Gold Fields And Mvela Move Towards Conclusion Of Empowerment Deal
Release Date: 13/02/2004 11:45:01 Code(s): GFI
Gold Fields and Mvela Move Towards Conclusion of Empowerment Deal
Gold Fields and Mvela Move Towards Conclusion of Empowerment Deal
SHARE CODE: GFI
ISIN: ZAE000018123
MEDIA RELEASE
Gold Fields and Mvela Move Towards Conclusion of Empowerment Deal
Johannesburg, 13 February 2004: Gold Fields Limited ("Gold Fields"), Mvelaphanda
Resources Limited ("Mvelaphanda") and the various financiers to the transaction,
in terms of which a wholly-owned subsidiary of Mvelaphanda will acquire a 15%
benefial interest in the South African gold mining and related assets of Gold
Fields for a consideration of R4.1 billion, today signed the final and
definitive agreements governing the transaction.
"This is a major step towards the conclusion of this groundbreaking deal," said
Nick Holland, chief financial officer of Gold Fields. "We are now ready to mail
the circulars to shareholders for them to make the final decision about the
transaction and, thereafter, for Mvelaphanda to complete the equity raising. We
are confident that the transaction will be completed as planned. Anglo American
plc, our largest shareholder, through its wholly-owned subsidiaries, has agreed
to support the transaction," he added.
Present at the signing ceremony were signatories representing Gold Fields and
Mvelaphanda, as well as the Industrial Development Corporation of South Africa
(IDC), the International Finance Corporation (IFC), the Public Investment
Commissioner of South Africa (PIC), JP Morgan, Rand Merchant Bank and Barclays.
"This is an innovative deal which sets a new standard for the funding of
empowerment deals. As a result it has been a complex deal to put to paper and
all the credit goes to our inhouse team working on the deal as well as the large
teams of advisors, lawyers and funders who have worked non-stop since the
detailed cautionary announcement was published on 26 November 2003," said
Holland.
Circulars will be mailed to shareholders on or about Saturday, 14 February 2004,
in preparation for the general meetings of both Mvelaphanda and Gold Fields
shareholders, which are expected to be held on Monday, 8 March 2004.
The outcome of the shareholder meetings will be announced immediately following
the meetings and will be published in the press on the following day.
ends
Enquiries:
Andrew Davidson
011 644-2638
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