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GFI - Gold Fields Limited - Press release
Gold Fields Limited
(Reg. No. 1968/004880/06)
(Incorporated in the Republic of South Africa)
Share Code: GFI
ISIN Code: ZAE000018123
PRESS RELEASE
GOLD FIELDS LAUNCHES A VOLUNTARY OFFER TO ACQUIRE SHARES OF MINORITIES
IN GOLD FIELDS LA CIMA IN PERU
Gold Fields Corona (BVI) Limited ("Gold Fields Corona"), a wholly owned
subsidiary of Gold Fields Limited (NYSE and JSE: GFI) today announced a
voluntary purchase offer in Lima, Peru, to acquire the outstanding
common voting shares and investment shares of Gold Fields La Cima S.A.A.
(La Cima) that it does not already own.
Gold Fields Corona is offering 4.20 Peruvian Nuevos Soles (S/.) in cash
for each La Cima common or investment share. The price would be adjusted
after the dividend cut-off date (fecha de corte) for any dividends
distributed during the term of the offer pursuant to a resolution to be
approved at the La Cima shareholders meeting on 30 March 2011.
Shareholders who accept the offer before the dividend cut-off date will
receive S/. 4.20 per share, and accordingly will not be entitled to
receive the dividend that would be paid by La Cima. Shareholders who
accept the offer on or after the dividend cut-off date will receive S/.
4.20 per share, less the dividend to be approved at the shareholders
meeting, which pursuant to the La Cima Board`s proposal, would be S/.
0.138 per share. The offer will open on 21 March 2011, at market
opening, and will be open for 20 trading days on the Lima Stock
Exchange.
If the offer is taken up in full, the cost of the transaction will
amount to S/. 1.16 billion (US$420 million). The offer price of S/. 4.20
per share is a premium of 32% over the current spot price of S/. 3.19
per common share and a 36% premium over the current spot price of S/.
3.08 per investment share. The offer price represents a 30% and a 34%
premium over the six months average traded price of the common shares
and investment shares respectively.
La Cima`s share structure is made up of 1,257 million common shares with
full voting rights and 176 million non-voting investment shares. Gold
Fields Corona`s offer is for 8% of the common shares it does not already
own and for 100% of the investment shares. La Cima owns the Cerro
Corona gold and copper mine in the Cajamarca district of Peru, which has
gold-equivalent Mineral Reserves of 5.3 million ounces. It has been in
production since 2008 and produces about 400,000 gold-equivalent ounces
a year.
Nick Holland, Chief Executive Officer of Gold Fields Limited, said: "If
our offer is successful we will be buying all or part of (if not all of
the minorities sell their shares) the remaining approximately 19% of
Cerro Corona, a world-class mine we know well and understand. If the
offer is accepted in full, it gives us access to an additional 1 million
ounces of long-life and low-cost reserves and an additional 76,000
ounces of gold-equivalent production a year.
"Through our cash offer La Cima shareholders are also getting a
significant premium on what is a fairly illiquid stock," he added.
Mr Holland concluded: "This offer is consistent with our view that,
where possible, we should own 100% of the assets in our portfolio."
ENQUIRIES:
Lima:
Carlos Farro, Credibolsa, +51-1 313-2909
Boston:
Willie Jacobsz, Gold Fields, +508-839-1188
Johannesburg:
Sven Lunsche, Gold Fields, +27-11-562-9763
Nikki Catrakilis-Wagner, Gold Fields, +27-11-562-9706
Date: 22/03/2011 07:55:01 Supplied by www.sharenet.co.za
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