HOUSTON, June 15, 2016 /PRNewswire/ -- The founding shareholder, former chairman and Chief Executive Officer of InterOil Corporation ("InterOil" or the "Company") (NYSE: IOC), Phil Mulacek, and Petroleum Independent & Exploration, LLC (together, the "Concerned InterOil Shareholders"), announced today that they were very pleased by the significant support for the resolutions and nominees put forward by the Concerned InterOil Shareholders at the annual and special meeting of shareholders of InterOil held on June 14, 2016 (the "Meeting"). In addition, the Concerned InterOil Shareholders noted the positive response to their presentation to InterOil shareholders in connection with a proposed bid by Oil Search Limited and TOTAL, S.A. (the "Oil Search/TOTAL Proposal"). The Concerned InterOil Shareholders believe the strong demonstration of support of shareholders at the Meeting was a clear message to the InterOil board of directors (the "Board") that opposition to the Oil Search/TOTAL Proposal is building and that shareholders deserve a transaction that offers full value for their shares.
Approximately 39% of InterOil shares voted at the Meeting supported the "Compensation Committee Charter Resolution", and over 31% of InterOil shares voted at the Meeting supported each of the other resolutions put forward by the Concerned InterOil Shareholders. In addition, over 35% of InterOil shares voted at the Meeting opposed management's "New Plan Resolution," which gives the Board the ability to grant new stock-based compensation.
"We thank our fellow shareholders for their extraordinary level of support. It is clear to us that a substantial number of institutional and individual shareholders share our frustration and dissatisfaction with the Board. We are also gratified by the response of our fellow InterOil shareholders to our recently released presentation, and by the wave of opposition that continues to build against the potential multi-billion shortfall in value represented by the Oil Search/TOTAL Proposal. The results of the Meeting demonstrate to us that the Board must heed the many voices of shareholders demanding a better deal," said Mr. Mulacek.
Please review the Concerned InterOil Shareholders' presentation, available at www.ConcernedInterOilShareholders.com.
Cautionary Statement Regarding Forward‐Looking Statements:
This press release contains forward‐looking statements. All statements contained in this filing that are not clearly historical in nature or that necessarily depend on future events are forward‐looking, and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward‐looking statements. These statements are based on current expectations of the Concerned InterOil Shareholders and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. The Concerned InterOil Shareholders do not assume any obligation to update any forward‐looking statements contained in this press release.
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SOURCE Petroleum Independent & Exploration, LLC