|Bid||775.19 x 800|
|Ask||787.01 x 1400|
|Day's Range||773.01 - 791.75|
|52 Week Range||409.00 - 915.66|
|Beta (3Y Monthly)||1.36|
|PE Ratio (TTM)||19.91|
|Earnings Date||Jul 29, 2019 - Aug 2, 2019|
|Forward Dividend & Yield||1.75 (0.22%)|
|1y Target Est||N/A|
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 ...
Texas Pacific Land Trust (TPL) (“TPL” or the “Trust”) today announced that leading independent proxy advisory firm Glass Lewis has joined Institutional Shareholder Services (“ISS”) in recommending that TPL shareholders vote FOR retired four-star General Donald “Don” G. Cook using the BLUE proxy card. “upon a full and objective review of the arguments put forward by the Dissidents and the Trust, we ultimately see a stronger case for shareholders to support the election of General Cook.
As to form, we believe that your proposal to meet privately without the trustee candidates, rather than be a 'privileged/confidential' communication, should have been publicly disclosed to all shareholders. If your letter is an indication of a desire to explore steps forward, we do encourage continued discussion about corporate governance in an open forum inclusive of all shareholders, assuming this is done in a respectful manner without innuendos impugning the integrity of our members' character – as has been characteristic of your filings to date.
Texas Pacific Land Trust (TPL) (the “Trust”) today announced that, in response to a comment by the Securities and Exchange Commission (the “SEC”), the Trust will file and mail to shareholders a supplement to the Trust’s proxy statement (the “Proxy Supplement”) in connection with the special meeting (the “Special Meeting”) originally scheduled to be held on May 22, 2019. To provide shareholders sufficient time to receive by mail and review the Proxy Supplement in order to be able to cast their votes on a fully informed basis, the Trust will convene the Special Meeting before immediately adjourning – without conducting any business – until June 6, 2019. The reconvened meeting will be held at the originally scheduled location in Dallas, and the record date for the Special Meeting will remain unchanged.
"But we strongly disagree with ISS' suggestion that General Cook is the right nominee to effect and oversee change. After all, he was hand-picked by the two incumbent trustees at the suggestion of their outside legal advisor, who also identified General Cook as a nominee. This last fact had not even been disclosed by TPL before the ISS report was issued this morning, and seems to indicate that the incumbent trustees have decided to outsource to outside counsel not only the legal and public relations functions, but also the role of the nominating committee. "We strongly believe that the existing trustee vacancy needs to be filled in with a candidate that knows the E&P industry, has known and studied TPL for over 15 years, is fully committed to corporate governance changes, has a solid business track record in the industry, and has real skin in the game.
Texas Pacific Land Trust (TPL) (“TPL” or the “Trust”) today announced that Institutional Shareholder Services (“ISS”), a leading independent proxy advisory firm whose recommendations are followed by hundreds of institutional investors, has recommended that TPL shareholders vote FOR retired four-star General Donald “Don” G. Cook using the BLUE proxy card. “We are pleased that ISS recognizes that General Cook has the experience, judgment and vision to continue the Trust’s record of value creation and ensure that the Trust has the right corporate governance for its next chapter,” said Trustee David E. Barry.
"This Monday morning TPL investors woke up again to yet another shareholder-funded designer ad from the incumbent trustees, touting the merits of their nominee while demonizing Eric Oliver. "But we did not see an answer to the simple question we posed to the incumbent Trustees last week: Will the incumbents publicly commit today to bring the Trustee election to a vote of shareholders on May 22, 2019 regardless of whether General Cook is at that time ahead in the vote count?