Texas Pacific Land Trust to Adjourn Special Meeting in Order to Provide Shareholders Sufficient Time to Review Proxy Supplement Required by SEC

国产福利资源在线播放

DALLAS--(BUSINESS WIRE)-- Texas Pacific Land Trust (NYSE: TPL) (the 鈥淭rust鈥�) today announced that, in response to a comment by the Securities and Exchange Commission (the 鈥淪EC鈥�), the Trust will file and mail to shareholders a supplement to the Trust鈥檚 proxy statement (the 鈥淧roxy Supplement鈥�) in connection with the special meeting (the 鈥淪pecial Meeting鈥�) originally scheduled to be held on May 22, 2019. To provide shareholders sufficient time to receive by mail and review the Proxy Supplement in order to be able to cast their votes on a fully informed basis, the Trust will convene the Special Meeting before immediately adjourning 鈥� without conducting any business 鈥� until June 6, 2019. The reconvened meeting will be held at the originally scheduled location in Dallas, and the record date for the Special Meeting will remain unchanged.

The Trust鈥檚 nominee for the Trustee position, retired four-star General Donald 鈥淒on鈥� G. Cook, has committed to resign after no more than three years. General Cook would stand for reelection if he is renominated, thus providing shareholders with the opportunity to evaluate his performance as a Trustee. General Cook has submitted a formal letter of resignation to that effect. The SEC advised the Trust that a supplement to the Trust鈥檚 proxy statement is required because General Cook鈥檚 commitment constitutes a fundamental change to the Trust鈥檚 proxy solicitation. The dissident group鈥檚 candidate, Eric Oliver, has not agreed to make a similar commitment.

鈥淲e have heard very clearly from shareholders their desire for the Trust to provide greater transparency,鈥� said Trustee David E. Barry. 鈥淚n that light, we believe it is especially important for all shareholders to have the opportunity to fully review the Proxy Supplement.鈥�

Shareholders who have voted do not need to recast their votes, and proxies previously submitted will be voted at the adjourned meeting unless properly revoked. Shareholders can revoke their proxy and/or change their vote at any time prior to the closing of the polls at the Special Meeting. Only the latest-dated proxy will be counted.

The Trust urges shareholders to follow the recommendation of leading proxy advisory firm ISS and vote 鈥�FOR鈥� General Don Cook using the BLUE proxy card. Shareholders can also read more information by visiting . If shareholders have any questions or need assistance in voting their shares, they may contact the Trust鈥檚 proxy solicitor:

MacKenzie Partners
1407 Broadway, 27th Floor
New York, New York 10018
(212) 929-5500 or call Toll-Free (800) 322-2885
Email: proxy@mackenziepartners.com

Forward-Looking Statements

This release may contain statements that are 鈥渇orward-looking statements鈥� within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this release, other than statements of historical fact, are 鈥渇orward-looking statements鈥� for purposes of these provisions, including statements regarding Texas Pacific鈥檚 future operations and prospects, the markets for real estate in the areas in which Texas Pacific owns real estate, applicable zoning regulations, the markets for oil and gas, production limits on prorated oil and gas wells authorized by the Railroad Commission of Texas, expected competitions, management鈥檚 intent, beliefs or current expectations with respect to Texas Pacific鈥檚 future financial performance and other matters. Texas Pacific cautions readers that various factors could cause its actual financial and operational results to differ materially from those indicated by forward-looking statements made from time-to-time in news releases, reports, proxy statements and other written communications, as well as oral statements made from time to time by representatives of Texas Pacific. The following factors, as well as any other cautionary language included in this release, provide examples of risks, uncertainties and events beyond our control that may cause Texas Pacific鈥檚 actual results to differ materially from the expectations Texas Pacific describes in such forward-looking statements: global economic conditions; market prices of oil and gas; the demand for water services by operators in the Permian Basin; the impact of government regulation; the impact of competition; the continued service of key management personnel; and other risks and uncertainties disclosed in Texas Pacific鈥檚 annual reports on Form 10-K and quarterly reports on Form 10-Q. We undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

Media:
Abernathy MacGregor
Sydney Isaacs / Jeremy Jacobs
(713) 343-0427 / (212) 371-5999
sri@abmac.com / jrj@abmac.com

Investor Relations:
MacKenzie Partners
Paul Schulman / David Whissel
(212) 929-5500 or (800) 322-2885
pschulman@mackenziepartners.com

Source: Texas Pacific Land Trust

Released May 8, 2019