Updated at 11:03 a.m., Thursday, October 12, 2006
Mercury cuts ownership stake in Barnwell Industries
Advertiser Staff
An investor wanting Barnwell Industries Inc. to break up its assets and sell off Big Island land has lowered its ownership stake to 16.3 percent of the Honolulu-based company's shares from 19.2 percent it held last month.Mercury Real Estate Advisors LLC of Greenwich Connecticut now owns 1.33 million of Barnwell's shares that it paid $28.8 million for, according to a statement filed at the U.S. Securities and Exchange Commission yesterday. Prior filings indicated the investor and related entities held 1.57 million shares.
Mercury has been the largest shareholder in Barnwell, which owns land in Hawai'i and has an oil and gas business in Canada. Yesterday officials from Mercury sent a letter to Barnwell's board asking that it consider alternatives for the company, including a land sale and share buyback. Barnwell's shares rose $2.36 to $21.35 on the news yesterday.
