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Intrepid shareholders vote on company's future

30th May 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – The shareholders of dual-listed Intrepid Mines would on Friday vote on whether the company would continue its hunt for new assets, or if the directors would wind-up the entity.

The ASX- and TSX-listed company had received an $80-million cash payout on the settlement of an ownership and control dispute around its Tuju Bukit copper/gold project, in Indonesia.

Intrepid had effectively been locked out of the $5-billion project after its joint venture partners PT Indo Multi Niaga transferred ownership of Intrepid’s 80% shareholding to another vehicle.

Intrepid chairperson Ian McMaster told the company’s annual general meeting that while the company was "extremely frustrated" that shareholders would not see value in the Tuju Bukit discovery, the company was relieved that it had been able to recover the bulk of its investment in Indonesia and to make a clean exit from all the disputes in which it had been involved.

McMaster noted that since the dispute settlement in February this year, the company had been evaluating investment opportunities in the gold and base metals sector, with the objective of identifying a compelling business case for one of the opportunities, which would stand up against the default case of returning cash to shareholders.

“Only two weeks ago, we held an extraordinary general meeting at which three directors were replaced by a slate of new directors, with a clear platform to accelerate the return of cash to shareholders. Your board has taken this vote as a clear message that a substantial portion of shareholders wish to have cash returned, rather than invested in new ventures,” he added.

McMaster said that if shareholders passed the resolution on Friday, to return the cash, the company’s directors would proceed to wind up the company.

Edited by Creamer Media Reporter

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