Business Context and Reporting Period
This Form 6-K filing by Dynagas LNG Partners LP (NYSE: DLNG) covers the month of October 2015. The Partnership is a growth-oriented limited partnership focused on owning and operating LNG carriers. The filing primarily announces the date and details of the 2015 Annual General Meeting of Limited Partners, scheduled for November 20, 2015, in Glyfada, Greece.
Financial Metrics
The filing text does not provide specific financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity for the period ending October 31, 2015. This document serves as a notice of meeting and proxy statement rather than a financial results report.
Material Changes and Capital Structure
As of the record date of September 28, 2015, the Partnership's capital structure included:
- Common Units: 20,505,000 outstanding (listed on NYSE as "DLNG").
- Subordinated Units: 14,985,000 outstanding.
- General Partner Units: 35,536 outstanding.
- Series A Cumulative Redeemable Preferred Units: 3,000,000 outstanding.
The filing notes that pursuant to the Third Amended and Restated Agreement of Limited Partnership dated July 20, 2015, certain holders of Common Units may be prohibited from voting all or a portion of their units at the meeting.
Corporate Governance and Proposals
The Annual General Meeting will address two primary proposals:
- Election of Class I Director: To elect Evangelos Vlahoulis for a three-year term expiring at the 2018 Annual Meeting. Mr. Vlahoulis has served as a director since the 2013 IPO and is Chairman of the Compensation Committee. The Board unanimously recommends a vote in favor.
- Appointment of Independent Auditors: To approve Ernst & Young (Hellas) Certified Auditors Accountants S.A. as the independent auditors for the fiscal year ending December 31, 2015. The Board unanimously recommends approval.
Voting Requirements: Proposal One requires a plurality of votes of outstanding Common Units present. Proposal Two requires a majority of outstanding Units entitled to vote. Abstentions will not affect the outcome of either proposal.
Key Facts for Investor Verification
- Meeting Date: November 20, 2015, at 4:00 p.m. local time in Glyfada, Greece.
- Record Date: September 28, 2015, for determining voting eligibility.
- Financial Data Absence: This filing contains no operational or financial results; investors should refer to the 2014 Annual Report or subsequent 20-F filings for financial metrics.
- Voting Restrictions: Verify if specific Common Unit holders are subject to voting prohibitions under the July 2015 Partnership Agreement.
- Proxy Voting: Unmarked proxies will be voted in favor of both the director election and auditor appointment.