An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
San Juan Basin Royalty Trust Announces Argent Trust Company as Successor Trustee and Amendments to its Indenture
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
San Juan Basin Royalty Trust (SJT) announced that Unit Holders approved the appointment of Argent Trust Company as successor Trustee to PNC Bank, National Association. The Unit Holders also approved two separate proposals amending the Trust's governing document. The resignation of PNC Bank and the appointment of Argent is expected to take place on February 15, 2024.
Positive
None.
Negative
None.
HOUSTON--(BUSINESS WIRE)--
San Juan Basin Royalty Trust (NYSE:SJT) (the “Trust”) today announced that, at the Special Meeting of the Trust’s Unit Holders held on January 16, 2024, the Unit Holders of the Trust voted to approve the appointment of Argent Trust Company, a Tennessee chartered trust company (“Argent”) as successor Trustee to PNC Bank, National Association, the current trustee of the Trust. Unit Holders also approved two separate proposals amending the Indenture, the governing document of the Trust. The proposals approved and adopted by the Unit Holders included amendments (i) permitting a successor trustee to be a bank or trust company having a capital, surplus and undivided profits (as of the end of its last fiscal year prior to its appointment) of at least $15,000,000, (ii) an amendment that would clarify the word “Trustee” to include former trustees for indemnification purposes. The resignation of PNC Bank, National Association as trustee and the appointment of Argent as successor trustee is expected to take place on February 15, 2024.
Forward-Looking Statements
Any statements in this news release about plans for the Trust, the expected timing of the completion (if any) of the proposed resignation of the Trustee or appointment of Argent as 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. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors or risks that could cause or contribute to such differences include but are not limited to the inability of the Trustee to resign or Argent to assume duties as successor trustee or the failure to satisfy other conditions set forth in the Agreement of Conditional Resignation with Argent.
Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in the materials 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.
San Juan Basin Royalty Trust
PNC Bank, National Association
PNC Asset Management Group
2200 Post Oak Blvd., Floor 18
Houston, TX 77056
website: www.sjbrt.com
e-mail: sjt@pnc.com
Ross Durr, RPL, Senior Vice President & Mineral Interest Director
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553
Source: San Juan Basin Royalty Trust
FAQ
What was announced by San Juan Basin Royalty Trust?
San Juan Basin Royalty Trust announced the approval of the appointment of Argent Trust Company as successor Trustee to PNC Bank, National Association.
What proposals were approved by the Unit Holders?
The Unit Holders approved two separate proposals amending the Trust's governing document.
When is the resignation of PNC Bank and the appointment of Argent expected to take place?
The resignation of PNC Bank and the appointment of Argent is expected to take place on February 15, 2024.
san juan basin royalty trust operates as an express trust in texas. the company has a 75% net overriding royalty interest carved out of southland's oil and natural gas interests (the subject interests) in properties located in the san juan basin in northwestern new mexico. the subject interests consist of working interests, royalty interests, overriding royalty interests, and other contractual rights in 119,000 net producing acres in san juan, rio arriba, and sandoval counties of northwestern new mexico, as well as 826.3 net wells. bbva usa serves as the trustee of the san juan basin royalty trust. the company was founded in 1980 and is based in houston, texas.