Actionable news
All posts from Actionable news

InterOil Statement on Mulacek Dissident Director Nominations

SINGAPORE and PORT MORESBY, Papua New Guinea, May 13, 2016 /PRNewswire/ -- The Board of InterOil Corporation IOC, -2.18% (pomsox:IOC) is reviewing nominees proposed by shareholder Phil Mulacek to stand for election as directors at the InterOil Annual and Special General Meeting of Shareholders (the "Meeting"), scheduled to be held on June 14, 2016.

Mr. Mulacek, and certain of his associates (collectively, "Mulacek"), intend to nominate five individuals (which would constitute a controlling slate of candidates) to stand for election to the Company's Board.

The InterOil Board and management team are firmly committed to acting in the best interests of the Company and creating value for all of InterOil's shareholders.

Our Board of Directors will review the information provided, consider these nominations in due course and will advise InterOil shareholders of the Board's determination in a supplement to the previously circulated Management Information Circular.

We believe that attempting to place five handpicked nominees, including Mr. Mulacek, on the InterOil Board is yet another step in Mulacek's pursuit of a self-serving agenda to influence or take control of the Company.

This concern is heightened due to Mulacek's dissident resolution proposing to reduce the number of directors to six, further concentrating Mulacek's candidates if they were to be elected.

Despite reporting holdings of only approximately 7.6% of InterOil's common shares, Mulacek is seeking to take control of the Board which would result in effective control of the Company.

Since Mr. Mulacek's departure in 2013, InterOil has revamped its Board and management team. Six of InterOil's eight Board nominees and all of the executive management team, including Chief Executive Officer Dr. Michael Hession, have joined InterOil following Mr. Mulacek's departure.

The Board and management team include highly-qualified and proven leaders who have the right mix of global oil and gas experience, public company experience, large-scale LNG project expertise, local experience and institutional knowledge to oversee the execution of InterOil's strategy.

InterOil is focused on executing its strategic priorities, including advancing the Papua LNG Project, one of the most competitive new-build LNG projects globally; completing the appraisal of the Elk-Antelope fields; and monetizing its world-class assets.

InterOil is confident that implementing its strategic plans will allow the Company to unlock the full value of its assets and enhance value for all InterOil shareholders.

The InterOil Board will present its recommendation on the nominees in a supplement to the Management Information Circular, which will be filed and mailed to all shareholders eligible to vote at the Meeting.

InterOil shareholders are reminded that their...