FORT WORTH, Texas, Nov. 21, 2016 /PRNewswire/ -- Southwest Bank
and Robert Lansford (collectively,
the "Southwest Bank Participants") today announced
that, based on the preliminary voting results provided by its proxy
solicitor, the proposals for the removal of Compass Bank as trustee
of the Trust and the nomination and appointment of Southwest Bank
as successor trustee received the support of unitholders of over
48% of the Trust's outstanding units.
Preliminary voting results show that less than 58% of the
Trust's outstanding units were present and voted at the special
meeting. The proposal for the removal of Compass Bank as
trustee received the support of over 83% of the units voted at the
special meeting but only over 48% of the outstanding units.
The Trust's indenture requires that the proposal for the removal of
Compass Bank must receive the approval of a majority of the
outstanding units for approval. The proposals for the
nomination and appointment of Southwest Bank as successor trustee
also received the support of over 83% of the units voted at the
special meeting and over 48% of the outstanding units.
"While we are disappointed in the preliminary results of the
vote at the Trust's special meeting, we are extremely gratified by
the strong and broad support we received from unitholders,
including the overwhelming support of the Trust's largest
institutional investors and thousands of retail investors," said
Vernon Bryant, Chairman and Chief
Executive Officer of Southwest Bank. "All of our proposals
for change at the Trust generated the support of over 83% of the
unitholders who voted at the meeting. Given the unitholder
response, we hope that Compass Bank will recognize that a
significant percentage of its unitholders have now voiced their
concern with Compass Bank's administration of the Trust."
The Southwest Bank Participants are awaiting the report of the
independent inspector of elections before releasing any further
statements about the vote. The inspector has indicated that
it expects to issue a preliminary tabulation of the vote results
within the next several business days, following which the Trust is
expected to file a Current Report on Form 8-K with the Securities
and Exchange Commission reporting the voting results.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/preliminary-voting-results-for-san-juan-basin-royalty-trust-sjt-special-meeting-confirm-strong-unitholder-support-for-southwest-bank-proposals-300366681.html
SOURCE Southwest Bank Participants