Business Context and Reporting Period
This Form 6-K filing by Navios Maritime Partners L.P. (NYSE: NMM), dated October 25, 2011, serves as a notice of the 2011 Annual Meeting of Limited Partners and includes the accompanying Proxy Statement. The meeting is scheduled for November 22, 2011, in Piraeus, Greece. The filing does not contain financial results for a specific reporting period but provides corporate governance updates and voting instructions for the fiscal year ending December 31, 2011.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This document is a proxy statement focused on shareholder voting rather than a financial report. However, it discloses the following capital structure data as of the record date (October 24, 2011):
- Common Units Outstanding: 46,887,320
- Subordinated Units Outstanding: 7,621,843
- Subordinated Series A Units Outstanding: 1,000,000
- General Partner Units Outstanding: 1,132,843
Material Changes
The filing does not report material changes in financial performance or operations compared to prior periods. The primary changes disclosed relate to corporate governance:
- Board Composition: The election of a Class III director whose term expires at the 2014 Annual Meeting.
- Auditor Appointment: The ratification of PricewaterhouseCoopers as the independent public accountant for the fiscal year ending December 31, 2011.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, financial outlook, or discussion of specific business risks and contingencies. Management commentary is limited to the solicitation of proxies and the recommendation to vote "FOR" the election of the director and the ratification of the auditors. The document notes that the cost of soliciting proxies will be borne by the company and that Morrow & Co. LLC has been retained to assist in the process.
Important Facts for Investors to Verify
- Voting Record Date: Confirm eligibility to vote based on the October 24, 2011, record date.
- Director Nominee: Verify the background of Serafeim Kriempardis, the nominee for Class III Director, who previously served as Head of Shipping for Piraeus Bank and Emporiki Bank of Greece.
- Auditor Continuity: Note that PricewaterhouseCoopers is being reappointed, having audited the financial statements for the fiscal year ended December 31, 2010.
- Meeting Logistics: The meeting is held in Piraeus, Greece; investors unable to attend must vote by proxy to ensure their interests are represented.
- Financial Data Source: Investors seeking financial metrics (revenue, EBITDA, debt levels) must refer to the company's 2010 Annual Report on Form 20-F, as this filing does not contain such data.