Early Returns Not Going Well For #4?

tpltblogger9 Comments

https://www.sec.gov/Archives/edgar/data/1811074/000110465922115536/tm2229954d1_defa14a.htm

Does this letter seem a little panicked? If they wanted to spilt the shares, couldn’t the authorization just have been for that and not 100% more shares?

“Don’t worry. We definitely won’t cut you in half and pay ourselves obscene amounts of money and control the board for forever.”

9 thoughts on “Early Returns Not Going Well For #4?”

  2. these clowns just doing whatever they can hoping naive investors will vote their way… already voted against for proposal 4 for all my shares

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  3. Interesting that is only signed by the two legacy directors and the CEO. Why Tyler feels compelled to align himself with them is beyond me.

    Also, the company has yet to make a good case for why comping themselves with shares makes any sense (hint: you cannot control the price of oil).

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  5. It is a tell-tale sign that only Barry, Norris and Glover signed this letter. If they really want to convince us that authorizing and issuing new shares is in shareholder best interest, why would they not convince Murray Stahl to sign off? Bottom line is that whatever way Murray votes his shares, that will likely determine the outcome. It does concern me that they claim proxy advisors ISS, Glass Lewis, and Egan Jones are recommending a ‘For’ vote (has anyone seen those documents for context?).

    The Trojan Horse approach is what really rubs me wrong. They know most shareholders favor (or at least, don’t oppose) a split, so why not have a proposal to just issue more shares to enable that split?

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  6. It certainly would have sent a stronger message if the entire board of directors (and not the three I look forward at every election eventually to voting out).

    Am hoping its a sign HK/Oliver can vote the way they want. If so, that makes it significantly harder to have this get approved.

    TPL management with demonstrated anti-shareholder actions, their opposition to a de-staggered board and the about face (after they lost the advisory vote last year) is noteworthy. They will only do the right thing for shareholders when they get forced by votes to do the right thing.

    The letter makes a big deal out of saying nearly all SP500 companies have such a future approval to use stock as currency. What TPL company is missing is we don’t want to be like every company. That sounds like average to me. Its worked well to manage the assets they have, without getting acquisition fever.

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    • “What TPL company is missing is we don’t want to be like every company. That sounds like average to me. Its worked well to manage the assets they have, without getting acquisition fever.” This is it. 100%

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  8. “Proposal 4 is intended to increase the number of authorized shares to support our ability to use shares of Common Stock for a number corporate purposes, including, among other things, attracting talent and incentivizing employees”

    Except for the water business, all TPL does is adding up the royalties and reporting the results. They could get a group of monkeys with green accountant’s visors to do that job.

    PS – Flew over TPL’s property on a flight from Cabo to DFW on Sunday. Our investment is a beautiful thing.

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