Conversion Exploration Committee of Texas Pacific Land Trust Provides Update
December 04 2019 - 7:30AM
Business Wire
The Conversion Exploration Committee (the “Committee”) of Texas
Pacific Land Trust (NYSE: TPL) (the “Trust” or “TPL”) today
provided the third in a series of updates on its deliberations.
The Committee has continued to meet with the Trust’s advisors,
including Credit Suisse, which is assisting the Trust and the
Committee as financial advisor. The Committee has met ten times,
both in person and over the phone (three times prior to the
addition of Murray Stahl, Eric L. Oliver and Craig Hodges, and
seven times since then). Deliberations of the Committee have been
productive and informative with the Committee having worked with
the management team to develop the Trust’s investor presentation
that is now available on the Trust’s website, www.tpltrust.com.
In consultation with the Trust’s advisors, the Committee
unanimously recognized compelling reasons to move to a corporate
structure. The Committee will continue to work with the advisors to
make a final recommendation to the Trustees as to the structure of
such conversion or reorganization.
Although its deliberations are confidential, the Committee will
continue to provide monthly progress reports to shareholders as
required by its Charter before issuing a final recommendation.
The Committee is chaired by John R. Norris III and David E.
Barry, the Trustees of TPL. Its additional members are (in
alphabetical order): General Donald G. Cook, USAF (Retired); Craig
Hodges, Chief Executive Officer of Hodges Capital; Dana McGinnis,
Founder and Chief Investment Officer of Mission Advisors; Eric L.
Oliver, Founder and President of SoftVest Advisors and Murray
Stahl, Chairman of Horizon Kinetics.
About Texas Pacific Land Trust
Texas Pacific Land Trust is one of the largest landowners in the
State of Texas with approximately 900,000 acres of land in West
Texas. The Trust was organized under a Declaration of Trust to
receive and hold title to extensive tracts of land in the State of
Texas, previously the property of the Texas and Pacific Railway
Company, and to issue transferable Certificates of Proprietary
Interest pro rata to the holders of certain debt securities of the
Texas and Pacific Railway Company. Texas Pacific Land Trust’s
trustees are empowered under the Declaration of Trust to manage the
lands with all the powers of an absolute owner.
Forward-Looking Statements
This news release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are based on TPL’s beliefs, as well as assumptions
made by, and information currently available to, TPL, and therefore
involve risks and uncertainties that are difficult to predict.
Generally, future or conditional verbs such as “will,” “would,”
“should,” “could,” or “may” and the words “believe,” “anticipate,”
“continue,” “intend,” “expect” and similar expressions identify
forward-looking statements. Forward-looking statements include, but
are not limited to, statements regarding the proposed conversion of
TPL into a corporation (the “Proposed Conversion”) and other
references to strategies, plans, objectives, expectations,
intentions, assumptions, future operations and prospects and other
statements that are not historical facts. You should not place
undue reliance on forward-looking statements. Although TPL believes
that plans, intentions and expectations, including those regarding
the Proposed Conversion, reflected in or suggested by any
forward-looking statements made herein are reasonable, TPL may be
unable to achieve such plans, intentions or expectations and actual
results, performance or achievements may vary materially and
adversely from those envisaged in this news release due to a number
of factors including, but not limited to: a determination of the
Committee not to recommend the Proposed Conversion to the Trustees;
a determination of the Trustees not to approve the Proposed
Conversion; the occurrence of any event, change or other
circumstances that could give rise to the abandonment of the
Proposed Conversion; changes in the expected timing and likelihood
of completion of the Proposed Conversion; uncertainties as to the
timing of the Proposed Conversion; potential adverse reactions or
changes to business relationships resulting from the announcement
or completion of the Proposed Conversion; unexpected costs, charges
or expenses resulting from the Proposed Conversion; risks related
to disruption of management time from ongoing business operations
due to the Proposed Conversion; the initiation or outcome of
potential litigation; and any changes in general economic and/or
industry specific conditions. Except as required by law, TPL
undertakes no obligation to publicly update or revise any such
forward-looking statements. For more information concerning factors
that could cause actual results to differ from those expressed or
referred to herein, see TPL’s annual report on Form 10-K and
quarterly reports on Form 10-Q filed with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20191204005475/en/
Abernathy MacGregor Sydney Isaacs / Jeremy Jacobs (713) 343-0427
/ (212) 371-5999 sri@abmac.com / jrj@abmac.com
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