Business Context and Reporting Period
This Form 6-K filing by Gold Fields Limited, dated August 30, 2016, reports on a specific corporate governance event rather than a financial reporting period. The filing discloses the award of Conditional Performance Shares to directors of major subsidiaries under the Gold Fields Limited 2012 Share Plan.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. The only financial data point disclosed is the share price used to value the performance award: R62.958 (3-day VWAP of May 18, 19, and 20, 2016).
Material Changes
No material changes to financial performance or operations are reported in this document. The filing details a new equity award granted on August 25, 2016, with an effective date of March 1, 2016.
Guidance, Outlook, and Management Commentary
The filing outlines the performance conditions required for the vesting of the awarded shares over a three-year period. These conditions include:
- Relative TSR: Performance measured against a basket of ten other major gold mining companies.
- Absolute TSR: Gold Fields share price measured at the start and end of the performance period.
- Free Cash Flow Margin: Achievement of pre-determined targets.
The number of shares to be settled ranges from 0% to 200% of the initial conditional award based on these metrics.
Important Facts for Investors
- Recipient: Alex Munt, Director of major subsidiaries including Gold Fields Australia (Pty) Ltd.
- Award Size: 43,903 Performance Shares were awarded and accepted.
- Vesting Schedule: Shares vest on the third anniversary of the effective award date (March 1, 2019).
- Valuation Basis: Awards are based on a share price of R62.958.
- Regulatory Compliance: Necessary clearance was obtained under section 3.66 of the JSE Listings Requirements.