MRMP-Managers LLC has announced that it plans to run a proxy contest for full board control at Barnwell Industries, Inc. (NYSE:BRN) at its 2023 annual meeting of shareholders.
MRMP previously ran a successful proxy contest at Barnwell in 2020, when three of its nominees were elected to the Barnwell board. At that time, MRMP and its related shareholders held approximately 15.4% of the outstanding shares of Barnwell. Today, MRMP and its related shareholders hold approximately 20.1% of the outstanding shares of Barnwell.
MRMP and its director designees have endeavored to work cooperatively with CEO Alex Kinzler and the Barnwell board, including through a Cooperation and Support Agreement signed in 2021 to avoid a proxy contest at the 2021 annual meeting of shareholders. However, MRMP has grown tired of the repeated violations of that agreement by Kinzler and the board and the constant impediments and entrenchment actions by the Barnwell board that MRMP believes stand in the way of progress towards shareholder value.
