Postpones Special Meeting to Provide Shareholders the Opportunity to Vote on a Fully Informed Basis
Texas Pacific Land Trust (TPL) (the “Trust”) today announced that it has filed a lawsuit (the “Lawsuit”) in the United States District Court for the Northern District of Texas against Eric L. Oliver for violations of federal securities laws in connection with the proxy contest Mr. Oliver initiated to be elected as a trustee of TPL. The Trust also announced that the special meeting of shareholders previously scheduled to be convened on May 22, 2019, and to be adjourned until June 6, 2019, has been postponed until further notice.
The Lawsuit alleges that Mr. Oliver made material misstatements and failed to disclose material information relevant to shareholders and that Mr. Oliver has acted in concert with an undisclosed group including Santa Monica Partners, Universal Guaranty Life Insurance Company and potentially other third parties. The declaratory and injunctive relief sought in the Lawsuit seeks to compel Mr. Oliver to provide complete and accurate information about his actions and his past in order to allow shareholders to make a fully informed decision.
“We have repeatedly raised serious questions about Mr. Oliver’s background and potential conflicts of interest, to which he has refused to provide an adequate reply,” said Trustee David E. Barry. “Election of an unqualified or conflicted trustee could cause significant harm to the Trust and its shareholders, so we have no choice but to ask the Court to help us protect shareholders’ interests. We have postponed the special meeting to ensure that shareholders have the opportunity to cast a fully informed vote.”
Shareholders will be notified of the exact date, time, and location of the rescheduled Special Meeting at a later date.
Sidley Austin LLP is representing the Trust.
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