Barnwell Industries (BRN) announced that the Board of Directors of Barnwell has adopted a limited-duration shareholder rights plan designed to protect the interests of the company and all of its shareholders. The Rights Plan is also intended to provide the Board sufficient time to make informed judgments and take actions that are in the best interests of Barnwell and all of its shareholders. The Rights Plan was adopted in response to the significant ownership position of Ned Sherwood and his affiliates, which, based on public records, is approximately 30.00% of Barnwell’s outstanding common stock, and the refusal of the Sherwood Group to extend the Cooperation and Support Agreement, entered into by Alexander Kinzler, the former CEO of the company, and Secretary and General Counsel of the company, and the Sherwood Group, following its pending expiration.
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