Gold Fields Shareholders do not Approve IAMGold Transaction
December 07 2004 - 8:19AM
PR Newswire (US)
Gold Fields Shareholders do not Approve IAMGold Transaction
JOHANNESBURG, South Africa, December 7 /PRNewswire-FirstCall/ --
The Board of Directors of Gold Fields Limited (GFI: NYSE and JSE)
today announced that the proposed reverse takeover of IAMGold
Corporation ("the transaction") has not received the required
majority approval by its shareholders. The proposed transaction
will therefore not be completed. The breakdown of the vote is as
follows: shares voted in favour 170,617,459 (48.23% of total)
shares voted against - 181,955,004 (51.44% of total) abstentions -
1,154,283 (0.33% of total) Gold Fields Chief Executive Officer Ian
Cockerill said, "This is a disappointing result, but we respect the
decision of our shareholders. Gold Fields has outstanding assets
and people, very profitable operations and a strong balance sheet.
As we have stated before, we have a number of strategic options
open to us. The key elements of our strategy for aggressive
earnings growth are those we announced in May 2004: - continued
organic growth of our existing assets, including through continual
improvements of our operational efficiency; - acquisitions to
diversify geographic, technical and currency risk and to grow our
international portfolio by 1.5 million ounces per year within five
years; and - exploration for new, high value opportunities in
current and new territories. The Board will be meeting over the
next few days to consider our options. We will provide the market
with an update on our strategic plans aimed at maximising the value
of your company." He concluded, "Whilst we were unable to convince
a suitable number of shareholders to vote this transaction through,
we respect the outcome and will continue to press on and do what we
have demonstrated so well these past few years, and that is add
value by running good quality mines in a safe, efficient and
profitable manner. And we would urge you to continue to resist
tendering your shares to any subsequent Harmony offer. Today's vote
against IAMGold is not a vote for the Harmony offer." Important
Information: In the United States, Gold Fields Limited ("Gold
Fields") has filed a Solicitation/Recommendation Statement with the
Securities and Exchange Commission (the "SEC") on Schedule 14D-9
and holders of the Gold Fields Ordinary Shares and American
Depositary Shares are advised to read it as it contains important
information. Copies of the Schedule 14D-9 and other related
documents filed by Gold Fields are available free of charge on the
SEC's website at http://www.sec.gov/. Any documents filed by
Harmony Gold Mining Company Limited, including any registration
statement on Form F-4 (including any prospectus contained therein)
and related exchange offer materials as well as its Tender Offer
Statement on Schedule TO, will also be available free of charge on
the SEC's website. The directors of Gold Fields accept
responsibility for the information contained in this document. To
the best of their knowledge and belief (having taken all reasonable
care to ensure that such is the case) the information contained in
this document is in accordance with the facts and does not omit
anything likely to affect the import of such information. Copies of
this document are not being made available, and must not be mailed,
forwarded, transmitted or otherwise distributed or sent in or into
Australia, Canada, Japan, the Republic of Ireland or any other
jurisdiction in which it is illegal to make this document available
and persons receiving this document (including custodians, nominees
and trustees) must not distribute, forward, mail, transmit or send
it in or into or from Australia, Canada, Japan, the Republic of
Ireland or any such other jurisdiction. DATASOURCE: Gold Fields
Limited CONTACT: Enquires - South Africa: Willie Jacobsz, Tel
+27-11-644-2460, Fax +27-11-484-0639; North America: Cheryl A
Martin, Tel +1-303-796-8683, Fax +1-303-796-8293.
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