San Juan Basin Royalty Trust replaces trustee: PNC out, Argent Trust Company in effective Feb 15, 2024

SAN JUAN BASIN ROYALTY TRUST

PNC Bank resigned as trustee effective Feb 15, 2024, citing royalty trust admin not part of its long-term strategy.
Argent Trust Company appointed as successor trustee; Argent administers seven other publicly traded royalty trusts.
Unit holders approved Indenture amendments at Jan 16 special meeting: clarifies trustee indemnification and lowers successor trustee capital surplus minimum to $15M.
Argent will manage the Trust via its Royalty Trust division.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

SAN JUAN BASIN ROYALTY TRUST: Amended Sections 6.02 and 6.05 of the Indenture to clarify indemnification of former trustees and lower capital surplus requirements for successor trustees (effective 2024-02-15).

Change: charter amendment
Effective: 2024-02-15

Exact text from the filing

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. Effective February 15, 2024 immediately prior to the execution of the Succession Agreement, the Trust entered into a First Amendment (the “Amendment”) to the Amended and Restated Royalty Trust Indenture dated December 12, 2007 (the “Indenture”). The Amendment amends Section 6.02 of the Indenture to clarify the meaning of “Trustee” to offer indemnification of former trustees of the Trust. The Amendment also amends Section 6.05 of the Indenture to permit a bank or trust company that meets the capital surplus and undivided profits requirements of at least $15,000,000 to serve as a successor trustee of the Trust.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SAN JUAN BASIN ROYALTY TRUST entered into Trustee Succession Agreement with PNC Bank, National Association; Argent Trust Company (effective 2024-02-15).

Action: entry
Counterparty: PNC Bank, National Association; Argent Trust Company
Effective: 2024-02-15

Exact text from the filing

PNC Bank, National Association (“PNC”) and Argent Trust Company (“Argent”) entered into a Trustee Succession Agreement (the “Succession Agreement”)

View on SEC.gov

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SAN JUAN BASIN ROYALTY TRUST filing history →

Source: SEC EDGAR

accession 0001193125-24-037154

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