SoftVest Request Holders List

tpltblogger14 Comments

EDGAR: Request to Inspect and Copy Certain Records

Yesterday, a reader of the blog indicated that they received a call from ‘TPL’ to discuss the proxy and presumably sell BLUE.  Team WHITE is requesting the list so that they may do the same.

Anyone else get a call yet?

I am writing to formally request that you make available for inspection and copying to me and my representatives, during TPL’s usual business hours, the list of certificate holders of TPL showing the name, address, email address (if available), and number of Shares registered in the name of each such holder as of the close of business on March 28, 2019, which is the record date for the upcoming special meeting of holders of Shares currently scheduled for May 22, 2019 (the “Special Meeting”). I make this request pursuant to the express terms of Section Fourth of the Declaration of Trust of TPL and common law.
Further, on the same basis, I hereby request that you make available for inspection and copying a copy of the Depository Trust Company Omnibus Proxy, omnibus proxies from banks and brokerage firms and the list of non-objecting beneficial owners of Shares that TPL has recently requested from Broadridge Financial Solutions, Inc. As you know, such “NOBO” list includes the names of beneficial owners of Shares who hold through brokers and other custodians that have given permission to their financial intermediary to release their identity. TPL management obviously intends to use such information to solicit proxies from holders of Shares in connection with the Special Meeting. From a corporate governance perspective, we assume you recognize how important it is for TPL investors that SoftVest not be denied the same ability to make its case that management enjoys.

14 thoughts on “SoftVest Request Holders List”

  2. I have gotten three calls yesterday to support TPL.(i assume they were all the same because the numbers were from NY but on retrospect I only looked up one number and only took one call) I talked to one guy from NY who gave me the trust TPL site. He told me about the four star general etc. I havent received any proxy stuff yet. he knew about both my accounts that hold more shares than management does. Ha. I just want to vote for Eric Oliver and get it over with. “being dealt a royal flush doesnt make you a good card player.”

    He was nice enough though on the call though.

    Liked by 1 person

  3. A vote for the General means to not have a vote again. (Basiclly your voting right are done until someone dies)

    Now you Know what current trustee are pushing so hard to get this trough.

    Liked by 1 person

  4. I have not been contacted yet, however I did ask a question of the email contact site on the TrustTpl site, which is Mackenzie Partners.

    I asked why I owned more shares than both the executives, and one of the dorectors, combined.

    Received this answer, excerpted.

    * Mr. Glover and Mr. Packer are nonetheless highly incented to drive performance of shareholders with a significant portion of their compensation at-risk based on the achievement of performance hurdles, which have been recently changed with the advice of an independent compensation consultant and input from shareholders.
    * All three men are committed to continuing to buy shares, even at the current prices.

    Its one thing to say you are “committed”, and an entirely different thing to show commitment by regular buying every month, or larger share ownership.

    The TrustTPL site has shown a lot of content add in the last 24 hours. Many more arguments in favor, and lots of PR. Is anyone else less than impressed by the picture of the 4 star general in uniform, even though he retired 15 years ago. And the picture looks like a man in his 40’s, not 72 which he is today.

    Liked by 1 person

  5. It’s so incredulous that this is even occurring. They are literally squandering OUR money on all these advisors and law firms with the sole goal of trying to con us into voting away our ability to have any say via future votes and elections for our company. Such an obviously losing proposition — I’m convinced Oliver will end up with 90% of the vote

    Liked by 1 person

    • I don’t think it will be 90 percent but I think it will be a rout. 60-70 against management which is not an egg on their faces but an omelet as they say. Questions on my mind:
      – will management read the tea leaves and capitulate prior to the proxy or will they continue to fight the real owners.
      – can Ed Oliver accomplish anything against the two other trustees and if not what legal methods are available to possibly force a change in the trust structure at some point

      Liked by 1 person

  6. After 40 years of sleepy trustville, things suddenly moving very fast. The board, IMO, is failing to grasp that regardless of current performance, the ‘trustee for life’ set-up is not going to fly anymore. The business has simply grown too big in past three years.
    Tyler Glover & co. need to get ahead of shareholder sentiment, instead of trying to placate, because that only makes us feel like we’re being fobbed off so they can keep their closed shop. They need to state they are open to governance reform. They need to buy shares individually and own more than even little old me (why the hell didn’t the pounce at $440 Xmas prices?). And they need to outline, even if only in broad strokes, some innovative thinking on to maximize the business. Oliver for the win at the moment.

    Liked by 1 person

  7. Sorry, hit “post” button too soon.

    Although executive share ownership is not my top issue, I completely agree with Ted’s comment above. “Its one thing to say you are “committed”, and an entirely different thing to show commitment”…. the sentiment is very clear here, yahoo, SA and other communication channels, share holder would like to see the Executive’s more deeply invested. Saying you are committed is easy… buying some shares is pretty easy too. How are these guys screwing this up so badly?

    Liked by 1 person

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