Intrepid Mines Limited: Letter To Shareholders
BRISBANE, AUSTRALIA -- (Marketwired) -- 06/11/13 --
Dear Fellow Shareholder,
Extraordinary General Meeting on 20 June 2013
This is the last letter I will send you in relation to the attempt by
Quantum Pacific to take control of Intrepid at the forthcoming
Extraordinary General Meeting.
By now you would have received extensive materials from your Board
and from Quantum Pacific on the issues to be considered. I do not
propose to restate all the reasons why your Board unanimously
recommends that you vote AGAINST all of the resolutions proposed by
Your Board remains of the strong opinion that it is far better placed
than the alternative directors proposed by Quantum Pacific to handle
the complex and challenging situation the Company is dealing with
regarding the Tujuh Bukit project in Indonesia.
If you have not already sent in your completed proxy form I urge you
to do so without delay either by completing and posting the proxy
form you have received or by voting online. On the reverse side of
this letter are instructions on how to lodge your vote online.
Proxy voting closes at 11am (AEST) on Tuesday 18 June 2013.
I am sure you are already well aware of the issues at stake at the
Extraordinary General Meeting, however there are two important new
matters that I want to draw to your attention.
The first is to let you know that Rob McDonald, a long serving and
valued member of the Intrepid Board, has decided that he is not
willing to remain on the Board should Quantum Pacific and its
associates take control. Accordingly, you should be aware that if
Quantum Pacific takes control of Intrepid at the Extraordinary
General Meeting, Rob will resign at the conclusion of the Meeting
notwithstanding that Quantum Pacific wants him to remain on the
The second matter is to let you know that we have now received copies
of the formal recommendations to institutional shareholders made by
proxy advisers Ownership Matters, CGI Glass Lewis and ISS. Ownership
Matters and CGI Glass Lewis support the Board's recommendations that
you vote AGAINST the resolutions. For reasons which your directors
reject, ISS is supporting Quantum Pacific, although it does recommend
against the election of Mr Paul Lim, a Partner of Quantum Pacific, on
the basis that he does not add to the existing skill set, and his
election would result in a disproportionate representation of Quantum
on the Board.
In closing, let me thank our shareholders, large and small alike, for
their continued support for the current Board and management in our
campaign to restore value for shareholders.
The future of Intrepid is at stake at the coming Meeting and it is
very important that all shareholders exercise their right to vote.
If you have any queries regarding the Extraordinary General Meeting,
please call the shareholder hotline:
For Australian residents: 1300 086381
For overseas holders call: +61 3 94154024
Ian McMaster AM, Chairman
LODGING YOUR PROXY ONLINE
In order to lodge your vote online, please visit:
www.investorvote.com.au, and enter the following Control Number:
186259. You will then be directed to Intrepid Limited's online voting
platform where you are able to view the current "Notice of Meeting"
and instructions on "How to Vote" on the right hand side of the
webpage. On the left hand side of the webpage, please enter your SRN
or HIN (located on the Top Right Corner of this letter) followed by
your postcode OR Country of Residence if you reside outside of
Australia. Once you are logged in, please follow the prompts to lodge
your votes. If you require assistance, please call 1300 552 270 (if
within Australia) or +61 3 9415 4000 (if located outside of
Intrepid Mines Limited
Australia: 1300 086381
Overseas: +61 3 9415 4024
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