Barnwell Shareholders Adjourn 2025 Annual Meeting Due to Ned Sherwood's Refusal to Submit Votes Solicited from Shareholders

Core Viewpoint - Barnwell Industries, Inc. has adjourned its 2025 Annual Meeting of Shareholders due to the Sherwood Group's refusal to vote the proxies they solicited, which has led to significant expenses and prevented the company from reaching a quorum for the first time in its 70-year history [1][2][3]. Group 1: Meeting Details - The 2025 Annual Meeting of Shareholders was held on May 29, 2025, and has been adjourned to June 2, 2025, at 9:00 a.m. HST [1][4]. - The meeting will take place at Suite 210, Alakea Corporate Tower, 1100 Alakea Street, Honolulu, Hawaii [4]. Group 2: Sherwood Group's Actions - Ned Sherwood and his affiliates, collectively known as the Sherwood Group, actively solicited proxies from Barnwell shareholders but failed to submit them, which is seen as a deliberate attempt to disenfranchise shareholders [2][3]. - Sherwood's actions contradict his public statement claiming to respect the will of the shareholders, leading to unnecessary expenses for the company [2][3]. Group 3: Legal and Regulatory Response - The company is consulting with legal and regulatory counsel to pursue remedies ensuring shareholders have a fair opportunity to vote at the reconvened meeting [4]. - The conduct of the Sherwood Group may constitute violations of federal securities laws, including anti-fraud provisions [3].