Gold Fields unveils three BEE deals

first_imgPreferential dividend, phased out suspension “These deals are central to our commitment to make every current employee at the company an owner,” said Gold Fields CEO Nick Holland. The acquisition will be facilitated through a unique vendor financed phased participation scheme that will see the shareholding acquired at no cost to the BEECO. According to a statement this week, Gold Fields says the shares will be issued to the trust at par value of 50 cents per share. With Gold Fields shares closing at R98.35 per share on 30 July, the approximate accounting cost of the deal to shareholders would be about R1-billion. The B-class shares’ right to participate in other distributions over and above the preferred dividend will initially be suspended. The suspension will be lifted on a phased-in basis, resulting in the B-class shares having the same rights as the A-class shares, as follows: Direct South Deep holding The Thusano Trust, which will benefit over 47 000 employees, will exercise full voting rights on behalf of the employees. The share allocation to employees will be based on an employee’s length of service with Gold Fields, ranging from 100 shares for one year service to 480 shares for 20 years service. SAinfo reporterWould you like to use this article in your publication or on your website? See: Using SAinfo material The company announced the empowerment deals after disclosing that the Department of Mineral Resources had executed the new order mining rights for its South Deep gold mine. “The shares are allocated free of charge but have to be held for 15 years. The employees will receive dividend payments during those 15 years. Based on historical dividend yields the dividend payments will total about R20-million a year,” the statement read. Broad-based BEE consortium a selected number of black business and community leaders, who will not be related parties as defined by the JSE Listings Requirements, holding a combined 36% interest; and a Broad-Based Education Trust, to facilitate and promote education, youth and skills development for the mining industry, which will hold a 54% interest in BEECO; New order mining rights a Broad-Based Community Trust, which will hold a 10% interest in the consortium. The cumulative effect of the execution, together with the previous conversions for Driefontein, Kloof and Beatrix granted in 2006, is that all of Gold Fields’ South African operations have now been granted their new order mining right. 6 August 2010 In the second transaction, BEECO will be issued with 600 000 Gold Fields shares, representing about 0.08% of shares in issue. These shares will carry no restrictions, unlike those from the final empowerment transaction. Gold Fields has announced three black economic empowerment deals that will see an employee share scheme and a broad-based BEE consortium buying discounted shares in the South African gold miner, thereby enabling it to meet its 2014 empowerment targets. Employee share option scheme As holders of the B-class shares the BEECO will be entitled to a cumulative preferential dividend of R20-million per annum for the first 10 years, R13.3-million per annum for the next five years and R6.7-million for the next five years payable out of profits of South Deep. After 20 years the preferential dividend ceases. The next two empowerment transactions involve a new-formed BEE consortium, BEECO, which will comprise the following elements: In the third transaction, the BEE consortium will subscribe for a 10% holding, in the form of B-class shares, with full voting rights directly in Gold Fields’ South Deep mine with a phased participation over 20 years. The first transaction will see the establishment of an employee share option scheme, to be housed and administered through the Thusano Share Trust, which will hold an effective 10.75% stake in GFIMSA, the holding company which controls Gold Fields’ South African assets. The BEECO must retain ownership of South Deep for 30 years which is the term of the new order mining right granted to South Deep. The South Deep licence has also been extended by the department to include a contiguous property, called Uncle Harry’s, which contains a mineral resource of about 14.5-million ounces of gold. “At the same time we are expanding opportunities for historically disadvantaged persons to benefit from the exploitation of the country’s mineral resources by promoting broad-based ownership, employment, and the advancement of social and economic welfare generally.” after 10 years, in respect of one-third of the B-class shares;after 15 years, in respect of another one-third of the B-class shares; andafter 20 years, in respect of the remaining one-third of the B-class shares.last_img read more

Kris Dunns Improvisational Brilliance Is Good For Providence — And For College

He worked on a more consistent step-back, which he now uses when he drives the lane or is in isolation, rising high in the air with a ramrod-straight form that gives him a clean look at the rim. Providence coach Ed Cooley is also using Dunn off the ball, letting teammate Kyron Cartwright run point while Dunn comes off several screens. That allows Dunn to either feed Ben Bentil, a hulking sophomore forward — or catch-and-shoot a pass from a teammate. Dunn spent the offseason working with former Providence guard God Shammgod, who has become a quasi mentor-trainer to Dunn. They had several goals in mind: First, Dunn needed to upgrade his jump shot, which was wildly inconsistent from just about everywhere on the court. Second, he needed to tighten his handle to limit turnovers. And third, he had to develop several countermoves, should savvy defenders who had studied game film fail to bite on Dunn’s initial move.Dunn’s jump shot as a sophomore was streaky — a reel full of bad, caroming rocks that either just hit the backboard or fell wildly off the back iron. Since his long arms make it nearly impossible for a defender to block his shot, it was a priority that he improve this component of his game to maximize his advantages. He also gets great separation thanks to a quick first step and a backpack full of crosses, between-the-legs moves and feints. Providence’s Kris Dunn won’t win player of the year honors (that’ll almost certainly go to Oklahoma’s Buddy Hield), nor will he be the top choice in the upcoming NBA draft (LSU’s Ben Simmons should be No. 1), but he’s worth watching for the way his unique set of skills turns into thrilling plays — for better and worse. The 6-foot-4 junior is the most exciting player in the game, precisely because he isn’t as cookie cutter as other top prospects.Dunn did two things particularly well last season, as I covered in-depth last year in an article for Deadspin1At the time, I wish he had used the momentum of his standout sophomore season to declare for the NBA draft, where he would have likely been a first-round pick.: He had a preternatural sense of where his fellow Friars were at all times on the court, and he used his length and athleticism to finish plays that, at first glance, appeared ill-advised. There were countless possessions where Dunn would dribble off a screen 25 feet from the basket and whip a one-handed underhand pass to a cutter for the dunk; or, with enough time to run a set play in overtime, he would instead push the ball frenetically up the court to hit a teammate for an and-one before the defense set.College point guards don’t typically make those decisions. More often they make the careful pass — the assist the coach has hard-coded into the play call — or the pass they’ve practiced for years and feel comfortable throwing. Dunn, though, has such innate skill and creativity that he attempts passes that should have a high rate of failure, but often succeed because the defense isn’t expecting them. That style allowed Dunn to lead the nation in assist percentage (at a staggering 50.0 percent last season, and 44.2 during this campaign2To put this in context, just 23 other high-major point guards had assist rates above 30 percent, and just two — Denzel Valentine of Michigan State and Oklahoma State’s Jawun Evans — topped 40 percent.). Thrilling as all that was, it often led to some alarmingly bad turnovers — about 20 percent of his possessions — even when you take into account his high usage rate.But this season, the consensus is that Dunn is the nation’s top point guard. To become it, Dunn had to make a few tweaks to his game. According to Synergy Sports Technology, Dunn’s spot-up numbers are still below average, but he now scores one point per catch-and-shoot possession — that’s pretty good, and a vast improvement over the .76 points he scored a year ago. And his jumper should only get better given the fundamental improvements he made in the offseason. Dunn is connecting on 37 percent of his threes while taking them at a far higher rate than last season — 25.9 percent of his field goal attempts, up from 19.7 last season. He now shoots with the perfect follow through — his arms extend and his hands rest like they’re in a cookie jar. The shots that were ugly bricks are beginning to show just a little more touch, like the game winner he hit against Creighton, which hit the flat section of the bucket that connects to the backboard, died on the rim, and finally rolled softly in.Some have criticized Dunn, and his NBA potential, because of his turnovers. Though the guard assists on 45 percent of Providence’s shots, which is second in Division I, he also gives the ball away on 85 of his 425 possessions (through Providence’s loss to Marquette this week). Since Dunn’s dimes typically account for about 2.4 points in the halfcourt and transition, the Friars have missed out on more than 200 points this season when Dunn loses control.On other teams, those miscues might find a guard strapped to the bench. But for Dunn the giveaways don’t matter. A 25-foot pass through Xavier’s 1-3-1 zone defense during a game in late February is the kind of play Cooley wants, regardless of the risk. Midway through the first half, Dunn saw a brief opening between Larry Austin and Kaiser Gates, and threaded a pass (from Providence’s half-court logo) to Bentil, who certainly wasn’t calling for the ball but was able to convert an and-one. Similarly, Cooley needs his junior guard to consistently draw the defense’s attention so his Friar ‘mates can benefit from that extra second of breathing room. This happened in a Villanova victory when Dunn slipped a backdoor pass to Junior Lomomba: He wasn’t doubled, but Dunn reacted to all five Villanova players tracking his moves as he came off a Bentil pick. Again, Lomomba wasn’t exactly expecting the ball, but he made the lay-up. Sure, Dunn will take some shots — like a one-on-three fast break that has become a bit of a staple of his game this season — that might cause some to cringe. But Cooley is willing to incur the cost of a few bad shots if it means his squad can operate with offensive impunity.Dunn’s impact on the game, negative and positive, is what makes him so fascinating to watch. Buddy Hield, Ben Simmons, and Maryland’s Melo Trimble are equally as talented, impressive, and fun to watch, but none inspire quite the same combination of mouth-agape incredulity and absolute production as Dunn. So when he puts the ball behind his back, then crosses over Michigan State’s Tum Tum Nairn, only to follow with a spin move to the rack and then misses the layup, don’t think of it as a wasted possession. Instead, imagine it as a thrilling experiment in risk and reward, the type of audacious and improvisational brilliance that the college game doesn’t produce anymore. read more

Travis Scott Cardi B To Headline The 2019 Made In America Festival

first_imgNews JAY-Z’s music festival returns to Philadelphia for its eighth year, on Aug. 31 & Sept. 1Ana YglesiasGRAMMYs Apr 2, 2019 – 6:21 pm Today, the Made In America Festival, started by JAY-Z in 2012, announced the lineup for its 2019 fest, featuring GRAMMY nominee Travis Scott and GRAMMY winner Cardi B as the headliners. The two-day event is set to take place in Philadelphia Aug. 31–Sept. 1, and will also include performances from GRAMMY winners Anderson .Paak, with The Free Nationals, James Blake and Kaskade. Fellow Made In America headliner Scott, who just closed out the second leg of his successful Astroworld Tour, will also be performing a select number of festivals, as well as Boston Calling and Rolling Loud in Miami. He and Cardi will also be part of the opening weekend parties at the new KAOS club in Las Vegas.Tickets to Made In America go on sale to the general public this Friday, April 5, with a TIDAL pre-sale currently up and running; more ticket info is available on the fest’s site.Kanye West Will Bring His “Sunday Service” To Coachella 2019 Email 61st GRAMMY Awards first-time nominees Jorja Smith and Tierra Whack are also on the bill, along with rising rappers Juice WRLD and Blueface, among others. The eighth annual festival will take place outdoors at Philly’s Benjamin Franklin Parkway, and is a great way to close out a busy festival season.Cardi is fresh off her first-time GRAMMY win this February, where she took home Best Rap Album for her debut LP, Invasion Of Privacy. The rap queen will be making her rounds at several other festivals around the globe this year, including Hangout Fest in Alabama and Primavera Sound in Barcelona, Spain. Travis Scott & Cardi B To Headline Made In America travis-scott-cardi-b-headline-2019-made-america-festival Travis Scott & Cardi B To Headline The 2019 Made In America Festival https://twitter.com/MIAFestival/status/1113141671687057410 Twitter Facebook NETWORK ERRORCannot Contact ServerRELOAD YOUR SCREEN OR TRY SELECTING A DIFFERENT VIDEO Feb 10, 2019 – 9:38 pm Watch: Cardi B Wins Best Rap Album last_img read more