Texas Pacific Land Trust Responds to Mercury Letter Of Tuesday, May 22
Texas Pacific Land Trust (NYSE:TPL) announced today that it had sent the following letter to Mercury Real Estate Advisors LLC ("Mercury") in response to a letter which Mercury sent to Texas Pacific:
TEXAS PACIFIC LAND TRUST 1700 Pacific Avenue Suite 1670 Dallas, Texas 75201 Telephone (214) 969-5530 TRUSTEES: ROY THOMAS Maurice Meyer III General Agent John R. Norris III James K. Norwood DAVID M. PETERSON Assistant General Agent VIA OVERNIGHT COURIER Mercury Real Estate Advisors LLC Three River Road Greenwich, CT 06807 Attn: David R. Jarvis, Chief Executive Officer Malcolm F. MacLean IV, President Dear Messrs. Jarvis and MacLean: The Trustees and I have reviewed your letter of May 22, 2007. We acknowledge your prior and current call for increasing the number of shares repurchased by the Trust. It has always been, and continues to be, the practice of the Trustees to repurchase Texas Pacific shares on a continual basis. In making these repurchases, the Trustees balance many factors in addition to the cash on hand of the Trust, including, among other things, the price and trading volume of the shares. The Trust also has limits imposed by the securities laws on the amount and timing of repurchase. For your information, in 2007 to date, the Trust has repurchased approximately 9,300 shares at a total cost of almost $2,155,000 (averaging approximately $231 per share). The Trustees continue to seek to repurchase additional shares when appropriate given the market conditions and legal constraints. With respect to your proposal to split the shares on a 10-for-1 basis, as we previously indicated to you, the Trustees periodically consider many alternatives as part of the routine management of the Trust. We have previously considered a stock split and continue to evaluate that action. Whether the Trustees determine to effect a stock split in the future will depend on many factors. The Trustees expect to continue to repurchase shares and declare dividends in order to return value to the shareholders. Over the last few years, as well as over the entire life of the Trust, shareholders have realized excellent returns. As always, we welcome your suggestions and appreciate your continued interest in Texas Pacific. Sincerely yours, Roy Thomas General Agent
This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the Trust's future operations and prospects, the markets for real estate in the areas in which the Trust owns real estate, applicable zoning regulations, the markets for oil and gas, production limits on prorated oil and gas wells authorized by the Railroad Commission of Texas, expected competition, management's intent, beliefs or current expectations with respect to the Trust's future financial performance and other matters. We assume no responsibility to update any such forward-looking statements.
Source: Texas Pacific Land Trust
Released May 29, 2007