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Tourlite Capital Sends Letter to Board of GasLog Partners LPTourlite Capital Management, a West Palm Beach-based investment management firm that focuses on long/short equity and special situations investing, today sent a letter to the Board of Directors of Gaslog Partners LP (NYSE: GLOP) (the "Company"). According to the letter, Tourlite believes shareholders should vote against the current offer for the Company which is below fair market value. The full letter can be downloaded at tourlitecapital.com. Follow Tourlite on Twitter @_Tourlite for additional information and important updates. The full text of the letter follows: April 19, 2023
The Board of Directors
Dear Members of the Board and Conflicts Committee: We are writing on behalf of Tourlite Capital Management, LP and our affiliates ("Tourlite" or "we"). Tourlite is a shareholder of GasLog Partners LP (the "Company" or "GLOP"). We have deep conviction in the extraordinary value of GasLog and its assets. 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. We believe the current offer of $8.65 per share is a disservice to shareholders. Tourlite estimates a fair value between $10.00 - $12.00 per share, a ~16% - 39% premium to the current offer. We urge shareholders to vote against the current offer. There are multiple reasons shareholders should not consider a bid for less than $10 per share:
Based on our detailed analysis and our estimate of fair value, Tourlite plans to vote AGAINST the current bid of $8.65 and urge fellow shareholders to do the same. As a next step, we look forward to discussing our recommendations with you over the next several weeks. Our goal is to align the interests of all parties, and Tourlite would welcome the opportunity to engage closely with the Board of Directors and management throughout this process. Tourlite greatly appreciates the Board's time in considering our thoughts and analysis. We strongly believe reconsidering the current offer is in the best interest of the Company's shareholders. For full disclosure, Tourlite and its affiliates own shares of GasLog (GLOP) and GasLog Preferred (GLOP 8 ?) and stand to benefit if the share price increases. Best Regards,
Jeffrey G. Cherkin
About Tourlite Tourlite Capital Management, LP is an asset management firm focused on long/short equity investing in public companies. Tourlite was founded in 2022 by Jeffrey G. Cherkin, the firm's Chief Investment Officer.
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