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Glaxosmithkline Plc Completes Partial Sale of Aspen Pharmacare Holdings Ltd Shares


Wednesday, 20 Nov 2013 02:00am EST 

Glaxosmithkline Plc (GSK) announced that, further to the announcement by GSK on November 19, 2013, GSK has agreed to the sale of 28.2 million ordinary shares in Aspen Pharmacare Holdings Ltd (Aspen) at a price of ZAR 250 per share (the Placing Shares), raising gross proceeds of ZAR 7,059 million. Following settlement of the sale, GSK will hold 56.5 million ordinary shares in Aspen, representing 12.4% of the issued share capital. The close relationship between GSK and Aspen will not be affected by this transaction. GSK will retain a seat on Aspen's board and intends to remain a shareholder of Aspen. GSK has undertaken not to dispose of any further shares in Aspen for a period of six months following completion, subject to certain limited exceptions. The net proceeds of the transaction will be approximately GBP 425 million at the prevailing exchange rate on November 19, 2013. Proceeds of the divestment will be used by GSK for general corporate purposes. The net profit on disposal will not be included in core operating profit and core EPS in 2013. 

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48.03
-0.34 -0.70%
1 Aug 2014