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GFI MVL
GOGOF MVL
MVL/GFI - Mvelaphanda Resources / Gold Fields - Joint press release
MVELAPHANDA RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1980/001395/06)
Share code: MVL
ISIN: ZAE000050266
Gold Fields Limited
(Registration Number 1968/004880/06)
("Gold Fields ")
Share Code: GFI
ISIN: ZAE000018123
Joint Press Release
Gold Fields Limited
1968/004880/06
Mvelaphanda Resources Limited
1980/001395/06
Mvela Resources and Gold Fields Agrees on 50 million shares should "flip-up"
proceed
Johannesburg, 17 March 2008: Gold Fields Limited (Gold Fields) (JSE, NYSE and
DFIX: GFI) and Mvelaphanda Resources Limited (Mvela Resources) (JSE: MVL) are
pleased to announce that the parties have agreed that Mvela Resources will
receive 50 million Gold Fields shares if and when Mvela Resources` future stake
of 15% in GFI Mining South Africa (Proprietary) Limited (GFIMSA) Limited is
exchanged at the instance of either Gold fields or Mvela Resources, for shares
in Gold Fields. GFIMSA is the vehicle that owns and houses the South African
assets of Gold Fields.
The exact number of shares, within the range of the floor and cap (45 and 55
million shares respectively), which Mvela Resources would have received should
the exchange have been implemented in terms of current agreements, was extremely
volatile because of the input parameters for a Discounted Cash Flow valuation,
and the complex nature of the formula, and agreeing the number of shares now
gives certainty on an equitable basis to both parties.
Nick Holland, Chief Financial Officer of Gold Fields said: "We agreed on 50
million shares as it is the midway point between the floor and cap, and we
believe represents a fair deal."
Pine Pienaar of Mvela Resources said: "This arrangement will bring certainty to
the shareholders of Mvela Resources as to the size of our potential future stake
in Gold Fields."
ENDS
Enquiries
Gold Fields
Investors:
Willie Jacobsz
Mobile Number: +27 82 493 1377
Media:
Reidwaan Wookay Andrew Davidson
Office Number: +27 11 644 2665 +27 11 644 2638
Mobile Number: +27 82 878 4566 +27 82 667 7203
Mvelaphanda Resources
James Wellsted
Office Number +27 11 325 5323
Mobile Number: +27 83 453 4014
Date: 17/03/2008 07:59:47 Produced by the JSE SENS Department.
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