RE: Trend16 May 2025 20:13
I know this might be a bit boring and academic for some folk, and if so, accept my apologies.
There seems to be endless confusion about what Navitas is, so I want to explain from a position of professional experience, albeit 25 years ago.
The ultimate controlling entity is Navitas Petroleum LP, based in Israel. It’s a partnership, not a company with shares which have voting rights. It owns several unlisted private operating companies in USA, UK and Falkland Islands.
It is also a Limited Partnership, which means each partner has limited liability in the event of winding up, just like limited company shareholders have such limited liability. Normally with simple partnerships, no limited liability exists, and all partners are personally liable for the lot if it goes down. It only exists with a limited partnership because the limited partners relinquish their voting rights to a so called General Partner, which assumes all liability, and effectively controls the partnership. That trick allows Navitas Petroleum LP to be a listed LP.
The General Partner in Navitas Petroleum LP is an entity which is controlled by Gideon Tadmor, so he is in charge of the whole structure, and he is the guy who says yes or no to any corporate actions.
Navitas Petroleum LP is listed on the Tel Aviv stock exchange, and the partner “participation units” ( a mix of loan and capital) can be traded, but you couldn’t launch a takeover of a limited partnership through the stock exchange because the partnership has no voting rights to accept any such offer.
The idea of BP or another major “taking over” Navitas is simply not possible. It was set up to prevent such a thing ever happening.
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