MRMP Announces Proxy Contest for Full Board Control at Barnwell Industries, Inc.
October 27 2022 - 2:23PM
Business Wire
MRMP-Managers LLC has announced that it plans to run a proxy
contest for full board control at Barnwell Industries, Inc. (NYSE
American: BRN) at its 2023 annual meeting of shareholders.
MRMP previously ran a successful proxy contest at Barnwell in
2020, when three of its nominees were elected to the Barnwell
board. At that time, MRMP and its related shareholders held
approximately 15.4% of the outstanding shares of Barnwell. Today,
MRMP and its related shareholders hold approximately 20.1% of the
outstanding shares of Barnwell.
MRMP and its director designees have endeavored to work
cooperatively with CEO Alex Kinzler and the Barnwell board,
including through a Cooperation and Support Agreement signed in
2021 to avoid a proxy contest at the 2021 annual meeting of
shareholders. However, MRMP has grown tired of the repeated
violations of that agreement by Kinzler and the board and the
constant impediments and entrenchment actions by the Barnwell board
that MRMP believes stand in the way of progress towards shareholder
value.
Ned L. Sherwood of MRMP commented:
“We believe change is long overdue at
Barnwell. We have grown tired of poison pills, millions of dollars
spent on anti-takeover lawyers, and constant roadblocks placed in
the way of success for the company. We plan to refocus Barnwell on
making profits for shareholders instead of preserving jobs for the
CEO and the board. We are confident that we can leave a better
legacy than CEO Kinzler’s $42 million in net operating losses.”
If you hold shares of Barnwell, we
would like to hear from you. Please contact us at
Barnwellproxy@gmail.com or through our proxy advisor
Alliance Advisors at (800) 574-5961 so that we can provide you with
more information.
# # #
Ned L. Sherwood, NLS Advisory Group, Inc. and MRMP-Managers LLC
intend to make a filing with the SEC of a proxy statement and
accompanying proxy card to solicit votes for the election of
director nominees at the next annual meeting of shareholders of
Barnwell Industries, Inc.
Ned L. Sherwood Revocable Trust, of which Ned L. Sherwood is the
beneficiary and the trustee, holds 238,038 shares of common stock
of Barnwell, and MRMP-Managers LLC, of which Mr. Sherwood is the
Chief Investment Officer, holds 1,717,156.138 shares of common
stock of Barnwell. Mr. Sherwood is deemed to beneficially own all
of these shares. Ned L. Sherwood, NLS Advisory Group, Inc.,
MRMP-Managers LLC and their nominees to the Barnwell board will be
the participants in this proxy solicitation. Information regarding
the participants and their interests in the solicitation will be
included in their proxy statement and other materials filed with
the SEC.
SHAREHOLDERS OF BARNWELL SHOULD READ THE PROXY STATEMENT AND
OTHER PROXY MATERIALS CAREFULLY AND IN THEIR ENTIRETY AS THEY
BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION
RELATING TO THE SHAREHOLDERS’ MEETING, THE NOMINEES TO THE BOARD,
AND SOLICITATION OF PROXIES. THESE PROXY MATERIALS WILL BE
AVAILABLE AT NO CHARGE ON THE SEC’S WEBSITE AT WWW.SEC.GOV OR FROM
ALLIANCE ADVISORS, LLC.
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Peter Casey Alliance Advisors (800) 574-5961
pcasey@allianceadvisors.com
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