The current Insider Trading policy was adopted October 16, 2014.
A new provision was adopted that is labeled Additional Blackout Periods. Paragraph 2 imposes a blackout period while any appraisal or exploration drilling is conducted by the company. This prohibits covered persons from buying or selling shares.
Today, I have sent a letter to IR, asking that a shareholder proposal to remove this provision be adopted at the annual meeting.
In prior e mails with IR, it was stated that this provison is not required by insider trading laws.
I believe the insider trading rules are more than adaquate without this provision. Again, this was just added On October 16, 2014.
I do not believe oil and gas companies that are like Interoil have this onerous of a provision on insider trading and believe that this provision is not in the best insterest of shareholders.
If anyone agrees, I would urge them to write to Investor Relations.
I have owned this stock for 10 years and I take no joy in having to do this. I just feel this provision is wrong and goes too far and does not align management with the shareholder.