September Update Submitted

Trust Retains Credit Suisse as Financial Advisor

DALLAS–(BUSINESS WIRE)–The Conversion Exploration Committee (the “Committee”) of Texas Pacific Land Trust (NYSE: TPL) (the “Trust” or “TPL”) today provided the first in a series of updates on its deliberations.

The Trust, after Trust management and the Committee interviewed a number of potential financial advisors, retained Credit Suisse to assist the Trust and the Committee in developing its recommendation to the Trustees.

The Committee’s deliberations to date have been productive and informative. The Committee has met three times, both in person and over the phone. Although its deliberations are confidential, the Committee will provide monthly progress reports to shareholders as required by its Charter before issuing a final recommendation by the end of year.

The Committee is chaired by John R. Norris III and David E. Barry, the incumbent Trustees of TPL. Its additional members are (in alphabetical order): Four-Star General Donald G. Cook, USAF (Retired); Craig Hodges, Chief Executive Officer of Hodges Capital; Dana McGinnis, Founder and Chief Investment Officer of Mission Advisors; Eric L. Oliver, Founder and President of SoftVest Advisors and Murray Stahl, Chairman of Horizon Kinetics.

Productive.  Informative.  Hired bankers.  Met three times.  Sounds like progress.

Current EVP/COO Sameer Parasnis is a CS alum.

3 thoughts on “September Update Submitted

  1. Of interest here is the work of U of F professor Jay Ritter.

    https://site.warrington.ufl.edu/ritter/ipo-data/

    In the recent Invest With The Best Postcast (OSAM), Bill Gurkey discusses IPOs vs Direct Listings. He talks about how he asked Ritter for data on companies that do IPOs, seeking data on which firms have the largest and smallest gaps between IPO price and first day of trading close price. This is viewed as lost money to the company stockholders that held pre IPO. If we list at 20 and it closes at 40, it was clearly listed at a major discount.

    I believe he said that CS had the smallest gap and that GS and ML had the largest. Its a complex discussion, but if water spins a, CS is a good choice.

    Liked by 1 person

  2. I did some checking and Sameer Parasnis, who was hired recently by TPL, spent almost 8 years at Credit Suisse as an Investment Banker in their Oil & Gas division.

    Liked by 1 person

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