Barnwell says Glass Lewis rejects Sherwood’s ‘attempt to seize control’

Barnwell Industries (BRN) announced that Glass Lewis, an independent proxy advisory firm, has resoundingly rejected the Sherwood Group’s efforts to take control of the company and declared the removal of Barnwell directors Ken Grossman, Josh Horowitz and Alex Kinzler to be unwarranted. Glass Lewis also recommended the removal of Doug Woodrum, one of Ned Sherwood’s former nominees who is currently serving on the Board. Despite being one of Sherwood’s former nominees, Woodrum was not included as a candidate in Sherwood’s consent solicitation, underscoring Sherwood’s continued pattern of shifting support for his own nominees, Barnwell said. The company added: “Glass Lewis’ report confirms that the Sherwood Group has failed to present a credible or detailed plan for Barnwell’s future, and that their campaign would disrupt the Company’s ongoing turnaround and harm shareholder value. Glass Lewis concluded: The Sherwood Group’s platform is based on vague, unsubstantiated promises and lacks any meaningful strategic plan. Barnwell’s current Board and management have already implemented significant operational improvements, including cost reductions, divestitures, and a leadership transition. The dissident’s primary idea – leveraging tax loss carryforwards for speculative acquisitions – is ill-defined and reckless, with no clear targets, industries, or financing structures identified. The incumbent Board’s stewardship, while acknowledging past challenges, does not merit a wholesale Board replacement.”