Wer das Goldfields Umtauschangebot ignoriert und
seine WAR Aktien vorzieht, dem droht Knüppel aus
dem Sack: Nachschusspflicht fuers desolate hedge book
und Einzug der Kosten fuer Reparatur am Schacht
sowie eine Übernachtungswoche auf der tiefsten Sohle.
Au- Wei-A, der Hahn hat dicke Eia
gogh
Gold Fields may delist Western Areas
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Quelle: miningmx.com Thu, 14 Dec 2006
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[miningmx.com] -- GOLD Fields may apply to delist Western Areas, the 47-year old company for which it tabled a $1bn share offer earlier this year. This was after capturing about 82% of the company including acceptances from Harmony Gold, which owned 29% of Western Areas and 5% shareholder, the Government fund management company, PIC.
In order to 'squeeze out' extant minority shareholders, Gold Fields would have to control about 94.1% of Western Areas.
One fund manager not yet to have tendered his company's shares is Piet Viljoen of Regarding Capital Management (Re:Cm) which owns about 5% of Western Areas.
He said that Re:Cm continued to assess its position: 'Liquidity is not an issue for us, and it never has been.
"It's a question of whether there's value in having a stake in Western Areas, and whether Gold Fields will allow to accrue to all shareholders over time." he said. "So, we've still not made up our minds," he said.
"This delisting will have severe implications for the liquidity of Western Areas stock," Gold Fields said in an announcement. There would also be funding obligations if Gold Fields were not to establish 100% control of the company.
This included the possibility that minority shareholders would have to
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contribute their share of R1.6bn in capital required for the mine and the
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hedge book financing between 2007 and 2011, the company said.
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In 2007 alone, some R300m was required to finance premiums payable on Western Areas hedge book, said Gold Fields. Western Areas owns 50% of the South Deep mine, a 28 million oz gold resource west of Johannesburg.
Gold Fields said that assuming the mine achieved planned build up of 300,000 tons/month by 2012, and given certain price and currency considerations, it is likely Western Areas will become cash positive, notwithstanding its hedge commitments.
However, the required funding shortfall over this five year period is some R1.6bn," the company said in its announcement.
John Munro, business development director for Gold Fields, said the announcement was necessary to jog the memories of "moms and pops" shareholders before they headed off to their holidays.
"We've found that residual shareholders have a poor understanding of the process and they think they've accepted already," he said. "Then they find they're part of a company they didn't want to be in," he said.
"We want to get this tied up and start putting the mine back on track. It's had quite a history," he said.