July 31, 2019 / 1:41 PM / 2 months ago

Texas land trust settles with Horizon Kinetics-led investor group

(Reuters) - Texas Pacific Land Trust (TPL.N) said on Wednesday it has settled with an investor group led by Horizon Kinetics, ending a months-long proxy fight to elect a trustee.

The group together holds about 25% stake in Texas Pacific, which is one of the biggest landowners in the state of Texas.

It has been pushing to convert the publicly traded land trust into a Delaware corporation, establish an experienced team for its water business and be more transparent.

As part of the settlement, both sides have agreed to dismiss pending litigation in Federal District Court in Dallas. They also decided to keep the trustee position vacant until a committee set up to examine if Texas Pacific should be converted to a Delaware corporation makes a decision.

Three additional members will also join the committee and it will complete the task by the end of 2019 , the company said.

Texas Pacific had earlier filed a lawsuit against the investor group’s trustee candidate, Eric Oliver, alleging that he “made material misstatements and failed to disclose material information relevant to shareholders.”

Reporting by Shradha Singh in Bengaluru; Editing by Arun Koyyur

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