INTEROIL Corporation convenes its annual general meeting this morning (Tuesday). This follows the ruling by the Supreme Court of Yukon which last week rejected attempts by InterOil Corporation’s founding chairman and former chief executive officer Phil Mulacek’s attempts to have it delayed.
According to the firm’s market report last week, the Supreme Court had found there was no basis on which to interfere with the board of director’s judgment to proceed with the meeting. In the wake of the ruling, the board has strongly urged all shareholders to vote the white proxy- to retain the existing board members which the company had hailed as being highly qualified.
Further to reject Mr Mulacek’s resolutions and his hand-picked nominees which the company had deemed “unqualified”. InterOil in its report said the director nominees, of which Mr Mulacek had sought to replace, were “proven leaders that had taken decisive action to address the “challenges created by the founding chairman prior to his departure from the corporation and create value for shareholders.”
“The board has enabled InterOil to enter the compelling transaction with Oil Search Limited, which your board believes will deliver significant value to all InterOil shareholders, InterOil said that in contrast the former CEO had been pursuing a self serving agenda to take control of the company’s board and its future through the requisitioned resolutions by nominating his employees and associates for elections to the corporation’s board. “Mr Mulacek has articulated no strategy for InterOil and his interest conflict with those of InterOil and its shareholders. “The board has thoroughly reviewed Mulaceck’s resolutions and his nominees and determined that they are not in the best interest of InterOil or its shareholders,” the company stated.
The corporation had strongly urged its shareholders to discard any proxy sent to them by Mulacek. They stated that even if they (shareholders) had voted on the blue proxy (sent by Mr Mulacek) that they had the option of changing their vote by submitting a later dated white proxy.
According to the firm’s market report last week, the Supreme Court had found there was no basis on which to interfere with the board of director’s judgment to proceed with the meeting. In the wake of the ruling, the board has strongly urged all shareholders to vote the white proxy- to retain the existing board members which the company had hailed as being highly qualified.
Further to reject Mr Mulacek’s resolutions and his hand-picked nominees which the company had deemed “unqualified”. InterOil in its report said the director nominees, of which Mr Mulacek had sought to replace, were “proven leaders that had taken decisive action to address the “challenges created by the founding chairman prior to his departure from the corporation and create value for shareholders.”
“The board has enabled InterOil to enter the compelling transaction with Oil Search Limited, which your board believes will deliver significant value to all InterOil shareholders, InterOil said that in contrast the former CEO had been pursuing a self serving agenda to take control of the company’s board and its future through the requisitioned resolutions by nominating his employees and associates for elections to the corporation’s board. “Mr Mulacek has articulated no strategy for InterOil and his interest conflict with those of InterOil and its shareholders. “The board has thoroughly reviewed Mulaceck’s resolutions and his nominees and determined that they are not in the best interest of InterOil or its shareholders,” the company stated.
The corporation had strongly urged its shareholders to discard any proxy sent to them by Mulacek. They stated that even if they (shareholders) had voted on the blue proxy (sent by Mr Mulacek) that they had the option of changing their vote by submitting a later dated white proxy.
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