Business Context and Reporting Period
This Form 8-K filing by Natural Resource Partners L.P. (NRP) reports corporate governance changes effective May 21, 2013. The filing addresses Item 5.02 regarding the departure of directors and the appointment of new officers.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on board composition changes and contains no financial performance data.
Material Changes
- Appointment: Corbin J. Robertson, III was appointed to the Board of Directors of GP Natural Resource Partners LLC.
- Retirement: W.W. Scott, Jr. retired from the Board of Directors of GP Natural Resource Partners LLC.
- Reasoning: Mr. Scott's retirement was not the result of any disagreement with NRP or its management.
Management Commentary and Governance Details
Corbin J. Robertson, III brings significant experience in energy investments, having served as Co-Managing Partner of LKCM Headwater Investments and CEO of the general partner of Western Pocahontas Properties Limited Partnership. He previously served as Vice President—Acquisitions for GP Natural Resource Partners LLC from 2003 to 2005. His appointment was designated by Robertson Coal Management LLC, the sole member of the GP, and ratified by the Board. The filing notes that Robertson Coal Management LLC is entitled to designate nine directors to the Board, five of whom must be independent.
Key Facts for Investor Verification
- Confirm the effective date of the board changes (May 21, 2013).
- Verify the independence status of the nine directors designated by Robertson Coal Management LLC.
- Review the Investor Rights Agreement with Adena Minerals, LLC referenced in the filing.
- Check for any subsequent filings regarding the transition of duties from the retiring director.