The company noted also that shareholders rejected all resolutions proposed by company’s founder Phil Mulacek and certain of his associates at InterOil’s annual and special meeting of shareholders held on Monday.
Each InterOil director nominee received at least 72 per cent of the votes submitted at the meeting or by proxy.InterOil was pleased with the results.
“We appreciate the strong support that we have received from our shareholders throughout this process,” the firm said.
“The results of the meeting underscore the recognition by our shareholders of the steps our board and management team have taken to transform InterOil.” About 70 per cent of the outstanding InterOil common shares were represented at the meeting.
In addition to the election of the corporation’s nominees as directors, each of the other proposals presented by the corporation at the meeting was approved by shareholders, including the appointment of auditors, approval of a new incentive plan and the denial of Mulacek’s expense reimbursement. InterOil Corporation is an independent oil and gas business with a sole focus in PNG.
Its assets include one of Asia’s largest undeveloped gas fields – Elk-Antelope – in Gulf and exploration licences covering about 16,000 square kms.
Its main offices are in Singapore and Port Moresby. InterOil is listed on the New York and Port Moresby stock exchanges.