BRISBANE, AUSTRALIA — (Marketwired) — 06/20/13 — Intrepid Mines Limited (TSX: IAU)(ASX: IAU) –
Ladies and Gentlemen,
Today-s meeting has been called at the behest of a small group of shareholders who want to remove your current directors, and install a new slate of their choosing. As I have mentioned previously, at no time have the shareholders concerned sought to have any discussion with the board. It is interesting to note that there has been a significant lift in the average volume of our shares traded since these shareholders signalled their intentions, with most buyers coming from Indonesia, Singapore or Hong Kong, countries where Intrepid previously had very few shareholders. There are now well over 120 million shares – in excess of 20% of the Company-s stock – held by south-east Asian shareholders. Many of the shares are held through nominees, a number of whom have been very reluctant to reveal the beneficial holders as they are required to do. The Company has been in discussion with the regulator over this lack of transparency, and will continue to seek clarification on the entities driving this activity.
As I said in my letter to shareholders in the Notice of Meeting, the decision you face today is a simple one – which of these slates is best placed to lead your company forward in the situation in which we now find ourselves.
While you will have seen a lot of arguments and allegations put on the issue since, the key questions you will need to consider remain the same:
I have no wish to prolong today-s meeting by repeating those arguments again, but I would like to reinforce three important messages.
Ladies and gentlemen, your votes today will have a significant impact on the way we seek to resolve this dispute, and prospects of an equitable and transparent resolution. Should you choose to return the current directors, we will continue to work on your behalf to resolve this dispute so that the Tujuh Bukit project, which holds such promise, can deliver for all its stakeholders.
ABN: 11 060 156 452
Contacts: Intrepid Mines Limited Brad Gordon Chief Executive Officer Brisbane, Australia +61 7 3007 8000
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