Barnwell seeks approval
to quintuple its shares

Barnwell Industries Inc. said yesterday it will send a notice to shareholders next month requesting approval to quintuple the company's number of shares of common stock to 20 million from 4 million.

The company, which split its stock 2-for-1 in January for the first time, said increasing the number of shares would allow Barnwell to declare another stock split. The deadline for shareholders to vote is Sept. 30.

Barnwell's proxy, filed yesterday with the Securities and Exchange Commission, also said the additional shares would provide greater flexibility to issue stock for corporate purposes such as acquisitions and financing transactions.