FORT WORTH, Texas, Nov. 21, 2016 /PRNewswire/ -- Southwest Bank and Robert Lansford (collectively, the "Southwest Bank Participants") today announced that, based on the preliminary voting results provided by its proxy solicitor, the proposals for the removal of Compass Bank as trustee of the Trust and the nomination and appointment of Southwest Bank as successor trustee received the support of unitholders of over 48% of the Trust's outstanding units.
Preliminary voting results show that less than 58% of the Trust's outstanding units were present and voted at the special meeting. The proposal for the removal of Compass Bank as trustee received the support of over 83% of the units voted at the special meeting but only over 48% of the outstanding units. The Trust's indenture requires that the proposal for the removal of Compass Bank must receive the approval of a majority of the outstanding units for approval. The proposals for the nomination and appointment of Southwest Bank as successor trustee also received the support of over 83% of the units voted at the special meeting and over 48% of the outstanding units.
"While we are disappointed in the preliminary results of the vote at the Trust's special meeting, we are extremely gratified by the strong and broad support we received from unitholders, including the overwhelming support of the Trust's largest institutional investors and thousands of retail investors," said Vernon Bryant, Chairman and Chief Executive Officer of Southwest Bank. "All of our proposals for change at the Trust generated the support of over 83% of the unitholders who voted at the meeting. Given the unitholder response, we hope that Compass Bank will recognize that a significant percentage of its unitholders have now voiced their concern with Compass Bank's administration of the Trust."
The Southwest Bank Participants are awaiting the report of the independent inspector of elections before releasing any further statements about the vote. The inspector has indicated that it expects to issue a preliminary tabulation of the vote results within the next several business days, following which the Trust is expected to file a Current Report on Form 8-K with the Securities and Exchange Commission reporting the voting results.
SOURCE Southwest Bank Participants