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Intrepid to resubmit capital return resolution to shareholders

Intrepid to resubmit capital return resolution to shareholders

Photo by Reuters

2nd June 2014

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – ASX- and TSX-listed Intrepid Mines plans to resubmit a capital return resolution to shareholders, after Friday’s annual general meeting (AGM) highlighted diverged views regarding the company’s cash reserves.

Chairperson Ian McMaster reported on Monday that 50% of the votes cast at the AGM were in favour of returning capital to shareholders; however, there was still a large portion of shareholders that wanted the company to put additional effort into considering alternatives.

He said Intrepid would resubmit the capital return resolution to shareholders, along with an alternative option to return cash through a share buy-back. A share buy-back would require more than 50% of the votes cast to be passed.

“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,” McMaster said.

Shareholders have to decide what Intrepid should do with the $80-million cash payout that it had received when settling the ownership and control dispute around the Tuju Bukit copper/gold project, in Indonesia.

Edited by Creamer Media Reporter

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