Business Context and Reporting Period
This Form 6-K filing, dated October 26, 2012, serves as a notice of the 2012 Annual Meeting of Limited Partners for Navios Maritime Partners L.P. The meeting is scheduled for December 6, 2012, in Monaco. The filing includes the Notice of Annual Meeting and the Proxy Statement. The record date for determining voting eligibility was October 24, 2012.
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. This document is a governance notice rather than a financial report.
Capital structure details provided include:
- Common Units Outstanding: 60,109,163 (as of October 24, 2012)
- General Partner Units Outstanding: 1,226,721 (as of October 24, 2012)
- Trading Symbol: NMM (New York Stock Exchange)
Material Changes
No material changes to financial operations or business strategy are disclosed in this filing. The document focuses on corporate governance matters, specifically the upcoming election of directors and the ratification of auditors.
Guidance, Outlook, and Governance Proposals
The Board of Directors is soliciting proxies for two primary proposals:
- Election of Class I Directors: The Board recommends voting FOR the election of John Karakadas and Robert Pierot. Their terms will expire at the 2015 Annual Meeting.
- John Karakadas: Independent director; former Executive Director of Marfin Investment Group and CEO of SingularLogic.
- Robert Pierot: Independent director; principal of Jacq. Pierot Jr. & Sons, Inc., with extensive experience in shipbroking.
- Ratification of Independent Public Accountants: The Board recommends voting FOR the appointment of PricewaterhouseCoopers as the independent auditor for the fiscal year ending December 31, 2012. PricewaterhouseCoopers audited the financial statements for the fiscal year ended December 31, 2011.
Voting Mechanics:
- Abstentions will not affect the vote on the director election but will be treated as votes against the auditor ratification.
- Broker non-votes will have no effect on the director election but brokers have discretionary authority to vote on the auditor ratification.
Important Facts for Investors to Verify
- Verify the voting record date of October 24, 2012, to confirm eligibility to vote at the December 6, 2012 meeting.
- Review the 2011 Annual Report on Form 20-F (referenced in the text) for actual financial performance data, as this filing contains no financial metrics.
- Confirm the independence status of the nominated directors, John Karakadas and Robert Pierot, as stated in the proxy statement.
- Note that the Board recommends voting "FOR" both proposals; unmarked proxies will be voted in accordance with these recommendations.