Texas Pacific Land Trust (NYSE:TPL) Files An 8-K Other Events
Item 8.01
On June 23, 2019, Texas Pacific Land Trust (the “Trust”) formed a Conversion Exploration Committee (the “Committee”). The Committee will evaluate, from a corporate, corporate governance, tax, accounting and business perspective, whether the Trust should be converted into a C-corporation or, in the alternative, whether the Trust should remain a business trust (with potential amendments to the Trust’s declaration of trust). A copy of the Committee’s charter is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
On June 24, 2019, the Trust sent a letter to Murray Stahl, Chairman and CEO of Horizon Kinetics LLC (“Horizon”), inviting Horizon, as the Trust’s largest shareholder, to designate a person of Horizon’s choosing to serve as a member of the Committee. A copy of the letter is attached hereto as Exhibit 99.2 and is incorporated by reference herein.
Also, on June 24, 2019, the Trust issued a press release announcing the formation of the Committee. A copy of the press release is attached hereto as Exhibit 99.3 and is incorporated by reference herein.
(d) Exhibits.
| Exhibit Number | Description |
| 99.1 | Charter of the Conversion Exploration Committee dated June 23, 2019 |
| 99.2 | Letter from Texas Pacific Land Trust to Horizon Kinetics LLC dated June 24, 2019 |
| 99.3 | Press Release of Texas Pacific Land Trust dated June 24, 2019 |
TEXAS PACIFIC LAND TRUST Exhibit
EX-99.1 2 f8k062319ex99-1_texaspacific.htm CHARTER OF THE CONVERSION EXPLORATION COMMITTEE DATED JUNE 23,…
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About Texas Pacific Land Trust (NYSE:TPL)
Texas Pacific Land Trust (the Trust) is engaged in managing land, including royalty interests, for the benefit of its owners. The Trust operates through managing the land segment, including sales and leases of such land, and the retention of oil and gas royalties. It holds title to tracts of land in various West Texas counties. The Trust’s income is derived primarily from land sales, oil and gas royalties, easements, grazing and sundry leases, interest on notes receivable and interest on investments. It is a passive seller of land and do not actively solicit sales of land. The Trust owns the surface estate in approximately 888,324 acres of land, consisting of various separate tracts, located in over 18 counties in the western part of Texas. It also owns a 1/128 nonparticipating perpetual oil and gas royalty interest under approximately 85,414 acres of land and a 1/16 nonparticipating perpetual oil and gas royalty interest under over 373,647 acres of land in the western part of Texas.