San Juan Basin Royalty Trust (NYSE:SJT) Files An 8-K Submission of Matters to a Vote of Security Holders
Item5.07.
|
Submission of Matters to a Vote of Security Holders. |
San Juan Basin Royalty Trust (the Trust) held a special meeting
of its unit holders on Monday, November21, 2016, at 10:00 a.m.
local time at BBVA Compass, Houston Tower, 2200 Post Oak
Boulevard, 20thFloor,
Houston, Texas 77056 (the Special Meeting).
At the Special Meeting, unit holders of the Trust were asked to
consider and vote upon proposals from Southwest Bank and Robert
Lansford, a senior business development officer at Southwest Bank
(together, Southwest Bank). Southwest Bank proposed that Compass
Bank be removed as trustee of the Trust and, if such proposal
were adopted, that Southwest Bank be nominated and elected to
serve as the successor trustee of the Trust.
Of the 46,608,796 units outstanding and entitled to vote as of
the record date for the Special Meeting, 27,401,637 units were
present at the Special Meeting in person or by proxy. As such, a
quorum was established at the Special Meeting.
The preliminary voting results for Southwest Banks proposal to
remove Compass Bank as trustee of the Trust, which were released
on November28, 2016 by the independent inspector of election of
the Special Meeting, were as follows:
|
For |
Against |
Abstain |
||
|
22,571,939 |
4,692,172 | 137,526 |
Based on these voting results, the foregoing proposal to remove
Compass Bank as trustee of the Trust failed to obtain the
affirmative vote of a majority of the units outstanding as
required by the Trusts trust indenture. Because Southwest Banks
remaining proposals were contingent upon adoption of the
foregoing proposal, all of Southwest Banks proposals failed.
Because none of the proposals qualified for discretionary voting
treatment by a broker, there were no broker non-votes tabulated
at the Special Meeting.
2
About San Juan Basin Royalty Trust (NYSE:SJT)
San Juan Basin Royalty Trust is an express trust. The principal asset of the Trust is Royalty. Its underlying properties include the working, royalty and other oil and natural gas interests owned by Southland Royalty Company in properties located in the San Juan Basin of northwestern New Mexico. The Trust does not operate the Underlying Properties and does not carry on any business activity. The Trust is a widely held fixed investment trust (WHFIT) and is classified as a non-mortgage widely held fixed investment trust (NMWHFIT) for federal income tax purposes. Burlington Resources Oil & Gas Company LP is the principal operator of the Underlying Properties. The Trustee of the Trust is Compass Bank, which is a subsidiary of Banco Bilbao Vizcaya Argentaria, S.A. San Juan Basin Royalty Trust (NYSE:SJT) Recent Trading Information
San Juan Basin Royalty Trust (NYSE:SJT) closed its last trading session up +0.01 at 6.13 with 165,732 shares trading hands.