Business Context and Reporting Period
This Form 6-K filing by Gold Fields Limited, dated May 31, 2017, discloses dealings in securities by directors of major subsidiaries. The report details the award and acceptance of Conditional Performance Shares under the Gold Fields Limited 2012 Share Plan, effective March 1, 2017, with an award date of May 8, 2017.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. The only financial metric disclosed is the share price used for the performance share calculation: a 3-day Volume Weighted Average Price (VWAP) of R41.2943 based on February 24, 27, and 28, 2017.
Material Changes
No material changes to financial performance or operational status are reported in this filing. The document focuses exclusively on the execution of equity incentive awards for specific directors.
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 the following areas:
- Relative Total Shareholder Return (TSR): Measured against a basket of ten other 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 a pre-determined target.
The number of shares settled will range from 0% to 200% of the initial conditional award based on these metrics.
Important Facts for Investors to Verify
- Award Recipients: A. Munt (42,475 shares) and M. Preece (53,462 shares) accepted Performance Shares on May 25 and May 28, 2017, respectively.
- Vesting Timeline: Shares vest on the third anniversary of the effective award date (March 1, 2017).
- Valuation Basis: The awards were calculated using a share price of R41.2943.
- Regulatory Compliance: Necessary clearance for these transactions was obtained on May 30, 2017, in accordance with JSE Listings Requirements.