Investor Group Further Comments On Efforts Of Trustees Of Texas Pacific Land Trust To Delay Shareholder Vote
Strong statements from the White card who intends to make the vote happen on 5/22.
In your vehemence to win a proxy contest, you seem to have forgotten that as trustees of a 19th century-created trust, you can be held personally accountable for operating outside the narrow confines of the authority and delegation of power granted to you under a six-page deed from 1888. By your own choice, you are not directors of a modern corporation with broad charter powers and expansive director exculpatory provisions.
- We believe there are no legitimate reasons for you to attempt to delay the shareholder vote on a new trustee — only excuses.
- Since March 4, 2019, when you nominated Preston Young, you have had an abundance of TIME to communicate your message to shareholders.
- You have had an abundance of MONEY — the bank of shareholder capital expended for the most part in an impermissible manner in our view — to protect your lifetime trustee appointments.
- You have WITHHELD the NOBO list and directed your solicitors to bombard shareholders with evening solicitation phone calls. That was not enough.
- You continue to SPEND lavishly on social media—Google, Twitter and Facebook ads—, on lawyers, ad agents, solicitors and private investigators, to spread your vicious character attacks on us, long-term shareholders who wish to propose more open governance. Your own senior executives have privately expressed their embarrassment at your tactics.
- We believe most shareholders are simply tired of your messages and are ready to have their votes counted.
- We will see you at 10 am on May 22, 2019 in Dallas, Texas, and we intend that the holders present in person or by proxy at the special meeting will have a final say on this matter.