Barnwell Industries, Inc. Reaches Cooperation and Support Agreement With its Largest Stockholders
Agrees to Reconstitute Its Board and Extend Standstill Agreement
HONOLULU, Jan. 23, 2023 (GLOBE NEWSWIRE) — Barnwell Industries, Inc. (NYSE-American: BRN) (“Barnwell” or the “Company”) announced today that it has entered into a cooperation and support agreement (the “Agreement”) with its two largest stockholders, Alexander C. Kinzler, who beneficially owns approximately 9.3% of the Company’s shares, and MCM Fund II LP, who beneficially owns approximately 9.9% of the Company’s […]
Barnwell Industries, Inc. has taken a significant step forward with the recent announcement of a cooperation and support agreement with its two largest stockholders. The agreement includes provisions for the reconstitution of the company’s board of directors and an extension of the standstill agreement.
With Alexander C. Kinzler and MCM Fund II LP, who collectively own a significant portion of Barnwell’s shares, providing their support, the company is poised to make strategic decisions that will benefit both the shareholders and the overall business operations. The reconstitution of the board will bring in fresh perspectives and expertise, enhancing the corporate governance and decision-making process.
This agreement underscores the commitment of Barnwell Industries, Inc. to transparency, accountability, and shareholder value. By working closely with its largest stockholders, the company is taking proactive steps to drive growth and enhance long-term sustainability.
Investors and stakeholders can expect to see positive outcomes from this cooperation and support agreement, as Barnwell Industries, Inc. positions itself for future success in the market.
Impact on Me:
As a shareholder of Barnwell Industries, Inc., this cooperation and support agreement will potentially lead to improved financial performance and decision-making within the company. The reconstitution of the board and the extended standstill agreement signify a commitment to long-term value creation, which could positively impact my investment in the company.
Impact on the World:
The cooperation and support agreement between Barnwell Industries, Inc. and its largest stockholders could have broader implications for the business world. By demonstrating a commitment to shareholder engagement and corporate governance, the company sets a positive example for others in the industry. This focus on transparency and collaboration may drive greater trust and confidence among investors and contribute to overall market stability.
Conclusion:
In conclusion, the cooperation and support agreement reached by Barnwell Industries, Inc. with its largest stockholders marks a milestone moment for the company. By reconstituting its board and extending the standstill agreement, Barnwell is positioning itself for growth and success in the market. This collaborative approach underscores the company’s commitment to shareholder value and corporate governance, setting a positive example for the industry as a whole.
