Special Meetings Codified + Votes Tallies

tpltblogger16 Comments

https://www.sec.gov/ix?doc=/Archives/edgar/data/1811074/000110465924116887/tm2428122d1_8k.htm

Special meetings now possible. Not a layup to call one, as expected. See new bylaws linked towards the bottom of the 8-K linked above.

Other than “special meetings”, last Friday was a tough day to be an investor friendly proposal.

16 thoughts on “Special Meetings Codified + Votes Tallies”

  1. It looks from the number of votes cast that Murray Stahl has joined the cabal. The fact that Glover received more ‘For’ votes than MS and that all the existing Directors were reelected is scary to me.

    Those Directors who supported the lawsuit really needed to be bounced. I don’t know where this company is headed now.

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    • Call ISS and Glass Lewis. Murray got blamed for the slow uptake on Special Meetings due to his committee duties. Passive + proxy services = perverted capitalism. But that’s the price to pay when you have a large market cap.

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  2. Not sure why nobody’s talking about this…. but is there something we regular readers don’t know?

    Why did Murray Stahl get the most number of ‘Against’ votes? And the second lowest number of ‘For’ votes?

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    • Call ISS and Glass Lewis. Murray got blamed for the slow uptake on Special Meetings due to his committee duties. Passive + proxy services = perverted capitalism. But that’s the price to pay when you have a large market cap.

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  4. After all the turmoil of the past, I have a feeling HK/Murray want to play nice for now with the board, but I hope he feels compelled to wield his power if and when the moments of truth come, such as the issuance of new shares to fund speculative acquisitions. Perhaps the new amendment to call a special stockholder’s meeting will be a tool at his disposal (if he collectively controls 25% of the shares?). I also hope being free from the shackles of the Stockholders’ Agreement means he can be more at liberty to provide commentary about his views on TPL.

    I’m not one to forgive the complicit board members for their past shenanigans, but with the stock at all-time highs and a conducive political atmosphere for the next four years, there should be some great tailwinds to ride! I’m nearing an early retirement based almost wholly on the success of TPL and pray every night that bad management doesn’t stand in the way of what should be an ongoing golden age.

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  5. Hear Hear!

    PS Did anyone else see the LandBridge news yesterday? They acquired 46,000 acres for $245M. They decided to sell 5.83M shares at $60.03 in a private placement to raise $350M. LB stock price was in the $65-$70 price range before this news and shares sold off as a result of the shareholder dilution.

    The wise and very humble folks at TPL should be paying attention to this…..

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    • The interesting part is how they are obtaining the 5.83M shares they are selling.

      “LandBridge expects to use approximately $200M of the net proceeds from the private placement to partially fund the acquisition, with the balance of such net proceeds being used to redeem or repurchase units representing membership interests in DBR Land Holdings that are held by LandBridge Holdings, an affiliate of Five Point Energy.”

      LandBridge to sell 5.83M shares at $60.03 in private placement The Fly

      TheFly Nov 19, 2024, 08:21 AM

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