Delaware 1-8245 22-2084119
State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation File Number) Identification No.)
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Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Units of Beneficial Interest NRT New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR Section 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR Section 240.12b-2).
Emerging growth company [ ]
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers.
On March 14, 2023, North European Oil Royalty Trust (the "Trust") issued a press release via PR Newswire announcing the retirement of Robert P. Adelman, the Trust's Managing Trustee, effective March 13, 2023, and his retirement as an active Trustee as of April 30, 2023.
The Trust also announced that, effective March 14, 2023, Nancy J. Floyd Prue will assume the role of Managing Trustee. There are no arrangements or understandings between Ms. Floyd Prue and any other person pursuant to which she was selected as Managing Trustee, and there are no family relationships between Ms. Floyd Prue and any other Trustee. There are no transactions in which Ms. Floyd Prue has an interest requiring disclosure under Item 404(a) of Regulation S-K.
Ms. Floyd Prue has been a member of the Trust's Board of Trustees since March 15, 2018. Ms. Floyd Prue has over 40 years of investment experience including 35 years with Adams Funds. During her tenure with Adams Funds, Ms. Floyd Prue served as President of Adams Natural Resources Fund and as a portfolio manager focusing on the oil and gas industry. As a result of serving in these roles and serving as a member of our Audit Committee, Ms. Floyd Prue has accumulated significant leadership and financial reporting experience as well as extensive knowledge of the energy industry. Ms. Floyd Prue is currently a director and treasurer of the Keswick Multi-Care Board and is member of the Board of Directors of the Keswick Foundation. Ms. Floyd Prue is a former President and a director of the National Association of Petroleum Investment Analysts.
Furnished herewith is a copy of the press release, which is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit 99. A press release dated March 14, 2023 and disseminated through PR Newswire announcing the retirement of the currently serving Managing Trustee and the appointment of his successor.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NORTH EUROPEAN OIL ROYALTY TRUST
(Registrant)
/s/ John R. Van Kirk
John R. Van Kirk
Managing Director
March 14, 2023
Exhibit 99
PR NEWSWIRE
Keene, N.H. March 14, 2023 - Mr. Robert P. Adelman, the Managing Trustee of North European Oil Royalty Trust (the "Trust") (Symbol: NRT), has advised the Trustees that he has decided to retire from his position of Managing Trustee as of March 13, 2023 and as an active Trustee as of the end of the current fiscal quarter of the Trust, April 30, 2023.
The remaining Trustees named Ms. Nancy J. Floyd Prue, a Trustee since March 15, 2018, to fill the role of Managing Trustee beginning on March 14, 2023. Ms. Floyd Prue has been a member of the Trust's Board of Trustees since March 2018. Ms. Floyd Prue has over 40 years of investment experience including 35 years with Adams Funds. During her tenure with Adams Funds, Ms. Floyd Prue served as President of Adams Natural Resources Fund and as a portfolio manager focusing on the oil and gas industry. As a result of serving in these roles and serving as a member of our Audit Committee, Ms. Floyd Prue has accumulated significant leadership and financial reporting experience as well as extensive knowledge of the energy industry. Ms. Floyd Prue is currently a director and treasurer of the Keswick Multi-Care Board and is member of the Board of Directors of the Keswick Foundation. Ms. Floyd Prue is a former President and a director of the National Association of Petroleum Investment Analysts.
In reporting the resignation and appointment, John R. Van Kirk, the Trust's Managing Director, said, "The Trustees accepted the resignation with regret, recognizing the long years of leadership which Mr. Adelman had provided to the Trust for the benefit of its owners. His familiarity with the origins of the royalty rights held by the Trust and his conduct of negotiations concerning those rights made him uniquely qualified for the position of Managing Trustee. He filled the position with expertise and diligence."
For further information, contact Mr. John R. Van Kirk, Managing Director, at (732) 741-4008, or via e-mail at jvankirk@neort.com. Website: www.neort.com.