January 11, 2021

Looks like it’s happening!  Jan 11.  Same ticker.  No split.  The third link I listed looks to be comprehensive doc describing the corporate action.  Please post in the comments section if anything catches your eye.

I’m now going to unpin the 2.0 Investor Preferences post that we’re all tired of seeing.  As the final documents come out, I’ll circle back to each point in that post to see how we did.  All signs point to pretty good.

While I’m still prepared for something to go sideways, I’d like to say thank you to Eric Oliver and Murray Stahl (and their families, colleagues, and other support) for fighting this fight.  It couldn’t have been easy.  As an analyst and TPL follower, I came into the 3rd Trustee contest fairly neutral but it became very clear, very quickly who was on the right side of the divide.  This a great outcome for owners.

1 : Press Release

The Trustees of Texas Pacific Land Trust (NYSE: TPL) (the “Trust”) announced today that, in connection with the Trust’s previously announced plan to reorganize the Trust from its current structure to a corporation formed under Delaware law named Texas Pacific Land Corporation (“TPL Corporation”), the Trust expects to distribute all of the common stock of TPL Corporation to holders of sub-share certificates in certificates of proprietary interest of the Trust (“sub-share certificates”) on January 11, 2021 (such date, the “effective date”).

Prior to the market opening on the effective date, the Trust will distribute all of the shares of TPL Corporation common stock to holders of sub-share certificates as of such date on a pro rata, one-for-one basis in accordance with their interests in the Trust. The trading of sub-share certificates on the New York Stock Exchange (“NYSE”) will cease prior to the market opening and TPL Corporation common stock will begin trading on the NYSE on the same date under the symbol “TPL,” and the sub-share certificates will be cancelled.

2 : 8-K

3 : Information Statement

Stockholders’ Ageement Extended

https://www.sec.gov/ix?doc=/Archives/edgar/data/97517/000121390020042417/ea131559-8k_texaspacific.htm

The Stockholders’ Agreement, which establishes certain features of governance for the New Corporation, provides that the agreement will terminate if the corporate reorganization has not been completed by December 31, 2020 (the “Outside Date”). As the Trust currently plans to complete the corporate reorganization during January 2021, the Trust and the Stockholders have entered into the First Amendment to Settlement Agreement, dated December 14, 2020 (the “Amendment”), to change the Outside Date to January 31, 2021.

Another step towards conversion.

Conversion

We’ve been conditioned to expect a big lump of coal in our stocking.

The period between now and 1/1 is relatively unproductive in banking, capital markets, law, and the like. My base case is a postponement. What’s yours?