Quantum Pacific Capital, a group holding about 5.4% of Intrepid, is seeking to remove most of its board and replace it with its own nominees at a meeting to be held on Thursday, June 20, in Brisbane.
Proxy advisors Ownership Matters and CGI Glass Lewis have told institutional investors to vote against the resolutions, in line with Intrepid's recommendation.
The support could be just what the current directors need to survive the spill.
Another proxy advisor, ISS, is supporting Quantum Pacific, though it does not support the election of Quantum Pacific partner Paul Lim, on the basis that he would not add to the existing skill set of the board and his election would result in a disproportionate representation of Quantum Pacific on the Intrepid board.
Quantum Pacific managing partner Greg Mazur refused to reveal to media last month how much support the group had from Intrepid's other shareholders, but said there was "significant discontent with the current board".
Intrepid chairman Ian McMaster today urged shareholders to send in completed proxy forms before voting closed next Tuesday.
"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," he said in a letter to shareholders.
Quantum Pacific proposes the removal of McMaster, deputy chairman Colin Jackson, chief executive officer Brad Gordon and directors Adrianto Machribie and Laurence Curtis.
The company is not seeking the removal of Alan Roberts or Robert McDonald.
However, Intrepid said today that McDonald would resign if Quantum Pacific succeeded next week.
Quantum Pacific is proposing to replace the board with Mazur, investment banker Paul Lim, former Ernst & Young partner Cliff Sanderson and former Focus Minerals boss Campbell Baird.
Mazur would be CEO and Sanderson would be chairman.