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Honolulu-based Barnwell Industries Inc. (NYSE American: BRN), a company specializing in crude petroleum and natural gas with annual revenues of $20.05 million, announced the resignation of Mr. Laurance Narbut from its Board of Directors. The resignation, effective February 19, 2025, was submitted for personal reasons and not due to any disagreements with the company’s operations, policies, or practices. According to InvestingPro data, the company operates with moderate debt levels but has faced challenging conditions with a 16% revenue decline in the last twelve months.
Mr. Narbut, who also served on the company’s Reserves Committee, communicated his departure to the Board on the same day. The company, headquartered at 1100 Alakea Street, Suite 500, Honolulu, Hawaii, confirmed that there were no disputes or conflicts that prompted the resignation.
The announcement came through a Form 8-K filing with the U.S. Securities and Exchange Commission (SEC), a requirement for publicly traded companies to disclose significant events that shareholders should know about.
Barnwell Industries, with its common stock and common stock purchase rights listed under the trading symbols BRN and N/A respectively on the NYSE American, has not yet announced a successor or provided details on how Mr. Narbut’s departure will affect the composition of the Board and the Reserves Committee.
This development is strictly a corporate governance matter and the company has not released any additional statements regarding changes in its strategic direction or operational focus following Mr. Narbut’s resignation.
Investors and stakeholders are keeping an eye on Barnwell Industries for any further announcements that may shed light on the company’s plans to fill the vacancy on the Board and its Reserves Committee. The information in this article is based on the recent SEC filing by Barnwell Industries.
In other recent news, Barnwell Industries has made significant changes to its corporate governance documents. The company has amended its Rights Agreement, clarifying the Board of Directors’ fiduciary duties under applicable law. This amendment, effective February 6, 2025, ensures that the Rights Agreement does not impede the Board’s responsibilities. Additionally, Barnwell Industries has altered its corporate bylaws, eliminating the provision that allowed stockholders with at least a 25% share to call a special meeting. This change, effective February 4, 2025, reflects a shift in the company’s governance structure concerning stockholder meeting rights. Both amendments were disclosed in recent filings with the Securities and Exchange Commission (SEC). The amended Rights Agreement and bylaws are critical governance documents, outlining mechanisms for protecting shareholder rights and defining how stockholder meetings can be convened. These developments are based on recent SEC filings and press release statements from the company.
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