Barnwell Industries, Inc. announced the reduction of the quorum for the adjourned 2025 Annual Meeting of Stockholders.
The 2025 Annual Meeting will be held on Friday, September 19, 2025, in Honolulu, Hawaii.
The Board amended the Bylaws to reduce the quorum requirement for this one-time, limited basis meeting.
Quorum Reduction
The quorum requirement for the 2025 Annual Meeting was lowered to 33⅓% of the issued and outstanding shares of the Company entitled to vote, allowing for business transactions to proceed.
Board vs. Mr. Sherwood
Mr. Sherwood's actions in defeating the quorum caused multiple adjournments, additional costs, and diverted management's focus, prompting the Board to recommend voting for its nominees.
Settlement Offers
Barnwell extended settlement frameworks to Mr. Sherwood, aiming for collaborative resolution to governance matters while focusing on long-term value creation and Canadian energy asset development.
- Mr. Sherwood's actions disrupted the orderly election process, incurring costs and diverting resources from value-enhancing strategies.
- The Board's recommendation to vote for its nominees aims at concluding the meeting efficiently and focusing on long-term value creation through operational strategies.
The reduction of the quorum and the Board's recommendation highlight the importance of efficient governance processes and shareholder engagement. Barnwell remains open to constructive dialogues to resolve governance matters and maintain focus on long-term value creation.