SoftVest Responds on Ad Spends

EDGAR 14A : SoftVest : Urge Trustees to Restore a Civil Discourse Around the Upcoming Election, Stop Spending Shareholders’ Money on Social Media Ads

Two benjamins…

To put things in perspective, given the limited insider share ownership, for every $1,000,000 that you spend on legal, PR, financial advisors, social media ads, etc., over $250,000 comes out of the undersigned “dissident’s” pocket.  Only $206.26 comes out of management’s pocket.  In our view, this makes no sense.

8 thoughts on “SoftVest Responds on Ad Spends

  1. Brilliant response Softvest! Regardless of whom you think is a better option as Trustee, Softvest are definitely navigating this process much better and using their leverage and communications very well. TPL group continue to appear irresponsible and incompetent. I just hope the temp comes down a bit and they find a way to work together. The publicity appears to be having a good effect on the share price in the short term, lets hope the proxy doesn’t create long term disfunction and acrimony.

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  2. The Trustees should be held personally responsible. The claim is easy they are supposed to buy back stock and their not. The are negligent and should pay the restitution !!!

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  3. Nicely stated, Bdawg. Softvest continues to show they are better strategists, as they have from the beginning with their response to the 66 page future director questionnaire.

    I am surprised this proxy battle ever got this far, management should have been able to do the math, and realize the numbers were against them, the outdated trustee model needs some updating, and HK is a master when it comes to writing skills. The HK newsletters have been out for years, and they are extremely well written.

    It may be the young CEO is naive, and unaware of how things really work. Social media spreads ideas, but facts and common sense are what people will use to make an easy director decision. Fortunately, TPL management has a retired general who can give them the news they are losing the PR war. Will be interesting to see if their strategy abruptly changes from the blowback they are receiving.

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  4. What I’m reading in the tea leaves is that if Team White had one change they could effect quickly (besides getting Eric Oliver elected) it would be to do away with the “trustee for life” provision. Then, they would have a pathway for getting another trustee elected in a year or two and begin to move forward with other major changes. I’m not sure how that governance change would happen when (for self-preservation) the two current trustees would likely be opposed. But I think HK is realizing that this proxy battle has created such a groundswell of shareholder passion around a push for new governance structure that the issue won’t die after the election and the other trustees will soon have no other choice than to acquiesce to public opinion.
    I love the idea in today’s open letter to hold an online forum where both candidates could present their vision and shareholders could ask questions. If that were to materialize, I’m sure the active members of this board could easily define the most pressing questions to ask.

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    • Think you need more votes than just 1 to get that struck. Oliver can’t get in there and turn the apple cart over. It will be a process of working with (and convincing) the existing trustees to positively effect change. Checks and balances (2 of 3), limited that they are, will still exist.

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