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Tourlite Capital Management, a West Palm Beach-based investment management firm, today sent a follow up letter and presentation to the Board of Directors of GasLog Partners LP (GLOP). Tourlite was responding to proxy materials released by GasLog on May 5th.
The full letter and presentation can be downloaded at tourlitecapital.com. Follow Tourlite on Twitter @_Tourlite for important updates.
The full text of the letter follows:
May 15th, 2023
The Board of Directors
GasLog Partners LP
69 Akti Miaouli
18537 Piraeus
Greece
Dear Members of the Board and Conflicts Committee:
We are writing on behalf of Tourlite Capital Management, LP and our affiliates (“Tourlite” or “we”), shareholders of GasLog Partners LP (GLOP).
Since our initial letter, we have analyzed new proxy materials and an analysis performed by Evercore. We disagree with several points that have a substantial impact on valuation. In addition, without a condition that requires a majority of the unaffiliated units, it allows the General Partner to exert significant power over minority shareholders.
We ask BlackRock’s Investment Stewardship Committee to review the offer. Contrary to what BlackRock usually stands for as a vocal proponent of corporate governance, we believe the current situation takes advantage of minority shareholders they often claim to support. We are confident that many shareholders have a similar view.
Considering the new materials, Tourlite estimates fair value of ~$12 per share, an ~39% premium to the current offer. We urge the Board of Directors and the Board’s Conflicts Committee to reconsider the current price offered for GasLog, which significantly underestimates the fair value of the assets.
Tourlite plans to vote AGAINST the current bid and urges fellow shareholders to do the same.
Tourlite appreciates the Board’s time in considering our analysis. We believe reconsidering the current offer is in the best interest of shareholders. Tourlite owns shares of GLOP and GasLog Preferred.
Best Regards,
Jeffrey G. Cherkin
Managing Partner
Posted In: GLOP
