Barnwell completes exit from remaining Hawaii development interests

Barnwell ($BRN) Industries completed the sale of its remaining Hawaii land-development interests, receiving approximately $1.77 million in gross proceeds and $1.54 million after transaction costs. Together with a pre-closing distribution of about $140,000, the transaction generated approximately $1.7 million of net cash for the company.

The disposal also removes future capital commitments associated with those interests. Barnwell expects only minimal additional costs to wind up the related partnership, completing its exit from that development exposure. Management continues to evaluate possible investments and acquisitions, but the announcement does not identify a new purchase or commit the sale proceeds to a specific transaction. The reported consideration is asset-sale cash rather than recurring operating revenue.

Sources:

• Barnwell Industries — Hawaii disposal completion