Dallas, October 23, 2026 /PRNewswire/ -- Argent Trust Company, the trustee of the Permian Basin Royalty Trust (NYSE: PBT) (the “Trust”), today announced that it has received a request from SoftVest Advisors, LLC (the “Requesting Holder”) and other holders of Units (collectively, the “Units”) who, in aggregate, hold more than 15% of the outstanding Units, requesting that a special meeting of the Trust’s Unit holders (the “Special Meeting”) be convened. The Special Meeting is scheduled to be held on November 23, 2026, with a record date of October 13, 2026.
The purpose of the unit holder’s request to convene a special meeting is to submit the following matters for a vote by the trust unit holders: (i) approval and adoption of the proposed amendments to the trust agreement to effect the business combination pursuant to the merger agreement; details of which are contained in the proxy statement/prospectus attached to Form S-4 filed with the U.S. Securities and Exchange Commission by PBT Land and Minerals, Inc. (hereinafter referred to as “New PBT”), SoftVest, SoftVest, L.P., SoftVest GP I, LLC, and Eric L. Oliver (collectively, the “Parties”), and declared effective on October 23, 2026; (ii) approval and adoption of the proposal for the PBT Land and Minerals, Inc. Omnibus Incentive Plan; and (iii) authorization, if necessary or appropriate, to adjourn the special meeting to solicit additional proxies in support of the foregoing proposals.
Pursuant to the terms of the trust indenture, the trustee intends to convene this special meeting. Further details regarding the special meeting will be included in the notice of special meeting to be mailed to unit holders by the trustee beginning October 23, 2026, and are also available in Form S-4.
Neither the trust nor the trustee is a party to the merger agreement, nor is either soliciting proxies or involved in any securities offering. The trustee does not provide any voting recommendations to unit holders regarding this transaction. This press release is issued by the trust solely for the reference of unit holders. Unit holders are advised to carefully read the Form S-4 and Form S-1 filed and declared effective by New PBT on October 23, 2026, as well as other materials submitted by New PBT and SoftVest to the U.S. Securities and Exchange Commission, for more information.
Important Additional Information and How to Obtain It
This press release is not a solicitation of proxies. Neither the trust, the trustee, nor any of their officers or directors have solicited proxies from unitholders for any special meeting, nor are they participants in any solicitation of proxies related to any special meeting. The trust and the trustee have also not undertaken any securities offering. The trustee and the trust are issuing this information for informational purposes only and do not intend to file a proxy statement or registration statement regarding the proposed transaction.
New PBT has filed with the U.S. Securities and Exchange Commission: (i) a Form S-4 registration statement containing a proxy statement/prospectus related to the trust unit holder meeting; and (ii) a Form S-1 registration statement for the securities of New PBT to be issued upon exercise of the rights. Unit holders and other investors are strongly encouraged to read the Form S-4 (including the proxy statement/prospectus), Form S-1, any amendments to Form S-4 and/or Form S-1, and any other documents filed by New PBT or SoftVest with the SEC, as they will contain important information. Unit holders may obtain any Form S-4, proxy statement/prospectus, Form S-1, and any amendments or other documents filed by New PBT or SoftVest with the SEC free of charge at the SEC’s website, www.sec.gov.
Forward-looking statements
Any statements in this press release regarding future events or conditions, as well as other statements containing words such as “estimate,” “believe,” “anticipate,” “plan,” “expect,” “will,” “may,” “intend,” or similar expressions, other than historical facts, constitute forward-looking statements as defined under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could cause actual results to differ materially from those anticipated by the Trust 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 the factors described in Part II, Item 1A, “Risk Factors,” of subsequent Quarterly Reports on Form 10-Q; and factors related to actions taken by SoftVest or other unit holders, New PBT, Blackbeard, or other third parties (including courts) that are beyond the control of the Trust or the Trustee.
Actual results may differ materially from those indicated in the forward-looking statements above. In addition, the forward-looking statements in this press release represent the trustee’s views only as of the date of this release. The trustee expects that subsequent events and developments may change its views. However, although the trustee may choose to update these forward-looking statements at some point in the future, it explicitly states that it has no obligation to do so. These forward-looking statements should not be regarded as representing the trustee’s views on any date after the date of this release.
Contact: Nancy Willis, Director of Royalty Trust Services, Argent Trust Company, Trustee, Toll-Free: 1.855.588.7839