San Juan Basin Royalty Trust · NYSE:SJT
San Juan Basin Royalty Trust — Proxy Contest (September 2016)
10 slides from San Juan Basin Royalty Trust's proxy contest presentation, Sep 8, 2016
Slide 1: Solicitation of Requests to Call Special Meeting of San Juan Basin Royalty Trust Unitholders
Solicitation of Requests to Call Special Meeting Of San Juan Basin Royalty Trust Unitholders to Replace Trustee September 8, 2016 Southwest Bank/Robert Lansford
Slide 2: Description
Description The San Juan Basin Royalty Trust (the “Trust”) was established in November 1980 by a Trust Indenture (the “Trust Indenture”) between Southland Royalty Company and The Fort Worth National Bank. Pursuant to the Trust Indenture , Southland Royalty conveyed to the Trust a 75% net overriding
Slide 3: Trustee Duties
Trustee D uties ► Collect the Royalty Income, review and pay all expenses of the Trust and distribute remaining available income to the unitholders. ► Perform all administrative duties under the Trust Indenture including oversight of the operator’s gas marketing function, review of the operator’s ca
Slide 4: Solicitation of Requests
Solicitation of Requests ► The Trust does not have regular annual meetings, so the only way to have a forum to vet issues is to call a special meeting. ► Last unitholder meeting was in 2007 . ► Under the Trust I ndenture , unitholders have the right to call a special meeting with the support of the
Slide 5: Continuity of Administration is Valuable
Continuity of Administration is Valuable ► We are not advocating for a change , but rather a preservation of the continuity of administration by the team that has successfully led the Trust since its inception . ► Southwest Bank has hired Lee Ann Anderson, the administrator who had primary responsib
Slide 6: Royalty Trusts are a Core Business for Southwest Bank
Royalty Trusts are a Core Business for Southwest Bank ► Southwest Bank has made the commitment to the administration of royalty trusts as part of its core business and is providing the resources and management leadership that are required by that commitment. ► Southwest Bank’s royalty trust manageme
Slide 7: Increased Potential for Conflicts of Interest for BBVA Compass
Increased Potential for Conflicts of Interest for BBVA Compass ► Southwest Bank is a qualified independent bank based in Fort Worth, Texas, with much less potential for conflict of interest than a large global bank based in Madrid, Spain . Southwest Bank/Robert Lansford
Slide 8: Pending ConocoPhillips Litigation
Pending ConocoPhillips Litigation ► Litigation between the Trust and the operator of the properties, ConocoPhillips, is pending and in the coming months important decisions will need to be made . ► Ms. Anderson was involved in the litigation process on an almost daily basis before October 2015 and i
Slide 9: Costs
Costs ► Trustee fees are defined by the Trust Indenture so there would not be significant differences. However, for a similar fee amount, unitholders would have the benefit of 30 more years of experience with the Trust plus 130 more years of knowledge and experience of the royalty t rust m anagement
Slide 10: Disclaimer
Disclaimer ► In connection with their solicitation of proxies, Southwest Bank and Robert Lansford (the “Southwest Bank Participants”) have filed a definitive proxy statement with the U . S . Securities and Exchange Commission with respect to the solicitation of proxies to call the special meeting of
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