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Texas Pacific Land Trust tries to fend off activist investor, delays meeting

|About: Texas Pacific Land Trust (TPL)|By: , SA News Editor

Texas Pacific Land Trust (NYSE:TPL) says it will postpone by two weeks until May 22 the date of a special meeting where shareholders will vote to fill an open trustee spot, taking a step to fight off a large investor seeking to install its own trustee and begin selling off TPL's portfolio.

TPL wants shareholders elect an independent trustee, while ~23% owner Horizon Kinetics and its partners say they will seek to nominate Eric Oliver, president of the SoftVest hedge fund.

The group wants to convert TPL, which owns ~900K acres of land in Texas, into a Delaware corporation subject to modern governance principles, to establish an experienced team around its water business and become more transparent.

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