South Africa's Gold Fields on Monday announced plans to seek a listing on the Toronto Stock Exchange (TSX) if its proposed takeover of Canada's Yamana Gold is successful, in a bid to win over investors, some of whom had criticised the deal.
A Toronto Stock Exchange adorns a doorway at the Exchange Tower building in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgrenon Monday announced plans to seek a listing on the Toronto Stock Exchange if its proposed takeover of Canada's Yamana Gold is successful, in a bid to win over investors, some of whom had criticised the deal.
"Gold Fields will apply to have its securities listed on the TSX, subject to the completion of the transaction, to provide shareholders additional flexibility at limited incremental cost," Gold Fields said in a statement. Gold Fields, which has a primary listing on the Johannesburg Stock Exchange, also said it would revise its dividend policy to declare an interim and final dividend of up to 45% of normalised earnings each year.The company announced plans to acquire Yamana in an all-share transaction which valued the Canada-listed miner at $6.7 billion on May 31, but market reaction was largely negative, with Gold Fields' shares plunging 20% on the day it was announced.
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