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Commodities & Metals

Gold Fields Drops Pursuit of New Capital (GFI)

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By Douglas A. McIntyre Updated Published
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Gold Fields Ltd. (NYSE: GFI) has just filed to withdraw a securities shelf registration statement.  It lists circumstances in the securities markets, although that seems a tad odd when you consider that the market has been willing to gobble up secondary offerings since we recovered off the lows.

The direct quote in the filing from the company is:
The Company is requesting the withdrawal of the Registration Statement because the Company decided not to pursue its effectiveness under the Securities Act due to changed circumstances in the securities markets. The Registration Statement has not been declared effective and no securities have been sold pursuant thereto.

Even when you consider a 9% drop to $11.29 today in the ADR’s, this stock’s 52-week trading range is $4.64 to $13.99.  This has not held as much of a rally since the market’s lows in early March, but this has also hardly been a total let down.

This may make one wonder if the company is more concerned about what lies ahead for gold and commodity prices rather than what it sees today or what it has seen in the recent weeks.

Jon C. Ogg
June 22, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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