Texas Pacific Land Trust Declares Special Dividend of $10.00 Per Share
November 23 2020 - 4:20PM
Business Wire
Provides Update on Corporate Reorganization
Texas Pacific Land Trust (NYSE: TPL) (“the Trust”) announced
today that its Trustees have declared a special cash dividend of
$10.00 per sub-share certificate. The special cash dividend, which
will be payable on December 17, 2020 to sub-shareholders of record
as of the close of business on December 11, 2020, increases the
Trust’s cumulative 2020 regular and special dividend offerings to
$26.00 per share and represents $201.7 million returned to
shareholders this year.
Additionally, the Trust today provided an update on its
previously announced corporate reorganization efforts. On March 23,
2020, following a comprehensive review led by a Conversion
Exploration Committee that included shareholder representation, the
Trustees approved a plan to reorganize the Trust from its current
structure to a corporation formed under Delaware law. On June 15,
2020, the Trust announced the name of the new corporation, Texas
Pacific Land Corporation (“TPL Corp”), as well as the prospective
members of its Board of Directors. A draft registration statement
on Form 10 has also been submitted to the Securities and Exchange
Commission (the “SEC”) for review on a non-public basis. The Trust
continues to make significant progress toward effecting its planned
corporate reorganization and now anticipates that it will occur
during the first half of January 2021.
About Texas Pacific Land Trust
Texas Pacific Land Trust is one of the largest landowners in the
State of Texas with approximately 880,000 acres of land in West
Texas. The Trust was organized under a Declaration of Trust to
receive and hold title to extensive tracts of land in the State of
Texas, previously the property of the Texas and Pacific Railway
Company, and to issue transferable Certificates of Proprietary
Interest pro rata to the holders of certain debt securities of the
Texas and Pacific Railway Company. Texas Pacific Land Trust’s
Trustees are empowered under the Declaration of Trust to manage the
lands with all the powers of an absolute owner. Texas Pacific Land
Trust is not a REIT.
Visit the Trust at www.tpltrust.com.
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Chris Steddum 214-969-5530 Vice President, Finance and Investor
Relations
Texas Pacific Land (NYSE:TPL)
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