InterOil: Phil Mulacek discloses 5.1% active stake

On March 21, 2016, the Reporting Persons jointly delivered a requisition to the Company and the directors of the Company under Section 144 of the Business Corporations Act, as amended, to call a meeting of the shareholders of the Company to consider and vote upon certain proposals for improvements to the governance of the Company and, in particular, the composition and functioning of the Company's Board of Directors.
Critical Points..:

  • Reduce the Number of Directors
  • Limit Director and Executive Officer Compensation
  • Require That Certain Directors Have Technical Expertise In the Company’s Business
  • Implement Enhanced Procedures for Evaluating and Reporting on the Company’s Reserves and Discoveries
  • Require Shareholder Approval of Significant Acquisitions and Dispositions
  • Require the Board To Implement Improved Disclosure Practices

[Source: SEC.GOV, Sedar, March 21, 2016]