Way Forward - Vote YES

[kerekesc]

XOM did not come in only because the starter bid had "shareholder support."  It did NOT!  XOM came in because it is in their own economic interest to own IOC in order to expand their LNG plant in the least inexpensive way possible.  Period!  And, as a result, it is in their economic interest to obtain IOC at the lowest price possible.  Oil Search, as many have already stated, is in no financial position to successfully raise their initial bid to compete with XOM.  That only leaves Total.  The only player currently in the game with the financial strength to significantly raise the stakes......but only if it is in their economic interest.  The jolly joker in this deck is the PNG government, and the possible collusion between the two bigs in order to divide the spoils.  In no way should we vote "yes" to the Oil Search opening bid.  Vote "NO"!  With each new and increased bid, more and more shareholders will begin to vote "yes".  Hopefully it will raise the share price to an acceptable level for all.......but I'm not banking on it.  We are minnows in a sea of sharks, and we own a huge, juicy piece of red meat!

[haroco]

OSH must respond.

OSH bid or bow to XOM by 7/21?

Unlikely OSH will raise XOM's bid.

BID- If OSH makes new offer deemed Superior current YES votes remain in support.

No votes are void.

BOW- IOC BoD deems XOM Superior Proposal and supports a YES vote.

Vote date clock reset.  Aug?  Sept?

If you've voted YES to date, I've been told your YES vote remains in support of the XOM sale, as a Superior Proposal has been accepted.

If you've voted NO to date, your NO vote is void, as a Superior Proposal has been accepted.

Way forward is to pressure TOT or others to enter bidding by voting YES in support of XOM Proposal.

Rejecting an XOM offer (or OSH offer if trumps XOM)  would tank pps.

If you see buzzards circling today the skies will be black with them if we reject XOM (or new OSH bid).

Way forward is to vote YES for each and every subsequent Superior Proposal.

Hession lit the fuse with the OSH 'starter' deal.

Let's apply positive pressure.

Tree, I've been supicious of you for some time ... I think my vote will alsways be opposit your vote.

[oliver.gump]

That is absolute bullshit Tree. A YES vote sells the company to OSH under the terms of the deal A NO vote is not void. A NO vote VOIDS THE TRANSACTION which is what we want. In your post you have done EXACTLY what Peter Botten and Michael Hession wanted you to do: conflate and confuse the matter at hand. Hard to restrain myself from a personal attack at this point but I will.

Art, you are correct and Tree is either dreaming or deliberately misleading.

The Vote is very specifically for OSH and does NOT have any grandfathering provision that would allow a new bidder to be naturally installed in place of OSH.

The wording of the proxy is not ambiguous in this regard. 

The Proposal in the Proxy is this:

"TO CONSIDER, AND, IF DEEMED ADVISABLE, TO PASS, WITH OR WITHOUT VARIATION, A SPECIAL RESOLUTION, THE FULL TEXT OF WHICH IS SET FORTH IN SCHEDULE B TO THE MANAGEMENT INFORMATION CIRCULAR OF INTEROIL DATED JUNE 24, 2016 (THE "INFORMATION CIRCULAR", APPROVING A STATUTORY PLAN OF ARRANGEMENT UNDER SECTION 195 OF THE BUSINESS CORPORATIONS ACT (YUKON) INVOLVING INTEROIL AND OIL SEARCH LIMITED, ALL AS MORE PARTICULARLY DESCRIBED IN THE INFORMATION CIRCULAR."

There is no way that XOM could be legally inserted to replace "OIL SEARCH LIMITED"

Tree: Which is it? Are you uninformed, or deliberately misleading?

I almost never call a fellow poster out directly, but you yeed to get your facts straight.

[Tree]

That is absolute bullshit Tree. A YES vote sells the company to OSH under the terms of the deal A NO vote is not void. A NO vote VOIDS THE TRANSACTION which is what we want. In your post you have done EXACTLY what Peter Botten and Michael Hession wanted you to do: conflate and confuse the matter at hand. Hard to restrain myself from a personal attack at this point but I will.

Art, you are correct and Tree is either dreaming or deliberately misleading.

The Vote is very specifically for OSH and does NOT have any grandfathering provision that would allow a new bidder to be naturally installed in place of OSH.

The wording of the proxy is not ambiguous in this regard. 

The Proposal in the Proxy is this:

"TO CONSIDER, AND, IF DEEMED ADVISABLE, TO PASS, WITH OR WITHOUT VARIATION, A SPECIAL RESOLUTION, THE FULL TEXT OF WHICH IS SET FORTH IN SCHEDULE B TO THE MANAGEMENT INFORMATION CIRCULAR OF INTEROIL DATED JUNE 24, 2016 (THE "INFORMATION CIRCULAR", APPROVING A STATUTORY PLAN OF ARRANGEMENT UNDER SECTION 195 OF THE BUSINESS CORPORATIONS ACT (YUKON) INVOLVING INTEROIL AND OIL SEARCH LIMITED, ALL AS MORE PARTICULARLY DESCRIBED IN THE INFORMATION CIRCULAR."

There is no way that XOM could be legally inserted to replace "OIL SEARCH LIMITED"

Tree: Which is it? Are you uninformed, or deliberately misleading?

I almost never call a fellow poster out directly, but you yeed to get your facts straight.

Which one is it Oliver?  It's the one where you and Art are 100% dead wrong. Are you foolish or are you blinded by bitterness?  Art could not understand my post and neither do you.

Again, a yes vote is a vote to approve the deal recommended by BOD.  The BOD will recommend the deal they deem as Suoerior.  It's up to BOD, not SHU posters determine the best available offer.

A YES vote is only an endorsement of the deal recommended by IOC Board.  After scrutiny of 36 options/offers IOC BOD deemed OSH the Superior initial Offer.  A YES vote is an endorsement of that OSH sale recommendation.  A NO vote was  a refute of the BOD recommendation

Since BOD has deemed XOM the Superior Offer, that XOM offer is the issue to be voted upon in the future if it stands as Superior. We do not, cannot and will not be asked to vote yes or nor or maybe on the original OSH deal by July 28, unless XOM walks. Your NO notes to OSH deal are void, unless XOM walks and no one else tops OSH offer.

OSH has until 7/21/16 counter or walk away.

If XOM recommended offer stands after 7/21/16 then a new vote date will be announced. Bidders will have until that vote date to submit a Superior Offer. This could go on for months.

We will be asked to endorse or not endorse the BOD recommended Superior Offers as they rise to the top and the name of entity will keep changing until no other bidders exist

[AU74]

That is absolute bullshit Tree. A YES vote sells the company to OSH under the terms of the deal A NO vote is not void. A NO vote VOIDS THE TRANSACTION which is what we want. In your post you have done EXACTLY what Peter Botten and Michael Hession wanted you to do: conflate and confuse the matter at hand. Hard to restrain myself from a personal attack at this point but I will.

Art, you are correct and Tree is either dreaming or deliberately misleading.

The Vote is very specifically for OSH and does NOT have any grandfathering provision that would allow a new bidder to be naturally installed in place of OSH.

The wording of the proxy is not ambiguous in this regard. 

The Proposal in the Proxy is this:

"TO CONSIDER, AND, IF DEEMED ADVISABLE, TO PASS, WITH OR WITHOUT VARIATION, A SPECIAL RESOLUTION, THE FULL TEXT OF WHICH IS SET FORTH IN SCHEDULE B TO THE MANAGEMENT INFORMATION CIRCULAR OF INTEROIL DATED JUNE 24, 2016 (THE "INFORMATION CIRCULAR", APPROVING A STATUTORY PLAN OF ARRANGEMENT UNDER SECTION 195 OF THE BUSINESS CORPORATIONS ACT (YUKON) INVOLVING INTEROIL AND OIL SEARCH LIMITED, ALL AS MORE PARTICULARLY DESCRIBED IN THE INFORMATION CIRCULAR."

There is no way that XOM could be legally inserted to replace "OIL SEARCH LIMITED"

Tree: Which is it? Are you uninformed, or deliberately misleading?

I almost never call a fellow poster out directly, but you yeed to get your facts straight.

Which one is it Oliver?  It's the one where you and Art are 100% dead wrong. Are you foolish or are you blinded by bitterness?  Art could not understand my post and neither do you.

Again, a yes vote is a vote to approve the deal recommended by BOD.  The BOD will recommend the deal they deem as Suoerior.  It's up to BOD, not SHU posters determine the best available offer.

A YES vote is only an endorsement of the deal recommended by IOC Board.  After scrutiny of 36 options/offers IOC BOD deemed OSH the Superior initial Offer.  A YES vote is an endorsement of that OSH sale recommendation.  A NO vote was  a refute of the BOD recommendation

Since BOD has deemed XOM the Superior Offer, that XOM offer is the issue to be voted upon in the future if it stands as Superior. We do not, cannot and will not be asked to vote yes or nor or maybe on the original OSH deal by July 28, unless XOM walks. Your NO notes to OSH deal are void, unless XOM walks and no one else tops OSH offer.

OSH has until 7/21/16 counter or walk away.

If XOM recommended offer stands after 7/21/16 then a new vote date will be announced. Bidders will have until that vote date to submit a Superior Offer. This could go on for months.

We will be asked to endorse or not endorse the BOD recommended Superior Offers as they rise to the top and the name of entity will keep changing until no other bidders exist

Why didn't you say so in the first post? If you want to be understood, stop posting confusing language.

[Tree]

That is absolute bullshit Tree. A YES vote sells the company to OSH under the terms of the deal A NO vote is not void. A NO vote VOIDS THE TRANSACTION which is what we want. In your post you have done EXACTLY what Peter Botten and Michael Hession wanted you to do: conflate and confuse the matter at hand. Hard to restrain myself from a personal attack at this point but I will.

Art, you are correct and Tree is either dreaming or deliberately misleading.

The Vote is very specifically for OSH and does NOT have any grandfathering provision that would allow a new bidder to be naturally installed in place of OSH.

The wording of the proxy is not ambiguous in this regard. 

The Proposal in the Proxy is this:

"TO CONSIDER, AND, IF DEEMED ADVISABLE, TO PASS, WITH OR WITHOUT VARIATION, A SPECIAL RESOLUTION, THE FULL TEXT OF WHICH IS SET FORTH IN SCHEDULE B TO THE MANAGEMENT INFORMATION CIRCULAR OF INTEROIL DATED JUNE 24, 2016 (THE "INFORMATION CIRCULAR", APPROVING A STATUTORY PLAN OF ARRANGEMENT UNDER SECTION 195 OF THE BUSINESS CORPORATIONS ACT (YUKON) INVOLVING INTEROIL AND OIL SEARCH LIMITED, ALL AS MORE PARTICULARLY DESCRIBED IN THE INFORMATION CIRCULAR."

There is no way that XOM could be legally inserted to replace "OIL SEARCH LIMITED"

Tree: Which is it? Are you uninformed, or deliberately misleading?

I almost never call a fellow poster out directly, but you yeed to get your facts straight.

Which one is it Oliver?  It's the one where you and Art are 100% dead wrong. Are you foolish or are you blinded by bitterness?  Art could not understand my post and neither do you.

Again, a yes vote is a vote to approve the deal recommended by BOD.  The BOD will recommend the deal they deem as Suoerior.  It's up to BOD, not SHU posters determine the best available offer.

A YES vote is only an endorsement of the deal recommended by IOC Board.  After scrutiny of 36 options/offers IOC BOD deemed OSH the Superior initial Offer.  A YES vote is an endorsement of that OSH sale recommendation.  A NO vote was  a refute of the BOD recommendation

Since BOD has deemed XOM the Superior Offer, that XOM offer is the issue to be voted upon in the future if it stands as Superior. We do not, cannot and will not be asked to vote yes or nor or maybe on the original OSH deal by July 28, unless XOM walks. Your NO notes to OSH deal are void, unless XOM walks and no one else tops OSH offer.

OSH has until 7/21/16 counter or walk away.

If XOM recommended offer stands after 7/21/16 then a new vote date will be announced. Bidders will have until that vote date to submit a Superior Offer. This could go on for months.

We will be asked to endorse or not endorse the BOD recommended Superior Offers as they rise to the top and the name of entity will keep changing until no other bidders exist

Why didn't you say so in the first post? If you want to be understood, stop posting confusing language.

i did.  Didn't think it would require remedial work as well. Anyways, the best way to goose bids is to bit YES to every recommended superior offer.

[CAC]

That is absolute bullshit Tree. A YES vote sells the company to OSH under the terms of the deal A NO vote is not void. A NO vote VOIDS THE TRANSACTION which is what we want. In your post you have done EXACTLY what Peter Botten and Michael Hession wanted you to do: conflate and confuse the matter at hand. Hard to restrain myself from a personal attack at this point but I will.

Art, you are correct and Tree is either dreaming or deliberately misleading.

The Vote is very specifically for OSH and does NOT have any grandfathering provision that would allow a new bidder to be naturally installed in place of OSH.

The wording of the proxy is not ambiguous in this regard. 

The Proposal in the Proxy is this:

"TO CONSIDER, AND, IF DEEMED ADVISABLE, TO PASS, WITH OR WITHOUT VARIATION, A SPECIAL RESOLUTION, THE FULL TEXT OF WHICH IS SET FORTH IN SCHEDULE B TO THE MANAGEMENT INFORMATION CIRCULAR OF INTEROIL DATED JUNE 24, 2016 (THE "INFORMATION CIRCULAR", APPROVING A STATUTORY PLAN OF ARRANGEMENT UNDER SECTION 195 OF THE BUSINESS CORPORATIONS ACT (YUKON) INVOLVING INTEROIL AND OIL SEARCH LIMITED, ALL AS MORE PARTICULARLY DESCRIBED IN THE INFORMATION CIRCULAR."

There is no way that XOM could be legally inserted to replace "OIL SEARCH LIMITED"

Tree: Which is it? Are you uninformed, or deliberately misleading?

I almost never call a fellow poster out directly, but you yeed to get your facts straight.

Which one is it Oliver?  It's the one where you and Art are 100% dead wrong. Are you foolish or are you blinded by bitterness?  Art could not understand my post and neither do you.

Again, a yes vote is a vote to approve the deal recommended by BOD.  The BOD will recommend the deal they deem as Suoerior.  It's up to BOD, not SHU posters determine the best available offer.

A YES vote is only an endorsement of the deal recommended by IOC Board.  After scrutiny of 36 options/offers IOC BOD deemed OSH the Superior initial Offer.  A YES vote is an endorsement of that OSH sale recommendation.  A NO vote was  a refute of the BOD recommendation

Since BOD has deemed XOM the Superior Offer, that XOM offer is the issue to be voted upon in the future if it stands as Superior. We do not, cannot and will not be asked to vote yes or nor or maybe on the original OSH deal by July 28, unless XOM walks. Your NO notes to OSH deal are void, unless XOM walks and no one else tops OSH offer.

OSH has until 7/21/16 counter or walk away.

If XOM recommended offer stands after 7/21/16 then a new vote date will be announced. Bidders will have until that vote date to submit a Superior Offer. This could go on for months.

We will be asked to endorse or not endorse the BOD recommended Superior Offers as they rise to the top and the name of entity will keep changing until no other bidders exist

Why didn't you say so in the first post? If you want to be understood, stop posting confusing language.

i did.  Didn't think it would require remedial work as well. Anyways, the best way to goose bids is to bit YES to every recommended superior offer.

Completely false. To think that a supermajor's decision to bid more is in any way influenced by shareholder approval of a prior, lower bid is nonsensical. They're going to try to win the auction, and worry about approval after that.  Smart shareholders should vote how they see fit on the merits of the offers. Both are "no's" to me so far.

[oliver.gump]

That is absolute bullshit Tree. A YES vote sells the company to OSH under the terms of the deal A NO vote is not void. A NO vote VOIDS THE TRANSACTION which is what we want. In your post you have done EXACTLY what Peter Botten and Michael Hession wanted you to do: conflate and confuse the matter at hand. Hard to restrain myself from a personal attack at this point but I will.

Art, you are correct and Tree is either dreaming or deliberately misleading.

The Vote is very specifically for OSH and does NOT have any grandfathering provision that would allow a new bidder to be naturally installed in place of OSH.

The wording of the proxy is not ambiguous in this regard. 

The Proposal in the Proxy is this:

"TO CONSIDER, AND, IF DEEMED ADVISABLE, TO PASS, WITH OR WITHOUT VARIATION, A SPECIAL RESOLUTION, THE FULL TEXT OF WHICH IS SET FORTH IN SCHEDULE B TO THE MANAGEMENT INFORMATION CIRCULAR OF INTEROIL DATED JUNE 24, 2016 (THE "INFORMATION CIRCULAR", APPROVING A STATUTORY PLAN OF ARRANGEMENT UNDER SECTION 195 OF THE BUSINESS CORPORATIONS ACT (YUKON) INVOLVING INTEROIL AND OIL SEARCH LIMITED, ALL AS MORE PARTICULARLY DESCRIBED IN THE INFORMATION CIRCULAR."

There is no way that XOM could be legally inserted to replace "OIL SEARCH LIMITED"

Tree: Which is it? Are you uninformed, or deliberately misleading?

I almost never call a fellow poster out directly, but you yeed to get your facts straight.

Which one is it Oliver?  It's the one where you and Art are 100% dead wrong. Are you foolish or are you blinded by bitterness?  Art could not understand my post and neither do you.

Again, a yes vote is a vote to approve the deal recommended by BOD.  The BOD will recommend the deal they deem as Suoerior.  It's up to BOD, not SHU posters determine the best available offer.

A YES vote is only an endorsement of the deal recommended by IOC Board.  After scrutiny of 36 options/offers IOC BOD deemed OSH the Superior initial Offer.  A YES vote is an endorsement of that OSH sale recommendation.  A NO vote was  a refute of the BOD recommendation

Since BOD has deemed XOM the Superior Offer, that XOM offer is the issue to be voted upon in the future if it stands as Superior. We do not, cannot and will not be asked to vote yes or nor or maybe on the original OSH deal by July 28, unless XOM walks. Your NO notes to OSH deal are void, unless XOM walks and no one else tops OSH offer.

OSH has until 7/21/16 counter or walk away.

If XOM recommended offer stands after 7/21/16 then a new vote date will be announced. Bidders will have until that vote date to submit a Superior Offer. This could go on for months.

We will be asked to endorse or not endorse the BOD recommended Superior Offers as they rise to the top and the name of entity will keep changing until no other bidders exist

Nope, this vote is very specifically for OSH, it is NOT applicable to any deal with XOM.

A vote on a deal with XOM will be accompanied by an entirely separate MIC and Proxy.

Vote NO on this one, and then consider the next one based on its own merits.

Voting yes and expecting the BOD to use that vote for whichever deal is the best in their opinion is what got us into the position we are in now: Finlayson & Hession. This BOD and Executive is incentivised for a fire-sale, not a best value for the shareholders transaction.

Vote NO, then look at the new MIC & Proxy for the XOM deal and vote on that separately.

[kommonsents]

Apparently, we all say things differently, which, at times, to some, may be confusing.

It really is quite simple to get on the same page. When the opportunity presents itself, just keep voting YES for the then Superior offer. Eventually, the most Superior offer will win and we can all find something else interesting to argue about.

Remember, vote YES for the MOST SUPERIOR offer.

It is not about whether or not to sell IOC in total. The PSO and BOD have already made that decision. IOC will be sold. Just vote YES for the best offer.

[oliver.gump]

Apparently, we all say things differently, which, at times, to some, may be confusing. It really is quite simple to get on the same page. When the opportunity presents itself, just keep voting YES for the then Superior offer. Eventually, the most Superior offer will win and we can all find something else interesting to argue about. Remember, vote YES for the MOST SUPERIOR offer. It is not about whether or not to sell IOC in total. The PSO and BOD have already made that decision. IOC will be sold. Just vote YES for the best offer.

The point here is: Voting yes on THIS particular vote is NOT how you select the best offer.

Voting yes on this particular vote is how you select the OSH deal.