BRISBANE, AUSTRALIA--(Marketwired - June 11, 2013) -
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 Quantum Pacific.
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 Board.
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 Australia).