Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2025agm notice● Neutral
Barnwell filed a revised proxy card for its May 29, 2025 annual meeting to correct erroneous Internet and phone voting options. The card covers election of five directors and appointment of Weaver and Tidwell, L.L.P. as auditor.
Barnwell filed an April 2025 investor presentation opposing Sherwood's consent solicitation. It set out its strategic plan, including the $1,050,000 sale of Water Resources International, and its board nominees.
Barnwell's board urged stockholders not to sign Sherwood's blue consent card to remove the whole board, and to revoke any consent already given using the WHITE card. It said it remained open to a settlement.
Barnwell's board urged stockholders to ignore Ned Sherwood's blue consent card seeking to replace the entire board. It also announced the $1,050,000 sale of Water Resources International as part of winding down its Hawaii operations.
Barnwell and its subsidiary sold Water Resources International to Denise Miyasato, Chad Arima and Eric Elred for $1,050,000, paid as $250,000 cash and an $800,000 promissory note due in installments through September 2025. The sale closed on signing on March 14, 2025.
Barnwell said Executive Chairman Alex Kinzler did not support Ned Sherwood's consent solicitation, and had only submitted a consent for one of his 939,500 shares so the 60-day solicitation period could begin. It urged shareholders to discard Sherwood's blue consent card.
Barnwell's Executive Committee disqualified Ned Sherwood's director nominees for the 2025 annual meeting and set March 14, 2025 as the record date for his consent solicitation to replace the board. It also said it expected to hold an uncontested annual meeting in its fiscal third quarter.
Barnwell told shareholder Ned Sherwood his five-nominee director slate notice was defective and insufficient. The board formed an Executive Committee and a Special Committee to investigate whether Sherwood's links to nominee Ben Pierson triggered the Shareholder Rights Plan.
Barnwell's quarterly report for the period ended December 31, 2024 showed revenue of about $4.5 million and a net loss of about $1.9 million. Revenue was down from $6.2 million a year earlier.
Barnwell reported revenue of $4.5 million and a net loss of $1.9 million for the quarter ended December 31, 2024. A year earlier it had reported revenue of $6.2 million and a net loss of $0.7 million.
Barnwell amended its new rights plan to clarify that it does not limit the board's fiduciary duties -- a technical fix, no change to the plan's substance.
Barnwell adopted a new one-year shareholder rights plan (20% ownership trigger, $9 exercise price), a general anti-takeover measure separate from the earlier NOL-focused plan that had been terminated in 2023.
Barnwell reported revenue of $5.5 million and a net loss of $1.2 million for the quarter ended June 30, 2024, including a $599,000 non-cash impairment. A new Twining development well was drilling, expected on production in early September.
Barnwell reported revenue of $5.8 million and a net loss of $1.8 million for the quarter ended March 31, 2024. Revenue was up from $5.2 million and the loss up from $1.2 million a year earlier, mainly due to a $1.7 million non-cash impairment.
Barnwell reported revenue of $5.8 million and a net loss of $1.8 million for the quarter ended March 31, 2024. Revenue was up from $5.2 million and the loss up from $1.2 million a year earlier, mainly due to a $1.7 million non-cash impairment.