Two items brought up by readers in the past 24 hours:
#1: White card lays down a footnote to make clear their opinion on where the vote stands. We start with an excerpt from the letter that Barry and Norris sent to HK and Tessler:
Here is the corresponding footnote.
1 SoftVest, L.P., Horizon Kinetics LLC and ART-FGT Family Partners disagree with this statement.
#2: The following two statements can be found in the recently published 10-Q. The two, when read together, indicate that the Trust didn’t repurchase any shares in all of April. A few possibilities come to mind: 1) the Trust is somehow restricted on the stock due to the pending vote, 2) the Trust is dedicating marginal cash to PP&E, or 3) Trust management is avoiding further concentrating the ownership stakes of those that they consider dissidents. Must be a pretty big deal to deviate from a capital return strategy that is decades/centuries in the making and we know the balance sheet is anything but cash poor.
Sub-share Certificates in Certificates of Proprietary Interest, par value $.03 1/3 each; outstanding 7,756,156 and 7,762,414 Sub-share Certificates as of March 31, 2019 and December 31, 2018, respectively
As of April 30, 2019, the Registrant had 7,756,156 Sub-share Certificates outstanding.