$BRN is pleased to announce today that it has entered into a cooperation and support agreement with MRMP Stockholders, with respect to the potential proxy contest pertaining to the election of directors to our Board of Directors (the “Board”).
the Company will nominate its current slate of directors, which includes three of the MRMP nominees and two new independent directors elected in 2020, to stand for reelection to the Board at the upcoming 2021 annual meeting of stockholders.
The MRMP Stockholders have agreed to vote their shares of common stock of the Company in favor of the election of the designated slate, and the MRMP Stockholders have agreed to withdraw their proposed slate of directors.
I’m gratified that the Board of Directors will be unchanged from last year and be able to continue its efforts to move the Company forward.
The agreement that we have forged with the Company should avoid distraction and unnecessary expense allowing our Board to continue to position Barnwell for long term positive cash generation and further share price appreciation.”