SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2003
ASHANTI GOLDFIELDS COMPANY LIMITED
(Translation of Registrant's Name Into English)
Gold House, Patrice Lumumba Road
Roman Ridge, P.O. Box 2665
Accra, Ghana
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F___
___
(Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes ___ No X
___
(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-_____.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: October 27, 2003 ASHANTI GOLDFIELDS COMPANY LIMITED
By: /s/ Ernest Abankroh
---------------------------
Name: Ernest Abankroh
Title: Company Secretary
[ASHANTI GOLDFIELDS LOGO]
P R E S S R E L E A S E
FOR IMMEDIATE RELEASE 27 OCTOBER 2003
CONTINUED RECOMMENDATION OF ANGLOGOLD MERGER
Further to its announcement on 24 October, following consideration of the terms
of the revised proposal received from Randgold Resources Limited ("Randgold")
(the "Revised Randgold Proposal"), the board of Ashanti Goldfields Company
Limited ("Ashanti") has today resolved unanimously* to continue to recommend the
revised merger proposal from AngloGold Limited ("AngloGold") announced on 14
October (the "Revised AngloGold Proposal").
In reaffirming its decision, the board of Ashanti has considered carefully the
Revised Randgold Proposal as well as, amongst other things, the results of the
technical, legal and financial due diligence exercise undertaken on both
AngloGold and Randgold and have concluded that the Revised AngloGold Proposal
remains in the best interests of Ashanti's stakeholders, including shareholders,
employees and the people of Ghana.
The Revised AngloGold Proposal is conditional on the support of the Government
of Ghana as shareholder and regulator of Ashanti, the approval of the scheme of
arrangement required to implement the transaction by Ashanti shareholders and
the High Court of Ghana and certain other regulatory approvals and third party
consents as detailed in the 4 August announcement of the proposed merger.
As announced on 14 October, under the Revised AngloGold Proposal, Ashanti's
shareholders will receive 29 new AngloGold ordinary shares for every 100 Ashanti
ordinary shares held. Based on the closing market price of AngloGold ADSs on the
New York Stock Exchange on 24 October 2003 (the last practicable trading day
prior to this announcement), the Revised AngloGold Proposal values each Ashanti
share at US$11.51 and the entire issued share capital of Ashanti at
approximately US$1,502 million. On completion of the Revised AngloGold Proposal
and based on the current issued share capital of each company, existing Ashanti
shareholders would own approximately 14.5% of the enlarged company's issued
share capital.
There can be no assurance that a transaction with AngloGold will be completed.
Consequently, shareholders of Ashanti are advised to exercise caution when
dealing in the relevant securities.
* Chester Crocker, Lynda Chalker and Edward Haslam, being directors of Ashanti,
have not taken part in the deliberations of the board of Ashanti relating to
either the Revised AngloGold Proposal or the Revised Randgold Proposal. Chester
Crocker and Lynda Chalker did not participate because they or companies in which
they have an interest have entered into commercial contracts with AngloGold, its
subsidiaries or its major shareholder, Anglo American plc. Edward Haslam did not
participate because he is an executive director of Ashanti's largest
shareholder, Lonmin Plc, which has given an undertaking to AngloGold to support
the Revised AngloGold Proposal.
END
FOR FURTHER INFORMATION CONTACT:
ASHANTI GOLDFIELDS COMPANY LIMITED
Srinivasan Venkatakrishnan (Venkat) Tel: +233 21 778 171
Kwaku Akosah-Bempah Tel: +233 21 778 173
Corinne Gaisie Tel: +44 20 7256 9938
GRANDFIELD
UK Investors and Media
Charles Cook Tel: +44 20 7417 4170
Matthew Jervois
THE GLOBAL CONSULTING GROUP
North American Contact
Allan Jordan Tel: +1 646 284 9452
CIBC WORLD MARKETS
Andy Quinn Tel: +44 20 7234 6000
Certain statements in this announcement are forward-looking within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Although Ashanti believes that the
expectations reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have been correct.
For a discussion of the important factors and risks involved in Ashanti's
business refer to Ashanti's filings with the U.S. Securities and Exchange
Commission (the "Commission"), including Ashanti's amended annual report on Form
20-F/A for the year ended 31 December 2002, filed with the Commission on 17 June
2003.
Ashanti does not undertake any obligation to update publicly any forward-looking
statements discussed in this announcement, whether as a result of new
information, future events or otherwise.