May 22, 2019 / 9:00 PM / a year ago

Texas Pacific investors' nominee elected as trustee at disputed meeting

May 22 (Reuters) - An investor group that collectively holds about 25% in Texas Pacific Land Trust said their nominee, Eric Oliver, was elected as a trustee at a special shareholder meeting, the validity of which was not recognized by the company.

The news comes a day after Texas Pacific said it had filed a lawsuit against Oliver, alleging that he "made material misstatements and failed to disclose material information relevant to shareholders."

The company had delayed its special shareholder meeting because of the lawsuit, a source familiar with the matter told Reuters, adding that Wednesday's meeting had been held in a separate room by the investor group.

Oliver is the nominee of SoftVest LP, Horizon Kinetics LLC and ART-FGT Family Partners.

A TPL spokesperson said the company was reviewing the matter. (Reporting by Debroop Roy in Bengaluru; Editing by Shailesh Kuber)

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