Gold Fields - 500 Beiträge pro Seite

[Basic]

Hallo zusammen,
Gold Fields hat 3 Wochen kurzfristig 50 % angezogen. Jetzt diese Meldung.


beesting (5/25/2000; 20:25:03MT - usagold.com msg#: 31301)
@White Rose # 31276 What Happened to Goldman Sachs Today?
ALERT!!! For anyone holding Gold Fields Ltd. Shares

Thursday May 25, 11:23 am Eastern Time

Gold Fields Limited Issues Cautionary Announcement

JOHANNESBURG, South Africa, May 25 /CNW/ -- Shareholders of Gold Fields Limited
(Nasdaq: GOLD; JSE: GFL) are advised that, as a consequence of Gold Fields being involved in
discussions with a number of parties, the price of Gold Fields securities may be materially affected.

Accordingly, shareholders are advised to exercise caution when dealing in the company`s securities
until a full announcement is made.

For further information

Web site: http://www.goldfields.co.za

Comment:
Goldfields Ltd. Shareprice rose slightly today!

Does anyone have any more news on what this is about?

Is the Goldman Sachs rumer and this press release related?

Is Goldman Sachs trying to Blackmail unhedged Gold Fields Ltd.??

We watch together....beesting.

Gruß Basic

[Basic]

Hallo zusammen,
gerüchteweise soll es Differenzen mit den Banken geben. Was Vorauserkäufe und Kreditrahmen angeht.
Kurs bisher positiv
Wer hat weitere Infos?
Gruß Basic

[Basic]

Hallo neue Infos.

SOURCE: Gold Fields Limited
Gold Fields Clinches a Deal with Ashanti
JOHANNESBURG, May 15 /PRNewswire/ -- Gold Fields Limited (Nasdaq: GOLD; JSE: GFI) today announced that it has reached agreement to acquire a portion of Teberebie Mine`s assets from the Ghana mining company Ashanti Goldfields pursuant to Ashanti acquiring Teberebie from Pioneer Group Inc.

The assets to be acquired by Gold Fields are located on the northern portion of the Teberebie mine and are adjacent to Gold Fields Tarkwa operations. The assets include heap-leach pads and their associated crushing agglomerations and stacking facilities. In addition, Gold Fields will be acquiring approximately one-million ounces of resources suitable to carbon-in-leach processing.

The consideration for this transaction is a payment of approximately US$5 million dependent on the timing of payments.

This transaction will enable Tarkwa Mine, a subsidiary of Gold Fields, to increase production significantly.

Completion of this transaction is subject to certain conditions such as bank creditors, which is expected in the next few weeks.

Gold Fields Limited is one of the largest gold producers in the world, with annual production in excess of 4 million ounces, proven and probable reserves of 74 million ounces and resources of 152 million ounces. Gold Fields trades on the Johannesburg Stock Exchange (GFI), as well as on Nasdaq (GOLD) and on the London, Paris, Brussels, and Swiss stock exchanges.

SOURCE: Gold Fields Limited



--------------------------------------------------------------------------------
More Quotes and News: Gold Fields Limited (NasdaqSC:GOLD - news)
Related News Categories: mining/metals

Scheint was drann zu sein, der Kurs ist weiter gestiegen.
Gruß Basic

[TFischer]

Soweit ich gehört habe, ist Goldfields im Gespräch mit Newmont u n d Franco-Nevada! Das gäbe einen weitgehend ungehedgten Machtblock, der sich sehr positiv auf den Goldpreis und auf die Aktienkurse auswirken könnte.

Schönes Wochenende

TFischer

[aneises2]

Hallo zusammen,

hier etwas zu Gold Fields:

Gold Fields in talks with `number of parties`
- Saturday, May 27, 2000

A statement by Gold Fields Ltd. that it is in talks with a "number of parties" has revived speculation that the South African company
might expand into North America.

The company, the world`s third-largest gold producer, warned investors in its statement on Thursday that the talks could affect its
share price. It advised shareholders to "exercise caution" when dealing in the securities but declined to comment further on the nature
of the transaction.

South African analysts told Bloomberg News that they believe the company could be planning to merge with South Africa`s AngloGold
Ltd., the world`s largest gold producer, Denver-based Newmont Mining Corp. or Toronto-based gold royalty company Franco-Nevada
Mining Corp.

Gold Fields has talked to a number of Canadian mining companies in the past to explore possible combinations, but nothing ever came
of it, said one Toronto analyst. Gold Fields has long wanted a North American presence, he said.

Other analysts told Dow Jones news service yesterday that Franco-Nevada is the likely partner or acquisition target.

Merger speculation about Gold Fields was ignited this month when its chairman, Chris Thompson, said he was considering making the
company a global player and that moves into platinum as well as gold were likely.

Franco-Nevada officials could not be reached for comment; last week, they declined to comment on rumours that some kind of deal was
imminent.


mfG
aneises2

[John Slade]

Deutsche und Gold Fields:

http://mny.co.za/BusToday.nsf/Current/422567D900452FF8422568…

[aneises2]

Hallo zusammen,

da scheint sich sehr kurzfristig etwas anzubahnen, was die Deutsche Bank nicht mehr beeinflußen kann.

mfg
aneises2

[Basic]

Hallo,
den Link verstehe ich so:
Die DB hatt für Gold Fields Optionen vergeben, die aus heutiger sich für die DB erhebliche Verluste bedeuten.
Was dort gemacht wird ist Schadensbegrenzung. Wenn im Gepräch nachgehagt wird, warum? Kommentar der DB nur auf Verdacht.
Leute hier brennt es.
Die Gold Fields wird wahrscheinlich aufgewertet, wenn die DB dass schon so verkündet.
In der Vergangenheit hatte die Stärkung ungehedgeter Mienen auch eine steigerung des Goldpreis ausgelöst.

[Basic]

Hallo zusammen,
Gold Fields die Nr. 8 soll mit Franco-Nevada die Nr. 5 "kooperieren".
Sollte dies die Ursache für die Strategieänderung DB sein, hat dies schon Auswirkungen.
Die Leihrate für 1 jährige Goldanleihen ist um 10 % gestiegen! nachdem Freitag die 1 monatigen um 20 % gestiegen sind. Der Goldpreis vollzieht kräftige Ausschläge zwischen 273 und 274.
Ein interessanter Start Basic.

[Goldhotline]

Franco Nevada dementiert eine Fusion mit Gold Fields (s.u.).

Die Entwicklung um Gold Fields bleibt jedoch spannend. Ein großer Deal wäre eine Fusion mit Harmony und Durban Roodepport Deep, eventuell gekoppelt mit der Übernahme der australischen Goldfields. Die völlig unterkapitalisierten Unternehmen würden zum Weltmarktführer aufsteigen. Daß die Deutsche Bank hier Angst um ihre Optionen bekommt, ist logisch.

Die Goldhotline

Monday May 29, 2:20 pm Eastern Time

Canada`s Franco-Nevada denies acquisition talks

TORONTO, May 29 (Reuters) - Canadian gold mining royalty company Franco-Nevada Mining Corp. (Toronto:FN.TO -
news) denied speculation on Monday it was in takeover talks with South Africa`s Gold Fields Ltd , the world`s second largest
gold producer.

``We`re talking with lots of companies. We`re always working on projects and we have a pipeline of projects, but there is no agreement or arrangement with
anyone,`` said David Harquail, senior vice-president at Franco-Nevada in Toronto.

``We have nothing material to announce,`` he added.

Speculation surfaced last week that Franco-Nevada was a takeover target of Gold Fields which is eyeing the Canadian company either as a potential takeover target
or as a potential partner.

The speculation heightened after Gold Field`s issued a cautionary notice to shareholders that it was ``involved in discussions with a number of parties`` and warned
that ``the price of Gold Fields` securities may be materially affected``.

Shares of Franco-Nevada were up 10 Canadian cents to C$18.40 in Toronto in midday trading on Monday. Gold Fields was up 80 cents to 25.80 rand on the
Johannesburg Stock Exchange.

Mining analysts said on Monday it made sense for Gold Fields to be looking to Toronto-based Franco-Nevada, given that its chairman had long expressed interest
in expanding into North America, home to world-class gold mining companies and sophisticated capital markets.

Franco`s Ken Snyder mine in Nevada`s Carlin is considered a prized asset in which many companies have expressed interest in acquiring. The mine in the rich Carlin
Trend area last year produced 230,250 ounces of gold at a cash cost of $98 per ounce.

``Obviously something is afoot. Whether it`s specifically Franco, I don`t know,`` said David Davidson, an analyst at Newcrest Capital, in Toronto.

``Obviously there is circumstantial evidence that suggests they have had discussions, but that shouldn`t surprise anyone.``

($1 equals $1.50 Canadian)

[Kalzone]

74 mio Unzen reserve a 280$ = 20,7 mrd $
WO-Redaktion sagt MCAP ist 2 mrd$
ich finde die entsprechende mitteilung von redaktion nicht, gehe aber alle noch mal durch.
wäre elementar unterbewertet!
gruss

[Basic]

Hallo zusammen,
da wir alle wissen, was an Dementis drann ist könnte diese Meldung vom USA GOLDBOARD richtig sein. Leider ist dort keine Quelle angegeben.

Trail Guide (06/13/00; 05:21:16MT - usagold.com msg#: 32258)
Gold Fields of SA.
Could be good news (big smile)!!!

A small percentage investment in paper is plenty of risk. 90% bullion and 10% paper works just fine.



------Gold Fields, the South African mining company, and Franco-Nevada of Canada will merge to create one of the world`s biggest gold mining groups-------

---New name: Gold Fields International------

---structured as a $2bn takeover of Gold Fields by Franco-Nevada ------

---primary stock exchange listing in Toronto-----


Das ist der Renner!
Gruß Basic

[Basic]

Hier die vollständige Meldung


SOURCE: Franco-Nevada Mining Corporation; Gold Fields Limited

Franco-Nevada and Gold Fields to merge, creating one of the world`s largest and strongest gold companies
No. 1 balance sheet in the industry, No. 2 in reserves and resources No. 3 in annual production, No. 4 in market capitalization
TORONTO and JOHANNESBURG, June 13 /CNW/ - Toronto-based Franco-Nevada Mining Corporation (TSE:FN - news) and Johannesburg-based Gold Fields Limited (JSE:GFI and NASDAQ:GOLD) announced today that their boards of directors have unanimously agreed to unite the two companies through a merger of equals.
Under the terms of the merger agreement, shareholders of Gold Fields will receive 0.35 shares of Franco-Nevada for each Gold Fields common share resulting in the issue of approximately 159 million Franco-Nevada common shares. Based on recent share prices, the combined company would be valued at US $3.7 billion (ZAR 25.8 billion).

This combination will create one of the world`s largest and strongest gold companies with a common philosophy, belief in the future of gold, and commitment to maximizing shareholder value. It will have a number of unique rankings in the gold industry:




- First in terms of balance sheet strength, with virtually no debt and
over US $700 million (ZAR 4.9 billion) in cash and marketable
securities.
- First in terms of lowest break even costs and among the lowest total
costs per ounce.
- Second in gold equivalent reserves (75 million ounces) and resources
(150 million ounces).
- Third in annual gold production (4.4 million ounces).
- Fourth in market capitalization (US $3.7 billion).

The new company, to be named Gold Fields International, will enjoy revenues of US $1.26 billion (ZAR 8.8 billion), EBITDA of US $316 million (ZAR 2.2 billion), net income of US $154 million (ZAR 1.1 billion) and cash flow of US $277 million (ZAR 1.9 billion). These are pro forma annualized figures to March 2000, excluding exceptional items and Canadian GAAP adjustments.
Seymour Schulich, co-founder, Chairman and Co-CEO of Franco-Nevada, said, "This is a significant step in our strategic growth as a company and in the ongoing pursuit of value for our shareholders. We believe in gold and this transaction will give our new company the greatest leverage to gold possible. The new company will also be particularly well placed to lead further consolidation in the gold industry. Franco-Nevada co-founder, President and Co- CEO Pierre Lassonde and I have entered into multi-year employment contracts as Co-Chairmen with the new company. Our goal is to develop the leading global gold company based one-third in North America, one-third in South Africa and one-third in the rest of the world."

Chris Thompson, Chairman and CEO of Gold Fields and President and CEO designate of the new company said, "This is another step in bringing to fruition the strategy we embarked on with the formation of Gold Fields Limited, just two years ago, in globalizing the company and creating value for our shareholders. This merger is a leap for Gold Fields into the international arena that could not be achieved through organic growth alone. It provides our existing shareholders with an offshore component to their investment, much improved liquidity, and participation in the growth and success of one of the largest and strongest gold companies in the world. It will ensure long-term growth in our assets, and the sustainability of our consolidating industry. In short, this transaction is good for our company, our shareholders, our employees and our country."

Mr. Thompson added "It brings together complementary management strengths and assets that provide a solid foundation and direction for growth. It also provides the new company with the highest leverage to the gold price. My colleagues and I are delighted to endorse this transaction which will create a leading diversified gold producer and enormous value for our shareholders."

The new company will continue to operate in a financially prudent manner. It will remain the only virtually unhedged senior gold producer in the world. The balance sheet will remain unlevered except for long-term corporate bonds and specific project debt and it is intended that the company will pay out 50% of earnings in yearly dividends. Most important of all, the company`s low cost structure will offer excellent leverage to the gold price. We believe any increase in the price of gold will produce significant increases in each of cash flow, earnings and share price.

Following the merger, each company`s shareholders will own 50% of Gold Fields International. The head office will be located in Toronto and the executive office in Johannesburg. The board of directors will include 4 appointees of Franco-Nevada, 4 from Gold Fields and 4 management personnel. The experienced management team, one of the youngest in the industry, will be drawn from both companies. Mr. Schulich and Mr. Lassonde will serve as Co- Chairmen with a particular focus on acquisition growth. Mr. Thompson will serve as President and CEO. Mr. Ian Cockerill and Mr. Nick Holland, COO and CFO, respectively, of Gold Fields Limited, and Mr. Craig Haase, Chief Legal Officer for Franco-Nevada, will all hold the same positions in the new company. The company will have a primary listing on the Toronto Stock Exchange and will apply to have its common shares listed on the New York, Johannesburg, Paris, Brussels and Swiss Stock Exchanges.

The transaction, which will be immediately accretive to Franco-Nevada`s earnings and cash flow, is expected to be accounted for as a pooling of interests under Canadian accounting rules. The merger and its terms and conditions will be subject to the receipt of various approvals including, specifically, from the South African Ministry of Finance: the South African Reserve Bank; and the South African Securities Regulations Panel with regard, inter alia, to the proposed capital Scheme of Arrangement and related circular; the regulatory authorities in Canada; the Johannesburg Stock Exchange; 75 % of the voting shareholders of Gold Fields in respect of the Scheme of Arrangement; the South African Courts; and confirmatory due diligence by June 30. Franco-Nevada shareholders will vote on the name change and revised board structure.

It is anticipated that information will be mailed to Gold Fields` shareholders in July. The Gold Fields and Franco-Nevada meetings are expected to be held in August with an effective date to occur in September. Gold Fields has received irrevocable undertakings to vote in favour of the merger in respect of 11% of its outstanding shares.

The merger agreement provides for a US $70 million (ZAR 488 million) break fee and a 5% option on each company`s stock payable only in the event that either of the board of directors withdraw their endorsement of the Scheme of Arrangement or if a superior proposal is consummated within twelve months.

National Bank Financial Inc. and Merrill Lynch & Co. have been engaged by Franco-Nevada to review the merger from a financial point of view and to assist Franco-Nevada`s board of directors in their deliberations. Deutsche Bank AG and HSBC Group have been engaged by Gold Fields to review the merger from a financial point of view for Gold Fields and to provide a fairness opinion to the board of directors of Gold Fields as part of the approval process for the Scheme of Arrangement. All the investment advisors will cooperate in facilitating a positive vote on the proposed Scheme of Arrangement from Gold Fields` shareholders.

Franco-Nevada is the leading precious metals royalty company and the fifth largest gold company in the world by market capitalization. The company has high margin profit producing properties and royalty interests in the world`s major gold camps plus a total royalty portfolio spanning five million acres in six countries. Franco-Nevada has a proven track record of growing profits, is completely unhedged and remains cash rich and debt-free.

Gold Fields is the second largest gold producer in South Africa and one of the largest in the world. It has the second largest gold reserves and resources in the industry and annual production in excess of 4 million ounces. Its South African operations include the highest-grade mine in South Africa and the mine with South Africa`s highest productivities.


Current listings and symbols:

FRANCO-NEVADA: TSE: FN
GOLD FIELDS: JSE: GFI, NASDAQ: GOLD, BRUSSELS, PARIS and Swiss Stock
Exchange

[Goldhotline]

Die fusionierte Gold Fields International (neuer Name) bleibt eine klare Kaufempfehlung. Wir werden die Fusion bis morgen genauer analysieren.

Die Goldhotline

[tin]

Ist Goldfields jetzt ein Kauf?

0,35 FN Aktien haben per 12.6 Schlußkurs NY einen Wert von 4 Euro.

[John Slade]

Gold Field ist nun ein klarer Verkauf.

Das bisher nicht überzeugende Management wird mit dieser Aktion seinen Aktionären wenig Freude bereiten. Franco Nevada ist ein low cost producer mit einem Hebel von maximal 3 auf den Goldpreis, der zudem extrem viel cash in der Firmenkasse hat (warum liegt das eigentlich nutzlos rum?). Die neue Gold Fields verliert somit stark an Hebelwirkung.
Nur Grösse ist in diesem business nicht entscheidend.

Es gibt mit Harmony und Durban deutlich bessere Alternativen, insbesondere bei einem Goldpreis von nun ueber 2000 ZAR/oz!

[Goldhotline]

Wir werden sehen.

Gold Fields wird ab sofort mit Barrick, Anglogold und Newmont verglichen, und im Verhältnis zu diesen Werten bietet die neue Gesellschaft noch ein gutes Potential.

Aber Du hast recht, daß Gold Fields im Vergleich zu Harmony und Durban Roodepoort Deep im Hebel verliert. Um diesen Hebel umzusetzen, muß der Goldpreis jedoch über 300 $/oz steigen.

Ansonsten droht vor allem Durban Roodepoort die Übernahme durch Gold Fields (dazu ist der Cashbestand eventuell nötig).

Die Goldhotline

[TFischer]

Betrachtet das Ganze doch mal aus der Sicht von Franco-Nevada, deren Aktien seit Anfang Jahr sehr gefallen sind. Gerade dieser Zusammenschluss macht Franco-Nevada wieder attraktiv und das sollte sich doch auch auf den Aktienkurs auswirken.

Gruss

TFischer

[Basic]

Zwei Aspekte zum Thema:
1. DB Security hat die Optionen mit 15.06.00 nach oben hin bereinigt.
erwarten also einiges an Potential nach Oben.
2. Der Einfluss der neuen Gesellschaft auf den Goldkurs gibt allen Anlagen eine andere Perspektive.
Gruß Basic

[Basic]

Hier noch einige Aspekte zum 2. Thema vom usagoldboard.

Franco Nevada`s acquisition of Gold Fields may have played a key role in gold`s strength overseas as well. Both companies are known for their strong anti-hedging policies. Gold Fields` CEO Chris Thompson, who is slated to head the newly merged mining company (to be named Gold Fields International), has been very outspoken against the hedging practices of some mining companies -- practices he believes run counter to the interests of the industry. We are happy to see that the new partners took our advice on Mr. Thompson published here several weeks ago. We believe he`s the right man to head up the company which we see becoming the industry leader not just in terms of production, but more importantly in terms of leadership and philosophy.

The new company will be the world`s third largest producer with the second largest reserves and sure to become a favored choice among mutual fund managers looking for a gold stock diversification in their overall portfolio -- one likely to rise when the gold price rises. One of the more telling events in recent months for gold stock investors occurred when Ashanti stock plummeted and the company nearly went into bankruptcy when gold rose suddenly in response to the Washington Agreement which capped central gold sales and leases.

The anomalous response brought to light in no uncertain terms that some within the gold mining industry were not only in the process of undermining the price of the very commodity upon which they depend for a profit, but that hedging/forwarding strategies could backfire and put the company in financial jeopardy. The fact that Ashanti stock tanked while gold rose was one of those standout events that may have changed an industry.

The Franco- Nevada/Goldfields merger with its strong anti-hedging/ forwarding stance sends a signal to the industry as a whole and provides a strong alternative to the fund manager looking for an unambiguous vehicle in which to park some funds. It could signal a trend for the future that will benefit the actual gold price as more and more mining companies see the wisdom of the Gold Fields strategy in terms of public relations and stock values and decide to accelerate the trend toward diminishing their hedge books. That perhaps was the key reason for gold`s sudden surge in the overseas markets last night.

[tin]

Goldfields-Franco Nevada:

Die neue Gesellschaft hat die 2.größten Reserven, die 3.größte Produktion, aber nur die 4.größte Marktkapitalisierung.

Da sich die politischen Risiken der neuen Goldfields in Bezug auf südafrika aber reduziert haben, ist die neue Gesellschaft wohl ein großartiges Investment auf einen steigenden Goldpreis, zumal die Anti-Vorwärtsverkaufshaltung ja sehr ausgeprägt und nachhaltig zu sein scheint.

Überhaupt sollte man sich jetzt intensiv Gedanken machen, welche Goldproduzenten im sich beschleunigenden Konzentrations- und Übernahmeprozeß interessant werden könnten.

Ein Portfolio aus Delta Gold, Normandy, Harmony und Durban Deep scheint hier wohl sehr aussichtsreich.

Der 13.6 scheint mir generell als einer der besten Tage zum Investieren in Goldminen zu sein. Denn der Goldpreis beschleunigt sich und die Aktienpreise liegen noch da im Dornröschenschlaf.

Viele Titel haben einen schönen Boden gebildet (z.B Normandy).
Ich denke, daß eine Konzentration auf die größeren Gesellschaften, die oben genannt wurden, momentan erste Wahl ist, damit man den Haussemarkt nicht verpaßt.

[weinberg-1]

Laienfrage: Was passiert mit den überzähligen Aktien, die sich nicht mehr durch 35 teilen lassen?

Habe bisher noch nie einen Umtausch miterlebt (Randfontein ist ja noch nicht durchgezogen)!

Wäre echt nett, wenn sich jemand dazu freundlicherweise äußern könnte.

[Basic]

Nachlese...

4 Gold in SA (06/19/00; 07:27:32MT - usagold.com msg#: 32596)
HAS DEUTSCHE BANK STARTED MANIPULATING GOLDFIELDS SHARE IN ADDITION TO GOLD?
Hi All

This is my first posting at USAGOLD and I would like to take this opportunity to thank MK for a great forum for reading constructive views on Gold in its various guises.

I have not currently converted to holding only physical gold, but that view is slowly starting to make more sense as time passes and the manipulation of Gold becomes clearer.

In this posting I would like to highlight the practices of Deutsche Bank securities in South Africa, specifically their dealings in Goldfields.

I refer you to a posting:
Solomon Weaver (05/29/00; 22:47:20MT - usagold.com msg#: 31529)
Why does the Director of Securities at Deutsche Bank plead to have options sold back before expiration???
http://mny.co.za/BusToday.nsf/Current/422567D900452FF8422568…
gidsek posted this link which was an interview between MONEYWEB and Niall Smith: Director, Deutsche Bank Securities

Here is a company which has a gold derivatives position over $50 billion dollars and this guy is out trying to convince the world that DB is trying to minimize their "exposure" in 50 million warrants on Gold Fields calls which at the time of the interview were still 4 Rand out of the money...he was almost pleading that holders of these "worthless calls" should be happy to sell them back at an interesting premium of a few pennies per call.

I would like you all to note that this offer was made at a point that DBS, thought the deal could go through at R35-R36, which would have cost Deutsche bank securities dearly in South Africa

Goldfields share subsequently starts rally on JSE and Nasdaq, with a 25% surge on 12.06.00 when the price hit an intra day high of R30.50, up 25% on the day. DB securities are obviously starting to build up a sweat at this point as another +-R2.50 move would have brought the 1gflc1 warrant into the money.

On 12.06.00, a few holders of the 1GFLC1 warrants had a broker contact Ralph Cope of Deutsche Bank securities (DBS) to take them up on their publicly air offered to buy back the warrants at 0.05c – DBS advise that they are no longer honoring that commitment? Did they know something that the market did not?

DBS issues a new Goldfields warrant with a strike price of R30.00, which would ensure that the market sells Goldfields shares and buys the warrant, should the share price have moved to R36.00, which would have covered DBS from needing to directly sell Goldfields themselves in the open market.

On the morning of 15.06.00, the strike date for the 1gflc1 warrant, the Goldfields share starts rally once again, with a move approaching 10% in three hours of trading, 45 minutes before a press release from Goldfields.

30 Minutes BEFORE the press release, Deutsche Bank securities start dumping Goldfields shares, causing the price to drop close to 10% in a space of 20 minutes!

The press release comes out at 14h52 and it becomes clear to holders of 1gflc1 that the deal works out to +-R28.50, making the warrant worthless. But even clearer is the reason that the DBS reneged on their 0.05c buy back of 1GFLC1’s - Deutsche Bank are one of the parties doing the deal for Goldfields/Franco and DBS securities had the offer price LONG before the market!





On 16.06.00, a SA Broker approaches DBS to find out how to exercise the rights on 1gflc1, as his clients anticipated the potential of a imminent better deal from Barracks or another hedged producer, as the deal with Franco was well below the markets fair price of R36 for Goldfields.

This was the response from Ralph Cope of DBS, published on the Internet at sawarrants.co.za:

Searching for Intelligent Life
It is widely believed that the ability to double click, understand articles in The Economist and operate a mobile telephone is what sets man apart from the animal kingdom. On Wednesday, the defining lines of this great divide were smudged like mosquito colliding into a 180 km/h windshield. Deutsche Bank received a phone call from a broker (who will remain nameless for legal reasons) who was the proud owner of a client looking to exercise his Gold Fields warrants. These warrants, which mature on 15 June, confer upon warrantholders the right to buy Gold Fields shares at R32.25. There is no need to be the sharpest pick in the tool shed to realise that it is only economically viable to exercise a warrant when the underlying share price is trading above the strike price. In the case of Gold Fields warrants (1GFL) the strike price is R32.25 which means that it only makes sense to exercise these warrants when Gold Fields shares are trading above R32.25. At the time of this fateful phone call, Gold Fields shares were trading at R26.20. The dear soul exercising his Gold Fields warrants is therefore buying a share that is trading at R26.20 at a 23% premium – its almost like buying one for the price of two!
A misconception in the warrant market is that by exercising ones warrants, one will magically be transported into a financial position filled with fluffy clouds and harp plucking cherubs. The average thinking on the Gold Fields warrant is thus: “I’ve bought these flea invested rat bags at 20c. The warrant is now trading at 1c and the last time there was a bid on the screen, Nixon was leopard crawling down a government passage with a flash light between his teeth. Maybe, if I exercise these swamp donkeys, I can limit my losses”. Warrants are derivative instruments which derive their value from the underlying share. The price of the warrant will therefore reflect any profit that can be made through exercising into the share. If the warrant is valued at zero, it means that there is no additional cash to be made by exercising the warrant immediately and there may even be a large realisable loss. In the case of Gold Fields, exercising the warrant now makes as sense as tanning during a Norwegian winter.

DBS actions clearly highlights its total disregard for its clients, who it de-frauded by reneging on a publicly aired offer to re-purchase the 1gflc1 warrants and now again with accusations of insider trading brought against DBS.

These defamatory remarks by their Ralph Cope highlight the fact that DBS and its employees are mere parasites thinking that winning a battle constitutes winning the war on Gold.
I would state that Deutsche bank Securities have no intelligence whatsoever.

19.06.00, a leading SA newspaper, Business Day publishes article:
A hole in Deutsche’s Chinese wall?
The article questions weather Deutsche bank securities was acting on insider information supplied by parent Deutsche Bank, when dealing in 1glfc1 Goldfields warrants!
The JSE’s surveillance director, Bill Urmson, was quoted as saying they may look into the matter.
Mr. Willie Jackobsz, the investor relations and media manager of Goldfields, has requested the JSE to lodge an inquiry into the allegations of insider trading by Deutsche Bank Securities.


One may ponder whether Ralph Cope of DBS, an issue of warrants, has not now ‘issued’ his own death ‘warrant’?
(A director of Bre-X gold mine scandal was thrown to his death from helicopter for de-frauding investors a few years back – Why not directors of DB/DBS next?)

Can Ralph Cope ‘Cope’ with the ‘calls’ placed for his head!