Investor Group Calls On Texas Pacific Land Shareholders To Hold Trustees David Barry And John Norris Accountable For Their Flagrant Disregard Of Shareholders’ Rights And Investments
We remind all shareholders that they have rights under the declaration of trust, including the power under article Four, to inspect the books of the Trust. Two weeks ago, SoftVest delivered to TPL a demand to inspect certain records that we believe all shareholders are entitled to review under the declaration of trust. However, we have yet to receive a single requested document. What are Mr. Barry and Mr. Norris trying to hide?
We encourage all shareholders to review our demand and submit their own demand directly to Trustee David Barry (DBarry@KelleyDrye.com), with copy to Robert Packer (Robert@tpltrust.com). We invite shareholders to use our form if they deem the information we requested to also be important to them. Shareholders might also want to ask whether the votes included in Mr. Barry’s total when he was “elected” trustee in 2017 improperly included broker non-votes.
Highlighting not mine. Do we take this as evidence that negotiations aren’t going well? I wonder why?
I don’t recall having read about the broker non-vote issue in prior White card releases. Will do some digging though the cut and paste below from the link directly above would suggest that broker non-votes shouldn’t be applied to Trustee elections.
In short, a stockholder does not actually vote by proxy at a stockholders meeting, but rather instructs the broker how to vote. Sometimes, the broker can vote those shares even if it doesn’t receive any instruction from the beneficial owner. Under stock exchange rules, banks, brokers and other holders of record who hold shares of stock in “street name” for a beneficial owner of those shares, as described above, typically have the authority to vote in their discretion on “routine” proposals when they have not received instructions from beneficial owners. Such record holders, however, are not allowed to exercise their voting discretion with respect to the approval of matters determined to be “non-routine.”
For your convenience:
Texas Pacific Land Trust
1700 Pacific Ave., Ste.2770
Dallas, TX 7520l