HOUSTON, June 6, 2016 /PRNewswire/ --
- InterOil shareholders will forego billions of dollars of value,
including payments TOTAL has already agreed to make under the
existing 2014 agreement, if the OSH/TOTAL Proposal proceeds as
currently structured.
- Presentation offers detailed analysis of deal consideration and
presents alternative structures that should be considered.
- Vote the BLUE proxy to elect the Concerned InterOil
Shareholders' five highly qualified nominees and vote FOR each of
the six proposed resolutions.
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 have
released a presentation to InterOil shareholders in connection with
a proposed bid by Oil Search Limited (ASX: OSH) ("OSH") and the
annual and special meeting of shareholders of InterOil, to be held
in New York on June 14, 2016
(the "Meeting"). The presentation is available on the Concerned
InterOil Shareholders' website
www.ConcernedInterOilShareholders.com.
In their presentation, the Concerned InterOil Shareholders
outline the potentially multi-billion shortfall for InterOil
shareholders if the proposed acquisition of all of the issued and
outstanding shares of InterOil by Oil Search, and the related
Memorandum of Understanding between Oil Search and TOTAL, S.A.
(TOTAL) in respect of certain InterOil assets, announced on
May 19,
2016, proceeds as currently structured (the
"OSH/TOTAL Proposal").
"We believe the OSH/TOTAL Proposal is vastly inadequate for
InterOil shareholders. Our analysis exposes what we believe to be a
potentially multi-billion dollar value disconnect. The OSH/TOTAL
Proposal would see shareholders give up all payments InterOil
shareholders were to receive from TOTAL, the value of the remaining
36.5% interest in PRL 15 InterOil holds (worth billions), and InterOil's
exploration acreage and other resources, in exchange for Oil Search
stock and a financially manipulative and structurally flawed CVR
that fails to properly account for the solid TOTAL cash payments
and enormous upside potential of the Elk and Antelope resource. Our
presentation also details the board of directors (the "Board") and
management's history of value destructive actions, egregious
compensation practices, and mis-characterizations of their track
record since I retired from the Board," said Mr. Mulacek.
"We strongly urge our fellow InterOil shareholders to carefully
review our presentation and register their frustration with the
Board's track record of value destructive actions, and the Board's
latest failure to surface full value for InterOil shareholders, by
voting on the BLUE proxy. Shareholders who do not support
our nominees, but nevertheless want to send strong message of
dissatisfaction with the Board's performance, are encouraged to
withhold their votes from the current Board, and vote FOR each of
the Concerned InterOil Shareholders' resolutions on the
WHITE management proxy," continued Mr. Mulacek.
Please review the Concerned InterOil Shareholders'
presentation, available at
www.ConcernedInterOilShareholders.com.
Shareholders are encouraged to vote only the BLUE Concerned
InterOil Shareholders proxy:
- FOR the Proposed Resolutions;
- FOR each of our five of our highly-qualified
nominees;
- FOR the appointment of auditors;
- AGAINST the New Plan Resolution; and
- AGAINST the Mulacek Expenses Denial
Resolution.
If you require any assistance voting your BLUE proxy, contact
the Concerned InterOil Shareholders' proxy solicitor, Evolution
Proxy Inc., at 1-844-226-3222 toll-free in North America, or at 416-855-0238 outside of
North America (collect calls
accepted), or by e-mail at
info@evolutionproxy.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.
Information Contact:
For additional information on this press release please contact
the Concerned InterOil Shareholders at +1 (832) 510-7028, or by
email at info@concernedinteroilshareholders.com
Shareholder Contact:
For assistance in voting your proxy, please contact Evolution
Proxy Inc., at 1-844-226-3222 toll-free in North America, or at +1 (416) 855-0238 outside of North America (collect calls accepted), or by
e-mail at info@evolutionproxy.com
Media Contact:
Bayfield Strategy, Inc.
Riyaz Lalani
+1 (416) 907-9365
rlalani@bayfieldstrategy.com
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SOURCE Petroleum Independent & Exploration, LLC