Texas Pacific Land Trust Updates Timeline for Corporate Reorganization
September 14 2020 - 5:00PM
Business Wire
The Trustees of Texas Pacific Land Trust (NYSE:TPL) (the
“Trust”) announced today that, while the Trust continues to make
progress toward effecting its planned corporate reorganization into
a Delaware corporation, the Trust now aims to be in a position to
move forward with the reorganization by the end of the fourth
quarter of 2020.
The decision to extend the timeline was related in part to the
large number of assets impacted by the reorganization and
unanticipated effects of COVID-19 on working with governmental
offices to obtain necessary information and update official
records. This decision was also made following consultation with
the members of the Conversion Exploration Committee. The Trust will
continue to work toward completing the corporate reorganization but
recognizes that ongoing impacts of COVID-19 and other unanticipated
disruptions could continue to extend the intended timeframe despite
the Trust’s efforts.
Further information regarding the corporate reorganization will
be included in a registration statement on Form 10 for Texas
Pacific Land Corporation when publicly filed with the Securities
and Exchange Commission.
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. Texas Pacific Land
Trust is not a REIT.
Visit the Trust at www.tpltrust.com.
Cautionary Statement Regarding 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 the Trust’s beliefs, as well as
assumptions made by, and information currently available to, the
Trust, 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 corporate reorganization 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 the Trust believes that plans,
intentions and expectations, including those regarding the
corporate reorganization, reflected in or suggested by any
forward-looking statements made herein are reasonable, the Trust
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
Trustees of the Trust not to provide final approval of all actions
and transactions necessary to effect the corporate reorganization;
a determination that the corporate reorganization will not be
tax-free to the Trust and holders of the Trust’s sub-share
certificates; the SEC declining to declare effectiveness of filings
necessary to effect the corporate reorganization; the NYSE
declining to approve the listing of common stock of the new
corporation on the NYSE; the occurrence of any event, change or
other circumstances that could give rise to the abandonment of the
corporate reorganization; changes or uncertainties in the expected
timing, likelihood or completion of the corporate reorganization;
potential adverse reactions or changes to business relationships
resulting from the announcement or completion of the corporate
reorganization; the potential impacts of COVID-19 on the global and
U.S. economies as well as on the Trust’s financial condition and
business operations; risks related to disruption of management time
from ongoing business operations due to the corporate
reorganization; the initiation or outcome of potential litigation;
and any changes in general economic and/or industry specific
conditions. Except as required by law, the Trust 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 the Trust’s annual report on Form 10-K and quarterly
reports on Form 10-Q filed with the SEC.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200914005836/en/
(214) 969-5530 Chris Steddum Vice President, Finance and
Investor Relations
Texas Pacific Land (NYSE:TPL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Texas Pacific Land (NYSE:TPL)
Historical Stock Chart
From Sep 2023 to Sep 2024