Texas Pacific Land Trust says trustee nominee Eric Oliver should be disqualified
Texas Pacific Land Trust responded to several statements recently made by "dissident" trustee nominee Eric Oliver regarding some of the Trust's key transactions. "The Trust observed that Mr. Oliver either fundamentally misunderstands the business or intentionally misrepresents information about the Trust in an attempt to mislead investors, either of which should disqualify him from a seat on TPL's Board of Trustees. The decisions made by TPL's management, with the Trustees' oversight, have clearly created and will continue to create long-term shareholder value. Mr. Oliver's shockingly uninformed statements make it clearer than ever that shareholders' best choice for their new trustee is General Don Cook.The Trust further noted that Mr. Oliver's lack of understanding of TPL's business model should be concerning to shareholders. TPL pursues land sales opportunistically and only when there is a clear benefit to shareholders. Our strategy has been to consolidate acreage, invest in higher-return investments, or drive further development and revenues where TPL maintains royalty interests. It is this thoughtful strategy of deploying capital where it will create new value that has allowed TPL to deliver spectacular returns to shareholders," explained the company.