results: Barnwell shareholders rejected the Sherwood Group's attempt to replace the entire Board of Directors, although they consented to remove two directors and elect a new nominee from the Sherwood Group. The current directors will continue to serve, ensuring stability and oversight.
Future Governance and Legal Proceedings: Barnwell is awaiting a court decision regarding the validity of the Sherwood Group's nomination notice and remains open to settlement discussions, while also planning for a transition in leadership and management structure by the end of 2025.
