5 thoughts on “Yuletide Appeal”

  1. All interested persons owe MS/EO a debt of gratitude for standing their ground defending the well-being of TPL. They are holding the ground at their peril for all shareholders.

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  2. I do not know how quickly appeals proceed in Delaware. However, it seems possible the appeal could extend beyond the date of the next Board election. At that point the whole process will be moot if MS/EO are able to takeover the board.

    Any current director who opposes implementing proposals supported by the shareholders at the last meeting should not get support from ISS, State Street, etc.

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    • When you look carefully at pages 10 and 11 of the Proxy for the 2023 Annual Meeting you will realize that the WHOLE BOARD is not up for -re-election at the 2024 Annual meeting. That will not occur until the 2025 Annual Meeting. The directors who will be up for re-election to one year terms include the 3 Class III directors who were elected to one year terms at the 2023 Annual Meeting Roosa, Stahl, and Woung-Chapman, and the 3 Class I Directors whose terms expire in 2024 Duganier, Glover, and Kurz. The remaining 4 Class II directors whose terms expire in 2025 are Best, Cook, Epps, and Oliver. The other interesting information on page 10 is the age of each of the directors with the oldest being Best and Cook in their later 70’s. Page 11 provides a snapshot of the qualifications of each of the directors.

      I also have a concern with those who are pushing for the implementation of the Shareholder advisory proposals because the Activist Investor material I referenced in another post indicated that having shareholders able to call special meetings and the other shareholder approved proposal were two weaknesses that activist investors could use to attempt to take control of a company. It makes me wonder about the motivation of the proponents of those proposals.

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      • The activists have the right idea….its a royalty cash box compounding machine. TPL hasn’t been an acquisition vehicle to use new stock to dilute decades owners.

        You do realize any special election and anything that is being voted on has to either pass or fail based on the shareholder votes? It’s not like the activists are being sneaky here and can take control unless a majority of the shareholders want that.

        A majority of owners (even without the HK/SV ability to vote for them) passed this. Twice!

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  3. Continuing to trim my holdings… appreciative of HK/SV efforts but it seems that the board is hellbent on allowing Glover and cronies to go be deal hounds. No thanks.

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