Business Context and Reporting Period
This Form 6-K filing by Capital Product Partners L.P. (CPLP), a Marshall Islands limited partnership, was submitted on June 21, 2010. The filing serves as a Notice of Annual Meeting of Limited Partners scheduled for July 22, 2010, in Piraeus, Greece. The company operates in the shipping sector, specifically focusing on clean energy carriers, and its common units trade on the Nasdaq Global Market under the symbol "CPLP."
Key Financial Metrics
The filing text does not provide specific financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity for the current or prior periods. The document is a proxy statement and notice of meeting rather than a financial report.
However, the following capital structure data is provided as of the record date (June 18, 2010):
- Outstanding Common Units: 31,733,396
- General Partner Units: 634,667
- Subordinated Units: 0
- Affiliate Ownership: As of May 31, 2010, Capital Maritime & Trading Corp. (an affiliate of the general partner) owned 36.35% of the Common Units.
Material Changes
The filing does not disclose material changes in financial condition or operations compared to prior periods. The primary content relates to corporate governance actions, specifically the election of directors.
Guidance, Outlook, and Corporate Actions
Annual Meeting Proposals: Limited Partners are asked to vote on the following proposals at the July 22, 2010 meeting:
- Proposal One: Election of Keith Forman as a Class III Director to serve until the 2013 Annual Meeting. Mr. Forman is currently a member of the Audit Committee and Chairman of the Conflicts Committee.
- Proposal Two: Election of Evangelos G. Bairactaris as a Class III Director to serve until the 2013 Annual Meeting. Mr. Bairactaris serves as the Company's Secretary and is a Greek attorney.
- Other Business: To transact any other business properly coming before the meeting.
Voting Requirements: Adoption of the director proposals requires the affirmative vote of a plurality of the common units represented at the meeting, excluding units owned by Capital Maritime & Trading Corp. or its affiliates. The Board of Directors unanimously recommends a vote in favor of both nominees.
Risks and Contingencies: The filing notes that the law firm of G.E. Bairactaris & Partners (associated with nominee Evangelos G. Bairactaris) has provided and may continue to provide legal services to the Company and its affiliates, which is disclosed as a potential conflict of interest matter reviewed by the Conflicts Committee.
Important Facts for Investors to Verify
- Verify the voting record date of June 18, 2010, to confirm eligibility to vote at the July 22, 2010 meeting.
- Confirm the 36.35% ownership stake held by Capital Maritime & Trading Corp. and its exclusion from the vote on director elections.
- Review the full Proxy Statement for detailed biographies of nominees Keith Forman and Evangelos G. Bairactaris.
- Note that this filing contains no financial results; investors should refer to the Annual Report for the year ended December 31, 2009, available on the company website, for financial data.