8-K
filed July 20, 2023, 7:59 PM ET
ticker PVL
CIK 0001520048
other material
confidence high
sentiment neutral
materiality 0.70
Permianville unitholders approve asset sale and distribution; governance amendments fail
Permianville Royalty Trust
- Proposal 1 approved (56.0% of units); sponsor COERT Holdings 1 sells interests, trust releases NPI, proceeds to be distributed.
- Proposal 2 to raise trust agreement threshold to 75% failed: 18,076,943 for (54.8%), short of required 75%.
- Proposal 3 to raise conveyance threshold similarly failed: 18,076,800 for (54.8%), needed 75%.
- Proposal 4 adjournment approved: 18,239,968 for (55.3%).
Key facts
Extracted from this filing and checked against the source text.
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Permianville Royalty Trust shareholders rejected Amendment to Conveyance of Net Profits Interest to raise threshold requirements at the 2023-07-19 meeting.
- Outcome
- failed
- Meeting
- 2023-07-19
Exact text from the filing
The final voting results with respect to Proposal 3 were as follows: For Against Abstain Broker Non-Votes 18,076,800 1,840,750 585,142 1,599 To be approved, Proposal 3 required the affirmative vote of unitholders who, as of the record date for the Special Meeting, held Trust units representing at least 75% of the outstanding Trust units. Accordingly, Proposal 3 was not approved, as unitholders owning only approximately 54.8% of the outstanding Trust units voted for the proposal.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Permianville Royalty Trust shareholders rejected Amendment to Trust Agreement to raise threshold requirements for unitholder votes at the 2023-07-19 meeting.
- Proposal
- charter amendment
- Outcome
- failed
- Meeting
- 2023-07-19
Exact text from the filing
The final voting results with respect to Proposal 2 were as follows: For Against Abstain Broker Non-Votes 18,076,943 1,822,891 602,158 2,299 To be approved, Proposal 2 required the affirmative vote of unitholders who, as of the record date for the Special Meeting, held Trust units representing at least 75% of the outstanding Trust units. Accordingly, Proposal 2 was not approved, as unitholders owning only approximately 54.8% of the outstanding Trust units voted for the proposal.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Permianville Royalty Trust shareholders approved Approval of transaction involving sale of sponsor's interests and release of net profits interest at the 2023-07-19 meeting.
- Outcome
- passed
- Meeting
- 2023-07-19
Exact text from the filing
The final voting results with respect to Proposal 1 were as follows: For Against Abstain Broker Non-Votes 18,464,114 1,603,596 434,848 1,733 To be approved, Proposal 1 required the affirmative vote of unitholders who, as of the record date for the Special Meeting, held Trust units representing a majority of the outstanding Trust units. As of the record date, there were 33,000,000 Trust units outstanding and entitled to vote at the Special Meeting. Accordingly, Proposal 1 was approved, as unitholders owning approximately 56.0% of the outstanding Trust units voted for the proposal.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Permianville Royalty Trust shareholders approved Adjournment of Special Meeting to permit solicitation of additional proxies at the 2023-07-19 meeting.
- Outcome
- passed
- Meeting
- 2023-07-19
Exact text from the filing
The final voting results with respect to Proposal 4 were as follows: For Against Abstain Broker Non-Votes 18,239,968 1,706,125 550,094 8,104 To be approved, Proposal 4 required the affirmative vote of unitholders who, as of the record date for the Special Meeting, held Trust units representing a majority of the outstanding Trust units. Accordingly, Proposal 4 was approved, as unitholders owning approximately 55.3% of the outstanding Trust units voted for the proposal.
View on SEC.gov
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