InterOil Confirms A Group Of Shareholders Are Requesting A Special Meeting To Consider Proposed Resolutions

InterOil Corporation (USA) IOC confirmed on Friday that it has received a request from a group of shareholders led by the company's former CEO Phil Mulacek requesting a special meeting of shareholders to consider several proposed resolutions.

According to The Sydney Morning Herald, Mulacek left InterOil as CEO in late 2013 and teamed up with a group of investors to push the company to implement several measures to reduce its board of directors and give shareholders the potential to veto corporate deals.

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Specifically, the group argue that InterOil's board is "too large and expensive" for a company with no operations and lowering the head count would make better use of resources.

Mualcek and the group of investors hold approximately 7.5 percent of InterOil stock.

In its letter to shareholders, InterOil also said it will review the group's proposals and "take actions that it believes are in the best interest of InterOil and all of its shareholders." The company also added it "continues to make significant progress" on its Papua LNG project and its current course of action will enhance value for all shareholders over time.

Shares of InterOil were trading lower by more than 2 percent after Friday's market open.