Barnwell Industries Seeks Resolution in Proxy Contest Matters
Barnwell Industries Emphasizes Commitment to Shareholders
Barnwell Industries, Inc. (NYSE American: BRN) has publicly stated its commitment to resolving a proxy contest amicably with involved parties. The company remains dedicated to serving the interests of all its shareholders without further distractions that could impede progress and value creation.
Engaging with Shareholders for Constructive Dialogue
The company acknowledges that engaging in constructive discussions is essential and believes that avoiding lengthy disputes benefits shareholders. Barnwell welcomes the opportunity for ongoing dialogue, particularly with individuals like Ned Sherwood, who have initiated a proxy contest. As tensions rise in these situations, the management aims to foster goodwill and find a resolution that serves the greater good of the company.
Independent Advisory Firm's Support
Recent developments have seen Glass Lewis & Co., an esteemed independent proxy advisory firm, reviewing the situation and affirming that the board's incumbent nominees are knowledgeable and capable. Their backing suggests that efforts to replace established board members are unwarranted and could lead to instability. This validation reflects Barnwell's current strategic direction and underscores its commitment to maintaining a board that prioritizes shareholder interests.
Focus on Strategic Goals and Performance
Barnwell remains focused on its strategic objectives aimed at enhancing its operational performance. By steering its resources and efforts effectively, the company seeks to uphold the trust of its long-term stockholders. While the company respects Mr. Sherwood's position, it expects an open dialogue to transform any existing differences into productive outcomes. The promise of fostering a positive business environment hinges on mutual respect and understanding.
Upholding the Company’s Reputation
The management of Barnwell recognizes that reputation is key in the corporate arena. They believe that transparency and accountability are the foundations upon which business relationships are built. The board's resilience against proxy challenges is rooted not only in the desire to maintain control but also in safeguarding the company's credibility.
A Commitment to Value Creation
Barnwell's ongoing commitment to maximizing shareholder value is evident in its business operations. Continuous improvement in performance metrics demonstrates the dedication of the entire team to drive the company forward, focusing on the core areas of oil and natural gas exploration and development.
Clarification on Company Operations
In light of current events, Barnwell seeks to clarify its operational focus and future goals. The firm has consistently worked towards enhancing its exploration and development capabilities and remains poised to capitalize on market opportunities. Transparent communication with investors remains a priority as the company navigates through the complexities of the proxy contest.
About Barnwell Industries, Inc.
Barnwell Industries, Inc. and its subsidiaries primarily engage in the exploration and development of oil and natural gas resources. This strategic focus has positioned them to adapt to the market changes while delivering value to its investors and stakeholders.
Frequently Asked Questions
What is the purpose of Barnwell Industries' recent statement?
The statement aims to illustrate the company's commitment to resolving the proxy contest amicably and prioritizing shareholder interests.
How does the company plan to engage with shareholders?
Barnwell is open to constructive discussions with shareholders, particularly with those initiating proxy contests, such as Ned Sherwood.
What support has Barnwell received from advisory firms?
Glass Lewis & Co. has reviewed the board's nominees and conveyed support for maintaining the current directors, highlighting their qualifications.
Is Barnwell focused solely on board challenges?
No, while addressing the proxy contest, Barnwell is also committed to enhancing its business performance in the oil and gas sectors.
What are Barnwell's main business areas?
Barnwell Industries is primarily involved in the exploration and development of oil and natural gas resources, maintaining a strong operational focus in these areas.
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