Business Context and Reporting Period
This Form 6-K filing by Gold Fields Limited, dated August 29, 2016, discloses dealings in securities by directors and major subsidiaries. The report details the award of Conditional Performance Shares (PS) under the Gold Fields Limited 2012 Share Plan, effective March 1, 2016, with the award date occurring on August 25, 2016.
Key Financial Metrics
The filing does not provide consolidated financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics for the reporting period. The only financial data point disclosed is the share price used to value the performance awards: a 3-day Volume Weighted Average Price (VWAP) of R62.958 calculated on May 18, 19, and 20, 2016.
Material Changes
No material changes to financial performance or operations are reported in this filing. The document focuses exclusively on the execution of equity-based compensation awards to specific individuals.
Guidance, Outlook, and Management Commentary
Management commentary is limited to the terms of the Performance Share awards. The number of shares settling on the vesting date (three years from the effective date) will range from 0% to 200% of the initial award based on three performance conditions:
- Relative TSR: Performance against a basket of ten major gold mining companies.
- Absolute TSR: Share price performance measured at the start and end of the period.
- Free Cash Flow Margin: Achievement of pre-determined targets.
No specific risks, contingencies, or unusual items are disclosed in this text.
Important Facts for Investors to Verify
- Award Recipients: Verify the specific number of Performance Shares awarded to key personnel, including CEO Nicholas J. Holland (not listed in the table but signed the report), Paul Schmidt (171,619 PS), Naseem Ahmed Chohan (66,035 PS), Lee-Ann Samuel (66,092 PS), Johannes Pauley (55,095 PS), and Lucy Mokoka (21,572 PS).
- Vesting Conditions: Confirm the specific quantitative targets for Relative TSR, Absolute TSR, and Free Cash Flow Margin required to achieve the 0% to 200% payout range.
- Share Price Basis: Note that the award valuation is based on a historical share price (R62.958) from May 2016, not the filing date.
- Regulatory Compliance: The filing confirms necessary clearance was obtained under JSE Listings Requirements section 3.66.