Dallas, October 23, 2026 / PRNewswire / -- Argent Trust Company (hereinafter referred to as the "Trustee"), acting as the trustee for Permian Basin Royalty Trust (New York Stock Exchange ticker: PBT) (hereinafter referred to as "Permian" or "Trust"), today announced that it has received requests from SoftVest Advisors, LLC (hereinafter referred to as "SoftVest") and other beneficiaries of the trust units (hereinafter referred to as "Units"). The aforementioned holders collectively hold more than 15% of the issued Units of the trust and have requested to convene a special meeting of the trust unit holders (hereinafter referred to as the "Special Meeting"). The Special Meeting is scheduled to be held on November 23, 2026, with the registration date being October 13, 2026.
The purpose of the unit holders requesting a special meeting is to submit the following matters for voting by the trust unit holders: (i) To approve and adopt proposals for amendments to the trust agreement in order to complete the business merger in accordance with the merger agreement; the relevant content is contained in PBT Land and Minerals Inc, SoftVest, SoftVest, L.P, LLC, and Eric L. The Oliver (collectively referred to as the "Parties") submitted these proposals to the U.S. Securities and Exchange Commission, which came into effect on October 23, 2026, as attached to the proxy statement/prospectus in Form S-4; (ii) To approve and adopt the proposals for the PBT Land and Minerals Inc comprehensive incentive plan; and (iii) If necessary or appropriate, to authorize the postponement of the special meeting in order to gain more support for the above proposals through proxy voting.
In accordance with the terms of the trust agreement, the trustee intends to convene this special meeting. Further details regarding the special meeting will be included in the notice of the special meeting that the trustee will send to the unit holders starting from October 23, 2026, and can also be found in Form S -4.
Neither the trust nor the trustee is a party to the merger agreement. Neither the trust nor the trustee is soliciting proxy votes, nor are they participating in any securities issuance. The trustee does not provide any voting recommendations to the holders of the trust units regarding this transaction. This press release is issued by the trust for the reference of the holders of the trust units only. It is recommended that unit holders read in their entirety New PBT Form S -4 and Form S -1, which were submitted and declared effective on October 23, 2026, as well as other materials submitted to the U.S. Securities and Exchange Commission by New PBT and SoftVest, for more information.
Important supplementary information and methods of obtaining it
This press release is not a solicitation for proxy votes. The trust, trustee, and their senior management or directors have not solicited proxy votes from the holders of trust units, nor are they participants in any proxy vote solicitations related to special meetings by the parties involved and/or other unit holders. The trust and trustee have also not conducted any securities issuance. The trustee and trust are releasing this information for reference only and have no intention of submitting proxies or registration statements regarding the proposed transaction.
New PBT has submitted to the U.S. Securities and Exchange Commission: (i) a Form S -4 registration statement, which includes a proxy form related to the trust unit holders' meeting as well as the New PBT prospectus; and (ii) a ii registration for the issuance of Form S -1 securities under the subscription right. Unit holders and other investors are strongly advised to read Form S -4 (including the proxy form/prospectus), Form S -1, Form S -4, and/or Form S -1 whenever they become available, as well as any other documents submitted to the U.S. Securities and Exchange Commission by New PBT or SoftVest, as they will contain important information. Unit holders can obtain any Form S -4, proxy forms/prospectuses, Form S -1, and any revisions and documents submitted to New PBT or SoftVest to SEC for free from the U.S. Securities and Exchange Commission's website at www.sec.gov.
Forward-looking Statements
Any statements in this press release regarding future events or conditions, as well as other statements that contain words such as “estimates,” “believes,” “expects,” “plans,” “anticipates,” “will,” “may,” “intends,” etc., except for historical facts, constitute forward-looking statements as defined by the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could lead to significant differences between the actual results of the trust and those anticipated by the trustee include, but are not limited to: factors mentioned in item 1A of “Risk Factors” in Part I of the trust’s annual 10-K form (as amended) for the year ending December 31, 2025, as well as factors mentioned in item 1A of “Risk Factors” in Part II of subsequent quarterly 10-Q reports; 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.
The actual results may differ significantly from those indicated in the forward-looking statements mentioned above. Furthermore, the forward-looking statements in this press release represent the views of the trustee as of the date of issuance of this document only. 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 considered as representing the trustee's views on any date after the date of issuance of this document.
Contact person: Nancy Willis, Argent Trust Company Director of Royalty Trust Services, Trustee. Free phone number: 1.855.588.7839
