Core Viewpoint - The Sherwood Group, a significant shareholder of Barnwell Industries, is expressing dissatisfaction with the current management's performance and is advocating for a change in leadership to improve operational efficiency and shareholder returns [1][4][5]. Group 1: Shareholder Concerns - The Sherwood Group holds approximately 29.90% of Barnwell's shares and has made multiple attempts to collaborate with management over the past four years, but has seen no meaningful progress [1]. - The Barnwell Board has reportedly spent over $6 million, which is about 50% of the company's market capitalization, on legal fees and other actions perceived as shareholder unfriendly [2]. - There has been a consistent lack of execution and accountability from the management team, leading to inadequate shareholder returns [4]. Group 2: Call for Action - The Sherwood Group believes that the time for negotiation has passed and is now seeking to initiate a consent solicitation to change the board of directors [5]. - The group emphasizes that their goal is not to take control but to enhance operations and drive value for all investors by appointing a board with independent directors who possess relevant expertise [6]. - Shareholders are urged to approve the BLUE consent card to facilitate the turnaround efforts for Barnwell [7].
Barnwell Industries Claims Open to Resolution - All Talk, No Action