Gold Fields Withdraws Proposed Share Offering
JOHANNESBURG, South Africa, Nov 22, 2002 /PRNewswire-FirstCall via COMTEX/ -- Gold Fields Limited today announced that it is withdrawing the Form F-1 Registration Statement filed with the United States Securities and Exchange Commission on the basis of which the company had intended to raise capital through an offering of shares in the United States.
Ian Cockerill, Chief Executive Officer of Gold Fields said, "We decided to withdraw our filing because current market conditions are not favourable."
"In addition, we believe that Gold Fields' shares are currently undervalued compared to our peers. The expectation of an offering at this time placed additional pressure on our share price at a time when, we believe, the outlook for gold is particularly positive," said Cockerill.
Gold Fields Limited is the world's largest unhedged gold company with 4.3 million ounces of attributable gold production per annum and attributable reserves of 79 million ounces. The company, which has operations in South Africa, Australia and Ghana and exploration projects worldwide, is focused on increasing value at its existing operations, international growth and developing the gold market. The principal trading market for the company's ordinary shares is the Johannesburg Securities Exchange South Africa (GFI). In addition, the company's ordinary shares are listed on the London Stock Exchange, on Euronext in Paris and Brussels, and the SWX Swiss Exchange. The company's American Depositary shares are listed on the New York Stock Exchange (GFI).
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SOURCE Gold Fields Limited
CONTACT: South Africa - Willie Jacobsz, +27-11-644-2460,
fax - +27-11-484-0639; or North America - Cheryl A. Martin, +1-303-796-8683,
fax - +1-303-796-8293, both for Gold Fields Limited
(GFI)
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