Texas Pacific Land Trust (NYSE:TPL) (the “Trust”) today filed an
investor presentation with the Securities and Exchange Commission (the
“SEC”) to continue to provide investors with additional information
about the evolution of the Trust’s business model. All shareholders are
encouraged to review the presentation on our proxy site www.TrustTPL.com.
The presentation provides information on the Trust’s valuable assets and
thoughtful investment strategy as well as the significant value creation
opportunities across its businesses, including in its fast-growing Texas
Pacific Water Resources business. This winning strategy allowed the
Trust to deliver outstanding shareholder returns of 475% in the five
years preceding the start of the dissidents’ campaign, including
approximately $250 million returned to shareholders through dividends
and share repurchases during that period.
“In 2017, we transformed our strategy to take advantage of additional
opportunities by creating the water services business, a strategic
decision that has already yielded significant results for shareholders,”
said Trustee David E. Barry. “During recent months, we have been
developing an investor presentation to reflect this more active
management strategy and give shareholders greater insight into our new
business model and the opportunities we see ahead. We are proud of our
track record of delivering value, and we appreciate our shareholders’
support and continued interest in the Trust’s operations and
performance. We will continue to evaluate ways to further enhance
transparency and change to our corporate governance. To that end, we
will utilize the exceptional governance expertise of General Don Cook if
he is elected as TPL’s next Trustee.”
At www.TrustTPL.com,
shareholders can also find information on how to vote their shares in
support of General Donald “Don” G. Cook’s election as Trustee either
online or by mail by signing and returning the BLUE proxy card in
advance of the voting deadline at the Special Meeting of Shareholders,
scheduled for May 22, 2019. Shareholders are strongly urged to discard
any white proxy card distributed by the dissident group opposed to
General Cook.
Shareholders with any questions should contact the Trust’s proxy
solicitors, MacKenzie Partners by either phone at (800) 322-2885 (toll
free in the U.S.) or (212) 929-5500 (outside the U.S.) or by email at proxy@mackenziepartners.com.
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. Texas
Pacific 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’s trustees are empowered under the Declaration of
Trust to manage the lands with all the powers of an absolute owner.
Additional Information and Where to Find It
Texas Pacific has filed its definitive proxy statement on Schedule 14A
and form of BLUE proxy card with the SEC in connection with the
solicitation of proxies for the Special Meeting. Texas Pacific, its
trustees and its executive officers are participants in the solicitation
of proxies from holders of Texas Pacific sub-share certificates in
connection with the matters to be considered at the Trust’s upcoming
Special Meeting. Information regarding the names of the Trustees and
executive officers and their respective interests in the Trust by
security holdings or otherwise is set forth in the Texas Pacific’s
definitive proxy statement. HOLDERS OF TEXAS PACIFIC SUB-SHARE
CERTIFICATES ARE STRONGLY ENCOURAGED TO READ THE DEFINITIVE PROXY
STATEMENT AND BLUE PROXY CARD AS THEY CONTAIN IMPORTANT INFORMATION. A
free copy of the Texas Pacific’s definitive proxy statement and other
relevant documents that Texas Pacific files with the SEC may be obtained
through the SEC’s website at www.sec.gov
or at Texas Pacific’s website at www.tpltrust.com
as soon as reasonably practicable after such materials are
electronically filed with, or furnished to, the SEC.
Forward-Looking Statements
This press release may contain statements that are “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. All statements contained in this press release, other
than statements of historical fact, are “forward-looking statements” for
purposes of these provisions, including statements regarding Texas
Pacific’s future operations and prospects, the markets for real estate
in the areas in which Texas Pacific owns real estate, applicable zoning
regulations, the markets for oil and gas, production limits on prorated
oil and gas wells authorized by the Railroad Commission of Texas,
expected competitions, management’s intent, beliefs or current
expectations with respect to Texas Pacific’s future financial
performance and other matters. Texas Pacific cautions readers that
various factors could cause its actual financial and operational results
to differ materially from those indicated by forward-looking statements
made from time-to-time in news releases, reports, proxy statements and
other written communications, as well as oral statements made from time
to time by representatives of Texas Pacific. The following factors, as
well as any other cautionary language included in this press release,
provide examples of risks, uncertainties and events beyond our control
that may cause Texas Pacific’s actual results to differ materially from
the expectations Texas Pacific describes in such forward-looking
statements: global economic conditions; market prices of oil and gas;
the demand for water services by operators in the Permian Basin; the
impact of government regulation; the impact of competition; the
continued service of key management personnel; and other risks and
uncertainties disclosed in Texas Pacific’s annual reports on Form 10-K
and quarterly reports on Form 10-Q. We undertake no obligation to update
publicly or otherwise revise any forward-looking statements, whether as
a result of new information, future events or other factors that affect
the subject of these statements, except where we are expressly required
to do so by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190415005466/en/
Copyright Business Wire 2019