Business Context and Reporting Period
This Form 6-K filing by Gold Fields Limited, dated May 16, 2017, discloses dealings in securities in compliance with the Listings Requirements of the Johannesburg Stock Exchange (JSE). The report details the award and acceptance of Conditional Performance Shares to specific directors and the Company Secretary under the Gold Fields Limited 2012 Share Plan.
Key Financial Metrics
The filing does not provide consolidated financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics. The only financial data point disclosed is the share price used to value the performance share awards: a 3-day Volume Weighted Average Price (VWAP) of R41.2943 calculated on February 24, 27, and 28, 2017.
Material Changes
There are no material changes to the company's financial position or operations reported in this filing. The document solely reports the execution of equity-based compensation awards effective March 1, 2017, with the award date occurring on May 8, 2017.
Guidance, Outlook, and Management Commentary
The filing outlines the performance conditions required for the vesting of the awarded shares over a three-year period. Vesting is contingent upon achieving pre-determined targets in three areas:
- Relative Total Shareholder Return (TSR): Measured against a peer group of ten major gold mining companies.
- Absolute TSR: Based on the Gold Fields share price at the start and end of the performance period.
- Free Cash Flow Margin (FCFM): Achievement of a pre-determined target.
The number of shares settled upon vesting may range from 0% to 200% of the initial conditional award based on these metrics.
Important Facts for Investors to Verify
- Award Recipients: Conditional Performance Shares were awarded to NJ Holland (Director), MML Mokoka (Company Secretary), and J Pauley (Director of a Major Subsidiary).
- Award Sizes: NJ Holland accepted 370,042 shares; MML Mokoka accepted 34,696 shares; J Pauley accepted 67,206 shares.
- Vesting Schedule: All awards vest on the third anniversary of the effective date (March 1, 2017), subject to performance conditions.
- Valuation Basis: Awards were valued using a share price of R41.2943.
- Regulatory Compliance: Necessary clearance was obtained in accordance with section 3.66 of the JSE Listings Requirements.