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Non-Tech : Invest / LTD -- Ignore unavailable to you. Want to Upgrade?

To: heraclitus who wrote (4483)	10/20/1998 7:25:00 PM
From: Lucretius	Read Replies (1) \| Respond to of 14427

no its not... (this is a good thing... GLDFY was trading below NAV) Here's the press release showing the distribution... shareholders of Gold Fields of South Africa (GFSA)(NASDAQ- ADRs-GLDFY) today gave their overwhelming approval to proposals for the unbundling of the group's holdings in Gold Fields Limited (GFL) and Standard Bank Investment Corporation Limited (Stanbic) More than 78 percent of the GFSA shareholding was represented at the general meeting and they voted 99,9 percent in favour. The go-ahead from shareholders to implement the distribution by way of a dividend in specie and reduction in share premium followed an announcement of the proposed unbundling by the GFSA board on 18 August, 1998. The shares held by GFSA in GFL and Stanbic make up the major portion of GFSA's value, but are purely investments with no value being added by GFSA GFSA holds 175 574 125 shares in GFL and 109 750 000 in Stanbic. The total value of these equities is in excess of R7-billion. GFSA will distribute the listed investments in GFL and Stanbic to its shareholders in the ratio of 155,265 GFL shares and 96,208 Stanbic shares for every 100 GFSA shares held at 21h00 on Friday 16 October 1998. GFSA stated today that its directors were in the process of examining several options regarding the remaining GFSA assets, other than in GFL and Stanbic, which could involve distribution and/or realisation of all or some of these assets. At a further general meeting today, shareholders of the GFSA subsidiary New Wits Limited, approved the reduction of the share premium of that company which will lead to the unbundling of New Wits' entire interests in its listed portfolio, representing the majority of assets. Almost 60 percent of the New Wits's shareholding was represented and voted 99,96 percent in favour.