PERMIAN BASIN ROYALTY TRUST ANNOUNCES RESULTS OF SPECIAL MEETING

Rhea-AI Summary

The Permian Basin Royalty Trust (NYSE: PBT) announced the results of its unitholder meeting held on May 4, 2022. Unitholders approved the appointment of Argent Trust Company as the successor trustee, pending the resignation of Simmons Bank. The effective date of the resignation will depend on satisfying conditions outlined in the Trustee's notice and the Trust's definitive proxy statement. Forward-looking statements caution that actual results may differ due to factors such as the inability to secure necessary approvals.

Positive

• Approval of Argent Trust Company as successor trustee, ensuring continuity in trust management.

Negative

• Dependence on unitholder and court approval for the successful transition to Argent Trust Company.
• Risk of delays in trustee resignation affecting trust operations.

DALLAS, May 5, 2022 /PRNewswire/ -- Permian Basin Royalty Trust (NYSE: PBT) (the "Trust") today announced that, at a special meeting of the Trust's unitholders held May 4, 2022, the unitholders of the Trust voted to approve the proposals set forth in the Trust's definitive proxy statement, including the appointment of Argent Trust Company as successor trustee to serve as trustee of the Trust once the resignation of Simmons Bank, the current Trustee of the Trust, takes effect and approval of related amendments to the Trust Indenture of the Trust. The effective date of the Trustee's resignation will depend on the satisfaction or waiver of the conditions set forth in the Trustee's notice of resignation and the Trust's definitive proxy statement, including approval by certain other trusts of which Simmons Bank acts as trustee (or a court) of (i) Argent's appointment as successor trustee and (ii) any amendments to the trust agreements and indentures of the other trusts (whether by unitholder approval or a court) necessary to permit Argent to serve as successor trustee. 

Forward-looking Statements

Any statements in this press release about plans for the Trust, 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 Trust'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 the Trust's 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 Hooper - SVP, Royalty Trust Services
Simmons Bank
Toll Free (855) 588-7839

 

View original content:https://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-results-of-special-meeting-301541263.html

SOURCE Permian Basin Royalty Trust

FAQ

What did the Permian Basin Royalty Trust announce on May 5, 2022?

The Trust announced the approval of Argent Trust Company as the successor trustee at a special meeting held on May 4, 2022.

Who will replace Simmons Bank as the trustee of the Permian Basin Royalty Trust?

Argent Trust Company will replace Simmons Bank as the trustee, pending certain conditions.

What are the risks associated with the transition to Argent Trust Company?

The transition risks include the need for unitholder and court approval, which could delay the resignation of Simmons Bank.

What is the significance of the Trust's May 4, 2022 meeting?

The meeting was crucial for approving the succession plans for the trustee and amendments to the Trust Indenture.