Texas Pacific Land Corporation · NYSE:TPL
Texas Pacific Land — Texas Pacific Land Trust — Proxy Contest (May 2019)
5 slides from Texas Pacific Land's proxy contest presentation, May 7, 2019
Slide 1: Special Note Regarding This Presentation
Special Note Regarding This Presentation 1 SoftVest, L.P. (“SoftVest LP”) has filed a definitive proxy statement (the “Proxy Statement”) with the United States Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for a special meeting of holders of the sub-sh
Slide 2: This is what the Trust's Proxy Law Firm Said: On the Topic of Short-Term Profit Taking
This is what the Trust’s Proxy Law Firm Said: On the Topic of Short-Term Profit Taking Actions speak louder than words 2 Who are they talking about? Us?They can just ask. Or better yet, read what we’ve been writing for 24 years. (See next page for excerpts from our published research. No selling or
Slide 3: On the Topic of "Monetizing" and "Selling"
On the Topic of “Monetizing” and “Selling” Are the Trustees concerned about our patience (read below)? Or theirs? 3 From May 1995… From October 2005… Note: Split-adjusted price $5.00, re. 5:1 split in July 2007. Note: Split-adjusted price $26.10, re. 5:1 split in July 2007. Full Texas Pacific Land T
Slide 4: Meanwhile, this is what the Trustees did
This is what the Trust’s Proxy Law Firm Said: Meanwhile, this is what the Trustees did:Increasingly engaging in large scale asset sales and trading transactions without disclosure to shareholders or even ex-post explanation. One transaction in particular was TPL’s sale, for $100 million, of 14,000 S
Slide 5: Forward-looking statements
This Presentation may include forward-looking statements that reflect the Participants’ current views with respect to future events. Statements that include the words ‘‘expect,’’ ‘‘intend,’’ ‘‘plan,’’ ‘‘believe,’’ ‘‘project,’’ ‘‘anticipate,’’ ‘‘will,’’ ‘‘may,’’ ‘‘would’’ or similar words are often u