Barnwell Shareholders Demand Change: Sherwood Group Nominees Lead with Overwhelming Support Ahead of Annual Meeting
Over 40% of Outstanding Shares Have Already Voted on the Green Card in Favor of Change Ahead of May 29 Annual Meeting
Sherwood Group Calls on Barnwell Board to Respect Shareholder Vote
Vero Beach, Florida--(Newsfile Corp. - May 19, 2025) - The Sherwood Group, a long-term and significant shareholder with approximately 29.90% of the issued and outstanding shares of Barnwell Industries, Inc. ("Barnwell", "BRN" or the "Company") today issued the following letter to Barnwell shareholders providing a voting update ahead of the Company's Annual Meeting on May 29, 2025.
Dear Barnwell Shareholders:
According to a preliminary report received from the proxy solicitor, Barnwell shareholders are demonstrating overwhelming support for urgent change and accountability. Considering that Ms. Isidoro has already been elected to the Board by the Consent Solicitation, approximately 40% of the Company's outstanding shares have already been voted FOR Sherwood Group nominees Henry, Pierson and Sherwood on the GREEN proxy card. Mr. Woodrum has received 39% of the total outstanding shares.
In sharp contrast, management's nominees have received only 1.45 to 1.59 million shares each, representing 14% to 15.8% of shares outstanding, much of which, we believe, represents insider holdings.
We urge all shareholders to carefully review the facts and vote FOR the Sherwood Group's nominees to ensure accountability, transparency, and a stronger future for Barnwell.
Voting Is Ongoing
Shareholders are reminded that voting remains open for the 2025 Annual Meeting. Preliminary voting results are not final and may not reflect the ultimate outcome. Shareholders who have already voted may revoke their proxy and submit a new one at any time up to and including the meeting date. Shareholders should note that Barnwell has refused to accept or count votes submitted in favor of the Sherwood Group.
While we remain confident in the outcome if the Delaware Court acts to ensure a fair process, we do not presume the result of the Annual Meeting. The Sherwood Group strongly urges shareholders not to give undue weight to the preliminary voting results and, instead, to consider all material facts concerning the election before making their voting decisions with respect to the annual meeting.
The message is clear: shareholders are demanding new leadership.
This is not a board aligned with shareholders or focused on long-term value creation. This is a board presiding over persistent financial underperformance, poor capital allocation, and blatant entrenchment. The path forward starts with accountability. The Sherwood Group's platform is built on restoring financial discipline, reestablishing strategic focus, and delivering lasting value for all shareholders. Barnwell shareholders deserve a board that takes responsibility, not one that hides behind legal maneuvers and empty headlines.
We thank the many shareholders who have already voted FOR the Sherwood Group's nominees using the GREEN proxy card via ProxyVote.
To the current Board of Barnwell: we urge you to immediately cease its efforts in Delaware Court aimed at blocking the universal proxy and instead respect the rights of shareholders to decide who should lead their company. It's time to turn the page.
Vote GREEN. Vote for Change.
Thank you for your support,Ned L. Sherwood
If you have any questions, please contact:
Alliance Advisors150 Clove Road, Suite 400, Little Falls, NJ 07424Shareholders call toll-free: 1 (833) 215-7301Email: brn2025@allianceadvisors.com
For media inquiries or further information, please contact:
Alyssa BarryMedia Relations, Alliance Advisorsabarry@allianceadvisors.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/252641
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
8 hours ago
- Yahoo
MediPharm Reminds Shareholders to Vote in Advance of June 13 Deadline
Shareholders Urged to Vote for Proven Strategy and Team, Reject Dissident's Inadequate Plan and Nominees TORONTO, June 11, 2025 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) ('MediPharm,' the 'Company,' 'we' or 'us'), a pharmaceutical company specialized in precision-based cannabinoids, today reminded its shareholders that the deadline is approaching to cast your vote for the upcoming Annual and Special Meeting of Shareholders on June 16, 2025 (the 'Meeting'). All votes must be received no later than 3:00 p.m. (Eastern time) on Friday, June 13, 2025. We encourage shareholders to please vote using ONLY the GREEN proxy or GREEN voting instruction card and to support each of the director nominees recommended by MediPharm's Board of Directors (the 'Board') and the other matters being considered at the Meeting. To ensure your proxy is counted at the Meeting, please submit it well in advance of the June 13 proxy cut-off. Please remember that your vote is important, regardless of the number of shares you own. MediPharm's Strategy Is Working MediPharm has undergone a successful transformation over the past three years, led by David Pidduck who joined as CEO in April 2022. Faced with negative gross margins and an operating loss of $48.9 million in 2021, the Company implemented a plan to refocus operations, prioritizing the most strategic business lines, divesting of non-core assets and reducing operating costs. The acquisition of VIVO Cannabis Inc. in April 2023 provided a foundation to accelerate international growth and realize synergies from combining the two companies. We described our strategic turnaround in a Chair's Letter to Shareholders dated May 11, 2025. In Q1 2025, we continued our track record of year-over-year revenue growth, led by an 87% revenue increase in the international medical market which now represents more than half our revenue. We achieved positive Adjusted EBITDA1 for the first time in more than five years and our gross profit margin of 38.7% was the highest in more than five years. Operating loss narrowed to less than $0.5 million, an improvement of more than $3 million from Q1 2024. A strong cash position with virtually no debt enabled us to invest in inventory to pursue near-term growth opportunities. With diversification in our product mix and sales channels, a strong reputation as a GMP-certified producer and expanding international partnerships, MediPharm has established a solid foundation for further growth. We are confident the strategy and team currently in place is the best way to create sustainable value. The Dissident Group has NOT Made a Case for Change Apollo Technology Capital Corp. ('Apollo'), led by Chairman and CEO Regan McGee, and former MediPharm CEO and director Patrick McCutcheon (collectively, the 'Concerned Stakeholder'), have filed an amended and restated dissident proxy circular dated May 15, 2025, as updated by an addendum dated June 4, 2025, nominating six alternative directors (the 'Dissident Nominees') for the Board. In recent weeks we have described numerous deficiencies in Apollo's plan and the track record of Mr. McGee and the other Dissident Nominees. With the addition of Pat McCutcheon to the dissident team, a number of new concerns now emerge. Important points for shareholders to remember include the following. Apollo's strategic plan for MediPharm appears to have been hastily constructed and lacking in substance, while presenting current MediPharm strategies as their own. Apollo has shown inconsistencies regarding support for or aversion to M&A activities. We provided a detailed analysis of Apollo's inadequate plan in our Board Letter to Shareholders issued May 29, 2025. Apollo's disclosure has been characterized by numerous misrepresentations and outright fabrications. We highlighted a small sample of the false statements they have made in an 'Apollo Myths vs. Facts' document on our AGM website. Independent proxy voting and corporate governance advisory firm ISS met with Apollo, considered its arguments and its plans for the Company and concluded that Apollo did not make a compelling case for change. Please see our news release issued June 2, 2025 for more details. The Dissident Nominees have potential conflicts of interest and a web of interlocking relationships that would impair their independence as Board members. We described these problems in our May 15, 2025 news release. Patrick McCutcheon's Tenure at MediPharm Mr. McCutcheon, who is now formally acknowledged as a member of the Concerned Stakeholder dissident group, served as CEO of MediPharm until December 10, 2020, Chairman of the Board until August 16, 2021, and as a director until December 7, 2021. While Apollo has been critical of the current leadership team's performance on such measures as share price, revenue growth, gross profit, cash usage and operating loss, we note the following about Mr. McCutcheon's track record with the Company. One of Apollo's primary arguments has been that the current MediPharm team has been responsible for the decrease in the Company's share price since its peak on May 14, 2019. Of the total decrease in share price since May 14, 2019, more than 97% occurred while Mr. McCutcheon served as Chairman, CEO or director. Less than 1% of the total decrease has occurred since David Pidduck joined as CEO on April 20, 2022. In 2020, Mr. McCutcheon's final year as CEO, the Company's revenue decreased by 72% year-over-year with gross profit of negative $44.0 million, cash from operations of negative $37.8 million, and operating income of negative $72.6 million. We note Apollo's reference to the decrease in the Company's asset values over time. Some of this asset decrease was in fact due to the write-offs required as a result of Mr. McCutcheon's excessive multi-year capital expenditure program including the procurement of millions of dollars of equipment, much of which was not needed and was never used. The Board urges shareholders to send Mr. McGee and Mr. McCutcheon a strong message that you want to stop their expensive and aggressive attacks against your Company. Vote for the Highly Qualified MediPharm Nominees MediPharm urges shareholders to vote only using the GREEN proxy or GREEN voting instruction form in support of all of the Company's nominees and resolutions. To ensure your vote is counted, shareholders are encouraged to proactively contact their broker to obtain their 16-digit control number associated with the GREEN management proxy. Once received, you can cast your vote by visiting . You may receive materials or outreach from the dissident — please disregard any such communications and vote only using the GREEN proxy in support of the Company's nominees. About MediPharm Labs Founded in 2015, MediPharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities for delivery of pure, trusted and precision-dosed cannabis products for its customers. MediPharm Labs develops, formulates, processes, packages and distributes cannabis and advanced cannabinoid-based products to domestic and international medical markets. In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment License from Health Canada, becoming the only company in North America to hold a commercial-scale domestic Good Manufacturing Practices License for the extraction of multiple natural cannabinoids. This GMP license was the first step in the Company's current foreign drug manufacturing site registration with the US FDA. In 2023, MediPharm acquired VIVO Cannabis Inc., which expanded MediPharm's reach to medical patients in Canada via Canna Farms medical ecommerce platform, and in Australia and Germany through Beacon Medical Australia PTY Ltd. and Beacon Medical Germany GMBH. This acquisition also included Harvest Medical Clinics in Canada which provides medical cannabis patients with Physician consultations for medical cannabis education and prescriptions. The Company carries out its operations in compliance with all applicable laws in the countries in which it operates. Shareholder Voting Assistance: If you have any questions or require any assistance in executing your GREEN proxy or voting instruction form, please call Sodali & Co at: North American Toll-Free Number: 1.888.777.2059Outside North America, Banks, Brokers and Collect Calls: 1.289.695.3075Email: assistance@ American Toll-Free Facsimile: 1.877.218.5372 For up-to-date information and assistance in voting please visit: Investor Contact: MediPharm Labs Investor RelationsTelephone: +1 416.913.7425Email: investors@ Media Contact: John VincicOakstrom Advisors+1 (647) 402-6375john@ Cautionary Note Regarding Forward-Looking Information: This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking statements') within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things: timing of the Annual and Special Meeting, the ability of the Company to pursue near-term growth opportunities, future growth opportunities available to the Company, sustainable value creation at MediPharm, any impacts to MediPharm shareholders of the actions relating to the Dissident Nominees described herein, and any outcomes resulting from the circumstances and information cited herein. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs' continuous disclosure filings, available on the SEDAR+ website at There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change. ___________________________________ 1 Represents a non-GAAP financial measure, which is not a standardized financial measure under IFRS and which might not be comparable to similar financial measures disclosed by other issuers. MediPharm calculates Adjusted EBITDA as net income (loss) with interest, taxes, depreciation and amortization, non-cash adjustments and other unusual or non-recurring items added back. Refer to the sections entitled 'Use of Non-IFRS Financial Measures' and 'Reconciliation of Non-IFRS Measures' in MediPharm's management's discussion and analysis for the three months ended March 31, 2025, which is incorporated by reference herein and which can be located on MediPharm's profile on SEDAR+ at
Yahoo
10 hours ago
- Yahoo
Ski Season Was "Positive" According to New Hampshire Trade Association
New Hampshire ski resorts navigated a slow start to the ski season, eventually drawing an estimated 2,221,206 visits, making this past winter a 'positive one overall,' according to Ski New Hampshire president Jessyca Keeler, who presented at Ski NH's Annual Meeting held in early June at Cranmore Mountain total visits to ski resorts statewide indicated a 3% increase year-over-year and a 7% increase over the 10-year visitor average. While early season warm weather made snowmaking hard for New Hampshire's mountains, colder temperatures and snow arrived later in the season, boosting visitor numbers, said Keeler.'These numbers highlight the continued enthusiasm for winter recreation in New Hampshire and the industry's ability to adapt to changing weather conditions,' she ski areas saw greater year-over-year growth, but with 99,498 estimated visits, fell 12% below the 10-year to a press release shared by Ski NH, local ski resorts are preparing for next winter by making significant investments and capital improvements. A new black diamond glade is coming to Bretton Woods, along with new quad chairlifts at Bretton Woods and Pats Peak. Loon Mountain, in its North Peak area, has major snowmaking upgrades planned, replacing infrastructure first installed in the to keep up with the best stories and photos in skiing? Subscribe to the new Powder To The People newsletter for weekly updates. During Ski NH's Annual Meeting, the trade association, which represents more than 30 alpine and cross-country resorts across the state, also presented awards to members of the ski industry, including the Lifetime Achievement Award and the H.H. 'Bill' Whitney former was given to the Peabody family in recognition of their contributions to New Hampshire's ski industry. The family's patriarch, Roland Peabody, founded the Franconia Ski Club in 1933 and helped develop Cannon Mountain's aerial son, Roger Peabody, served as manager of both Cannon Mountain and Franconia Notch State Park. 'The Peabody name is inseparable from the history of Cannon Mountain and skiing in New Hampshire,' said Cannon Mountain's general manager Jace Wirth, who presented the award. 'This family has shaped not only one mountain but also the identity of our state's outdoor culture.'The H.H. 'Bill' Whitney Award went to Andrew Noyes.'For nearly four decades, Andrew has been an unwavering pillar at Loon Mountain Resort, pioneering as the resort's first-ever Vice President of Guest Services,' said Loon Mountain's general manager, Brian Norton. 'His impact extends far beyond his job title—Andrew has shaped the guest experience at Loon through his exceptional leadership, operational knowledge, and commitment to excellence.'Other awards given at the meeting included the Al Merrill Award, the Chandler-McLane Government Service Award, the Media Award, and the Next Gen Season Was "Positive" According to New Hampshire Trade Association first appeared on Powder on Jun 11, 2025
American Press
13 hours ago
- American Press
Editorial: Senate makes wise budget changes
The Louisiana Senate made some major changes in the state budget that it received from the House for the fiscal year beginning July 1. It decided not to merge two state savings accounts and use one of them for long-delayed one-time projects. Both the House and Senate approved the budget unanimously when it left their chambers. Members of the House will decide today whether they will agree to changes to the state budget bill (House Bill 1) made by the Senate. It's called concurrence. The Advocate reported that the Senate added $1.2 billion in one-time spending for roads and bridges, economic development initiatives and improvements to college campuses. The money comes from the Revenue Stabilization Trust Fund, which holds $3.9 billion. Senate President Cameron Henry, R-Metairie, in a statement said, 'What we're doing today changes the overall budget climate in our state in terms of workforce investment, economic development advancement and infrastructure improvements. It sets the stage for a better tomorrow.' Henry said he hoped the House would concur with the changes, adding that the two chambers worked in conjunction in recent days. The Senate amendments set aside $709 million for the Louisiana Transportation Infrastructure Fund, which pays for improvements to roads, bridges and similar work and another $273 million for the Louisiana Economic Development Initiatives Fund, which funds efforts to attract new investments in the state. Another $75 million will go toward local water system improvements which are sorely needed. And $43 million will fund higher education priorities, which have also been delayed too long. The Senate budget, as Henry had forecast earlier, provides only $43.5 million for the LA GATOR school choice program that gives parents money to pay for private schools. Gov. Jeff Landry wanted the $93.5 million approved by the House. Henry said anyone who received voucher funding last year for those same school costs will get it in the new budget. 'We made it crystal clear last year how much we were going to fund, and this year we followed through,' Henry said. 'To make sure we don't grow the government too fast, which Americans for Prosperity does not want us to do, and we want to make sure that we're spending taxpayer money wisely.' The Advocate reported that Henry said total expected spending for the coming fiscal year is $48.2 billion and nearly half of that is paid for by federal funds. Voters in March rejected an amendment that included plans to eliminate the Revenue Stabilization Trust Fund that the Senate used and move its funds to the Budget Stabilization Fund (rainy day fund) for future budget emergencies. A bill filed for the current legislative fiscal session also called for merging those two funds. It passed the House 99-1 but as of Tuesday was pending in the Senate Finance Committee and it is expected to die there. Like Henry, we hope the House goes along with Senate changes to the budget because the funding it provides is going to take care of pressing needs that haven't gotten the attention they deserve.
