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SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934
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Toreador Royalty Corporation
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(Name of Registrant as Specified In Its Charter)
Dane, Edward Nathan, et. al.
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(Name of Person(s) Filing Proxy Statement)
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NEWS RELEASE
GEORGESON & COMPANY INC.
Wall Street Plaza
New York, NY 10005
212-440-9800
FAX 212-440-9000
From: The Committee to Maximize For Release: Immediately
Shareholder Value at
Toreador Royalty Corporation Contact: Peter L. Falb
Edward N. Dane
617-742-0666 (tel)
617-742-2304 (fax)
SHAREHOLDER COMMITTEE CALLS TOREADOR ROYALTY'S
ATTACK UNWARRANTED AND DIVERSIONARY
Boston, MA, May 11, 1995 . . . The Committee to Maximize Shareholder Value
at Toreador Royalty Corporation (NASDAQ: TRGL) today said that in Toreador's
recent attack on the Committee, management and the Board sought to divert
attention from the fact that their policies have not benefited shareholders. In
the nearly seven years since management was granted an option at $3.00 per share
on August 1, 1988, there has been no return to shareholders. Moreover, on May
23, 1994, when the stock was selling at $4.00, the company announced a dilutive
private placement at $3.50 per share. The share price has since declined by 25%
to $3.00. Despite the lack of shareholder return, Toreador's President has
received substantial salary and benefits and Board members have received options
to purchase stock.
The Committee's slate, if elected, plans to take a number of steps to
enhance shareholder value, including substantially reducing expenditures in the
sales, general and administrative areas, instituting an appropriate share
repurchase program and tying management compensation to performance.
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