Permian Basin Royalty Trust Announces Adjournment of Special Meeting

Rhea-AI Summary

Permian Basin Royalty Trust (NYSE: PBT) announced the adjournment of its Special Meeting of unitholders from April 5, 2022, to May 4, 2022, due to a lack of quorum. The purpose of the meeting is to approve the appointment of Argent Trust Company as the successor trustee. No changes have been made to the proxy materials provided to unitholders, and the record date for voting remains February 4, 2022. Unitholders who have voted do not need to act further, while those who haven't are encouraged to submit their votes.

Positive

• Rescheduled Special Meeting may provide another opportunity for unitholders to vote on the important appointment of a successor trustee.
• No changes to proxy materials indicate stability in the appointment process.

Negative

• Adjournment due to lack of quorum may indicate insufficient unitholder engagement or interest.
• The delay in appointing a successor trustee could prolong uncertainty regarding Trust governance.

DALLAS, April 6, 2022 /PRNewswire/ -- Permian Basin Royalty Trust (NYSE: PBT) today announced that the Special Meeting of the Trust's unitholders scheduled for April 5, 2022 for the purpose of obtaining approval of the appointment of Argent Trust Company as successor trustee of the Trust, was adjourned due to the lack of the requisite quorum.  The Special Meeting has been adjourned until Wednesday, May 4, 2022 at 11:00 a.m., central time, at Shady Oaks Country Club, 320 Roaring Springs Road, Fort Worth, TX 76114. 

The Trust's proxy materials, which were previously filed and mailed to the unitholders on or about February 11, 2022, remain unchanged.  The record date for unitholders entitled to vote at the Special Meeting remains the close of business on February 4, 2022.  Unitholders who have already voted on the proposals do not need to take any further action.  Unitholders who have not voted as of yet are strongly encouraged to submit their votes.

Forward-looking Statements  

Any statements in this Current Report on Form 8-K and the exhibits filed or furnished herewith about plans for the Registrant, the expected timing of the completion (if any) of the proposed resignation of the Trustee or appointment of a successor trustee, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," "may," "intends" and similar expressions, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could cause the Registrant's actual results to differ materially from the results we anticipate include, but are not limited to the inability of the Trustee to resign or Argent Trust Company to assume duties as successor trustee due to the failure to obtain necessary unitholder or court approval or the failure to satisfy other conditions to the Trustee's resignation set forth in the Trustee's notice of resignation and definitive proxy statement.

Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent the Trustee's views as of the date hereof. The Trustee anticipates that subsequent events and developments may cause its views to change. However, while the Trustee may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Trustee's views as of any date subsequent to the date hereof.

Contact: 
Ron E. Hooper, Senior Vice President  
Simmons Bank, Trustee 
Toll-free (855) 588-7839 

View original content:https://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-adjournment-of-special-meeting-301519229.html

SOURCE Permian Basin Royalty Trust

FAQ

What is the date of the adjourned Special Meeting for Permian Basin Royalty Trust (PBT)?

The adjourned Special Meeting will take place on May 4, 2022.

Why was the Special Meeting for Permian Basin Royalty Trust (PBT) adjourned?

The Special Meeting was adjourned due to a lack of the requisite quorum.

What is the purpose of the Special Meeting for Permian Basin Royalty Trust (PBT)?

The purpose is to obtain approval for the appointment of Argent Trust Company as the successor trustee.

What is the record date for voting on the proposals for Permian Basin Royalty Trust (PBT)?

The record date for unitholders entitled to vote remains February 4, 2022.

What should unitholders do if they have not voted for the Special Meeting of Permian Basin Royalty Trust (PBT)?

Unitholders who have not voted are strongly encouraged to submit their votes.