Repurchase Ability

tpltblogger2 Comments

Just a quick post to put the $110MM in cash on $TPL’s balance sheet in perspective.

$110MM / $560 (current price ) = 196k shares.

196k shares / 7.774MM total share float = 2.5% of total.

That’s big.  And as a material holder, it’s certainly preferable relative to a cash dividend (read: taxes!).

 

 

2 thoughts on “Repurchase Ability”

  1. I remember reading that Horizon Kinetics said that Texas Pacific Land Trust couldn’t buy back much more than $30M worth because of the volume of the subshares traded. So they will be making bigger and bigger dividends. I think it was in one of the quarterly commentaries. I agree though I much rather more subshares retired. I’m still looking for the actual verbage.

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  2. Thanks for writing Smyth.

    I guess their calculus must say they don’t want to split the shares and run the price up. Volume is way up over the past month so perhaps they can make more hay than normal.

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