Permian Basin Royalty Trust unitholders seek special meeting on SoftVest-Blackbeard combination plan - PBT News | RalliesPermian Basin Royalty Trust unitholders seek special meeting on SoftVest-Blackbeard combination plan
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PBT• Trustee position
- Argent Trust is not a party to the deal, is not soliciting proxies, and gave no voting recommendation.
Planned SEC filings and rights offering
- New PBT plans a Form S-4 filing with proxy materials for the meeting.
- New PBT also plans a Form S-1 rights offering to unitholders tied to shares of the new company.
Unitholders request vote on combination plan
- SoftVest, a unitholder, requested a special unitholder meeting to vote on a proposed combination with Blackbeard assets into PBT Land and Minerals.
- SoftVest and other unitholders holding more than 15% of units joined the request, as allowed under the trust indenture.
