GLOP - GasLog Partners rallies to 52-week high as GasLog Ltd. exercises options
GasLog Partners ([[GLOP]] +27.1%) skyrockets to its highest since May 2020 after GasLog Ltd. said after Friday's close that it exercised Class B unit options in the partnership.GasLog Partners made a 6-K filing, saying that on July 1, GasLog Ltd. exercised its option to convert all 415K outstanding Class B-2 units of GasLog Partners into 415K common units of the partnership.GasLog and the partnership agreed on June 24 to eliminate GasLog's incentive distribution rights in GLOP in exchange for newly issued limited partner units, including 415K Class B-2 units, which were convertible at GasLog's option on July 1 on a one-for-one basis into common units.As a result of the conversion, GasLog Partners has issued 415K new common units to GasLog and the 415K outstanding Class B-2 units are canceled.GasLog Partners is a "coiled spring ready to surge once the market recognizes [its] solid progress," Daniel Thurecht writes in a bullish
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GasLog Partners rallies to 52-week high as GasLog Ltd. exercises options