Texas Pacific Land Corporation

tpltblogger10 Comments

https://www.businesswire.com/news/home/20200615005178/en/Texas-Pacific-Land-Trust-Update-Corporate-Reorganization

The Trust continues to make progress toward effecting the corporate reorganization by the end of the third quarter of 2020 but recognizes that unforeseen impacts of COVID-19 could extend this timeframe despite the Trust’s efforts. Barring any such disruptions, further information regarding the corporate reorganization, including details about the transaction and management of the new corporation, will be included in the registration statement when it is publicly filed with the SEC.

The Trustees also announced today the selection of all members of the new corporation’s nine-member board of directors. Immediately following the effectiveness of the corporate reorganization, the board will consist of the following members (in alphabetical order): David E. Barry; General Donald G. Cook, USAF (Ret.); Barbara J. Duganier; Donna E. Epps; Tyler Glover; Dana F. McGinnis; John R. Norris III; Eric L. Oliver; and Murray Stahl.

Mr. Glover, who has been the Chief Executive Officer of the Trust since November 2016, has been selected to serve as Chief Executive Officer as well as a director of the new corporation.

Pennies from heaven for General Cook.

Mostly familiar faces on the proposed board of 9.  Couple I didn’t know.

https://www.nblenergy.com/leadership/barbara-j-duganier

https://www.linkedin.com/in/donna-epps/

Further information about the board of directors and management of the new corporation, including details about their qualifications and experience, will be included in an information statement, which will be part of the registration statement, to be made available to the Trust’s sub-share certificate holders.

Nothing in this press release on board seat terms.

Board breakdown:

Skin in the game: McGinnis, Oliver, Stahl

Professional board members: Duganier, Epps, Cook

Little demonstrated regard for TPL owners:  Barry, Norris, Glover

 

 

 

10 thoughts on “Texas Pacific Land Corporation”

  1. We’ll take it!!! At this point, positive updates and progress is all we can ask for! And now Murray has an official seat at the big boy table!

    Liked by 1 person

  2. Barry, Norris, Glover come along with the deal…we must assume that their knowledge and experience will be a positive for the new board…and any past shortcomings will be wiped out…their future on the board will depend on the new boards view. We can’t tell for sure but only guess that a few or all will be gone in a few years. Cook will have little or no value…whoever said penny’s for heaven is correct.

    Like

  3. Progress is a good sign.
    Trustees Norris, Barry get board seats
    CEO Glover gets board seat
    Six “new” board members
    Existing management team presumed to remain in place until conversion.
    Details on subcertificates >> stock TBD

    Liked by 2 people

  4. My biggest comment is a question. When do we subshare holders get to vote on the Board members? I.e. get rid of Barry, Norris, Glover and Cook who have put us through hell with their absurd contracts, legal fight, etc.?

    Liked by 1 person

  5. I’m a little surprised that Craig Hodges wasn’t selected, nor “TPLT Blogger.” Looks like things are moving on the conversion front. Ted – if you are out there – any feedback/insight on the Stockholders’ Agreement would be appreciated. I need help with the translation.

    Liked by 1 person

    • It looks to me to be a “standstill” agreement, not because there are any current hostilities, but for the future and in a way to avoid them. To that end, HK, Mission and Softvest are enjoined from increasing their shares above a set percentage, which seems to be about where they all are currently.

      I find it curious there is the noise about Stahl and Oliver having to be qualified for the director position, but I didn’t see the same thing for Cook or the other new directors. It may be a face saving thing for the current directors who made a big deal about the Oliver perceived conflIcts and their upending of the election that otherwise would have resulted in his election.

      The play nice, no lawsuits and bickering noise is to allow for professional disagreements, and to remove the threat of either side taking it to the courts or other delay methods. I sort of feel this looks like HK’s fingerprints in getting this agreement.

      Its also interesting Stahl is in the longest tenure group for the directors, suggesting they had a strong bargaining position as the agreement was developed. To be determined is the terms for the other names and current directors.

      HK and Softvest control roughly 28% of the shares and votes, and thats going to be hard for the current directors, or anyone else they don’t want to be re-elected. Given the little shareholders like me see HK as in our camp of similar interests, its a formidable voting block that in the end should see HK have this the way they want.

      Its still the long game. Nothing changes fast with TPL, but we are moving to a shareholder governance model more in alignment with the 2000’s than the 1800‘s.

      Liked by 3 people

  6. I think that things will change after the final conversion, with we smaller shareholders aligned with HK as Ted says. We should have the votes required to remove any directors that we don’t want my majority vote, We had more than 50% to elect Eric Oliver last year.

    I’m actually surprised that they didn’t provide a slate of potential directors for us to elect rather than the small committee doing it themselves, which I see as an attempt to keep Norris, Barry, Glover, and Cook involved without immediate dissent from us subshare holders.

    Liked by 1 person

Comments are closed.