0001193125-15-319550.txt : 20150914 0001193125-15-319550.hdr.sgml : 20150914 20150914165605 ACCESSION NUMBER: 0001193125-15-319550 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20150914 DATE AS OF CHANGE: 20150914 GROUP MEMBERS: MRMP-MANAGERS LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BARNWELL INDUSTRIES INC CENTRAL INDEX KEY: 0000010048 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 720496921 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-20279 FILM NUMBER: 151106002 BUSINESS ADDRESS: STREET 1: 1100 ALAKEA ST. STREET 2: SUITE 2900 CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 808-531-8400 MAIL ADDRESS: STREET 1: 1100 ALAKEA ST. STREET 2: SUITE 2900 CITY: HONOLULU STATE: HI ZIP: 96813 FORMER COMPANY: FORMER CONFORMED NAME: BMA CORP/TN DATE OF NAME CHANGE: 19770324 FORMER COMPANY: FORMER CONFORMED NAME: BARNWELL OFFSHORE INC DATE OF NAME CHANGE: 19671101 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SHERWOOD NED L CENTRAL INDEX KEY: 0000902749 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: 54 MORRIS LN CITY: SCARSDALE STATE: NY ZIP: 10583 SC 13D/A 1 d58363dsc13da.htm AMENDMENT NO. 4 TO SCHEDULE 13D Amendment No. 4 to Schedule 13D

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)*

 

 

Barnwell Industries, Inc.

(Name of Issuer)

Common Stock, par value $0.50 per share

(Title of Class of Securities)

068221100

(CUSIP Number)

Ned L. Sherwood

4731 North Highway A1A, Suite 213

Vero Beach, FL 32963

(772) 226-7923

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

September 11, 2015

(Date of Event Which Requires Filing of This Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box  ¨

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

 

 

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

(Continued on following pages)

 

 

 

CUSIP No. 068221100    SCHEDULE 13D   Page 2 of 8 Pages

 

  1   

NAME OF REPORTING PERSONS

 

Ned L. Sherwood

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨            

(b)  ¨            

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS

 

    OO

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

¨            

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    United States of America

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON   WITH  

 

      7    

SOLE VOTING POWER

 

    0

     8   

SHARED VOTING POWER

 

    899,622.138*

     9   

SOLE DISPOSITIVE POWER

 

    0

   10   

SHARED DISPOSITIVE POWER

 

    899,622.138*

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    899,622.138*

12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

¨            

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    10.9%**

14  

TYPE OF REPORTING PERSON

 

    IN

 

* Includes (i) 661,584.138 common shares held by MRMP-Managers LLC, of which Ned L. Sherwood is the Chief Investment Officer and (ii) 238,038 common shares held by the Ned L. Sherwood Revocable Trust, of which Ned. L. Sherwood is the beneficiary and trustee. Ned. L. Sherwood disclaims beneficial ownership of such common shares except to the extent of his pecuniary interest therein.
** All percentages reported herein are calculated based upon an aggregate of 8,277,160 shares of common stock outstanding as of August 10, 2015, as reported on the Issuer’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015.

CUSIP No. 068221100    SCHEDULE 13D   Page 3 of 8 Pages

 

  1   

NAME OF REPORTING PERSONS

 

MRMP-Managers LLC

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨            

(b)  ¨            

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS

 

    OO

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

¨            

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    Delaware

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON   WITH  

 

      7    

SOLE VOTING POWER

 

    0

     8   

SHARED VOTING POWER

 

    661,584.138

     9   

SOLE DISPOSITIVE POWER

 

    0

   10   

SHARED DISPOSITIVE POWER

 

    661,584.138

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    661,584.138

12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

¨            

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    8.0%**

14  

TYPE OF REPORTING PERSON

 

    OO

 

** All percentages reported herein are calculated based upon an aggregate of 8,277,160 shares of common stock outstanding as of August 10, 2015, as reported on the Issuer’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015.

This Amendment No. 4 to Schedule 13D (this “Amendment No. 4”) relates to the common stock, par value $0.50 per share (the “Shares”), of Barnwell Industries, Inc., a Delaware corporation (the “Issuer”) and amends the Schedule 13D filed on June 11, 2013, as amended by Amendment No. 1 thereto filed with the SEC on December 17, 2013, Amendment No. 2 thereto filed with the SEC on May 14, 2014 and Amendment No. 3 thereto filed with the SEC on November 13, 2014 (the “Original Schedule 13D” and, together with this Amendment No. 4, the “Schedule 13D”). Capitalized terms used and not defined in this Amendment No. 4 have the meanings set forth in the Original Schedule 13D. This Amendment No. 4 is being filed by Ned L. Sherwood (“Sherwood”) and MRMP-Managers LLC, a Delaware limited liability company (“MRMP” and together with Sherwood, the “Reporting Persons”).

This Amendment No. 4 is being filed to amend Item 4 and Item 7 of the Schedule 13D as follows:

 

Item 4 Purpose of Transaction

Item 4 of the Schedule 13D is amended by adding thereto the following:

On September 11, 2015, Sherwood delivered a letter to the Issuer, a copy of which is attached hereto as Exhibit 8 and is incorporated by reference in this Item 4 in its entirety.

 

Item 7 Material to be Filed as Exhibits

Item 7 of the Schedule 13D is amended by adding thereto the following:

 

Exhibit 8:    Letter to the Issuer, dated September 11, 2015

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

September 14, 2015     Ned L. Sherwood
    By:  

/s/ Ned L. Sherwood

    Name:   Ned L. Sherwood
September 14, 2015     MRMP-Managers LLC
    By:  

/s/ Ned L. Sherwood

    Name:   Ned L. Sherwood
    Title:   Chief Investment Officer
 EX-8 2 d58363dex8.htm EX-8 EX-8

Exhibit 8

Ned L. Sherwood

4731 North Highway AlA, Suite 213

Vero Beach, FL 32963

(772) 226-7923

Via FedEx

September 11, 2015

Mr. Russell M. Gifford

Executive Vice President, Chief Financial Officer,

Treasurer and Secretary

Barnwell Industries, Inc.

1100 Alakea Street, Suite 2900

Honolulu, Hawaii 96813

Dear Mr. Gifford:

As a stockholder of Barnwell Industries, Inc. (the “Company”), I hereby submit the enclosed proxy access stockholder proposal (the “Proposal”) for inclusion in the Company’s proxy statement to be circulated to the Company’s stockholders in connection with the Company’s upcoming annual meeting of stockholders. The Proposal is being submitted in accordance with Rule 14a-8 under the Securities Exchange Act of 1934, as amended.

Pursuant to Rule l4a-8(b) enclosed please find my Schedule l3D (dated June 11, 2013), along with Amendments No. 1, 2 and 3 to the original Schedule 13D, reflecting my beneficial ownership of shares of the Company’s common stock as of or before September 11, 2014, which is the date on which the one-year eligibility period begins. Further, I confirm that I hold and have held continuously for more than one year preceding and including September 11, 2015 over $2,000 in market value of the Company’s common shares.

I confirm that I intend to continue holding over $2,000 in market value of the Company’s common shares through the date of the Company’s annual meeting of stockholders. Please be advised that I (or my representative) will attend the Company’s annual meeting of stockholders to present the resolution as required.

Sincerely,

 

LOGO

Ned L. Sherwood

STOCKHOLDER PROPOSAL – PROXY ACCESS

RESOLVED: Stockholders of Barnwell Industries, Inc. (the “Company”) ask the Board of Directors (the “Board”) to adopt, and present for stockholder approval, a “proxy access” bylaw. Such bylaw shall require the Company to include in proxy materials prepared for a stockholder meeting at which directors are to be elected the name, Disclosure and Statement (defined herein) of any person nominated for election to the Board by a stockholder or group (the “Nominator”) that meets criteria established below. The Company shall allow stockholders to vote on such nominee on the Company’s proxy card.

The number of stockholder-nominated candidates appearing in proxy materials shall not exceed 25% of the directors then serving. This bylaw, which shall supplement existing rights under Company bylaws, should provide that a Nominator must:

 

  a) have beneficially owned 3% or more of the Company’s outstanding common stock continuously for at least three years before submitting the nomination;

 

  b) give the Company, within the time period identified in its bylaws, written notice of the information required by the bylaws and any Securities and Exchange Commission rules about (i) the nominee, including consent to being named in the proxy materials and to serving as director if elected; and (ii) the Nominator, including proof it owns the required shares (the “Disclosure”); and

 

  c) certify that the Nominator (i) will assume liability stemming from any legal or regulatory violation arising out of Nominator’s communications with Company stockholders, including the Disclosure and Statement; (ii) will comply with all applicable laws and regulations if it uses soliciting material other than the Company’s proxy materials; and (iii) to the best of its knowledge, acquired the required shares in the ordinary course of business and not to change or influence control at the Company.

The Nominator may submit with the Disclosure a statement not exceeding 500 words in support of the nominee (the “Statement”). The Board shall adopt procedures for promptly resolving disputes over timeliness of a nomination, whether the Disclosure and Statement satisfy the bylaw and applicable federal regulations, and the priority to be given to multiple nominations exceeding the 25% limit.

Supporting Statement:

The Company’s Board is far too comfortable and entrenched:

 

  •   three out of 10 directors are over 80 years old;

 

  •   according to the latest proxy, the Chairman’s average total compensation over the last three years was over $850,000;

 

  •   the average tenure of the Company’s directors is over 17 years and seven directors served for more than 10 years; and

 

  •   three directors are also Company executives.

Proxy access will make directors more accountable. Further, the CFA Institute’s Proxy Access in the United States: Revisiting the Proposed SEC Rule (http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2014.n9.1) found that proxy access would “benefit both the markets and corporate boardrooms, with little cost or disruption.”

Proxy access enjoys strong investor support and similar bylaws have been adopted by companies of various sizes across industries.

We urge stockholders to vote FOR this proposal.

 

2

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