Argent Trust Company, acting as trustee, confirmed that SoftVest and its affiliates reached a definitive combination agreement with Blackbeard Holdings. The plan seeks to fold the trust’s existing portfolio into a newly formed corporation. To advance this transition, a group of unitholders holding more than 15% of the outstanding units has formally requested a special meeting to deliberate on the merger.
SoftVest and Blackbeard Propose Merger for Permian Basin Royalty Trust
A coalition of investors led by SoftVest, L.P. has moved to transform the Permian Basin Royalty Trust into a new public entity, PBT Land and Minerals, Inc. The proposal, which involves combining the trust’s assets with Blackbeard Holdings’ mineral interests, now awaits a formal vote from the trust's unitholders.
New PBT intends to initiate the process by filing registration statements on Form S-4 and Form S-1 with the Securities and Exchange Commission. These filings will provide the necessary prospectus, proxy materials, and details regarding a rights offering for shares in the new entity. Despite the scale of the proposed restructuring, the current trustee remains neutral, stating it is not a party to the combination agreement and is offering no recommendations on how unitholders should cast their votes. The trust has clarified that it is not participating in any proxy solicitations or securities offerings related to the deal.
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