04-24-2013, 02:57 AM
'Getitrt2' pid='21261' datel Wrote:Full Raymond James comment: CEO’s Departure Is a Logical Step That Should Help Accelerate Partnership ♦ InterOil has announced that CEO Phil Mulacek is leaving his position effective April 30 (while retaining a board seat). Mulacek had already given up his chairmanship in July 2012, a move that was well received by the market at the time. Based on our conversations with the company and ongoing dialogue with investors, our sense is that several major shareholders have been pushing for a CEO change over the past several years, so this latest news marks a logical step along the way. ♦ While Mulacek’s entrepreneurial drive succeeded in building a $4 billion energy company, he has been a sharply polarizing figure. We are of the view that at least some investors (and, presumably, prospective partners) have come to perceive him as an obstacle to a successful LNG partnership deal. According to local publication PNG Industry News (http://www.pngindustrynews.net/storyview.asp?storyid=798461971§ionsource=s0), CFO Collin Visaggio has specifically confirmed that Mulacek’s departure is part of the process to get the company ready for the partnership deal. This does not mean that his departure was a precondition for a deal, but we look at the news as a positive development, a catalyst for an accelerated timeline towards a partnership announcement. ♦ In the meantime, an executive search is underway to fill the CEO’s position, and we would not be surprised to see someone with major energy company experience. We would also not be surprised if the new CEO comes from the Asia-Pacific region, i.e., someone with first-hand experience in Papua New Guinea or nearby countries.
Good we are getting something from Raymond James. In typical IOC press release fashion, we get a muddle. The algo's are already at work. Wait for the heavy volume to subside and drag it down. Really bush league how this company communicates. Can we get rid of Wayne Andrews. Of course all the big players I am sure are appraised of what is going on. We get to do what we do best,wait.