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Intrepid Mines Limited: Annual General Meeting-Results of the Meeting

BRISBANE, AUSTRALIA--(Marketwired - Jun 2, 2014) - Intrepid Mines Limited (IAU.AX)(IAU.TO) ("Intrepid", or the "Company"), advises that at the annual general meeting of shareholders held on Friday 30 May 2014, shareholders voted against the return of capital resolution that required 75% of votes cast to be passed. Shareholders also re-elected all directors and passed the remuneration report.

Chairman Ian McMaster AM said, "The result regarding the capital return resolution demonstrates a divergence of views regarding deployment of the company's cash reserves. While over 50% of votes cast were in favour of the capital return, there remains a large proportion of shareholders who would prefer that the Company puts additional effort into considering alternatives.

It is the Company's intention to resubmit the capital return resolution to shareholders at the earliest practical opportunity along with an alternative option to return cash via a share buy-back. A share buy-back will require more than 50% of votes cast to be passed. However, in addition to returning funds to shareholders, should an attractive investment opportunity become available during this period, then it would be put to shareholders to consider alongside a share buy-back or capital return.

I would also like to take this opportunity to sincerely thank the management of Intrepid Mines and Directors past and present for their efforts in seeing the Company through a difficult year. Looking ahead, we will continue to focus on finding solutions that are in the interests of all shareholders."

Results of the Meeting

The results of the resolutions put to the meeting were as follows:

  • All resolutions were decided on a show of hands.
  • Resolutions 4, 6 and 7 were withdrawn prior to the meeting.
  • Resolution 12 (Spill Motion) was withdrawn at the meeting following the vote on the remuneration report which was passed unanimously on a show of hands.

Proxies voted prior to the meeting were as follows:

Resolution For Against Open -
Open -
1 APPROVE RETURN OF CAPITAL 219,161,838 186,218,526 3,627,404 40,398 98,116
2 REMUNERATION REPORT 356,938,566 28,589,164 3,717,553 33,045 6,917,120
3 RE-ELECT - I MCMASTER 281,949,955 123,668,384 3,207,750 40,398 279,795
5 RE-ELECT - A ROBERTS 271,997,236 132,456,703 3,176,150 40,398 289,795
8 RE-ELECT - S LOWE 272,951,337 132,594,485 3,256,756 41,140 302,464
9 RE-ELECT G MAZUR 304,706,335 66,641,718 37,467,614 40,398 290,217
10 RE-ELECT L Y N PAUL 303,996,343 67,281,487 37,529,366 40,398 298,688
11 RE-ELECT C SANDERSON 312,710,219 58,599,468 37,483,781 40,398 312,416

ABN: 11 060 156 452