Conversion Exploration Committee of Texas Pacific Land Trust Provides Update
Deliberations of the Committee have been productive and informative with the Committee having worked with the management team to develop the Trust’s investor presentation that is now available on the Trust’s website, www.tpltrust.com.
In consultation with the Trust’s advisors, the Committee unanimously recognized compelling reasons to move to a corporate structure. The Committee will continue to work with the advisors to make a final recommendation to the Trustees as to the structure of such conversion or reorganization.
I like the fact that the CC worked with management and CS on the deck that was recently released and presented. I also like the unanimous vote. All seems constructive. Thinking patience to get the exact final form and plan right is warranted.
The Texas Pacific Land Trust Investor 
‘unanimously’
Good news
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I am cautiously optimistic but waiting for the gotcha. Hopefully this will be a win for ‘us’ the actual shareholders versus the clowns managing our assets. Fingers crossed!
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Patience will be rewarded (or so I hope). I would like to give credit to this report going above the previous reports and providing more information this time.
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HK/Oliver camp clearly the smarter strategic thinkers in this set-up. Laying out a path that TPL management were not bright enough to see for themselves, but mercifully bright enough to agree with. Obviously, there’s pros and cons with C-Corp conversion, but overall I think it’s a pro. Unity from here on will be a big plus.
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We’ll need a slate of potential Board members big enough so that we can elect someone other than Barry & Norris.
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The most important word in the release is “unanimously”. Good to see! One thought I had after seeing the company presentation from last month, was that they were strategically not buying back shares as they wanted to preserve cash and present themselves as “cash rich” for the institutional roadshow. Another reason could be that if they spinoff TPWR, its going to need cash to sustain itself as a separate entity.
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Am glad to be wrong, was expecting another “no news” monthly update. Also nice to see all in agreement on a corporate conversion path, so a worry I had about the Special Committee being contentious in their discussions was unfounded. They seem to have been able to put the bitter proxy/legal fight behind them.
The Special Committee has as a deliverable a recommendation report to the Trustees. The two Trustees are head of the Special Committee. The approval of a recommended plan will be a formality.
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This goes back to the Judge if it the results aren’t formally announced by the end of this month as I remember,
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