The requisition notice from Quantum Pacific and Fides Capital Partners seeks to remove all current Intrepid directors, aside from Alan Roberts, and appoint three new directors, Cliff Sanderson, Greg Mazur and Paul Lim.

Quantum Pacific and Fides are also asking the company to allow its shareholders to vote on a return of capital.

Last month, Intrepid agreed to a settlement over the loss of the Tujuh Bukit project in Indonesia in 2012, which would see the company receive around $US80 million ($A88.7 million).

Intrepid flagged that the cash would be redeployed.

Quantum Pacific said it agreed with the settlement but demanded all the cash be returned to shareholders.

The Hong Kong-based firm said if it won the shareholder vote to remove the five directors, its plan would be to halt all other talks on strategic alternatives and organise the return of the cash to shareholders.

Quantum Pacific said other options would be a return of all the company’s capital to shareholders by way of an equal reduction of capital, or an off-market buyback.

Last year, Quantum Pacific failed in its attempt to gain control of the Intrepid board, with it proposing the replacement of Intrepid’s directors with Sanderson, Mazur and Lim, as well as former Focus Minerals boss Campbell Baird.

Intrepid said it was aware of the latest notices but was evaluating if the requisitioning shareholders met the requirements to issue them.

The company added that its meeting to vote on the $80 million settlement would go ahead as planned on April 9.

Shares in Intrepid dropped half a cent to A28c this morning.