|Bid||400.00 x 800|
|Ask||745.94 x 900|
|Day's Range||728.00 - 740.00|
|52 Week Range||409.00 - 915.66|
|Beta (3Y Monthly)||1.42|
|PE Ratio (TTM)||18.80|
|Earnings Date||Jul 29, 2019 - Aug 2, 2019|
|Forward Dividend & Yield||1.75 (0.24%)|
|1y Target Est||N/A|
Throughout its campaign to install Eric Oliver as a trustee, the Dissident Group has claimed that they are motivated by a desire for transparency, but yet again, this claim is belied by their own actions. Oliver and his Dissident Group have attempted to circumvent ongoing litigation before the United States District Court for the Northern District of Texas, a primary purpose of which is to require Mr. Oliver to provide complete and accurate information regarding his many apparent conflicts of interest. Unfortunately, Mr. Oliver and his Dissident Group continue to resist producing this basic information.
DALLAS, June 13, 2019 /PRNewswire/ -- SoftVest, L.P., Horizon Kinetics LLC and ART-FGT Family Partners, which collectively beneficially own over 25% of the outstanding shares of Texas Pacific Land Trust (TPL), today issued an open letter to TPL shareholders urging them to hold Trustees David Barry and John Norris accountable for their flagrant disregard of shareholders' rights and investments by failing to recognize Eric Oliver as a third Trustee and misusing millions of shareholder dollars. The letter also calls on all shareholders to exercise their right under the declaration of the Trust to inspect TPL's books. The full text of the letter is below.
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A proxy battle unfolding in Dallas involving one of Texas’s largest landowners is getting uglier by the day.
DALLAS, May 28, 2019 /PRNewswire/ -- SoftVest, L.P., Horizon Kinetics LLC and ART-FGT Family Partners (the "Investor Group"), which collectively beneficially own over 25% of the outstanding shares of Texas Pacific Land Trust (TPL), announced that they have filed counter-claims against David E. Barry and John A. Norris, III, the incumbent trustees of TPL, in the United States District Court for the Northern District of Texas. The counter-claims seek a declaratory judgment that the vote conducted at the May 22 shareholder meeting was valid and effective, and that Mr. Eric Oliver has been overwhelmingly elected as TPL's third trustee. The Investor Group is also pursuing an injunction to prevent the incumbent trustees from taking action on behalf of TPL without the participation of the now duly elected third trustee, Mr. Oliver.
The group, which includes SoftVest LP, Horizon Kinetics LLC and ART-FGT Family Partners, is asking a federal court judge in Dallas to rule that a May 22 shareholder vote was valid and that its nominee, Eric Oliver, won. The group is seeking an order barring the trust’s two incumbent trustees from disputing Oliver’s election or meeting without him, according to a court filing Tuesday.
Lawyers for Dallas-based Texas Pacific Land Trust (NYSE: TPL) have filed a lawsuit that has upped the ante in an already-heated proxy battle waged by a group of dissident shareholders after a spot opened on TPL’s board of trustees.
An investor group that holds about 25% in Texas Pacific Land Trust installed its preferred trustee in a shareholder meeting on Wednesday that the company, one of the biggest landowners in Texas, rejected as invalid. On Tuesday, Texas Pacific postponed the special meeting where shareholders were due to fill a vacant trustee spot after filing a lawsuit against the investor group's trustee candidate, Eric Oliver, a source familiar with the matter told Reuters.
On May 21, 2019, Texas Pacific Land Trust (TPL) (the “Trust”) gave notice that the special meeting scheduled to be convened today has been postponed to address Eric Oliver’s ongoing efforts to mislead the Trust’s shareholders by making materially misleading statements and failing to disclose material information related to his record and potential conflicts of interest. Over the past several months, the Trustees have made every effort to resolve these issues amicably and to obtain the information necessary for all shareholders to evaluate Mr. Oliver’s fitness to serve as Trustee. Mr. Oliver’s attorney never responded, forcing the Trust to take the step of postponing the meeting and filing a lawsuit in the U.S. District Court for the Northern District of Texas.
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 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. 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.
The meeting, previously scheduled for June 6, has been called off until further notice to give investors “the opportunity to cast a fully informed vote,’’ Trustee David E. Barry said Tuesday in a statement. The company also filed a lawsuit in federal court in Dallas against Eric Oliver, the dissident nominee, accusing him of violating securities laws related to the proxy contest and secretly working with other parties including Santa Monica Partners and Universal Guaranty Life Insurance Co. Oliver, who runs hedge fund SoftVest LP, said the claims in the lawsuit are without merit, and Santa Monica Partners and Universal Guaranty didn’t need to register as part of the dissident group.
Texas Pacific Land Trust (TPL) (“TPL” or the “Trust”) today released a letter to shareholders regarding the lawsuit filed by the Trust yesterday in the U.S. District Court for the Northern District of Texas against Eric L. Oliver for violations of federal securities law. Yesterday, the Trust filed a lawsuit in the U.S. District Court for the Northern District of Texas regarding violations of federal securities laws in Eric Oliver’s campaign to become TPL’s next Trustee.
Like many of you, we are at a loss to explain the actions taken by the incumbent Trustees this afternoon on any above-board or bona fide basis. Not only did they file a meritless lawsuit against Eric Oliver, but they used it as a pretense to try to cancel tomorrow's special meeting of shareholders. In furtherance of full transparency, we have already publicly filed with the SEC a copy of the Trustees' disclosure complaint so shareholders can review it on their own, and come to their own conclusions before the meeting tomorrow.
Texas Pacific Land Trust said on Tuesday it had filed a lawsuit against a nominee of its investor, Horizon Kinetic, which has been seeking to install its own trustee and begin selling off the firm's portfolio. It also alleged that he has acted in concert with an undisclosed group including Santa Monica Partners, Universal Guaranty Life Insurance Company and potentially other third parties.
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.
Texas Pacific Land Trust said on Monday proxy advisory firm Egan-Jones Ratings Co has recommended its shareholders to vote for retired U.S. Air Force General Donald Cook as a trustee of the company. Earlier ...
Texas Pacific Land Trust (TPL) (“TPL” or the “Trust”) today announced that independent proxy advisory firm Egan-Jones Ratings Company (“Egan-Jones”) has joined both Institutional Shareholder Services (“ISS”) and Glass Lewis in recommending that TPL shareholders vote FOR retired four-star General Donald “Don” G. Cook using the BLUE proxy card. Egan-Jones’ endorsement means that ALL THREE leading proxy advisors recommend that shareholders vote FOR General Cook.
As you know, many brokers that hold TPL shares on behalf of beneficial owners outsource the function of distributing proxy materials and tabulating votes to a company called Broadridge Financial Solutions, Inc. ("Broadridge"). Many TPL shareholders have returned their white voting instruction forms to Broadridge, which would ordinarily aggregate all the votes cast for Eric Oliver and deliver to us an official vote and proxy that we can bring with us to the special meeting on Wednesday, May 22, 2019.
Q1: In the quarterly and annual reports of AMEN Properties, LLC ("AMEN"), you are described as serving on the board of the "First National Bank of Midland." We have been unable to confirm that any such bank exists. A shareholder of AMEN pointed this out to you in a letter as early as 2012 (the letter is attached hereto as Exhibit A) and asked you to explain also several other contradictions in your resume.
Last evening, less than one week before the special meeting of shareholders, you issued a letter that demands answers to questions premised on innuendos that have been the centerpiece of your dreadful campaign to try to ruin the reputation of Eric Oliver in order to protect your lifetime appointments as trustees of TPL. Given your and General Cook's professed commitment to giving shareholders all the information they need to make an informed decision, we believe shareholders are similarly entitled to a response to the following questions by the same deadline, most of which we have repeatedly raised with you during this campaign.
Texas Pacific Land Trust (TPL) (“TPL” or the “Trust”) today sent a letter to its shareholders regarding the reports of two leading independent proxy advisory firms, Institutional Shareholder Services (ISS) and Glass Lewis, both of which recommended that shareholders vote FOR General Donald “Don” G. Cook to serve as TPL’s next Trustee. The Trust urges shareholders to follow the recommendations of ISS and Glass Lewis by voting FOR General Cook using the BLUE proxy card. Shareholders can also read more information by visiting www.TrustTPL.com.
Texas Pacific Land Trust today sent a letter to dissident nominee Eric L. Oliver, requesting certain information about Mr. Oliver’s background, interests and potential conflicts of interests to address serious concerns about his candidacy.
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For weeks we have publicly expressed our concern that you would do anything in your power, even going beyond your Trustee authority, to prevent shareholders from exercising their voting rights if you could not count on the election of your hand-picked nominee, General Cook. Unfortunately, you proved us right. The headline of your May 8 press release stated that a proxy supplement was "required by [the] SEC." The release specifically goes on to say that the "SEC ADVISED THE TRUST THAT A SUPPLEMENT TO THE TRUST'S PROXY STATEMENT IS REQUIRED because General Cook's commitment constitutes a fundamental change to the Trust's proxy solicitation." (emphasis added).
Texas Pacific Land Trust said on Monday proxy advisory firm Glass Lewis has recommended that TPL shareholders vote in favour of retired U.S. Air Force General Donald Cook as a trustee of one of the biggest ...