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Latest - ioc.aussie - 06-14-2016
Shareholders in InterOil will vote on July 28 on the $US2.2bn merger approach from Oil Search, as confidence grows in the deal achieving majority support from institutional investors.
News of the EGM date comes ahead of InterOil’s much-anticipated annual general meeting in New York on June 14, which promises to feature a showdown between the Papua New Guinea-focused explorer’s board and its colourful founder and former CEO, Phil Mulacek.
Over the past few months Mr Mulacek has waged a campaign to install five new directors at and has staunchly opposed the Oil Search bid, arguing that it undervalues the company.
But his latest efforts to frustrate the merger have been dealt another blow after his legal application to have the AGM postponed until after shareholders had voted on the merger was rejected by the Supreme Court in Yukon in Canda, where InterOil is incorporated.
Proxy votes submitted ahead of the AGM also signal overwhelming support for InterOil’s board, marking a heavy setback for Mulacek’s campaign.
Yet despite the strong institutional backing for the company’s strategy there is little sign of celebration in either the Oil Search or InterOil camps.
Speaking to The Australian, Mr Botten pointed out the march to win InterOil would take another six weeks and described it as “marathon rather than a sprint”. He added that Oil Search would continue to talk to its target’s shareholders to persuade them of the merits of the deal.
Yet while the Sydney-based oil and gas producer has pledged to maintain its momentum, others in the industry view the shareholder vote on Mulacek’s proposals as a proxy for the outcome on the merger vote.
Scheme documents on the tie-up are due out within the next few weeks.
Oil Search’s acquisition is expected to conclude in the third quarter of 2016, and will usher in deeper ties between the Australian company, which last year fended off a takeover approach from Woodside, and French energy major, Total.
Under the terms of the deal, Total will take control of 60 per cent of InterOil’s PRL 15 assets, where the Elk-Antelope gas fields sit, in addition to 62 per cent of the company’s exploration assets.
Certification on Elk-Antelope is running close to two years behind InterOil’s self-imposed deadline but should be completed by the end of the year.
An accurate measure of the fields’ reserves will likely be followed by a final investment decision on a second project, anchored by Total. Alternatively, the French giant may opt to feed the gas into the current Exxon-operated $US15bn PNG LNG project, where it could extract a tolling fee for the gas, though many in the industry regard this as unlikely given the PNG government’s desire for a second LNG project.
RE: Latest - ioc.aussie - 06-14-2016
Acquisition to conclude third quater, certification by year end?
Where is A7?
RE: Latest - jft310 - 06-14-2016
Facts are :The current vote was decided with a 50 percent plus required , the new vote on the deal requires a 2/3 vote a much higher bar .I expect litigation of some type . It's a terrible deal and that will influence the voting results .
RE: Latest - Palm - 06-14-2016
'ioc.aussie' pid='72077' dateline='<a href="tel:1465859 Wrote:Acquisition to conclude third quater, certification by year end?
Where is A7?
It's a news report; they grab info and throw it into article. As we know, accuracy not guaranteed.