Schwartz Investment Counsel, Inc. Urges Texas Pacific Land Corporation Board of Directors to Act on Shareholder Vote to Declassify Board | News

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PLYMOUTH, Michigan – (BUSINESS WIRE) – March 7, 2022–

The Texas Pacific Land Corporation (TPL) board of directors declined to act on a proposed advisory vote approved by 55.9% of shareholders. Despite the majority vote on December 29, 2021, to declassify the Board of Directors, the Board did not take action in this regard.

Schwartz Investment Counsel, Inc., on behalf of clients, owns over 74,000 shares of TPL (approximately 1% of outstanding shares) with a market value of more than $ 96,000,000. Having invested in TPL since 2015, Schwartz Investment Counsel, Inc. is a major shareholder of TPL and believes that TPL’s board of directors has a fiduciary duty to carry out the owners’ wishes. Schwartz Investment Counsel, Inc. believes this would clearly be in the best interest of the company and all of its shareholders.

TPL currently has three classes of board members. If declassified, all directors would be required to run for re-election each year. Currently, only one third of the board members are re-eligible each year. Schwartz Investment Counsel, Inc. is opposed to staggered advice and believes they only serve to strengthen board members, which is not in the best interests of all shareholders.

On December 29, 2021, Schwartz Investment Counsel, Inc., along with a majority of shareholders, voted for declassification, which the TPL Board refused to do. We recommend that other shareholders of TPL also encourage the Board to implement the declassification for which we as owners voted.

George P. Schwartz, President and CEO

Schwartz Investment Counsel, Inc.

Information on Ave Maria mutual funds

Ave Maria Mutual Funds is the largest Catholic mutual fund family in the United States with nearly $ 2.9 billion in assets under management. The six non-repayable funds invest in companies that do not violate the fundamental values ​​and teachings of the Catholic Church. The two largest funds are the $ 937 million Ave Maria Rising Dividend Fund (Ticker: AVEDX) and the $ 912 million Ave Maria Growth Fund (Ticker: AVEGX). For more information on Ave Maria mutual funds, call 1-866-AVE-MARIA (866-283-6274) or visit www.avemariafunds.com.

About Schwartz Investment Counsel, Inc.

Schwartz Investment Counsel, Inc. is a registered investment advisor. Founded in 1980, the firm is headquartered in Plymouth, Michigan, with a branch in Ave Maria, Florida. In the management of Ave Maria Mutual Funds, investments are made only if the companies meet the financial and moral criteria of the Funds. Therefore, returns may be lower or higher than if decisions were based solely on investment considerations. The Fund’s stock selection method may or may not be successful and the Funds may underperform or outperform the equity market as a whole. All mutual funds are subject to market risk, including possible loss of principal. For more information on Schwartz Investment Counsel, Inc., visit www.schwartzinvest.com.

From 31-12-21, Texas Pacific Land Corporation’s holding percentages in Ave Maria mutual funds were as follows: Ave Maria Bond Fund (1.3%), Ave Maria Focused Fund (1.8%), Ave Maria Growth Fund (0.6%), Ave Maria Rising Dividend Fund (3.9%) and Ave Maria Value Fund (9.7%). As of 31-12-21, the Schwartz Value Focused Fund held a 29.1% interest in Texas Pacific Land Corporation. Fund holdings are subject to change and should not be considered a purchase recommendation. There is no guarantee that the securities mentioned will remain in the Fund’s portfolio or that the securities sold have not been repurchased.

Mutual Funds Prospectus Ave Maria

Request a prospectus, which includes investment objectives, risks, fees, charges and expenses and other information that you should read and consider carefully before investing. The prospectus can be obtained by calling 1-866-283-6274 or can be viewed at www.avemariafunds.com.

Fund prospectus focusing on Schwartz value

Potential investors should read the prospectus carefully and carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. The prospectus, which can be obtained by calling 1-800-449-9240 or online at www.schwartzvaluefocusedfund.com, contains this and other important information.

Distributed by Ultimus Fund Distributors LLC. 14588187-UFD-03042022

Schwartz Investment Counsel, Inc. is not affiliated with Ultimus Fund Distributors, LLC.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220307005183/en/

CONTACT: Mike Richter, Marketing Director

Schwartz Investment Counsel, Inc.

(734) 455-7810

mjr@schwartzinvest.com

KEYWORD: UNITED STATES NORTH AMERICA MICHIGAN

SECTOR KEYWORD: PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES FINANCE BUILDING & REAL ESTATE CONSULTING REIT

SOURCE: Schwartz Investment Counsel, Inc.

Copyright Business Wire 2022.

PUB: 03/07/2022 10: 00 / DISCO: 03/07/2022 10:02

http://www.businesswire.com/news/home/20220307005183/en

Copyright Business Wire 2022.

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