Egan-Jones Joins ISS and Glass Lewis in Recommending the BLUE Card
DALLAS–(BUSINESS WIRE)–Texas Pacific Land Trust (NYSE:TPL) (“TPL” or the “Trust”) today
announced that independent proxy advisory firm Egan-Jones Ratings
Company (“Egan-Jones”) has joined both Institutional Shareholder
Services (“ISS”) and Glass Lewis in recommending that TPL shareholders
vote FOR retired four-star General Donald “Don” G. Cook using the BLUE
proxy card. Egan-Jones’ endorsement means that ALL THREE leading proxy
advisors recommend that shareholders vote FOR General Cook.
In its May 20, 2019 report, Egan-Jones concludes:1
“In our view, the current Board and management
are the best in class in terms of qualifications, experience, expertise
and independence, contrary to Mr. Oliver who lacks public
company experience. Further, we believe that his election to the Board
poses potential conflict of interests, non-independent judgment due to
Mr. Oliver’s undisclosed affiliations, which are detrimental to the best
interests of the Company and its shareholders.”
Furthermore, Egan-Jones praises the strategy of TPL’s current Board and
management, which have produced positive results for shareholders:
“We commend the exploration and continued maximization of Permian Basin
and the strengthening of the Company’s operational segments, which
resulted to favorable superior returns and stable cash flow for the
Company and its shareholders. This achievement,
in our view, is attributable to the unprecedented hard work of the Board
and management over the years.”
Egan-Jones specifically highlights General Cook’s experience:
“General Cook brings to TPL exemplary leadership and corporate
governance skills and the Trust will benefit
greatly from his extensive experience.”
“We are pleased that all of the leading independent proxy advisors have
unanimously concluded that General Cook is the right choice for TPL
shareholders,” said Trustee David E. Barry. “It’s clear that General
Cook has the skills, experience and independence to drive change at TPL
while helping to continue its market-leading performance.”
The Trust urges shareholders to follow the recommendations of
Egan-Jones, ISS and Glass Lewis by returning the BLUE proxy card to vote
FOR General Cook and discarding the dissident group’s white proxy card.
Shareholders can read more information by visiting www.TrustTPL.com.
If shareholders have any questions or need assistance in voting their
shares, they may contact the Trust’s proxy solicitor:
MacKenzie Partners
1407 Broadway, 27th Floor
New York, New
York 10018
(212) 929-5500 or call Toll-Free (800) 322-2885
Email:
[email protected]
Forward-Looking Statements
This 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 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 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.
1 Permission to cite Egan-Jones was neither sought nor
obtained. Emphasis added.
Contacts
Media:
Abernathy MacGregor
Sydney Isaacs / Jeremy Jacobs
(713)
343-0427 / (212) 371-5999
[email protected]
/ [email protected]
Investor Relations:
MacKenzie Partners
Paul Schulman /
David Whissel
(212) 929-5500 or (800) 322-2885
[email protected]
