Confirms Receipt of Nomination Notice from SoftVest
Shareholders are not Required to Take any Action at This Time
DALLAS — March 25, 2019
Texas Pacific Land Trust (NYSE: TPL) (the “Trust” or “Texas Pacific”) confirms that it has received a notice from SoftVest, L.P. nominating its own principal, Eric L. Oliver, as a candidate for election as trustee (the “Trustees”) at the Trust’s upcoming special meeting of holders of sub-share certificates (the “Special Meeting”).
In light of the nomination notice, the Trust has postponed the date of its Special Meeting, which was originally scheduled to be held on May 8, 2019, until May 22, 2019. The previously announced record date for the Special Meeting of March 28, 2019 remains unchanged. The postponement is intended to provide the Trustees with sufficient time to consider the nomination notice and give shareholders the opportunity to fully consider the changed circumstances in order to make an informed voting decision.
The Trustees and management have overseen expansive growth, which has created tremendous value for shareholders as evidenced by total shareholder returns of 484% since January 1, 2016 (through close of business on March 21, 2019), substantially outperforming its peers and the overall market.
The Trustees will present their formal recommendation regarding nominees in the Trust’s definitive proxy statement and other proxy materials, which will be filed with the Securities and Exchange Commission (the “SEC”) and mailed to all shareholders eligible to vote at the Special Meeting.
Shareholders are not required to take action at this time. Shareholders may direct any questions they have to the contact information at the end of this release.
Stifel is acting as financial advisor, Sidley Austin LLP is acting as legal counsel and MacKenzie Partners is acting as proxy solicitor to the Trust.
Gronk spike in the 3rd paragraph.