(Updates with background)
May 22 (Reuters) - An investor group that collectively holds about 25% in Texas Pacific Land Trust said their nominee, Eric Oliver, was elected as a trustee at a special shareholder meeting, the validity of which was not recognized by the company.
The news comes a day after Texas Pacific, one of the biggest private landowners in Texas, said it had filed a lawsuit against Oliver, alleging that he "made material misstatements and failed to disclose material information relevant to shareholders."
The company had delayed its special shareholder meeting because of the lawsuit, a source familiar with the matter told Reuters, adding that Wednesday's meeting had been held in a separate room by the investor group.
A TPL spokesperson said the company was reviewing the matter.
The investor group wants to convert Texas Pacific, which has been operating since 1888, into a Delaware corporation subject to modern governance principles, to establish an experienced team around its water business and be more transparent.
Oliver is the nominee of SoftVest LP, Horizon Kinetics LLC and ART-FGT Family Partners and is competing with trust nominee retired U.S. Air Force General Donald Cook.
In its lawsuit, TPL has also alleged that Oliver has acted in concert with an undisclosed group including Santa Monica Partners, Universal Guaranty Life Insurance Company and potentially other third parties. (Reporting by Debroop Roy in Bengaluru; Editing by Shailesh Kuber)