GSK announces completion of the sale of half its stake in Aspen

13/03/15: Shauneen Beukes

GlaxoSmithKline (“GSK”) has announced the completion of the disposal of half of its 12.4% shareholding in Aspen (equivalent to 28.2 million ordinary shares). These shares were sold by means of an accelerated book build offering process which resulted in the shares being sold at ZAR 372 per share, raising gross proceeds of approximately ZAR 10.5 billion.

Following settlement of the sale, GSK will hold 28.2 million ordinary shares in Aspen, representing approximately 6.2% of the issued share capital.

Simon Dingemans, GSK’s Chief Financial Officer, said: “GSK has a long and successful commercial partnership with Aspen and our investment in the company has grown in value significantly over time. As we continue to reshape the Group around our core franchises and drive the benefits from the Novartis transaction, optimizing our financial flexibility to invest behind these priorities is key. As a result we have decided now is the right time to realise further value from this successful relationship. We continue to believe in the strategy of Aspen and we remain committed to working together in the future.”

The Board of Aspen has agreed that Mr David Redfern, recently appointed as GSK’s nominee director to replace Mr Abbas Hussain on the Board, will remain a director of Aspen.

Durban

13 March 2015

Sponsor:

Investec Bank Limited

 

ASPEN PHARMACARE HOLDINGS LIMITED

(Incorporated in the Republic of South Africa)

Registration number: 1985/0002935/06

Share code: APN

ISIN: ZAE000066692

(“Aspen” or “the Company”)