- Barnwell Industries (BRN, Financial) adjourns 2025 Annual Meeting due to insufficient quorum.
- Ned Sherwood's withholding of proxy votes prompts legal concerns.
- Reconvened meeting scheduled for June 2, 2025, in Honolulu.
Barnwell Industries, Inc. (BRN) has announced the adjournment of its 2025 Annual Meeting of Shareholders, originally set for May 29, to be held instead on June 2, 2025. This unprecedented move comes as Ned Sherwood and his affiliates withheld the submission of proxies solicited from shareholders, preventing the company from achieving a quorum for the first time in its 70-year history.
The actions of Ned Sherwood, which contradict his own public affirmations supporting shareholder voting rights, have raised potential legal issues. Barnwell contends that Sherwood's conduct might have violated federal securities laws, including the anti-fraud provisions of the Securities Exchange Act of 1934. The company is currently consulting with legal and regulatory counsel to explore appropriate remedies.
The rescheduled Annual Meeting will occur at 9:00 a.m. HST at the Alakea Corporate Tower in Honolulu. Barnwell is committed to ensuring a fair and transparent voting process at this reconvened meeting, amid the ongoing governance dispute with the Sherwood Group. Shareholders needing assistance or wishing to revoke submitted consents can contact Okapi Partners at (877) 869-0171 or via email at [email protected].
