18 thoughts on “Stock Split”

  2. I think Tyler Glover and company need to be put on notice. If they use their new “piggy bank” to dilute shareholders and use the stock as currency for acquisitions, then every board member who votes in favor will be voted out. Tyler and everyone else who is complicit will be investigated to figure out to what extent they are benefiting personally.

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    • I don’t think it’s a conspiracy — they own almost none of the company and want to use our money to run around and make deals with their buddies.

      I’m hopeful that the huge shareholders (aka Murray Stahl) will rein in the worst of these impulses from the current management.

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  3. Why did they issue so many shares if all they are doing is a 3:1 stock split? Wait…don’t tell me they are planning on an Extraordinary Transaction related to governance, environmental or social matters…

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  4. What is the group’s analysis of Stahl/Oliver’s ability to stop any unnecessary/inappropriate/dilutive M&A activity given the current state of the board and balloon in share authorizations now mandated?

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  6. Mr. Market always has the final say and he disagrees with the ‘judge who can’t do math’ in Delaware. Unsurprisingly, Mr. Market says our common stock is worth about half what it was in 2022 relative to the indexes. 

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  7. If I were to look at a silver lining amongst the dark clouds of what has happened since November 2022, I’d say this:

    A stock split will make TPL’s average daily traded volume go up, which would hopefully make it eligible to be included in some indexes. Once that happens, we can start to see passive money inflows, which will hopefully push up the stock price.

    Alas, none of this matters if management recklessly pursues non-accretive acquisitions

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  8. Have we ever heard from management a specific rationale for how a 3 for 1 stock split is good for shareholders? I doubt they have one since the 3 for 1 split was probably nothing more than the trojan horse upon which to pave the way for whatever they now have in their sights for acquisitions and/or executive comp to authorize the remaining 3-fold number of shares. That’s when the dilution will rear its ugly head and we can only pray Stahl/Oliver have influence over the board to make sure any such moves are truly in the best interest of shareholders.

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  9. Oliver acquired 300 additional shares on March 4. Slightly promising news since it appears it’s been a while since he added.

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  10. Relatively new to the story here…Can somebody give me a quick run-down on why TPL converted from a Trust to a C-Corp a few years back? I understand that is one of the key pieces in where we are today, but I would appreciate some insight from this small community as it has proven to be a much more valuable resource than elsewhere.

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    • The reason given at the time was that it would lead to better and more modern governance (under the old structure there were only a handful of trustees, and for most of the trusts existence they served for life, etc) and that it would attract more investment as a C corp.

      It appears that the real reason was so that management could issue a ton more shares to go try to make deals with shares of a company they controlled but owned very little of.

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      • Thanks, 3rdGen….very well said and I appreciate your paraphrasing.

        I also agree with your tone/reasoning…..at the time it seemed much needed but given where we are today, in hindsight, it may trigger some unintended consequences. Thanks again!

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  11. I have followed TPL for 35 years. I sold some 34 years ago to pay for my first divorce – and don’t want to think about what that would be worth now. (BUT THE DIVORCE WAS WORTH IT!!).

    I have written a newsletter for going on 32 years – Positive Patterns Bob Howard. You can google it.

    I have found this blog MOST useful and agreeable. If you want to see my latest update for free just e-mail me.

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  12. The trust was run by Barry & Morris, both shady characters. There were questions as to if Barry was ever actually elected to the Board. They were in place for life and not accountable to we shareholders. That was my motivation to look to the C Corp for relief, knowing that it would take time for the purge to happen. I didn’t count on MS/EO to give so much of their voting rights in the process.

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  13. Insider buying!

    08:47 AM EDT, 03/14/2024 (MT Newswires) — Eric L Oliver, Director, around March 11, 2024, executed a purchase for 300 shares in Texas Pacific Land (TPL) for $473,049. Following the Form 4 filing with the SEC, Oliver has control over a total of 134,019 shares of the company, with 319 shares held directly and 133,700 controlled indirectly.

    04:08 PM EDT, 03/15/2024 (MT Newswires) — Robert M. Roosa, Director, on March 14, 2024, executed a purchase for 300 shares in Texas Pacific Land (TPL) for $492,366. Following the Form 4 filing with the SEC, Roosa has control over a total of 241 shares of the company, with 91 shares held directly and 150 controlled indirectly.

    Texas Pacific Land Trust announces three-for-one stock split

    Briefing.comMarch 08, 2024

    Co announced that its Board of Directors has approved a three-for-one stock split to be distributed to stockholders as a stock dividend. Each stockholder of record at the close of business on March 18, 2024, will receive two additional shares of common stock of the Company for each share held as of this record date. The new shares will be distributed on March 26, 2024. We expect that trading of the Company’s common stock will begin on a stock-split adjusted basis on March 27, 2024.

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