Business Context and Reporting Period
This Form 6-K filing by Gold Fields Limited, dated June 3, 2019, discloses the award of Conditional Performance Shares to directors and major subsidiary directors under the Gold Fields Limited 2012 Share Plan. The awards were granted on May 28, 2019, with an effective date of February 15, 2019.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity figures. The only financial metric disclosed is the share price used to value the awards: a 3-day Volume Weighted Average Price (VWAP) of R57.3756 calculated on February 27, 28, and 29, 2019.
Material Changes
No material changes to financial performance or operations are reported in this filing. The document solely details the execution of a specific equity compensation event.
Guidance, Outlook, and Management Commentary
The filing outlines the performance conditions required for the Conditional Performance Shares to vest over a three-year period. Vesting is contingent upon achieving targets in three areas:
- Relative Total Shareholder Return (TSR): Measured against a basket of ten major gold mining companies.
- Absolute TSR: Measured by the change in Gold Fields share price from the start to the end of the performance period.
- Free Cash Flow Margin (FCFM): Achievement of pre-determined targets.
The number of shares settled will range from 0% to 200% of the initial award based on these conditions. No specific guidance on future earnings or operational outlook is provided.
Important Facts for Investors to Verify
- Award Details: Verify the total number of Performance Shares awarded to key executives, including NJ Holland (163,966), L Rivera (176,981), and NA Chohan (126,392).
- Vesting Timeline: Confirm that the shares vest on the third anniversary of the effective date (February 15, 2022).
- Performance Targets: Review the specific numerical thresholds for Relative TSR, Absolute TSR, and Free Cash Flow Margin, which are not detailed in this summary but are critical for potential dilution.
- Regulatory Compliance: Note that necessary clearance was obtained in accordance with JSE Listings Requirements section 3.66.