PERMIAN BASIN ROYALTY TRUST ANNOUNCES RECORD DATE AND MEETING DATE FOR SPECIAL MEETING TO CONSIDER SOFTVEST PROPOSALS

Neither the Trust nor its trustee is a party to the Combination Agreement, and the trustee makes no voting recommendation.

Rhea-AI Summary

Permian Basin Royalty Trust (NYSE: PBT) announced plans for a special meeting on November 23, 2026, to consider SoftVest proposals. SoftVest and other requesting holders collectively own more than 15% of outstanding units. The record date is October 13, 2026.

Unitholders will vote on an amendment to the Trust Indenture to effect a proposed business combination under the Combination Agreement, adoption of the PBT Land and Minerals Omnibus Incentive Plan, and authorization to adjourn the meeting to solicit additional proxies if needed. Argent Trust Company, the trustee, intends to call the meeting under the Trust Indenture. Meeting notices are to be mailed beginning October 23, 2026.

Positive

• None.

Negative

• Minor pointThe proposed business combination requires a unitholder vote on an amendment to the Trust Indenture.

News Explained

New PBT’s Form S-1 registering securities for a rights offering was declared effective; registration alone does not sell shares.

Key Figures

Holder ownership threshold: More than 15% of outstanding Units Record date: October 13, 2026 Special Meeting date: November 23, 2026 +1 more

Holder ownership threshold

More than 15% of outstanding Units

Collective ownership of holders requesting the Special Meeting

Record date

October 13, 2026

Special Meeting

Special Meeting date

November 23, 2026

Meeting requested by holders to consider the proposals

Form S-4 effective date

October 23, 2026

Form S-4 declared effective

Historical Context

1 past event · Latest: Jul 28

1 event

1. Jul 28

   Combination agreement

   24h Move

   +4.1%

   SoftVest and affiliates signed a definitive agreement with Blackbeard; unitholder approval remained required.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

trust indenture, form s-4, form s-1, proxy statement / prospectus, +1 more

5 terms

trust indenture regulatory

"terms of an amendment to the Trust Indenture"

A trust indenture is a legal agreement between a company that borrows money and a special bank or trust company that makes sure the company follows its promises. It acts like a rulebook to protect lenders, ensuring the company pays back loans and follows safety rules. This helps investors feel more confident that their money is safe.

form s-4 regulatory

"proxy statement / prospectus included in the Form S-4"

A Form S-4 is a legal document that companies file with the government to announce and explain a major business move, such as a merger or acquisition. It provides detailed information to help investors understand how the deal might affect the company's value and future prospects, similar to a detailed blueprint that clarifies the impact of a significant change.

form s-1 regulatory

"the Form S-1 filed by New PBT"

A Form S-1 is the registration filing a company submits to the U.S. Securities and Exchange Commission when it plans to offer stock to the public, most commonly for an initial public offering. Think of it as the company’s full disclosure packet or blueprint: it contains audited financials, business description, management background, risk factors and details of the offering, giving investors the information needed to judge the company’s financial health and potential risks before buying shares.

proxy statement / prospectus regulatory

"proxy statement / prospectus included in the Form S-4"

A proxy statement and a prospectus are formal documents companies provide to investors: a proxy statement explains items shareholders will vote on at a meeting (like electing directors or approving pay) and serves like an agenda with background information, while a prospectus describes the details, risks and terms of a new securities offering, like a product brochure with price and safety notes. Investors use these papers to judge governance, potential dilution, costs and risks before voting or buying, much like reading a menu and warranty before choosing a product.

registration statement regulatory

"a registration statement on Form S-4"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

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DALLAS, Oct. 23, 2026 /PRNewswire/ -- Argent Trust Company, as trustee ("Trustee") of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust"), today announced that it has received a request from SoftVest Advisors, LLC ("SoftVest"), together with other holders of units of beneficial interest ("Units") who collectively with SoftVest own more than 15% of the outstanding Units of the Trust, to call a special meeting ("Special Meeting") of the Trust's Unit holders to be held on November 23, 2026, with a record date of October 13 , 2026. The purpose of the Special Meeting requested by the Unit holders is to present for a vote by the Trust's Unit holders (i) a proposal to approve and adopt the terms of an amendment to the Trust Indenture to effect the Business Combination pursuant to the Combination Agreement (as set forth in the proxy statement / prospectus included in the Form S-4 filed with the Securities and Exchange Commission by PBT Land and Minerals, Inc. ("New PBT"), SoftVest, SoftVest, L.P., SoftVest GP I, LLC, and Eric L. Oliver (the "Participants") and declared effective on October 23, 2026, (ii) a proposal to approve and adopt the terms of the PBT Land and Minerals, Inc. Omnibus Incentive Plan, and (iii) a proposal to authorize an adjournment of the Special Meeting, if necessary or appropriate, to permit solicitation of additional proxies in favor of the aforementioned proposals. In accordance with the terms of the Trust's Indenture, the Trustee intends to call the Special Meeting. Additional details regarding the Special Meeting will be set forth in the Trustee's notice of special meeting to be mailed to Unit holders beginning on October 23, 2026 and are also set forth in the Form S-4.

Neither the Trust, nor the Trustee is a party to the Combination Agreement, nor is the Trust or the Trustee soliciting proxies or participating in any offering of securities. The Trustee is not making any recommendation to Trust unitholders as to how to vote with respect to the transaction. The Trust is issuing this press release solely for informational purposes for Trust unitholders. Unitholders are encouraged to read the Form S-4 and the Form S-1 filed by New PBT and declared effective on October 23, 2026 in their entirety and other materials filed with the Securities and Exchange Commission by New PBT and SoftVest for additional information.

IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT

This press release is not a proxy solicitation. None of the Trust, the Trustee, or its officers or directors, are soliciting proxies in connection with any special meeting of Trust unitholders and are not participants in any solicitation of proxies by the Participants and/or other unitholders in connection with any special meeting. The Trust and the Trustee are not making any offering of securities. The Trustee and the Trust are making this communication for informational purposes only and do not intend to file a proxy statement or registration statement with respect to the proposed transaction.

New PBT has filed (i) a registration statement on Form S-4, which includes a proxy statement relating to a meeting of Trust unitholders and a prospectus of New PBT, and (ii) a Form S-1 registering securities of New PBT with respect to a rights offering with the Securities and Exchange Commission. Unitholders and other investors are strongly encouraged to read the Form S-4, including the proxy statement/prospectus, the Form S-1, any amendments to the Form S-4 and/or Form S-1, and any other documents filed with the Securities and Exchange Commission when they become available because they will contain important information. Unitholders may obtain a free copy of any Form S-4, proxy statement/prospectus, Form S-1, and any amendments and documents that New PBT or SoftVest files with the SEC from the SEC's website at www.sec.gov.

FORWARD-LOOKING STATEMENTS

Any statements in this press release about future events or conditions, 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 the Trustee anticipates include, but are not limited to the factors described in Part I, Item 1A, "Risk Factors" of the Trust's Annual Report on Form 10-K (as amended) for the year ended December 31, 2025, and Part II, Item 1A, "Risk Factors" of subsequently filed Quarterly Reports on Form 10-Q, as well as factors related to actions by SoftVest or other unitholders, New PBT, Blackbeard, or other third parties, including courts, that are not within the control of the Trust or the Trustee.

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: Nancy Willis, Director of Royalty Trust Services, Argent Trust Company, Trustee, Toll Free – 1.855.588.7839

View original content:https://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-record-date-and-meeting-date-for-special-meeting-to-consider-softvest-proposals-302918456.html

SOURCE Permian Basin Royalty Trust

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When is PBT's special meeting on the SoftVest proposals, and who can vote?

The special meeting is planned for November 23, 2026, with a record date of October 13, 2026. Argent Trust Company intends to call the meeting under the Trust Indenture.

What proposals will PBT unitholders consider at the special meeting?

Unitholders will consider an amendment to effect the proposed business combination, adoption of the PBT Land and Minerals Omnibus Incentive Plan, and authorization to adjourn the meeting if necessary or appropriate to solicit additional proxies in favor of those proposals.

Does PBT's trustee recommend voting for the SoftVest business combination?

The trustee makes no recommendation on how unitholders should vote. Neither the Trust nor the trustee is a party to the Combination Agreement, solicits proxies, or participates in an offering of securities.

Where can PBT unitholders find documents for the SoftVest proposal vote?

Unitholders can obtain New PBT's Form S-4 proxy statement/prospectus, Form S-1, amendments and related filings free at www.sec.gov. The Form S-4 and Form S-1 were declared effective on October 23, 2026; the Form S-1 registers New PBT securities for a rights offering.