HOUSTON, Feb. 9, 2017 /PRNewswire/ -- The founding shareholder, former chairman and Chief Executive Officer of InterOil Corporation ("InterOil"), Mr. Phil Mulacek, announced today that he has released a presentation to InterOil shareholders and media in connection with the revised bid by Exxon Mobil Corporation ("Exxon") to acquire all of the issued and outstanding shares of InterOil. The presentation is available for download at www.ConcernedInterOilShareholders.com, which is maintained by Mr. Mulacek. Mr. Mulacek invites all interested persons to join a moderated conference call in which he will discuss the presentation and proposed solutions. The call will be held Thursday, February 9, 2017, at 10:30 a.m. EST. The toll-free number to dial in the US is +1 (866) 551-7244. Interested participants may also submit questions in advance by email to info@concernedinteroilshareholders.com.
In his presentation, Mr. Mulacek outlines his concerns about the revised Exxon proposal and states that he intends to vote against it. "The revised Exxon proposal is not significantly different from the original proposal by Exxon in July 2016 to acquire InterOil, and I oppose it for the same reasons -- it is fundamentally unfair to InterOil shareholders. Exxon has tried to cast its offer as 'new and improved' by increasing the cap from 10 tcfe to 11 tcfe on the contingent resource payment (CRP) that will be based on the Antelope #7 well currently being drilled. In my view, however, it is unlikely that the higher cap will have any effect on the deal. Antelope #7 has missed all of its targets so far and, I believe, was not drilled in a location that would generate any significant increase in InterOil's estimated resources over current values, as I suggested when it was proposed in July 2016," he said.
Mr. Mulacek also urges institutional shareholders not to rely on the advice of proxy advisory firms such as Institutional Shareholder Services (ISS) in determining how to vote on the revised Exxon proposal, since they got it wrong before. He points out that ISS recommended support of the first Exxon proposal, but when Mr. Mulacek challenged that proposal in the Canadian courts as not being fair, the Court of Appeal for Yukon agreed and, in a "stinging rebuke" of InterOil's board, management and corporate governance process, the high court failed to approve the deal. In view of this record, Mr. Mulacek questions why portfolio managers would rely on ISS and urges them to do their own independent analysis.
Mr. Mulacek also repeats his concern about the lack of input by InterOil shareholders in the certification process that underlies the CRP, which will be managed by Exxon and TOTAL. "InterOil shareholders have no effective advocate for their position in the current XOM Proposal. InterOil shareholders must have the opportunity to interact directly with the certifiers to protect their interests," he said.
Please review Mr. Mulacek's presentation, available at www.ConcernedInterOilShareholders.com.
Cautionary Statement Regarding Forward-Looking Statements:
This press release contains forward-looking statements. All statements contained here 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 Mr. Mulacek 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 or may be under the control of unrelated third parties. Mr. Mulacek does 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 Mr. Mulacek at +1 (832) 510-7028, or by email at info@concernedinteroilshareholders.com.
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