<SEC-DOCUMENT>0001140361-25-016367.txt : 20250429
<SEC-HEADER>0001140361-25-016367.hdr.sgml : 20250429
<ACCEPTANCE-DATETIME>20250429165529
ACCESSION NUMBER:		0001140361-25-016367
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250429
DATE AS OF CHANGE:		20250429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARNWELL INDUSTRIES INC
		CENTRAL INDEX KEY:			0000010048
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				720496921
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05103
		FILM NUMBER:		25888835

	BUSINESS ADDRESS:	
		STREET 1:		1100 ALAKEA ST.
		STREET 2:		SUITE 500
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		808-531-8400

	MAIL ADDRESS:	
		STREET 1:		1100 ALAKEA ST.
		STREET 2:		SUITE 500
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BMA CORP/TN
		DATE OF NAME CHANGE:	19770324

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BARNWELL OFFSHORE INC
		DATE OF NAME CHANGE:	19671101
</SEC-HEADER>
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      <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
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      <div style="text-align: center; font-size: 18pt; font-weight: bold;">SCHEDULE 14A</div>
      <div style="text-align: center; font-weight: bold;">Proxy Statement Pursuant to Section 14(a)</div>
      <div style="text-align: center; font-weight: bold;">of the Securities Exchange Act of 1934</div>
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        Check the appropriate box:</div>
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                <div>Preliminary Consent Revocation Statement</div>
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                <div>Definitive Consent Revocation Statement</div>
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                <div>&#160;Definitive Additional Materials</div>
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                <div>Soliciting Material Pursuant to &#167;240.14a-12</div>
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      <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt;"> <br>
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      <div style="text-align: center; font-size: 24pt; font-weight: bold;">Barnwell Industries, Inc.</div>
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      <div style="text-align: center; font-weight: bold;">(Name of Registrant as Specified in Its Charter)</div>
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                  <div style="text-align: left; font-weight: bold;">P&#160; R&#160; E&#160; S&#160; S</div>
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                <td colspan="1" style="width: 65%; padding-bottom: 2px; text-align: left; vertical-align: middle;"><font style="font-weight: bold;">BARNWELL INDUSTRIES, INC.</font> </td>
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                  <div>
                    <div style="font-weight: bold;">
                      <div style="text-align: left; font-weight: bold;">R&#160; E&#160; L&#160; E&#160; A&#160; S&#160; E</div>
                      <div style="text-align: left; font-weight: bold;"> <br>
                      </div>
                    </div>
                    <div style="font-weight: bold;">
                      <div>
                        <div style="font-weight: bold;">
                          <div style="font-weight: normal;">1100 Alakea Street, Suite 500</div>
                          <div style="font-weight: normal;"> <br>
                          </div>
                          <div style="font-weight: normal;">Honolulu, Hawaii 96813</div>
                          <div style="font-weight: normal;"> <br>
                          </div>
                          <div style="font-weight: normal;">Telephone (808) 531-8400</div>
                          <div style="font-weight: normal;"> <br>
                          </div>
                          <div style="font-weight: normal;">Fax (808) 531-7181<br>
                            <br>
                          </div>
                          <div style="font-weight: normal;">Website:&#160; www.brninc.com</div>
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        <div style="text-align: center; font-weight: bold;"> <br>
        </div>
        <div style="text-align: center; font-weight: bold;">Leading Proxy Advisory Firm Glass Lewis Soundly Rejects Sherwood Group&#8217;s Attempt to Seize Control of Barnwell</div>
        <div style="text-align: center;">&#160;</div>
        <div style="text-align: center; font-weight: bold;">Glass Lewis Opposes Removal of Barnwell Board Members Ken Grossman, Josh Horowitz and Alex Kinzler</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold; text-indent: 18pt; margin-left: 9pt;">Barnwell Shareholders Should Ignore and Discard Any Blue Consent Solicitation Card</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold; margin-left: 36pt;">Shareholders Who Sent a Blue Consent Solicitation Card Can Revoke Their Vote by Sending the Company&#8217;s <u>White</u> Card</div>
        <div style="text-align: center; font-weight: bold; margin-left: 36pt;"> <br>
        </div>
        <div>
          <div>
            <hr noshade="noshade" align="center" style="height: 2px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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        <div> <br>
        </div>
        <div>Honolulu, HI &#8211; Barnwell Industries, Inc. ("Barnwell" or the "Company") (NYSE American: BRN) today announced that Glass Lewis, a leading independent proxy advisory firm, has <font style="font-weight: bold;">resoundingly rejected</font> the
          Sherwood Group&#8217;s efforts to take control of the Company and declared the removal of Barnwell directors Ken Grossman, Josh Horowitz and Alex Kinzler to be unwarranted.</div>
        <div>&#160;</div>
        <div>Glass Lewis also recommended the removal of Doug Woodrum, one of Ned Sherwood&#8217;s former nominees who is currently serving on the Board. Despite being one of Mr. Sherwood&#8217;s former nominees, Mr. Woodrum was not included as a candidate in Mr.
          Sherwood&#8217;s consent solicitation, underscoring Mr. Sherwood&#8217;s continued pattern of shifting support for his own nominees.</div>
        <div>&#160;</div>
        <div style="font-weight: bold;"><u>Glass Lewis Confirms the Sherwood Group has NO Credible Plan for Barnwell</u></div>
        <div>&#160;</div>
        <div>Glass Lewis&#8217; report confirms that the Sherwood Group has <font style="font-weight: bold;">failed to present a credible or detailed plan</font> for Barnwell&#8217;s future, and that their campaign would <font style="font-weight: bold;">disrupt the
            Company&#8217;s ongoing turnaround and harm shareholder value</font>.</div>
        <div>&#160;</div>
        <div>Glass Lewis concluded:</div>
        <div>&#160;</div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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                <div>The Sherwood Group&#8217;s platform is based on <font style="font-weight: bold;">vague, unsubstantiated promises</font> and <font style="font-weight: bold;">lacks any meaningful strategic plan</font>.</div>
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        <div>&#160;</div>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">1</font></div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>Barnwell&#8217;s current Board and management have <font style="font-weight: bold;">already implemented significant operational improvements</font>, including cost reductions, divestitures, and a leadership transition.</div>
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        <div>&#160;</div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>The dissident&#8217;s primary idea &#8212; leveraging tax loss carryforwards for speculative acquisitions &#8212; is <font style="font-weight: bold;">ill-defined and reckless</font>, with no clear targets, industries, or financing structures
                  identified.</div>
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        <div>&#160;</div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>The incumbent Board&#8217;s stewardship, while acknowledging past challenges, <font style="font-weight: bold;">does not merit a wholesale Board replacement</font>.</div>
              </td>
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        <div>&#160;</div>
        <div>Glass Lewis firmly stated:</div>
        <div>&#160;</div>
        <div style="font-style: italic; text-indent: 18pt; margin-left: 18pt;">&#8220;We do not find the Dissident&#8217;s case sufficiently compelling to justify full adoption of Proposals to remove the entire Board.&#8221;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
        <div>&#160;</div>
        <div>In a critical rebuke of Ned Sherwood&#8217;s tactics, Glass Lewis also expressed concern that Barnwell&#8217;s shareholder base would be <font style="font-weight: bold;">exposed to significant risk</font> under the dissident's vague and destabilizing
          plan.</div>
        <div>&#160;</div>
        <div>Alexander C. Kinzler, Executive Chairman of Barnwell, commented, &#8220;Glass Lewis recognized what Barnwell&#8217;s shareholders already know: Ned Sherwood's campaign is built on half-truths, empty promises, and an effort to seize control of the Company
          without paying a premium. We urge shareholders to reject this opportunistic and self-serving attempt to derail Barnwell&#8217;s momentum.&#8221;</div>
        <div>&#160;</div>
        <div>Barnwell strongly urges shareholders to <font style="font-weight: bold;">protect the value of their investment</font> by <font style="font-weight: bold;">voting the WHITE consent revocation card today</font> and rejecting the Sherwood
          Group&#8217;s agenda.</div>
        <div>&#160;</div>
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              <td style="width: 60%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                <div style="text-align: center; font-weight: bold;">If you have any questions or to revoke a previous submitted consent, please contact our proxy solicitor:<br>
                  <br>
                </div>
                <div style="text-align: center; font-weight: bold;">Okapi Partners at (877) 869-0171 or by email at <u>info@okapipartners.com</u></div>
                <div style="text-align: center; font-weight: bold;"><u> <br>
                  </u></div>
              </td>
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            <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> <br>
              </sup></div>
            <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Permission to use quotations neither sought nor obtained.</div>
            <div> <br>
            </div>
          </div>
        </div>
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          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">2</font></div>
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        <div style="text-align: justify; font-weight: bold;">Forward-Looking Statements</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Certain information contained in this press release contains &#8220;forward-looking statements,&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as
          amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current beliefs and expectations of our board and management team that involve risks, potential changes in circumstances,
          assumptions, and uncertainties, include various estimates, forecasts, projections of Barnwell&#8217;s future performance, statements of Barnwell&#8217;s plans and objectives, our expectations regarding the effect of the Sherwood Group&#8217;s Consent Solicitation
          and our ability to successfully solicit revocations of consents from our stockholders to reject the Sherwood Group&#8217;s proposals. Forward-looking statements include phrases such as &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221;
          &#8220;predicts,&#8221; &#8220;estimates,&#8221; &#8220;assumes,&#8221; &#8220;projects,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;will be,&#8221; &#8220;should,&#8221; or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations
          contained in such forward-looking statements will be achieved. Any or all of the forward-looking statements may turn out to be incorrect or be affected by inaccurate assumptions Barnwell might make or by known or unknown risks and uncertainties.
          These forward-looking statements are subject to risks and uncertainties including risks related to the actions of the Sherwood Group, our ability to successfully solicit revocations of consents from our stockholders to reject the Sherwood Group&#8217;s
          proposals, our ability to defend against any potential claims by the Sherwood Group, our ability to execute on our strategy and business plan and the other risks forth in the &#8220;Forward-Looking Statements,&#8221; &#8220;Risk Factors&#8221; and other sections of
          Barnwell&#8217;s Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and Barnwell&#8217;s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in
          this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.</div>
        <div><br>
          <table cellspacing="0" cellpadding="0" border="0" id="z52b4e45a984c4e6a83e89fcbc156981b" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

              <tr>
                <td style="width: 20%;">CONTACT:&#160; <br>
                </td>
                <td style="width: 80%;"> Investors:</td>
              </tr>
              <tr>
                <td style="width: 20%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 80%;">Bruce Goldfarb / Chuck Garske</td>
              </tr>
              <tr>
                <td style="width: 20%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 80%;">(212) 297-0720</td>
              </tr>
              <tr>
                <td style="width: 20%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 80%;">
                  <div style="text-align: left;">Email: info@okapipartners.com</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 20%;">&#160;</td>
                <td rowspan="1" style="width: 80%;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 20%;">&#160;</td>
                <td rowspan="1" style="width: 80%;">
                  <div style="text-align: left;">Kenneth S. Grossman</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 20%;">&#160;</td>
                <td rowspan="1" style="width: 80%;">
                  <div style="text-align: left;">Vice Chairman of the Board of Directors</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 20%;">&#160;</td>
                <td rowspan="1" style="width: 80%;">
                  <div style="text-align: left;">Email: kensgrossman@gmail.com</div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;&#160;</div>
        <div>&#160;&#160;&#160; <br>
        </div>
        <div style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">3</font></div>
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