Business Context and Reporting Period
This Form 6-K filing by Navios Maritime Partners L.P. (NYSE: NMM), dated November 5, 2010, serves as a notice of the 2010 Annual Meeting of Limited Partners and includes the accompanying Proxy Statement. The meeting is scheduled for December 20, 2010, in Piraeus, Greece. The filing does not contain financial results for a specific reporting period but rather outlines corporate governance matters for the fiscal year ending December 31, 2010.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. It references the 2009 Annual Report on Form 20-F for historical financial data but does not include those figures within this document.
Capital structure data as of the record date (November 3, 2010) includes:
- Common Units: 40,991,034 outstanding
- Subordinated Units: 7,621,843 outstanding
- Subordinated Series A Units: 1,000,000 outstanding
- General Partner Units: 1,012,510 outstanding
Material Changes
No material financial changes or operational updates are disclosed in this filing. The document focuses on the upcoming election of a Class II director and the ratification of independent auditors.
Guidance, Outlook, and Corporate Actions
Meeting Proposals:
- Election of Directors: To elect Michael Sarris as a Class II director for a term expiring at the 2013 Annual Meeting. Mr. Sarris, 64, was appointed to the Board in June 2010 and previously served as the Minister of Finance of the Republic of Cyprus (2005–2008).
- Ratification of Auditors: To ratify the appointment of PricewaterhouseCoopers as the independent public accountants for the fiscal year ending December 31, 2010.
Voting Recommendations: The Board of Directors unanimously recommends a vote "FOR" both proposals. Proxies returned without specific instructions will be voted in favor of these proposals.
Risks and Contingencies: The filing notes that if a nominee is unavailable, the proxy holders will vote for a substitute recommended by the Board. It also states that if the appointment of PricewaterhouseCoopers is not ratified, the Audit Committee will reconsider the appointment.
Investor Verification Checklist
- Verify the voting record date of November 3, 2010, to confirm eligibility to vote.
- Review the 2009 Annual Report on Form 20-F (available via EDGAR or the company website) for actual financial performance data not included in this proxy.
- Confirm the meeting logistics: December 20, 2010, at 11:00 a.m. at Navios Shipmanagement Inc. offices in Piraeus, Greece.
- Check the background of the director nominee, Michael Sarris, regarding his prior government and banking experience.
- Ensure proxy cards are returned promptly if unable to attend the meeting in person.