MRMP Files new 13D; Sends a new letter to Navios Maritime Partners L.P.
NEW YORK, NY / ACCESSWIRE / November 28, 2023 / MRMP-Managers LLC ("MRMP"), announced today that it has again exceeded 5% ownership of Navios Maritime Partners L.P.'s ("NMM") (NYSE: NMM) outstanding limited partnership units. It has accompanied its filing with a new letter to NMM's Board of Directors sharing urgent and serious concerns regarding the current management and direction of NMM.
MRMP has attached a copy of its latest letter to the Company as Exhibit 1 to the 13D filed today. The letter details several steps that MRMP believes would significantly reduce the current massive discount to net asset value at which NMM trades.
Mr. Sherwood noted that: "In September of 2021 (at the time of our last letter), NMM traded at $31.43 per unit (a discount to stated unitholder equity). During the past two years, NMM has earned an additional approximately $32.49 per unit and distributed a measly 40 cents or 1.23% of aggregate earnings to unitholders. Currently, NMM's unit price is approximately $24.10 which is significantly less than the $32.09 net retained earnings of the past two years and 23.3% less than the September 2021 market price of $31.43. Nonetheless, Ms. Frangou is "pleased" with NMM's disastrous performance in the stock market."
Mr. Sherwood went on to state "I believe that most unitholders (other than Ms. Frangou and her Board of Directors) are definitely "not pleased" with NMM's results or management. In my latest letter, I propose that Ms. Frangou eliminate all anti-takeover provisions from the Marshall Islands charter; merge her Ship Management Company into NMM to eliminate a clear conflict of interest; and immediately begin the major unit buyback program which she announced in July of 2022 but has not acted upon. Ms. Frangou and the NMM Board should be taken to task for their lack of actions to increase NMM's unit price of $24.10 to its $100-$117 NAV as estimated by analysts."
Mr. Sherwood further stated, "Additionally, I advocate that all unitholders vote to withhold approval of Serafeim Kriempardis as a Class III director at NMM's December 19, 2023 annual meeting in order to signal to Ms. Frangou and the NMM Board our displeasure."
All limited partnership unitholders in NMM are encouraged to read MRMP's 13D in full. Any questions or comments may be directed to Mr. Sherwood at Notpleasedwithnmm@gmail.com. Unitholders are also welcome to copy Ms. Frangou and NMM's Board members on all correspondence.
Contacts
Ned L. Sherwood
(772) 360-1540
Notpleasedwithnmm@gmail.com
SOURCE: MRMP-Managers LLC
View source version on accesswire.com:
https://www.accesswire.com/810742/mrmp-files-new-13d-sends-a-new-letter-to-navios-maritime-partners-lp
