Barnwell reiterates ‘willingness’ to resolve proxy contest with Ned Sherwood

Barnwell Industries (BRN) issued the following statement in response to recent developments in the proxy contest initiated by Ned Sherwood and his affiliated entities: “Barnwell is pleased that Glass Lewis & Co., a leading independent proxy advisory firm, has declared the removal of all three of the Company’s highly qualified incumbent director nominees – Alexander C. Kinzler, Kenneth S. Grossman, and Joshua S. Horowitz – to be unwarranted. The recommendation was made in connection with the ongoing Consent Solicitation by the Sherwood Group to seize control of the Company, and follows a thorough review of both sides’ materials that validates the current Board’s track record, strategic direction, and commitment to shareholder value. Notwithstanding the strength of the Company’s position and the growing support it has received, Barnwell believes it is still in the best interest of all stockholders to avoid prolonged conflict and unnecessary cost. To that end, the Board reiterates its openness to engage in constructive, good-faith discussions with Mr. Sherwood at any time – including now – to seek a path toward amicable resolution. We believe responsible stewardship includes making every effort to avoid wasteful disputes when there may be an opportunity to settle differences privately and productively. Barnwell is executing on a clear strategy to drive value, improving performance and upholding the trust of its long-term stockholders. Should Mr. Sherwood remain unwilling to pursue a mutually respectful and reasonable dialogue, that decision will speak for itself.”