Business Context and Reporting Period
This Form 6-K filing, dated July 1, 2008, is submitted by Capital Product Partners L.P., a Marshall Islands limited partnership with principal executive offices in Piraeus, Greece. The filing serves as a notice of the Annual Meeting of Limited Partners scheduled for July 25, 2008. The document includes a letter to partners, a meeting notice, and a proxy statement detailing matters for shareholder vote.
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 corporate governance filing rather than a financial report.
However, the following capitalization data is provided as of the record date, June 27, 2008:
- Common Units Outstanding: 16,011,629
- Subordinated Units Outstanding: 8,805,522
- General Partner Units Outstanding: 506,472
- Trading Symbol: CPLP (Nasdaq Global Market)
Material Changes
The filing does not report material changes in financial condition or operations. The primary focus is on proposed changes to the Company's governance structure and board composition to be voted upon at the upcoming Annual Meeting.
Guidance, Outlook, and Management Commentary
Proposal One: Election of Director
The Board recommends the re-election of Robert P. Curt as a Class I Director for a term expiring at the 2011 Annual Meeting. Mr. Curt, age 57, brings over 30 years of experience with ExxonMobil and Qatar Gas Transport Company. He currently serves on the Audit and Conflicts Committees. Approval requires a plurality of votes from Common Unit holders (excluding units owned by Capital Maritime & Trading Corp. or affiliates).
Proposal Two: Amendment to Partnership Agreement
The Board proposes an amendment to the First Amended and Restated Agreement of Limited Partnership regarding quorum requirements. Currently, a majority of outstanding units must be present to constitute a quorum. The amendment would stipulate that if a meeting is adjourned twice due to a lack of quorum, any units present at the third convened meeting would constitute a quorum. Management argues this will improve operational efficiency by reducing the risk of further adjournments. Approval requires a majority vote of outstanding Common Units (excluding General Partner affiliates) and a majority of Subordinated Units.
Other Matters
No other matters are expected to be presented. The cost of proxy solicitation is borne by the Company, with assistance from Morrow & Co. LLC.
Investor Verification Checklist
- Verify the voting record date of June 27, 2008, to confirm eligibility to vote at the July 25, 2008 meeting.
- Confirm the specific voting thresholds required for Proposal Two, which involves a dual-class vote (Common and Subordinated Units).
- Review the full Proxy Statement for detailed biographical information on the director nominee and the exact text of the proposed partnership agreement amendment.
- Check the Company's website (www.capitalpplp.com) for the Annual Report for the year ended December 31, 2007, as financial data is not included in this filing.